Less than 1% of overall fraud cases relate to cryptocurrency, but that number could be rising in line with Bitcoin and the crypto market’s ascension.
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.
Apple removed the fake Trezor app several times, but it kept appearing on the App Store days later.16566
The SEC has taken action against a Californian man for fraudulently offering insider stock trading tips on a darknet marketplace.10201
The Texas State Securities Board has entered an emergency cease and desist order against a shape-shifting, fraudulent cryptocurrency scheme using the Binance brand to lure investors.5157
Forget fake news, this blockchain protocol is tackling fake views — and clamping down on ad fraud by ensuring video data cannot be manipulated.24560
A co-founder of the fraudulent 2017 ICO Centra Tech has been sentenced to eight years in prison for his role in the scheme.23845
Vietnam’s Ministry of Finance reminded the public that cryptocurrencies have no legal framework in the country.11260
Crypto scams appear to be dominating investment fraud cases in Austria.19894
A crypto escrow agent has avoided prison time despite lying about losing $3.25 million, with the judge noting the agent had been the victim of fraud himself.8581
The Australian man admitted to cheating investors out of $90 million taken from two crypto funds in the U.S.9201
The SEC has charged three individuals for defrauding investors out of millions through the Steven Seagal-backed Bitcoiin2Gen ICO.7863
Arrested by the FBI earlier today, 24-year-old Spence also faces civil charges of fraud that look to bar him from future trading.7735
As the crypto markets mature and institutional money flows into the space, technology to detect fraud and money laundering involving digital assets is more important than ever.14490
The operator of a Bulgarian crypto exchange has received a 10-year prison sentence for money laundering in connection with an Eastern European cybercrime syndicate.6403
The Association of Russian Banks is worried about regulators being unable to track illicit transactions of an offline-enabled digital ruble.4022