Crypto projects often give away free tokens to attract users. This is called an airdrop. MYX Finance did this, but something went wrong. A lot of money was involved. Up to $170 million worth of tokens might have been taken unfairly. Here's what happened. MYX Finance wanted to reward real users. But some people used a trick. They made many fake accounts. These accoun...
Vietnam just uncovered a huge crypto scam. It was one of the biggest frauds in the country's history. The scam involved a digital token called Paynet Coin (PAYN). Police arrested 20 people, including the main person behind it all. The scammers tricked thousands of people in Vietnam and other countries. They promised big returns on investments. They even claimed that...
In 2024, the world of cryptocurrency saw a troubling surge in scams. Cybercriminals are getting smarter and more organized, using artificial intelligence to their advantage. These scams are becoming more sophisticated and widespread. Blockchain research firm Chainalysis reported that crypto wallets linked to scams received a staggering $9. 9 billion in cryptocurrency...
Do Kwon, a young South Korean entrepreneur, recently faced court in the United States. He's the guy behind Terraform Labs, the company that created two cryptocurrencies, TerraUSD and Luna, which lost a staggering $40 billion in 2022. Kwon was extradited from Montenegro to the U. S. this week and pleaded not guilty to fraud charges. Federal prosecutors in New York hav...
In a surprising turn of events, Do Kwon, the co-founder of Terraform Labs, was sent to the US on the last day of 2024. He's been accused of a massive crypto fraud, losing investors billions. The story began in May 2022 when TerraUSD and Luna, the stablecoins from his company, collapsed. This caused a major dip in the crypto market, with $40 billion vanishing. Kwon ha...
A 40-year-old man from Scottsdale, Arizona, was recently charged with electronic fraud after tricking people into thinking he was an Uber driver. Prosecutors described the scam as highly sophisticated. Nuruhussein Hussein, the man in question, would allegedly find his targets outside hotels, knowing they were looking for Uber rides. He’d shout their names and convinc...
Ever heard of EzBtc? This cryptocurrency platform used to be based in Nanaimo, Vancouver Island. Recently, it was ordered to pay back a whopping $18. 4 million. Why? Because they stole from their users. EzBtc was supposed to keep customers' digital money safe, but they didn't. Instead, they took a third of the funds for gambling and personal use. That's right, nearly...
In a surprising turn of events, former FTX executive Gary Wang won't serve any jail time for his role in the crypto exchange's downfall. On Wednesday, a U. S. district judge sentenced him to three years of unsupervised release and time served for four fraud-related counts. The judge, Lewis Kaplan, praised Wang's cooperation, saying he's never seen anything like it be...
Nishad Singh, former engineering boss at FTX, got off lightly. No jail time, just three years of supervision. Why? He cooperated with the government, helping unravel the crypto exchange's fraud. The judge praised his limited role compared to others like FTX founder Sam Bankman-Fried. Singh also forfeited $11 billion. Singh pleaded guilty to six charges, including se...
Nishad Singh, the former head of engineering at FTX, received no jail time and three years of supervised release on Wednesday. Instead of the maximum 75 years, he was ordered to forfeit $11 billion. Judge Lewis Kaplan praised Singh’s cooperation with the government, noting it was “remarkable. ” Sing was involved in the fraud, but Judge Kaplan believed his role was le...