Cryptocurrency Fraud
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FIU-Nepal Flags Rise in Crypto-Based Money Laundering; Plans to Increase Tracking, Awareness
FIU-Nepal has said that the laundering of illicit funding through cryptocurrencies has spiked in the country. In its report, the Nepal Rastra Bank noted conversion of proceeds of fraud to cryptocurrency or for online betting purpose has also been frequently observed.
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Lawsuit Claiming Elon Musk Rigged Dogecoin Ends
A lawsuit accusing Musk of rigging dogecoin is ending. Investors in the cryptocurrency who said theElon Musk and his electric car company Tesla committed fraud and insider trading are withdrawing their appeal from an Aug. 29 dismissal of their case.
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North Korea’s BlueNoroff Group Reportedly Targeting Crypto Community Members on MacOS
According to SentinelLabs, North Korea's BlueNoroff group is distributing fake crypto news to lure users into downloading infected multi-storage malware onto their MacBook. Earlier in September, the FBI reported that crypto consumers lost over $5.6 billion (roughly Rs. 47,029 crore) to cryptocurrency-related fraud last year.
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Facebook, Nvidia Ask US Supreme Court to Spare Them from Securities Fraud Suits
Social media platform Facebook and Artificial Intelligence chipmaker Nvidia appealed to the Supreme Court after the San Francisco-based 9th US Circuit Court of Appeals allowed separate class action securities fraud lawsuits to proceed against them.
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Actor Tamannaah Bhatia Questioned Over Cryptocurrency Fraud Allegations
Bollywood actor Tamannaah Bhatia was questioned by probe agency Enforcement Directorate (ED) in Guwahati on Thursday night over alleged links to a digital platform named 'HPZ Token'.
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North Korean Hackers Steal $3 Billion In Crypto To Fund Nuclear Programme
North Korean hackers have stolen an estimated $3 billion worth of cryptocurrency since 2017, using the funds to support the regime's nuclear and missile programmes, a Microsoft report showed on Thursday.
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Hong Kong Busts Deepfake Scam, $46 Million Stolen In Romance Fraud
The group, targeting men from Taiwan to Singapore and as far away as India, used AI-powered deepfakes to run a fraudulent cryptocurrency platform.
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Delhi Police Uncovers Renewable Energy Fraud; Binance Aids in Tracing Illicit Funds
In a new development, Binance revealed that it collaborated with Delhi Police to investigate a renewable energy fraud. As a result, 100,000 USDT, equivalent to Rs. 84 lakh, has been seized.
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Retail Investors Express Interest in Crypto, Yet Market Volatility and Fraud Risks Deter Participation: IOSCO Report
In a report, IOSCO noted that even in 2022, when the crypto sector's valuation fell below $1 trillion (roughly Rs. 1,67,09,363 crore), retail investors continued to invest in crypto assets. This trend was observed not only among retail investors in advanced economies but also among those in emerging markets.
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US Charges Three Firms, 15 People With Cryptocurrency Fraud
Three cryptocurrency companies and 15 people have been charged with engaging in widespread fraud and market manipulation in the US. Federal prosecutors in Boston charged the firms Gotbit, ZM Quant, CLS Global and the leaders and employees of those and other companies in a takedown.
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UNODC Proposes Penalties for Unlicensed Crypto Firms in Southeast Asia to Combat Growing Cyber Fraud
In response to the surge in cyber fraud across Southeast Asia, the UNODC has recommended penalizing unlicensed crypto firms, which are being exploited by money launderers to enable illegal transactions. The report emphasizes the need for authorities to "identify and prevent" unregulated and unlicensed Virtual Asset Service Providers (VASPs), partic...
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YouTube Restores Access After Crypto Scammers Hijack Ranveer Allahbadia's Channel to Trick Viewers
This week, cyber criminals breached content creator Ranveer Allahbadia’s handles on YouTube, replaced related logos and images with those of Elon Musk and Tesla, as well as deleted all of the videos that were published on the pages. The channels started promoting a crypto fraud scheme, for hours before YouTube restored access to Allahbadia.
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Binance Claims It Helped ED Crack Fiewin Gaming Scam that Defrauded Players of $47.6 Million
Binance crypto exchange has claimed that its internal intelligence unit assisted the ED in uncovering this scam. In a statement released on Wednesday, September 25, Binance said that such public-private partnerships against financial crimes can strengthen its role in India’s crypto landscape.
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Crypto Fraud Increased 45 Percent in 2023 to $5.6 Billion, FBI Says
The FBI Internet Crime Complaint Center received nearly 69,500 complaints from consumers in the US and abroad last year. Call center frauds, such as government impersonation scams, accounted for about 10 percent of cryptocurrency losses.
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UK Says 90 Percent Crypto Firms Applying for Licence Lacks Money Laundering, Fraud Precautions
A recent report by the UK Financial Conduct Authority (FCA) has said that they have rejected 90 percent of the registration applications of crypto firms in recent times. Inconsistencies with security measures against frauds and money laundering activities have emerged among top reasons for licence rejection.
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FIU-Nepal Flags Rise in Crypto-Based Money Laundering; Plans to Increase Tracking, Awareness
FIU-Nepal has said that the laundering of illicit funding through cryptocurrencies has spiked in the country. In its report, the Nepal Rastra Bank noted conversion of proceeds of fraud to cryptocurrency or for online betting purpose has also been frequently observed.
-
Lawsuit Claiming Elon Musk Rigged Dogecoin Ends
A lawsuit accusing Musk of rigging dogecoin is ending. Investors in the cryptocurrency who said theElon Musk and his electric car company Tesla committed fraud and insider trading are withdrawing their appeal from an Aug. 29 dismissal of their case.
-
North Korea’s BlueNoroff Group Reportedly Targeting Crypto Community Members on MacOS
According to SentinelLabs, North Korea's BlueNoroff group is distributing fake crypto news to lure users into downloading infected multi-storage malware onto their MacBook. Earlier in September, the FBI reported that crypto consumers lost over $5.6 billion (roughly Rs. 47,029 crore) to cryptocurrency-related fraud last year.
-
Facebook, Nvidia Ask US Supreme Court to Spare Them from Securities Fraud Suits
Social media platform Facebook and Artificial Intelligence chipmaker Nvidia appealed to the Supreme Court after the San Francisco-based 9th US Circuit Court of Appeals allowed separate class action securities fraud lawsuits to proceed against them.
-
Actor Tamannaah Bhatia Questioned Over Cryptocurrency Fraud Allegations
Bollywood actor Tamannaah Bhatia was questioned by probe agency Enforcement Directorate (ED) in Guwahati on Thursday night over alleged links to a digital platform named 'HPZ Token'.
-
North Korean Hackers Steal $3 Billion In Crypto To Fund Nuclear Programme
North Korean hackers have stolen an estimated $3 billion worth of cryptocurrency since 2017, using the funds to support the regime's nuclear and missile programmes, a Microsoft report showed on Thursday.
-
Hong Kong Busts Deepfake Scam, $46 Million Stolen In Romance Fraud
The group, targeting men from Taiwan to Singapore and as far away as India, used AI-powered deepfakes to run a fraudulent cryptocurrency platform.
-
Delhi Police Uncovers Renewable Energy Fraud; Binance Aids in Tracing Illicit Funds
In a new development, Binance revealed that it collaborated with Delhi Police to investigate a renewable energy fraud. As a result, 100,000 USDT, equivalent to Rs. 84 lakh, has been seized.
-
Retail Investors Express Interest in Crypto, Yet Market Volatility and Fraud Risks Deter Participation: IOSCO Report
In a report, IOSCO noted that even in 2022, when the crypto sector's valuation fell below $1 trillion (roughly Rs. 1,67,09,363 crore), retail investors continued to invest in crypto assets. This trend was observed not only among retail investors in advanced economies but also among those in emerging markets.
-
US Charges Three Firms, 15 People With Cryptocurrency Fraud
Three cryptocurrency companies and 15 people have been charged with engaging in widespread fraud and market manipulation in the US. Federal prosecutors in Boston charged the firms Gotbit, ZM Quant, CLS Global and the leaders and employees of those and other companies in a takedown.
-
UNODC Proposes Penalties for Unlicensed Crypto Firms in Southeast Asia to Combat Growing Cyber Fraud
In response to the surge in cyber fraud across Southeast Asia, the UNODC has recommended penalizing unlicensed crypto firms, which are being exploited by money launderers to enable illegal transactions. The report emphasizes the need for authorities to "identify and prevent" unregulated and unlicensed Virtual Asset Service Providers (VASPs), partic...
-
YouTube Restores Access After Crypto Scammers Hijack Ranveer Allahbadia's Channel to Trick Viewers
This week, cyber criminals breached content creator Ranveer Allahbadia’s handles on YouTube, replaced related logos and images with those of Elon Musk and Tesla, as well as deleted all of the videos that were published on the pages. The channels started promoting a crypto fraud scheme, for hours before YouTube restored access to Allahbadia.
-
Binance Claims It Helped ED Crack Fiewin Gaming Scam that Defrauded Players of $47.6 Million
Binance crypto exchange has claimed that its internal intelligence unit assisted the ED in uncovering this scam. In a statement released on Wednesday, September 25, Binance said that such public-private partnerships against financial crimes can strengthen its role in India’s crypto landscape.
-
Crypto Fraud Increased 45 Percent in 2023 to $5.6 Billion, FBI Says
The FBI Internet Crime Complaint Center received nearly 69,500 complaints from consumers in the US and abroad last year. Call center frauds, such as government impersonation scams, accounted for about 10 percent of cryptocurrency losses.
-
UK Says 90 Percent Crypto Firms Applying for Licence Lacks Money Laundering, Fraud Precautions
A recent report by the UK Financial Conduct Authority (FCA) has said that they have rejected 90 percent of the registration applications of crypto firms in recent times. Inconsistencies with security measures against frauds and money laundering activities have emerged among top reasons for licence rejection.
