Crypto scams Financial News

Bitcoin experienced steady growth over the past week recovering from a low of $54,000 to currently trading at $58,000.The week began with the Federal Bureau of Investigation (FBI) releasing a comprehensive report on global crypto scams in 2023, revealing staggering losses. The U.S. topped the list, with over $4.8 billion lost to crypto scams, followed by Canada and the UK. India ranked fifth, with reported losses exceeding $44 million. To avoid falling for such scams, one must Research thoroughly before investing, avoid too-good-to-be-true offers and only use trusted platforms for investing. The presidential debate between Donald Trump and Kamala Harris was the most anticipated, where the crypto community expected a focus on crypto regulation. However, the debate largely centered on other pressing issues such as economic uncertainty, inflation, and abortion rights, with no mention of crypto. This omission left many in the crypto community disappointed, leading to brief selling pressure on Bitcoin. Despite this dip, Bitcoin quickly recovered within a few hours. The same day saw the release of the Consumer Price Index (CPI) data, which showed better-than-expected inflation numbers. This data provided certainty to the crypto community that there will surely be a rate cut in the upcoming FOMC meeting strengthening the market sentiment.

HSBC Australia recently told customers it will stop processing payments to crypto exchanges starting July 24. This decision is attributed to customer protection concerns, emails circulated on X showed.

Blockchain data firm Chainalysis revealed the results of Operation Spincaster, a global initiative to combat “approval phishing” scams in the cryptocurrency space.

Philippines’ central bank issued a warning on Friday, urging citizens to be more cautious about crypto scams on social media. It clarified that Governor Eli Remolona, Jr. does not endorse an alleged crypto project “Tesler Code” or any other crypto investment.

The value of Rizz memecoin plummeted by 90% in minutes after the founder of the cryptocurrency went in a live presentation on X.com.

Republican frontrunner Donald Trump’s U.S. presidential campaign and his MAGA supporters were targeted in several new crypto scams, a June 17 report by cybercrime disruption firm Netcraft revealed.

Two individuals have been charged by federal prosecutors in Illinois for owning and running Empire Market, a notorious darknet marketplace.

Authorities on the Hawaiian island of Kauai issued a June 10 advisory, warning residents about deceptive cryptocurrency scams. In these scams, fraudsters impersonate law enforcement officers to extort crypto payments.

The Canadian Anti-Fraud Centre (CAFC) has warned about a surge in crypto scams targeting Canadian citizens.

Some of the biggest tech firms and crypto exchanges have partnered to launch a ‘Tech Against Scams’ alliance, aiming to tackle the growing online fraud and financial schemes.

The Commodity Futures Trading Commission (CFTC) is warning against “money mule” scams targeting remote job seekers.

An attacker involved in a $68 million address poisoning scam has exhibited a gesture of goodwill by returning $153,000 worth of Ether to the victim.

Thailand’s state authorities held a meeting on Tuesday, calling to regulate peer-to-peer (P2P) cryptocurrency purchases and comprehensively prevent online fraud.

The Brooklyn District Attorney’s office has seized 21 web domains associated with fraudulent cryptocurrency investments and “pig butchering” scams. 

YouTuber Logan Paul addressed accusations regarding his infamous CryptoZoo non-fungible token (NFT) in a March 27 documentary titled “5 Months with Logan Paul,” stating in the film that the NFT project was not a scam.

New Zealand’s Financial Markets Authority (FMA) has flagged an unlicensed crypto exchange clone of BTCSWE. The impersonator has been reportedly contacting customers, promising to retrieve funds lost in previous unsuccessful investments.

Artificial intelligence (AI) could breed a dangerous new category of crypto-based crime in the coming years, according to blockchain intelligence platform Chainalysis.

A scammer deceived several crypto media houses into running stories on a fictitious $10 million Uniswap airdrop on February 15. This comes as the automated market maker (AMM) blockchain protocol announces the timeline for its latest V4 platform.

Founders of the infamous OneCoin cryptocurrency scam have been sentenced to several years in jail by a German court.

crypto landscape is evolving with a huge potential for financial inclusion across the world. Bitcoin might be king here, but that hasn’t deterred Nigerian princes from sprouting in large numbers. Imagine a scenario where someone promises you a 10x return on your Crypto investment, or offers you a native token or coin at what they claim is a nominal price but has the potential to become the next blue chip token, before they swindle funds from you and disappear.

crypto landscape is evolving with a huge potential for financial inclusion across the world. Bitcoin might be king here, but that hasn’t deterred Nigerian princes from sprouting in large numbers. Imagine a scenario where someone promises you a 10x return on your Crypto investment, or offers you a native token or coin at what they claim is a nominal price but has the potential to become the next blue chip token, before they swindle funds from you and disappear.