Tagged: fraud

Canadian Court Upholds Vanbex Asset Seizure

A British Columbia Supreme Court judge has upheld an asset seizure from Lisa Cheng and Kevin Hobbs, principles of a “blockchain consultancy” called Vanbex, who, according to the Royal Canadian Mounted Police (RCMP), conducted an allegedly fraudulent $30 million CAD ICO (Etherparty/FUEL), “…by falsely representing corporate… Read More

Australian Police Break Up Alleged $2.7 Million Fraudulent Crypto Investment Ring

Two women, aged 28 and 21, and three men, aged 56, 44 and 33 years, have been charged with fraud and money laundering by Queensland, Australia’s Financial and Cyber Crime Group (State Crime Command), for allegedly pervading a fraudulent cryptocurrency investment scheme from the Gold Coast… Read More

Texas Issues Cease and Desist Orders Against Unregistered Crypto and Forex Investment Entity

The Texas State Securities Board (TSSB) has issued cease and desist orders against “Forex and Bitcoin Trader,” an unregistered dealer of cryptocurrencies, derivatives and foreign currency promising 900% returns in 14 days in online advertisements targeting Dallas investors. This is the fourth emergency action undertaken… Read More

NASAA Reports Increase in Cryptocurrency Fraud Identified by State & Provincial Regulators

130 Crypto Investigations Have Been Launched in the US and Canada The North American Securities Administrators Association (NASAA), the lobbying association representing state and provincial securities regulators, says there has been an increase in crypto-related fraud as “investors and con artists alike have returned to… Read More

FBI: Man Charged in $7 Million Fake Bitcoin Escrow and Custody Case

Jon Barry Thompson (AKA “J. Barry Thompson), principal of “cryptocurrency escrow company” Volantis Escrow Platform LLC and Volantis Market Making LCC has been arrested in Pennsylvania for allegedly conning two companies out of $7 million USD they transferred to him for the purchase of bitcoins,… Read More

Indian Police Arrest Another Alleged Bitconnect Scam Leader in Gujarat

Another alleged principle promoter of the failed $4 billion USD Bitconnect cryptocurrency Ponzi (now attempting resurrection) has been arrested in India, India Times reports. Rakesh Savani was arrested in the coast city of Sujat in northwest India last Friday. Authorities have also seized property and… Read More

Michael Terpin’s $224 Million Lawsuit Against AT&T Pertaining to $24 Million SIM Swap Theft of Crypto Proceeds in Federal Court

The Judge engaged in the SIM Swap lawsuit against AT&T Mobility has denied a request by AT&T to dismiss the case. The case, Terpin v. AT&T Mobility, pertains to a $24 million loss of cryptocurrency that was facilitated by SIM Swap fraud. Terpin is requesting… Read More

South Koreans Lost $2.7 Billion in Crypto Scams 2017-2019

Data from the Korean ministry of Justice indicates that South Koreans lost $2.7 billion USD (2.7 trillion KRW) in cryptocurrency scams between July 2017 and June 2019, Korea Herald reports. The ministry also said it has indicted and detained 132 individuals accused of cryptocurrency fraud and… Read More

Australian Couple Lost $900 000 AUD in Retirement Savings to Crypto Scam

An Australian couple in the 70’s have lost their entire retirement savings -$900 000- in a cryptocurrency scam, 7News reports. “That was the whole of our superannuation – That’s now gone,” Mike Taylor told the outlet. Mike and Karen Taylor were traveling Australia in a… Read More

SEC Posts Final Judgement in Enforcement Action Against Founders of Real Estate Crowdfunding Platform iFunding

Gavel Court Legal Trial Law rawpixel unsplash

The Securities and Exchange Commission (SEC) has posted final judgments in the case of real estate crowdfunding platform iFunding and co-founders William Skelley and Sohin Shah.  The two founders were charged last year by the SEC Enforcement Division regarding allegations of fraud in the misappropriation… Read More

OneSpan Announces New Partnership With Avaloq to Prevent Fraud With Financial Institutions

OneSpan (NASDAQ: OSPN), a company that offers software for trusted identities, e-signatures and secure transactions, announced on Tuesday it has formed a new partnership with Avaloq, a global fintech and provider of software as a service (SaaS) and business process as a service (BPaaS) solutions,… Read More

BitFunder and WeExchange CEO, Jon Montroll, Sentenced to 14 Months for Fraud and Obstruction of Justice

Jon Montroll, operator of two online crypto investment schemes, WeExchange Australia and BitFunder, has been sentenced to 14 months in prison for fraud and obstruction of justice. Montroll, 38, of Saginaw, Texas, has also been ordered to pay restitution of $167, 480 USD and will… Read More

Massachusetts Issues Cease and Desist Order Against Florida Woman, 62, Participating in Multi-State Crypto Fraud Scheme

The Massachusetts Securities Division of the Office of the Secretary of the Commonwealth Enforcement Section is seeking orders to force a 62-year-old woman in Florida to cease perpetuating a fraudulent cryptocurrency scheme operating in at least 6 American states. The agency is also asking that… Read More

Federal Court Orders Duo to Pay Penalties, Restitution for Bitcoin Fraud

In a case brought by the Commodity Futures Trading Commission (CFTC), two defendants, Morgan Hunt and Kim Hecroft, were ordered to pay almost $400,000 in penalties and restitution regarding Bitcoin-related fraud. The CFTC cautioned that the repayment of funds to victims may not result in… Read More

Protestors Bilked by TRON Impersonation Scam Occupy Affiliate Office in Beijing

Protestors believing they were bilked out of 200 million yuan ($29 million USD) by the cryptocurrency/blockchain project TRON occupied the offices of TRON affiliate company Raybo Monday in Beijing. The protestors were eventually “removed” from the offices by police, TRON CEO Justin Sun claimed in a response on… Read More

Dublin-Registered Crypto Exchange Bitsane Vanishes with User Funds

Bitsane, a Dublin-based cryptocurrency exchange with 246 000 registered users, went suddenly offline last week, and users say they cannot access funds they were keeping on the exchange. “I was trying to transfer XRP out to bitcoin or cash or anything, and it kept saying… Read More

Man Behind “BBB” Binary Options and “ATM Coin” Cryptocurrency Frauds Sentenced to 7 Years

A judge in the state of New York has sentenced Blake Kantor (also known as “Bill Gordon”), 44, to 86 months’ (~7 years’) imprisonment and three years’ supervised release for defrauding 700 people in a binary options and cryptocurrency scheme. Kantor pleaded guilty to charges… Read More

Facebook-Borne Crypto Scam Exploited Image of Crown Prince of Abu Dhabi

A crypto scam featuring the image of the Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi, has been circulating on Facebook and may have conned thousands of people, local news outlet The National reports: “The fake news story scattered legitimate information, including factual details… Read More

Fake Facebook Libra Coin and Calibra Wallet Sites Cropping Up Online

Clone websites designed to capitalize on the hype surrounding Facebook’s recently announced Libra cryptocurrency (not due for release until 2020) and divert investor funds to scammers are already cropping up across the net, cybersecurity firm Digital Shadows (DS) reports in a recent block post. The… Read More

Europol: Police Arrest Six Who Used “Typosquatting” to Divert Bitcoins to Fake Exchanges

Europol has announced that a 14-month-long investigation into a €24 million “typosquatting-based” cryptocurrency theft has netted 6 suspects in the UK and Netherlands. The five men and one woman were arrested “in simultaneous warrants” in Bath Staverton, Amsterdam and Rotterdam yesterday morning. An estimate 4 000… Read More

Send this to a friend