David Kagel, a disbarred California attorney, pleaded guilty to orchestrating a cryptocurrency Ponzi scheme that defrauded victims of over $9.5 million. Kagel, 85, promised high returns through artificial intelligence trading bots and falsely claimed to hold $11 million in bitcoin to secure investments. He used his attorney position to instill trust, providing fake letters on…
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The Haeundae Police Station in Busan, South Korea, has caught a pair of fraudsters who stole $4.1 million from a senior citizen with the promise of profitable crypto investments. “If you invest in virtual currency, you will see a 70% return in 4 weeks,” said the two individuals in their 20s and 30s who deceived…
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While the total figures are “alarming,” crypto scams accounted for 7.1% of the total $2.08 billion stolen from Australians in 2022. Australians lost 221.3 million Australian dollars ($148.3 million) from investment scams where cryptocurrency was used as the payment method in 2022 — a 162.4% increase from 2021. According to an April 17 scam activity…
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Falling crypto prices caused crypto scam revenue to plummet in 2022, though two scam types managed to persist. Crypto scam revenue was slashed by almost half in 2022 due mainly to falling crypto asset prices, but two scam types managed to stay immune. Crypto scam revenue in 2022, which includes investment scams, NFT scams and…
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