The SEC’s Office of Investor Education and Advocacy has issued an alert, highlighting five common crypto scams investors should watch out for to avoid losing money. The SEC warns that fraudsters exploit cryptocurrency popularity with sophisticated techniques, making fund recovery difficult. For example, “Fraudsters may conduct pump-and-dump schemes with crypto assets, including so-called ‘memecoins’ that…
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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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Mark Scott, a lawyer entangled in the infamous Onecoin cryptocurrency fraud, was sentenced to 10 years in prison by the U.S. District Court. The sentencing comes after a 2019 conviction. Onecoin Lawyer Mark Scott Receives Decade-Long Prison Sentence Mark Scott, a lawyer associated with the infamous crypto firm, was sentenced to a decade in prison.…
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Learn essential cryptocurrency security practices to safeguard your digital assets. Explore crucial ways to protect your wallets, prevent hacks and ensure safe transactions. With the growing popularity of cryptocurrencies, the digital landscape has become a breeding ground for scams and fraudulent schemes. Fake cryptocurrencies and fraudulent projects aim to deceive unsuspecting investors and enthusiasts. This…
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Binance, the world’s largest cryptocurrency exchange by trading volume, announced on Friday that it is “proactively withdrawing from the Canadian market.” The company thanked the regulators who worked with them and said that the Canadian market was “small.” Binance Bows Out of Canada Due to Regulatory Guidance The cryptocurrency exchange Binance has decided to withdraw…
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A House committee has sent letters to four U.S. federal agencies and five cryptocurrency exchanges asking for information about what they are doing to combat cryptocurrency fraud and scams. Congress Questions Regulators and Crypto Exchanges The House Committee on Oversight and Reform sent letters to four U.S. federal agencies and five crypto exchanges on Tuesday…
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A Nevada man has admitted his role in laundering funds solicited for the Bitclub Network, a $722 million fraudulent cryptocurrency scheme. He also pleaded guilty to tax offenses. Bitclub Network Investor Pleads Guilty The U.S. Department of Justice (DOJ) announced Thursday that Gordon Brad Beckstead, a 57-year-old from Henderson, Nevada, has pleaded guilty in connection…
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The founder of the $3.4 billion crypto Ponzi scheme Bitconnect has been charged in the United States. “If convicted of all counts, he faces a maximum total penalty of 70 years in prison,” said the U.S. Department of Justice.
Bitconnect’s Founder Could Go to Prison for 70 Years
The U.S. Department of Justice…
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The U.K. police have returned over $5.4 million to victims of an international cryptocurrency scam. The police say that almost $10 million more will be returned to victims. So far, 127 more people have filed a claim to recoup their investments. Police Return Funds to Crypto Scam Victims The U.K.’s Greater Manchester Police (GMP) announced…
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Businessman and owner of a Kenyan football club, Ricardo Badoer, has been accused of fleecing more than $140 million from investors via his Aidos Kuneen cryptocurrency. Threats Against Investors According to a local report, Kenyan businessman Ricardo Badoer is being accused of defrauding investors via his Aidos Kuneen cryptocurrency of more than $140 million. The…
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