The U.S. Federal Trade Commission (FTC) has revealed that more than 46,000 people have reported losing over $1 billion in cryptocurrency to scams since the beginning of last year. FTC Says Scammers Stole Over $1 Billion in Crypto The U.S. Federal Trade Commission published a “Data Spotlight” report on crypto scams Friday. The FTC is…
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The Department of the Interior of Uruguay is taking steps to warn users about the danger they face when investing in certain crypto projects that could be scams. The campaign is called “Fake Coins: Cryptocurrency Scams” and seeks to educate the population about the most common kinds of crypto scams.
Uruguay Educates on Crypto-Related…
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Several crypto firms, including Binance and Circle, have launched a new crypto scam reporting platform. The tool “empowers anyone in the crypto economy to warn others about scams, hacks or other fraudulent activity as they encounter it.” New Crypto Scam Reporting Platform Launched A number of crypto firms have joined forces and launched a new,…
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The amount exploited this year so far surpasses the total amount stolen in all of 2020 and 2021 combined, with the month of March alone beating 2020 by over $200 million. The decentralized finance (DeFi) space has been rife with hacks, exploits, and scams so far this year with over $1.6 billion in crypto stolen…
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The finance department of the U.S. state of Idaho has warned investors of a series of cryptocurrency scams promising returns as high as 80% every 24 hours with no risks to investors. Crypto Scams Promising High Returns The Idaho Department of Finance announced Wednesday “a series of fraudulent cryptocurrency schemes seen recently targeting Idaho investors.”…
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Tesla and Spacex CEO Elon Musk has revealed his priorities for improving Twitter if he successfully takes over the social media platform. Among his promises are to eliminate crypto spam bots, ensure free speech, implement edit functionality, and simplify the account verification process. Elon Musk’s Twitter Improvement Priorities Elon Musk, the CEO of Tesla and…
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The ACCC highlighted unapproved or endorsed “scam” ads featuring prominent Australian figures such as entrepreneur Dick Smith, TV host David Koch and former NSW premier Mike Baird in particular. The Australian Competition and Consumer Commission (ACCC) is taking Meta Platforms, Inc. (formerly Facebook) to the Federal Court, alleging that the firm and its Irish branch…
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Kenyans are believed to have lost as much as $120 million to cryptocurrency scammers in the last financial year, a government official has said. The official, however, suggested the number of Kenyans losing funds this way can be reduced if the media helps by disseminating the right information. Media Told to Offer Guidance A Kenyan…
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The U.S. Better Business Bureau (BBB) says cryptocurrency scams have become the second riskiest. In addition, the organization noted that “Payment made via cryptocurrency that resulted in a monetary loss more than doubled from 2020.”
BBB Sees Rising Crypto Scams
The U.S. Better Business Bureau (BBB) released its 2021 BBB Scam Tracker Risk…
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The report defines criminal whales as private wallets that hold more than $1 million worth of crypto with more than 10% of their balances coming from illicit addresses. Chainalysis data shows that 4068 criminal whales (roughly 4% of all whales) are hodling more than $25 billion worth of cryptocurrency between them. The blockchain analytics firm…
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