Posts Tagged ‘fraud’

Cryptocurrency fraud leads to £2 million worth of losses this summer

The UK’s national reporting centre for fraud and cyber crime Action Fraud has warned the public about fraudsters advertising ‘get rich quick’ investments to scam people out of money. The latest statistics from Action Fraud show that in June and July, victims reported losing £2,059,501.29 to cryptocurrency scams – an average of £10,095.59 per person. In the […]

Self-Advertised as Turkey’s ‘National Cryptocurrency,’ Turcoin Outed as Ponzi Scheme

Turcoin, advertised by its creators as Turkey’s “national” cryptocurrency, has been outed as a ponzi scheme. Istanbul-based company Hipper, whose partners Muhammed Satıroğlu and Sadun Kaya launched ‘Turcoin’ in 2017, is the subject of a criminal complaint after payouts to investors stopped in early June 2018. Turcoin promised to become Turkey’s “national cryptocurrency” upon its launch, […]

Tea Tokenizers Arrested in China for Alleged $47 Million Crypto Fraud

Police in Shenzhen, China, arrested six individuals who allegedly defrauded 3,000 Chinese investors out of $47 million by selling a cryptocurrency they claimed was backed by a commodity. The six suspects formed a firm based in Shenzhen called PEB, which beginning in January 2017 issued a blockchain-powered token dubbed Pu’er Coin. According to the police investigation, though […]

US regulator creates fake ICO to teach investors a lesson

The U.S. Securities and Exchange Commission (SEC) has come out with an ingenious way to guide prospective investors on looking for red flags on ICOs. The SEC recently launched an ICO web page to demonstrate potential investment victims what are the obvious signals of frauds and scams in connection with these investments. The spoof ICO […]

US Government to Submit ‘Oversized’ Argument in ICO Fraud Case

U.S. prosecutors are planning an “oversized” response to a motion to dismiss in an ongoing — and potentially precedent-setting — ICO fraud lawsuit. Maksim Zaslavskiy has been accused of committing securities fraud in connection with two ICOs, RECoin and Diamond Reserve Club World. In September of last year, the U.S. Securities and Exchange Commission filed suit, […]