Category Archive : Crime News

GameStop Unveils Crypto & NFT Wallet, Beeple's Twitter Account Latest to Phishing Scam Hacks and More – CoinDesk

GameStop Unveils Crypto & NFT Wallet, Beeple’s Twitter Account Latest to Phishing Scam Hacks and More  CoinDesk
Read more at www.coindesk.com

New Zealand Police investigate allegedly fraudulent crypto platform Quwiex

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The Auckland City Financial Crime Unit is investigating Quwiex Limited, a self-proclaimed crypto platform, after multiple reports from victims that the platform is a scam, according to an RNZ report.

Quwiex registered in New Zealand with false information

Suspicions about the platform began to rise in April when it first suspended withdrawals because it wanted to upgrade its website. However, the website was deactivated on the day the upgrade was completed.

This means that all investors’ funds disappeared with the deactivation. 

Police investigation into Quwiex revealed that the platform had registered in New Zealand in September 2021, but it appears that all of the information used for its registrations were false.

Speaking on the issue, Detective Sergeant James Robson said, 

“Unfortunately, the identity documents are fake, and there is no connection to the address supplied. No actual links to New Zealand have been able to be identified, which means those involved in this scam are based offshore. Unfortunately, as the people behind these scammers are based offshore, the likelihood of recovering their losses is quite low.”

Notably, New Zealand’s Financial Markets Authority had issued a warning about the company in April, saying that Quwiex was not a registered financial service provider in the country and that the firm was

“Making statements regarding the returns an investor would receive from the financial service offered, that appear to be false and misleading and/or unsubstantiated.”

As of press time, there is no information on how much investors lost to the scam.

Scams hinder crypto adoption

One of the challenges hindering the mass adoption of the crypto industry is the prevalence of scam activities that have led to the loss of trust and millions for the industry.

A common practice is to promise high yield investment returns to unsuspecting investors. Early investors in the scheme…

Read more at cryptoslate.com

i3strategies®️ Publishes New White Paper For Growing Financial Crime Risk and Compliance Industry

The Paper Provides A Sharpened, Unique Perspective on Modernization and Market Opportunities for Financial Institutions, Solutions Providers, and Investors Operating in the Space

SCOTTSDALE, Ariz., May 23, 2022 (GLOBE NEWSWIRE) — i3strategies®️, a boutique consultancy with unique expertise in the Financial Crime Risk and Compliance space, is pleased to present a White Paper titled: An Industry on the Cusp of Modernization and a Market Full of Opportunities.

In 2022, much is changing for Financial Crime Risk and Compliance professionals, service providers, product vendors, and investors. New laws, stepped-up efforts to clamp down on corruption, and cryptocurrency’s money laundering risks create significant challenges in keeping up with regulatory demands. Add increased beneficial ownership and identity verification rules, and the industry faces the most significant need to upgrade in more than a decade.

Annual global Financial Crime Risk and Compliance costs continue to grow into the hundreds of billions of dollars. As regulations and requirements expand for financial institutions, multinationals, and industries like real estate, law, trust, and accounting, significant investment and expenditure are needed to meet the push to modernize.

The White Paper explores how the mandate to modernize creates opportunities for financial institutions to improve programs and operations, consultants to offer better services, technology companies to build better products, investors to find better investments, and workers to build more fulfilling careers.

All stakeholders, including lawmakers, regulators, financial institutions and corporate leaders, service providers, technology firms, and industry workers, finally seem to be of like mind. Now is the time to substantially improve how to fight financial crime and how doing so will shape world events in favor of freedom.

“In 2022, as new laws and regulations call for Financial Crime Risk and Compliance to…

Read more at www.crypto-reporter.com

Korean Authorities To Interrogate Crypto Exchanges About TerraUSD (UST) Collapse: Report

South Korean officials plan to question representatives from the country’s five largest crypto exchanges about the recent Terra (LUNA) collapse.

According to a new report from local news outlet Newspim, Korea’s ruling party will hold an emergency meeting with representatives from Upbit, Bithumb, Coinone, Korbit and Gopax to discuss the ramifications of LUNA’s $40 billion implosion.

Says Yoon Chang-Hyeon, a member of South Korea’s ruling party and chairman of the parliament’s special virtual assets committee,

“We will check [the exchanges’] investor protection measures.”

The planned emergency meeting follows news that LUNA founder Do Kwon is under investigation by Korean officials for claims of running a fraudulent operation.

Korean officials are specifically investigating Kwon in regards to the Anchor Protocol, a decentralized finance (DeFi) platform built on top of the Terra ecosystem’s blockchain, which offered investors of TerraUSD (UST) returns of approximately 20%.

The report says that the Financial and Securities Crime Joint Investigation Team will investigate the case.

“Kwon’s remarks promising returns could provide a key clue.”

Do Kwon and fellow Terraform Labs co-founder Daniel Shin are also being sued by five investors who say they have lost $1.1 million due to “fraud and other financial irregularities.”

Terra, worth approximately $80 just a few weeks ago, is currently trading for $0.000181.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are…

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Norfolk couple lose £30k in a cryptocurrency scam

Published:
5:15 PM May 23, 2022



A 71-year-old man is warning others of the dangers of investing in cryptocurrency after losing more than £30,000.

When he began online investing into a Bitcoin scheme Gary Edwards dreamt of easing the financial burden of caring for his wife Brenda, 82, who has advanced dementia.

But instead of topping-up his savings he has been left in crippling debt after taking out bank loans to fund his crypto trading.

“Losing this amount of money is devastating for us,” said the retired engineer from Ten Mile Bank, near Downham Market. 



Gary Edwards hoped to ease the financial burden of caring for his wife Brenda, 82, who has advanced dementia

– Credit: Gary Edwards

“I did it all for the right reasons as I’m under tremendous pressure with Brenda. It’s a horrible situation and has been a big trap.”

Having seen his investment supposedly grow to $100,000 he took out two bank loans after being told he’d have to pay an upfront 20pc commission fee to withdraw the money. 

But despite paying the fee he has not received any money and believes he may now have lost a huge chunk of his life savings including the £12,500 investment he made and £18,000 in loans and other top up payments. 

“As time goes on I’m not hopeful of getting my money back,” he said.

The value of the best known cryptocurrency Bitcoin has dropped to less than half of what it was at its peak last November. 

But Mr Edwards believes his losses are not just the result of falling prices but may also be a scam after he was encouraged to invest by someone he met on an online discussion group for motoring enthusiasts.

He initially became interested in Bitcoin two years ago and decided “I’m going to have a little dabble in this”.


The value of major crypto-currencies including Bitcoin has plummeted this month


The value of major crypto-currencies including Bitcoin has plummeted this month

– Credit: Getty Images

His initial investment of “less than £1,000” was successful, almost doubling in…

Read more at www.edp24.co.uk

i3strategies®️ Publishes New White Paper For Growing Financial Crime Risk and Compliance Industry |

SCOTTSDALE, Ariz., May 23, 2022 (GLOBE NEWSWIRE) — i3strategies®️, a boutique consultancy with unique expertise in the Financial Crime Risk and Compliance space, is pleased to present a White Paper titled: An Industry on the Cusp of Modernization and a Market Full of Opportunities.

In 2022, much is changing for Financial Crime Risk and Compliance professionals, service providers, product vendors, and investors. New laws, stepped-up efforts to clamp down on corruption, and cryptocurrency’s money laundering risks create significant challenges in keeping up with regulatory demands. Add increased beneficial ownership and identity verification rules, and the industry faces the most significant need to upgrade in more than a decade.

Annual global Financial Crime Risk and Compliance costs continue to grow into the hundreds of billions of dollars. As regulations and requirements expand for financial institutions, multinationals, and industries like real estate, law, trust, and accounting, significant investment and expenditure are needed to meet the push to modernize.

The White Paper explores how the mandate to modernize creates opportunities for financial institutions to improve programs and operations, consultants to offer better services, technology companies to build better products, investors to find better investments, and workers to build more fulfilling careers.

All stakeholders, including lawmakers, regulators, financial institutions and corporate leaders, service providers, technology firms, and industry workers, finally seem to be of like mind. Now is the time to substantially improve how to fight financial crime and how doing so will shape world events in favor of freedom.

“In 2022, as new laws and regulations call for Financial Crime Risk and Compliance to modernize, institutions and vendors are seeking to…

Read more at www.elpasoinc.com

i3strategies®️ Publishes New White Paper For Growing

SCOTTSDALE, Ariz., May 23, 2022 (GLOBE NEWSWIRE) — i3strategies®️, a boutique consultancy with unique expertise in the Financial Crime Risk and Compliance space, is pleased to present a White Paper titled: An Industry on the Cusp of Modernization and a Market Full of Opportunities.

In 2022, much is changing for Financial Crime Risk and Compliance professionals, service providers, product vendors, and investors. New laws, stepped-up efforts to clamp down on corruption, and cryptocurrency’s money laundering risks create significant challenges in keeping up with regulatory demands. Add increased beneficial ownership and identity verification rules, and the industry faces the most significant need to upgrade in more than a decade.

Annual global Financial Crime Risk and Compliance costs continue to grow into the hundreds of billions of dollars. As regulations and requirements expand for financial institutions, multinationals, and industries like real estate, law, trust, and accounting, significant investment and expenditure are needed to meet the push to modernize.

The White Paper explores how the mandate to modernize creates opportunities for financial institutions to improve programs and operations, consultants to offer better services, technology companies to build better products, investors to find better investments, and workers to build more fulfilling careers.

All stakeholders, including lawmakers, regulators, financial institutions and corporate leaders, service providers, technology firms, and industry workers, finally seem to be of like mind. Now is the time to substantially improve how to fight financial crime and how doing so will shape world events in favor of freedom.

“In 2022, as new laws and regulations call for Financial Crime Risk and Compliance to modernize, institutions and vendors are seeking to understand which changes to make, how, and when. Now add to this pressure dramatic world events where governments are responding…

Read more at www.globenewswire.com

Common NFT scams and how to avoid them

As NFTs exploded in popularity, scammers also jumped on the hype. Watch out for counterfeit NFTs, rug pulls, pump-and-dumps and other common scams plaguing the industry.

Looking back at 2012, colored coins were the first hint of what we now call non-fungible tokens (NFTs), or nifties for some. Ten years later, these blockhain-based assets that can represent pretty much anything are on everyone’s lips, especially in the worlds of arts, sports and videogames.

The NFT market began to pick up steam in 2020, having grown by more than 300% from the previous year and moving millions of dollars’ worth of cryptocurrency. By the first week of May 2022, however, the sale of these tokens plunged 92% to 19,000 from its high of 225,000 last September. The number of active wallets fell about 88% to about 14,000 from 119,000 in November.

Even so, the market is still driving thousands to millions of dollars’ worth of cryptocurrencies, offering plenty of opportunities for scammers and bringing a lot of concerns over the safety of this asset. To steal an art piece, a thief would previously have to go through several barriers and cameras inside a museum; now, a digital wallet can be cracked open using malware or social engineering techniques.

When digital artist Qing Han died in 2020, scammers took advantage of the moment to sell her artwork as NFTs, on her behalf. Last September, renowned graffiti artist Banksy got his website hacked, showing an ad for the sale of what was supposed to be his first NFT; a collector paid $336.000.

The lack of regulation of the NFT market makes it a place of opportunity for all types of scams. Several companies, such as Adobe, are trying to create authentication stamps that will make it easier to verify the legitimacy of a token. Despite some anti-fraud barriers, this is a fast-paced space heavily dependent on users’…

Read more at www.welivesecurity.com

How to protect yourself from ‘rug pull’ scams in new crypto projects

This article is reprinted by permission from NerdWalletThe investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

A new type of scam has emerged in the hype-filled world of cryptocurrency: the “rug pull.”

The scam, which gets its name from the expression “pulling the rug out,” involves a developer attracting investors to a new cryptocurrency project, then pulling out before the project is built, leaving investors with a worthless currency. It’s part of a long history of investment schemes.

“This isn’t a crypto-only phenomenon. This is a people phenomenon. Crypto is just the latest way to do it,” says Adam Blumberg, a Houston-based certified financial planner who specializes in digital assets. But cryptocurrencies have particular risks due to loose regulations for fundraising and their emphasis on decentralization.

Cryptocurrency projects often use “smart contracts,” agreements that are governed by computer software, not the legal system. This setup can be a benefit when it reduces transaction costs, but it also leaves little recourse if things don’t work out.

Rug pulls have been particularly common in decentralized finance, or DeFi, projects that aim to disrupt services such as banking and insurance. NFTs, or non-fungible tokens, that provide digital ownership of art and other content, have also been involved in rug pulls.

Investors can protect themselves by choosing established cryptocurrency projects, making sure the code of any new project has been reviewed and verifying the developers’ identities.

Pick established products

Rug pulls are most common with new projects that haven’t gotten the same scrutiny as more established cryptocurrencies.

Bitcoin has its risks, but countless people worldwide have used it and reviewed its inner…

Read more at www.marketwatch.com

Hacked Beeple Account Nets Scammers $438,000 in Cryptos and NFTs

Despite the increased risk of capture, cybercriminals were back in action over the weekend.

Beeple Twitter Account Hacked as Part of a Phishing Scam

On Sunday, cybercriminals targeted world famous NFT creator Beeple’s Twitter account as part of the latest phishing scam.

MetaMask Security Analyst Harry Denley alerted Beeple’s Twitter followers of an account hack to post a phishing website to steal funds.

 

Denley also shared a copy of the phishing scam, which included a link to a Louis Vuitton NFT raffle. The attack would then drain crypto from the wallets of users clicking the link.

It was a two-pronged attack, with Denley alerting users of a second phishing scam reportedly more sophisticated than the first.

 

The first attack netted 36 Ethereum (ETH) and the second about $365,000 in ETH and NFTs.

Four hours after Denley’s first alert, Beeple tweeted that his account was back under his control.

 

With mainstream players taking a greater interest in Web3, collaborations to launch collections have given cybercriminals another avenue to scam collectors.


Read more at www.fxempire.com