Toronto police issued a statement seeking public help help to locate four men related to numerous fraudulent transactions made at Bitcoin ATMs that specifically target one Canadian Bitcoin company. They use “double-spending” which involves cancelling a transaction before it’s had chance to be confirmed and keeping the withdrawn funds, to steal about $150,000 in 10 days.
The CEO of a blockchain startup has been kidnapped in Ukraine. The CEO was kidnapped and taken a hostage at the capital if Kieve. The authority of Ukraine believed that the funds acquired by the CEO have encouraged the kidnappers to make him as a kidnapping target although no amount of ransom has been demanded yet by the kidnappers.
The numbers of cryptocurrency scam in Instagram are growing in Sweden targeting the youths and migrants. The cryptocurrency Ponzi scheme uses selling of luxurious products at cheap rates as bait to gain victim where they require the potential sellers to convert their fiat into cryptocurrency and transfer it directly to the seller and vanish away with the money and the products.
The founders of the cryptocurrency exchange based in Bulgaria, OneCoin have been recently arrested for promoting fraudulent activities. The founders of OneCoin, Mark Scott and Konstatin Ignatov was reportedly arrested on 6th March for encouraging people to invest in the pyramid schemes. Ignatove have reportedly stated, “If you are here to cash out, leave this room” when asked if the investment can be cash out.
A report from IBM X-Force Research concluded that cryptojacking dominated the cryptocurrency cybercrime scene in 2018, overtaking ransomware attacks. Charles Henderson of the IBM X-Force Red, said: “With the extortion racket of ransomware, you lose the customer after one transaction, so it’s a one and done, there’s no recurring revenue-I mean it’s just bad business.”
Wong Ching-kit (25-year-old man calls himself “Coin Young Master”) a purported crypto entrepreneur who gained fame last December for a money-throwing stunt on a Hong Kong street was arrested on Thursday for suspected fraud related to sale of virtual currency mining equipment. Authorities accused the young businessman of cheating investors by selling mining machines for a called Filecoin.
The National Police Agency (NPA) in Japan have shared data which revealed that the number of cryptocurrency money laundering cases shows a significant increase during the year 2018. It also shared that the number of the cases 961 percent greater than the previous year and around 7096 of the cases suspected are the misuse of cryptocurrency for illegal activities.
An entrepreneur-based in New York has been charged with fraudulent cryptocurrency scheme by the United States Department of Justice (DoJ). DoJ then explained regarding the charges faced by the founder of My Big Coin Pay Inc., the indictment are merely allegations, and the defendant is presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
The FBI has recently published in its website that they’re currently looking for the victims of the Bitconnect scheme to help with their investigation. FBI explains in the website, “The entire market for BCC crashed in late January 2018, after two U.S. state-level securities regulators issued public letters warning investors of the Ponzi-type nature of Bitconnect.”
Complaints against a cryptocurrency mining platform ‘CryptoMining.Farm’ has been filed in Bangkok Thailand which has affected 30 people with fake promises of getting a high return from their investment. Thai’s authorities believed that approximately 140 people are in the actual victim of the cryptocurrency scam although only 30 people have made the complaint to the Technology Crime Suppression Division.