The alleged fraudster’s crypto brokerage filed for bankruptcy in 2019 after claiming to have been the victim of a hack.
Bitcoin Scams News
Bitcoin scams (and other cryptocurrency scams) are an unfortunate aspect of this burgeoning industry. Bitcoin (BTC) was invented as an open, permissionless alternative to the traditional financial system, but with this freedom to transact beyond borders and central administration came opportunities for criminals to exploit this system.
Legacy financial and monetary systems are certainly rife with scams, but victims are (usually) able to seek recourse and justice in the traditional banking system. Bitcoin, however, does not have insurance policies or a customer support line.
Bitcoin scams can take many forms, including Ponzi schemes designed to enrich a few at the expense of many, cloud mining schemes promising accessibility and profitability in a centralized mining operation with little capability to deliver on either, and phishing scams designed to steal an unsuspecting individual’s cryptocurrency.
As regulatory agencies are tasked to enforce frameworks that protect consumers, there is an important distinction between acknowledging and preventing scams within the Bitcoin ecosystem and classifying the cryptocurrency itself as a scam.
AfriCrypt’s founders deny running off with billions in customers funds, asserting they went into hiding after receiving death threats from “dangerous people.”6062
Billions worth of Bitcoin has reportedly vanished along with the operators of South African crypto firm AfriCrypt. Is it a scam or a hack?27491
After filing a Bitcoin scam-related lawsuit against YouTube last year, Steve Wozniak now has 30 days to revise his complaint.10771
The arrested employees, including directors, are suspected of fraud.35801
Ledger and Shopify are facing a class-action lawsuit over sensitive information regarding 270,000 of Ledger’s customers that was stolen by Shopify employees.18082
Apple removed the fake Trezor app several times, but it kept appearing on the App Store days later.16832
A social media influencer known for “cash giveaways” has failed to show the money in alleged Bitcoin wire fraud scheme.14065
South African crypto firms are threatening to move operations abroad if lawmakers don’t provide clear regulatory guidelines.14254
With a charity and some slapdash art theory as a cover, a copycat makes off with 512 ETH in NFT sales.58550
Kiss bassist Gene Simmons has again taken to Twitter to shill his crypto holdings, claiming to have now invested in Cardano.38206
Authorities in South Africa are warning investors to be wary of scams amid the current crypto bull market.7653
Crypto scams don’t just impact investors but the credibility of the industry as a whole, stagnating crypto’s progress.5436
Liquidators of the embattled Mirror Trading International want a deeper probe of the alleged Bitcoin multi-level marketing scheme.11537
Russian crypto exchange Livecoin claims that it has suffered a “carefully planned attack,” but some in the community suspect an exit scam.68498