IcomTech promoter sentenced to 10 years in prison
[Dec 4 4:08 PM] The judge ordered David Brend to report to a federal prison in Florida by Dec. 16 to serve his 120-month sentence.
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FTX co-founder and key witness Gary Wang asks judge for no jail time
[Nov 7 5:43 AM] Wang, one of Sam Bankman-Fried’s longtime friends and a key witness at his trial, is set to be sentenced on Nov. 20.
Judge sentences IcomTech promoter to 8 years to deter ‘crypto frauds’
[Oct 31 6:56 PM] Judge Jennifer Rochon initially allowed a delay in Gustavo Rodriguez’s sentencing to allow additional testimony but ultimately ordered the IcomTech promoter to prison.
Blockchain can help fight AI fakes in crypto airdrops and elections
[Oct 22 1:15 PM] Thanks to the rapid development of AI, it is becoming increasingly challenging to tell humans apart from their future machine overlords.
Fake Coinbase Sites Steal $20M — How Indian Man Led the Massive Crypto Fraud
[Oct 19 5:30 AM] A cryptocurrency scam targeting Coinbase users has resulted in a significant theft of over $20 million. An Indian national, Chirag Tomar, was sentenced for orchestrating this scheme, where fake websites mimicking Coinbase led to victims…
US Treasury used AI to recover $4 billion in fraud over past year
[Oct 18 6:10 AM] The US Treasury has tapped into AI machine learning to sift through data to detect and prevent billions of dollars in check fraud.
Hong Kong cops clean out alleged $46M deepfake crypto scam
[Oct 17 5:53 AM] Hong Kong police arrested 27 people it accused of running an AI deepfake crypto scam operation from a 4,000-square-foot industrial building.
Forcount ‘Ponzi scheme’ promoter sentenced to 20 years in prison
[Oct 16 10:00 PM] According to US prosecutors, Juan Tacuri, and his co-conspirators, defrauded investors of $8.4 million in an apparent Ponzi Scheme.
$150M Crypto Scheme Leader Vanishes From US Detention, Active Manhunt Underway
[Oct 15 3:30 AM] A German national accused of orchestrating a $150 million cryptocurrency fraud is now a fugitive after allegedly tampering with his ankle monitor while on home detention in New York. Prosecutors say he led a multi-level marketing scheme, promising…
Telegram to open an office in Kazakhstan, boost regulatory compliance
[Oct 14 8:45 AM] Telegram’s agreement to set up an office in Kazakhstan aligns with the firm’s increasing compliance efforts as its CEO remains in France amid an ongoing investigation.
Convicted FTX executive Ryan Salame is officially in prison custody
[Oct 12 6:58 PM] During a recent appearance on Tucker Carlson's podcast, Salame claimed federal prosecutors unfairly targeted him for political reasons.
High-Return Crypto Scheme Hit With Cease-and-Desist in Texas
[Oct 11 11:20 AM] Texas regulators have issued an emergency cease-and-desist order against two individuals accused of promoting a fraudulent cryptocurrency investment scheme. The alleged scheme, tied to Trage Technologies, promised high returns on digital asset…
FBI Warns Investors of Growing Crypto Scams Amid Billion-Dollar Losses
[Oct 11 5:30 AM] The Federal Bureau of Investigation (FBI) has issued a warning to cryptocurrency investors, highlighting a surge in scams, particularly targeting retirees and the elderly. FBI experts explain how scammers trick victims into fake crypto investments…
NFT holders sue art gallery alleging it broke metaverse promise
[Oct 11 2:59 AM] A group of NFT holders sued the creators of the collection, claiming they made no significant steps to fulfill promised perks and had no knowledge of blockchain.
FBI Seeks Crypto Fraud Victims in Major Market Manipulation Case
SEC settles with trading firm over $4M ‘AI-washing’ scheme
[Oct 11 1:18 AM] The SEC alleged that Rimar LLC’s executives overstated the AI capabilites of
South Korean Lawmakers Call for Full Investigation Into KOK Token Crash
[Oct 10 8:30 AM] Two South Korean lawmakers have called for a full investigation into the KOK token after its value collapsed to almost zero. Victims have accused Korea’s largest newspaper of promoting the scam, sparking concerns about its role. The alleged…
Ohio’s New Crypto Fraud Unit Claims First Victory, Recovers $130K From Scam
[Oct 10 12:30 AM] The Ohio Bureau of Criminal Investigation’s new Electronic Fraud Investigations unit has recovered $130,000 from a cryptocurrency scam in its first victory. The unit was established to address the growing complexity of cyber financial crimes…
FBI Creates Crypto Token to Expose Fraud — Seizes $25M in Cryptocurrency, Charges 18
[Oct 9 11:30 PM] Eighteen individuals and entities have been charged with fraud and market manipulation in the cryptocurrency industry. The charges involve deceptive practices such as wash trading and pump-and-dump schemes that inflated token prices, resulting in…
Inside the pig butchering scam: Crypto victims share their stories
[Oct 8 3:38 PM] The latest Cointelegraph video explores one of the most dangerous crypto scams, "pig butchering," by sharing some of the victims’ real stories.
UN Agency Recommends Criminalization of Unlicensed VASPs in Southeast Asia to Counter Cyber Fraud
[Oct 8 9:37 AM] Some service providers are facilitating transactions for fraud outfits and high-risk gambling sites, the report said.
SEC Flags Risks in Crypto and Emerging Tech Investment Scams
[Oct 7 11:30 PM] The U.S. Securities and Exchange Commission (SEC) is raising alarms about the growing risks of cryptocurrency scams and other investment fraud during World Investor Week 2024. Amid the rising influence of AI, social media, and aggressive financial…
Revolut prevents $13.5M of ‘potential fraud transactions’ in crypto
[Oct 7 11:02 PM] Revolut has been under fire as fraud complaints piled up in 2024, but the company has insisted it saved hundreds of millions in “potential fraudulent transfers.”
New York Regulator Hiring Blockchain Analyst to Tackle Crypto Crimes
[Oct 7 11:20 AM] New York’s financial regulator has a job opening for a Virtual Currency Senior Blockchain Analytics Analyst. The permanent position focuses on preventing financial crimes such as money laundering and fraud by ensuring compliance in the…
Crypto Fraud Ring Dismantled by Vietnamese Authorities
[Oct 7 2:30 AM] Vietnamese authorities have reportedly dismantled a cross-border fraud ring involved in romance scams and fraudulent cryptocurrency schemes. Led by foreign criminals, the group operated from Laos and defrauded victims of tens of billions of dong…
Crypto Ponzi Leader Receives 121-Month Prison Sentence
[Oct 6 2:30 AM] David Carmona, founder of the Icomtech cryptocurrency Ponzi scheme, has been sentenced to over 10 years in prison for defrauding investors with false promises of profits. His scheme targeted working-class people with the lure of financial freedom…
Washington State Accuses 2 Cryptocurrency Platforms of Defrauding Investors
[Oct 5 10:30 AM] Two cryptocurrency platforms face allegations of fraud by Washington State’s Department of Financial Institutions. Both companies allegedly lured investors with promises of huge returns, but later blocked withdrawals and demanded extra fees. An…
US Government Seeks Forfeiture of 200,000 USDT Tied to Bitcoin Theft in Ohio
[Oct 5 2:30 AM] The U.S. government is taking legal action to seize 200,000 tether (USDT), worth $200,000, linked to a major cryptocurrency fraud. The funds, converted from stolen bitcoin, could soon be returned to the Ohio victim after a forfeiture trial…
India Cracks Down on $48M Crypto Fraud in Fiewin Gaming App With Binance Help
[Oct 3 1:30 AM] India’s Enforcement Directorate has exposed a massive $48 million scam linked to the online gaming app Fiewin, connected to Chinese nationals. Following an in-depth investigation, an equivalent of about $3 million has been frozen in accounts…
CFTC Sues Over $3.6M Digital Asset Fraud Targeting Asian Americans
[Sep 29 11:30 AM] The U.S. Commodity Futures Trading Commission (CFTC) has initiated legal action against a fake trading platform and its associates for defrauding investors out of $3.6 million. The scheme, which targeted Asian Americans, involved soliciting funds…