5 / 12 Relevant items tagged with #Fraud

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The Bitcoin Ponzi Scheme Paradox

[May 16 3:12 PM] "Ponzi scheme" has become a byword for all manner of financial frauds and monetary scams. When a rapid six month collapse erased $2T (trillion) from crypto market capitalization in 2022, mainstream media outlets were quick to again label…

Canada’s ‘Crypto King’ and Associate Arrested, Charged With Fraud in Alleged $30M Ponzi Scheme

[May 15 5:24 PM] Two Canadian men have been arrested and charged with fraud for allegedly swindling investors out of $40 million CAD – approximately $30 million USD – in a crypto and foreign exchange investment scheme.

Taiwan proposes tougher AML measures for crypto service providers

[May 9 6:19 AM] Taiwan’s Ministry of Justice proposed four amendments to the country’s AML regulations focused on cryptocurrency firms that plan to impose hefty penalties for noncompliance.

Binance denies reports of DWF Labs market manipulation

[May 9 4:40 AM] DWF Labs was first hit by market manipulation accusations in September 2023.

Elaborate Elon Musk deepfake crypto fraud uncovered in Hong Kong

[May 8 5:47 AM] A fraudulent crypto exchange platform used AI-generated videos of Elon Musk and misleading information to promote crypto trading services.

Bankruptcy law firm S&C absolved from misconduct, according to new FTX proposal

[May 8 2:56 AM] FTX’s amended plan contains an exculpation clause that could absolve Sullivan & Cromwell, along with all debtors, of future liabilities.

SEC pushes back against Terraform’s claims fraud happened outside US

[May 7 1:46 PM] Lawyers for the commission cited several examples of Do Kwon touting UST to U.S. investors and Terraform’s former communications head making false claims about the stablecoin.

ZKasino scam suspect arrested, $12.2M seized by Dutch authorities

[May 3 2:58 AM] Authorities seized $12.2 million worth of digital assets, real estate and luxury cars during the arrest.

FBI busts $43M crypto and Las Vegas hospitality Ponzi scheme

[May 2 2:03 AM] The FBI arrested a New York resident for defrauding investors of at least $43 million in a multi-year Ponzi scheme that included a Las Vegas hospitality business and crypto trading operation.

US Justice Dept charges Roger Ver with tax fraud

[Apr 30 12:49 PM] Early crypto investor ‘Bitcoin Jesus’ faces extradition to the U.S. after being charged with evading nearly $50 million in taxes.

South Korean ministries look to upgrade status of crypto crime unit

[Apr 29 1:30 PM] The temporary unit is reportedly being transformed into a permanent department as enforcement actions rise dramatically in South Korea.

Jebara Igbara, AKA 'Jay Mazini,' Sentenced to 7 Years in Prison for Crypto-Related Fraud

[Apr 25 4:49 AM] Igbara perpetrated multiple fraud schemes and scammed investors of at least $8 million.

Samourai Wallet mixer co-founders arrested on AML, licensing charges

[Apr 24 3:11 PM] The crypto mixer allegedly handled $2 billion in unlawful transactions and facilitated $100 million in money laundering.

Federal Reserve’s Neel Kashkari on Bitcoin: Still No Legitimate Use Case in an Advanced Democracy

[Apr 6 3:18 PM] The president and CEO of the Federal Reserve Bank of Minneapolis, Neel Kashkari, has expressed concern about consumer risk due to “fraud, hype, and confusion” surrounding bitcoin. Moreover, he said the cryptocurrency has been around for…

Terraform Labs and Former CEO Do Kwon Found Liable for Civil Fraud by Jury

[Apr 5 2:33 PM] On Friday, Zack Guzmán, founder of Coinage Media, announced that Terraform Labs’ co-founder Do Kwon and his startup were deemed responsible for fraudulent activities in its legal battle against the U.S. Securities and Exchange Commission…

Google Takes Legal Action Against Alleged Crypto Scammers for Uploading Fraudulent Apps

[Apr 4 6:07 AM] The defendants are said to have committed hundreds of acts of wire fraud, "causing harm to Google and at least approximately 100,000 Google users."

Sam Bankman-Fried Deserves a Life After Prison

[Mar 28 10:49 AM] He did incalculable harm, but arguing for a sentence longer than 25 years is unfair to the man and the industry he once represented.

Guilty Verdict for Woman Accused of Laundering Bitcoin Tied to Alleged $6B China Fraud: Bloomberg

[Mar 20 10:32 AM] Police in the U.K. seized over 1.7 billion pounds ($2.2 billion) worth of related bitcoin in 2018.

Craig Wright Was Finally Called Out in Court and Hodlonaut Is Celebrating

[Mar 14 2:43 PM] “It hasn't always been easy, but I'm very happy that I stood my ground,” says Hodlonaut of his long legal fight with Craig Wright, who claimed, falsely, to be Satoshi Nakamoto.

Montenegro Court Halts Extradition of Terra’s Do Kwon to the US

[Mar 5 12:30 PM] In a pivotal legal reversal, Montenegro’s Court of Appeals has annulled the extradition of Terraform Labs co-founder Do Kwon to the United States, siding with his defense’s appeal and invalidating a prior High Court ruling from Feb. 20…

Terraform Labs Founder Do Kwon Faces Extradition Delay in Montenegro Amid SEC Fraud Allegations

[Mar 1 1:00 AM] Do Kwon, the embattled former CEO of Terraform Labs, is currently stranded in Montenegro due to extradition delays, following accusations by the U.S. Securities and Exchange Commission (SEC) of conducting a massive fraudulent crypto scheme. Last…

DCG Calls Out Subsidiary Genesis' Settlement With New York as 'Subversive'

[Feb 21 4:48 PM] Digital Currency Group (DCG) is objecting to the settlement between the New York attorney general and Genesis – the failed crypto lender that was among DCG's array of digital assets businesses.

Do Kwon’s Fate Sealed — Montenegro High Court Opts for US Extradition in Legal Tug-of-War

[Feb 21 12:30 PM] In a landmark decision, the High Court in Podgorica has ruled that the former Terraform Labs CEO, Do Kwon, will be extradited to the United States, sidelining South Korea’s request for his extradition. The court’s ruling comes after…

Nexo Partners With Sift for Enhanced Digital Asset Fraud Protection

[Feb 15 11:30 AM] The digital asset firm Nexo has announced its partnership with Sift, aiming to upgrade its fraud prevention mechanisms. The collaboration between the duo is expected to streamline and secure the user experience for Nexo’s customer base, which…

Former Terraform Labs Financial Officer Has Been Extradited to South Korea — Montenegro Police

[Feb 5 4:00 PM] Montenegro recently extradited the former Terraform Labs financial officer Han Chang-joon to South Korea where he faces fraud-related charges. According to the Montenegro police, the decision to extradite Han was made by the country’s Justice…

Time to End Craig Wright’s Harassment Campaign Against Bitcoin Devs

[Jan 31 12:16 PM] Craig Wright has repeatedly litigated anyone questioning his claim to be Satoshi, harming numerous people in crypto in the process. The Crypto Open Patent Alliance aims to put a stop to this as its case comes to court Feb. 5.

When Is a Ponzi a Ponzi?

[Jan 30 1:21 PM] U.S. authorities indicted the operators of HyperVerse, allegedly an $1.8 billion “Ponzi scheme.” There’s a fine line between a “fraudulent investment scheme” and many crypto projects, it seems.

Security engineer pleads guilty to Nirvana Finance exploit and one other hack

[Dec 14, 2023 2:30 PM] Shakeeb Ahmed was arrested for hacking an unspecified DEX, then admitted to Nirvava Finance hack too.

IRS tax bill will swipe creditors of any ‘meaningful recovery,' says FTX

[Dec 11, 2023 10:05 PM] FTX Trading said the firm “never earned anything anywhere near the amount” that would justify a $24 billion tax bill.

DEBT Box urges judge to toss suit as SEC got case ‘badly wrong’

[Dec 5, 2023 9:34 PM] The SEC initially misled a court to freeze DEBT Box’s assets, which has since been reversed, and the firm cited the incident as grounds to dismiss the suit.