This group has a history of launching numerous projects that attract significant TVL but later abscond with the funds.
Fraud News
Cryptocurrencies promise a lot of security and privacy for the users, but reality is that cryptocurrency use often creates victims of different types of scams, such as digital theft, hacking, phishing and the major cryptocurrency scam – fraud. These frauds can exist in different forms – promising, but fraudulent, ICO’s that don’t inform their investors about the risks and might not have a physical address; cryptocurrency investment platforms that vanish after gathering enough money; and fraudulent cryptocurrency exchanges that utilize multiple tactics to cheat their users. Blockchain technologies are relatively new and the hype that surrounds them poached a lot of low-skilled investors into the field. This has become such a problem that, according to the latest news on cryptocurrency fraud, Twitter has even banned ICO-ads in order to protect its users from fraudulent schemes.
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Shakeeb Ahmed was a technical lead for Amazon when he hacked smart contracts on at least two DEXes.
14259Andrew Forrest’s image was used in an ad promoting crypto scams. He has another suit against Meta in a California district court.
3324United Kingdom authorities found 61,000 BTC when they raided a house rented by money launderers in 2021.
2875The former FTX co-CEO took a plea deal and was originally set for sentencing on May 1.
6045Approximately 100,000 users have downloaded fraudulent apps from Google Play, but the amount of user funds lost remains unknown.
1121The judge who handed down Irina Dilkinska’s jail sentence described her as “a woman of great intelligence and a woman who ought to have known better.”
3334Scammers falsely guaranteed 70% profits on an investment of 1 billion South Korean won within a month and stole 5.5 billion won in six different transactions.
3209The United Kingdom police reportedly stated that the seizure was the “largest of its kind” in the nation’s history, with a sentencing date set for May.
18254Implementing an anti-dumping policy helps counter scammers who entice investors into projects before capitalizing on their own tokens to flee with profits.
Sam Bankman-Fried asked for a maximum sentence of six and a half years, but he could get over 100 years.
5754According to the FBI, cryptocurrency-related investment fraud accounted for 86% of all investment losses within the United States in 2023.
23656The co-founder of bankrupt Terraform Labs was first set to be extradited to the United States after lengthy court battles.
2008After spending 34 months in prison, Konstantin Ignatov walked free after cooperating with prosecutors and agreeing to hand over $118,000 in ill-gotten gains.
11201Super Tuesday has arrived in the U.S. as it approaches the 2024 presidential election, and the ability to spot AI-generated deepfakes will be crucial for voters trying to stay accurate and up to date.
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