A crypto fund that raised $28M in late 2021 has gone bust, leaving investors empty-handed. The UK's Serious Fraud Office (SFO) has stepped in, arresting two men in connection with the collapse of Basis Markets. Raids were conducted in London and West Yorkshire, where digital devices and documents were seized. The fund raised money through two public campaigns: an NF...
Jack Abramoff, a figure known for his past political scandals, is back in the news, but this time it's about a crypto scam. He and his partner, Marcus Andrade, were involved in a scheme called AML Bitcoin. They raised $5 million but used the money for personal gains, like buying properties in Texas. They also lied about having government contracts and even fabricated...
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...