#cryptocurrency-fraud

#cryptocurrency-fraud

The illusion of affordable wealth is the lure used to drain the economic resources of potential targets, the report highlights, adding that the information gathered reveals a worrying ecosystem in which unregulated investment platforms, cryptocurrency scams, and currency trading schemes proliferate unchecked. The patterns uncovered here should sound alarms not only for Latino communities but also for U.S. regulators, law enforcement agencies, and financial institutions.

Chinese-born tycoon Chen Zhi, who was indicted by the US on fraud and money-laundering charges for running a multibillion-dollar online scam network from Cambodia, has been arrested there and extradited to China, Phnom Penh said. Chen allegedly directed operations of forced labour compounds across Cambodia, where trafficked workers were held in prison-like facilities surrounded by high walls and barbed wire, according to US prosecutors.

The U.S. Securities and Exchange Commission (SEC) has filed charges against multiple companies for their alleged involvement in an elaborate cryptocurrency scam that swindled more than $14 million from retail investors. The complaint charged crypto asset trading platforms Morocoin Tech Corp., Berge Blockchain Technology Co., Ltd., and Cirkor Inc., as well as investment clubs AI Wealth Inc., Lane Wealth Inc., AI Investment Education Foundation (AIIEF) Ltd., and Zenith Asset Tech Foundation, in connection with the operation.

A Gen-Zer still living with his dad was busted for stealing $16 million in cryptocurrency from dozens of people - using the funds to gamble and shamelessly bragging about the jaw-dropping digital heist online, Brooklyn prosecutors said Friday. Ronald Spektor, 23, allegedly scammed roughly 100 victims - ranging from cops to single moms - out of their hard-earned savings while running the scheme from his father's house in Sheepshead Bay, according to Brooklyn District Attorney Eric Gonzalez.

He also apologized. Prosecutors sought a 12-year sentence. On Thursday, Judge Paul Engelmayer of the Southern District of New York decided 15 years was more appropriate because Kwon's fraud was of "epic, generational scale." While US courts pursued Kwon, the Securities and Exchange Commission worked to wind up Terraform labs, and in 2024 secured $4.5 billion to share with creditors and authorities.

FREMONT Scammers claiming to be federal and state agents fleeced a man out of more than $2 million over a year after falsely telling him he was being investigated for money laundering and drug trafficking, authorities said. No arrests have been announced in the case, which was reported to police Sept. 25. Because the investigation is still ongoing, only some details about the case have been released. Police said the victim is a 52-year-old man who is a working medical professional whose funds were in investment and bank accounts.

Theft by false pretenses: A Saratoga resident reported that someone contacted them online and ultimately convinced them to invest money in a fraudulent cryptocurrency scheme for a total loss of about $58,000.

In April, crypto investors brought a federal class action lawsuit against Benjamin Chow, cofounder of crypto exchange Meteora, and Hayden Davis, cofounder of crypto venture capital firm Kelsier Labs, among other defendants, accusing them of a multimillion-dollar fraud involving a single memecoin, $M3M3. Later, the plaintiffs filed an amended complaint, expanding the allegations to include racketeering activity. They claimed the pair had colluded to rig the market for $LIBRA, a coin promoted by Javier Milei, president of Argentina, which collapsed in value shortly after launch.

Federal prosecutors have seized $15 billion from the alleged kingpin of an operation that used imprisoned laborers to trick unsuspecting people into making investments in phony funds, often after spending months faking romantic relationships with the victims. Such " pig butchering" scams have operated for years. They typically work when members of the operation initiate conversations with people on social media and then spend months messaging them. Often, the scammers pose as attractive individuals who feign romantic interest for the victim.

The trial for an investor who allegedly kidnapped Ontario's self-proclaimed 'Crypto King' after losing hundreds of thousands of dollars to him is set to begin Tuesday in Toronto. Akil Heywood, 41, is facing three charges related to the alleged kidnapping of Aiden Pleterski in early December 2022, and two counts of extortion. Heywood was one of five men charged in July 2023 in connection with the alleged kidnapping.

Hardy noticed elderly women entering the gas station with bags of cash on three separate occasions, looking anxious and usually on the phone or texting someone. Each time, they used the Bitcoin ATM, or BTM, to convert their dead presidents into crypto. Suspecting something fishy was afoot, Hardy gently prodded the old ladies. "Do you know where you're sending the money to?" Hardy would ask, per . "You don't have to be on the phone to send money, as long as you have the other person's information."

AT&T is introducing a protection feature to prevent unauthorized changes to mobile accounts, specifically targeting SIM swapping and port-out fraud that have affected many subscribers.