The Canadian Anti-Fraud Centre (CAFC) has warned about a surge in crypto scams targeting Canadian citizens. In a Tuesday announcement, the anti-fraud call centre said there has been an increase in two specific types of cryptocurrency scams targeting Canadian citizens, including pig butchering or romance scams, and investment scams. In response to this concerning trend,…
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The U.S. Department of Justice has initiated a legal move to seize $2.3 million in cryptocurrency, funds that are traceable back to an elaborate “pig butchering” scam. According to the official press release by the U.S. Attorney’s Office, District of Massachusetts, the authority filed a civil forfeiture action to recover the funds connected to an…
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The Federal Bureau of Investigation (FBI) has reported a surge in losses due to cryptocurrency-related investment scams. According to a recent report by the FBI, investment losses related to cryptocurrencies rose from $2.57 billion in 2022 to approximately $3.94 billion in 2023, representing a staggering 53% increase. These losses accounted for the largest portion of investment…
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Denver-based Pastor Eli Regalado, who faces allegations of orchestrating a $3.2 million cryptocurrency scam, has been seen preaching in Zambia despite missing a mandatory court hearing in the United States. A recent report by Newsweek unveiled that Regalado was observed delivering sermons at the Gifted Faith Ministry in Zambia’s capital. This appearance coincides with his…
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Source: AdobeStock / James Thew Pig butchering scams, a rapidly growing criminal activity involving online romance, fake crypto investments, and human trafficking, have been plaguing US citizens, resulting in significant financial losses. In a recnet interview, Erin West, Deputy District Attorney in Santa Clara, California, said the problem is esclating, claiming that she receive an…
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According to Peter Brandt, legitimate proprietary trading firms neither charge fees on traders nor impose “restrictions on trading style or markets.” The veteran trader branded as scams any prop firm that fails to adhere to the operating conditions that he outlined. Legitimate Prop Firms Veteran trader Peter Brandt has warned fellow traders to be on…
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Source: Pixabay / David Mark Lee Hsien Loong, the prime minister of Singapore, has warned his social media followers regarding the use of deepfake videos that use his voice and image to promote cryptocurrency scams. In posts made across various platforms including X (formerly Twitter), LinkedIn, and Facebook, Loong urged his followers to exercise caution…
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Source: Robert/Adobe South Korean police say they have swooped on a $32 million chat app-based crypto scam ring that they say was being run by a network of “gangsters.” Per Chosun Ilbo, Busan Metropolitan Police, the group comprised nine groups of “violent gangsters” who operated bogus “crypto reading room” sites on chat app platforms. Officers…
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Source: AdobeStock / Krakenimages.com The United States Department of Justice (DOJ) has seized nearly $9 million worth of USDT from an organization running pig butchering scams – with Tether’s help. According to the press release, the authorities traced the funds to cryptocurrency addresses allegedly connected to an organization that swindled more than 70 victims via…
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Source: Adobe / ZayNyi As the crypto industry continues to evolve, a new wave of scams is emerging, blending the hype of artificial intelligence (AI) with crypto, Kathleen Breitman, co-founder of the Tezos blockchain, has warned. Writing in a commentary piece for Fortune on Sunday, warned of a rising trend where opportunistic individuals are attempting…
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