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. 

News
Kraken has urged BATMTwo ATM owners and operators to change the admin QR code for their ATMs to avoid potential attacks.
Vulnerable: Kraken reveals many US Bitcoin ATMs still use default admin QR codes
Brian Quarmby
2021-09-30T04:45:03+01:00
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News
Bitcoin-related investment scams have already exceeded $18.5 million, an increase of 44% compared to the total losses of nearly $12.8 million in 2020.
Australians lost over $25 million to bogus crypto investments: Report
Arijit Sarkar
2021-08-24T12:03:53+01:00
6081
News
The alleged fraudster’s crypto brokerage filed for bankruptcy in 2019 after claiming to have been the victim of a hack.
Brazil’s ‘Bitcoin King’ arrested over 7,000 missing BTC
Brian Quarmby
2021-07-06T07:22:42+01:00
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News
AfriCrypt’s founders deny running off with billions in customers funds, asserting they went into hiding after receiving death threats from “dangerous people.”
South African asset manager denies stealing billions from users, claims $5M was lost in hack
Brian Quarmby
2021-06-29T04:50:50+01:00
6164
News
Billions worth of Bitcoin has reportedly vanished along with the operators of South African crypto firm AfriCrypt. Is it a scam or a hack?
$3.6B in Bitcoin vanishes in ‘hack’ along with owners of South African crypto platform
Brian Quarmby
2021-06-24T02:36:41+01:00
27794
News
After filing a Bitcoin scam-related lawsuit against YouTube last year, Steve Wozniak now has 30 days to revise his complaint.
Apple co-founder Steve Wozniak loses Bitcoin scam case against YouTube
Helen Partz
2021-06-03T09:41:55+01:00
10957
News
The arrested employees, including directors, are suspected of fraud.
Four arrested after Turkish exchange Vebitcoin closes its doors
Andrew Thurman
2021-04-24T16:56:26+01:00
35885
News
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.
Ledger faces class action from phishing scam victims
Brian Quarmby
2021-04-09T06:56:13+01:00
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