Crypto exchange Binance’s security team has recovered or frozen over $73 million in stolen user funds so far this year, surpassing the $55 million recovered in 2023. This achievement highlights the company’s commitment to improving cryptocurrency security. Binance Recovers $73 Million in Stolen User Funds Crypto exchange Binance announced on Wednesday that its security team…
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The Federal Bureau of Investigation (FBI) has warned cryptocurrency users about scammers impersonating crypto exchange employees to steal funds through unsolicited messages or calls. These fraudsters create urgency, claiming issues with accounts to trick victims into providing login details, clicking links, or sharing identification information. FBI Alerts Public to Cryptocurrency Exchange Scams The Federal Bureau…
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The U.S. Federal Trade Commission (FTC) has warned consumers about a surge in social media investment scams, especially in cryptocurrency. These scams involve fraudulent messages claiming guaranteed high returns with little or no risk. The FTC advises ignoring such messages and reminds consumers that all investments carry inherent risks. FTC Issues Warning on Social Media…
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The “Proposed Scams Code Framework” consultation paper aims to delegate clear roles and responsibilities to government and private entities when combatting scams. A consultation paper on a new framework for addressing consumer and business scams proposed by Australia’s Department of the Treasury considers applying sector-specific codes and standards to banking and cryptocurrency scams, among others.…
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Authorities in Hong Kong confirmed 145 users were scammed on the unlicensed crypto exchange Hounax, resulting in $18.9 million of lost funds. Hong Kong authorities reported on Nov. 27 that 145 users were affected in a scam by the unlicensed cryptocurrency exchange Hounax, resulting in a loss of 148 million Hong Kong dollars ($18.9 million),…
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Scammers posing as Forbes journalists have been targeting BAYC holders to set up interviews and distract them while they attempt to steal their apes. A Bored Ape Yacht Club (BAYC) owner says he has managed to avoid a potentially “dreadful day” after being asked to retrieve a banana for a photo from someone they initially…
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The stablecoin issuer reported the illicit funds had been used by a Southeast Asia-based crime syndicate responsible for a “pig butchering” romance scam. Stablecoin issuer Tether froze roughly $225 million worth of USDT tokens as part of an investigation into a Southeast Asia human trafficking syndicate launched by the United States Department of Justice (DOJ). …
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According to the bank, potential cryptocurrency investors usually make an average of three payments before recognizing they’ve fallen victim to a scam. One of the Big Four banks in the United Kingdom, Lloyds Bank, has said that reports of cryptocurrency investment scams by victims have surged by 23% in the current year compared to the…
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Security firm HashDit says the lower amount lost to scams on BSC could be due to an uptrend in security products addressing the threat. Scams facilitated on BNB Smart Chain (BSC) decreased from $55.4 million in the second quarter of 2023 to $13.6 million in the third quarter, according to an AvengerDAO report contributed to…
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Image Source: Pixabay Bitfinex has experienced a “minor” security incident after one of its customer support agents fell victim to a hacking attempt, leading to several users being targeted in a series of phishing attacks. The crypto exchange said the incident occurred between October 30 and November 5, according to a recent press release. However, Bitfinex…
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