Crypto Scam

North Korean hackers indicted in US over stolen $1.3 billion in crypto.

The U.S. Department of Justice has unsealed an indictment charging three North Korean men with cyberattacks that led to the loss of $1.3 billion in cash and digital currencies. The DoJ identified the three suspects as part of a...

U.S Treasury Secretary Janet Yellen says crypto use in terrorism is a growing concern.

Speaking at a financial sector innovation policy roundtable, the former Federal Reserve Chair and the current U.S. Treasury Secretary Janet Yellen warned that cyberattacks and digital currency-related crimes were on the rise. "I see the promise of these new technologies,...

UN report says North Korea is using stolen crypto from exchanges to fund nuclear projects.

The United Nations has accused the North Korean state of stealing $281 million worth of crypto from an exchange during September 2020. According to the Reuters report, the findings from a “confidential report” authored by independent sanctions monitors for...

South African authorities warn against increasing cryptocurrency scams.

South Africa’s financial authority is warning the public against the rising number of cryptocurrency scams in the country. The warning comes after over 260,000 investors lost close to a billion dollars in a local BTC Ponzi scheme. The Financial...

Founder of two multi-million crypto funds pleads guilty for running a $90 million scam.

An Australian man, founder of two multi-million crypto funds in New York, pleaded guilty on a crypto scam charge. The Ponzi scheme used a trading algorithm, taking advantage of price differences for Bitcoin and other cryptocurrencies. The 24-year-old man...

California resident faces 25 years in prison for operating an unlicensed exchange and laundering $13 million.

49-year-old peer-to-peer crypto trader, Hugo Sergio Mejia, has agreed to plead guilty to charges of money laundering and operating an unlicensed money transmitting business. The U.S. Attorney's Office accuses the California resident of using a suite of limited liability...

Cryptocurrency scammer gets six months in jail for over $20 million fraud.

A man who allegedly defrauded initial coin offering (ICO) issuers has been sentenced to six months in prison by a U.S. court. Jerry Ji Guo allegedly defrauded his clients over $20 million worth of cryptocurrency. The 33-year-old pleaded guilty...

US trader might face 30 years in jail over $5 million crypto fraud.

A man is facing three decades behind bars in the United States if convicted of digital currency-related criminal charges. The suspect, Jeremy Spence, is accused of luring at least 170 investors with promises of great returns into his funds...

Block reward miner Bit Digital faces class-action lawsuit over alleged fraud.

Block reward miner Big Digital is facing a class-action lawsuit in the Southern District Court of New York. Investors are accusing the firm of making false and misleading statements. Investors who bought a stake in the Nasdaq-listed and New...

South Africa’s financial regulator looks to regulate all cryptocurrencies.

According to a Bloomberg report, The Financial Sector Conduct Authority (FSCA), South Africa's top financial market regulator, is proposing to regulate all cryptocurrencies following the growing interest in such assets and the rampant fraudulent schemes. The market watchdog already...

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Huobi exchange’s sister firm to launch three funds that are 100% invested in crypto assets.

Huobi Technology Holdings, a Hong Kong-listed firm owned by Huobi exchange's CEO and chairman Li Lin, is set to...