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Bitcoin Scams

Binance Prevents Losses By Freezing The Stolen Funds By Cryptopia Hacker



In the latest crypto news, we are focusing on a smart move done by the Binance team recently, with which the leading exchange managed to freeze some of the funds that were stolen from the crypto exchange Cryptopia during the high-profile hack which occurred earlier this week.

The CEO of Binance, Changpeng Zhao, has announced this news in a tweet on Wednesday, saying the following:

Zhao also questioned why do attackers keep on sending the stolen funds to Binance, mostly because the word spreads quickly and the crypto exchanges are not shy about halting the flow of stolen funds.

As Cryptopia tweeted, on the other hand, the breach occurred on Monday and caused the exchange to suffer from “significant losses.”

In numbers, this translates to at least $2.4 million worth of Ethereum (ETH) moved to several unknown wallets – as well as about $1.2 million worth of Centrality (CENNZ). Even though it is still unclear who is behind the hack, some people believe that Cryptopia may have made the transfers for security reasons.

The exchange commented:

What’s most interesting in the case is that one day before this hack, Zhao posted a message on Twitter where he advised crypto holders to store their holdings on exchanges instead of personal storage devices such as USB drives or hardware wallets.

The tweet was not that well received by the audience, giving Zhao comments about the risk of storing cryptocurrency on “reputable” exchanges like Binance.

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Bitcoin Scams

The FBI Outlined Key Features Of Fraudulent Offering Schemes: A Warning To Everyone

The United States Federal Bureau of Investigation, known as the FBI, is in the daily cryptocurrency news because of an interview in which a spokesperson outlined the key features of the consistent threads running through fraudulent initial coin offering (ICO) schemes. FBI's perspective was first shared in an interview with the Netherlands-based financial news site the Paypers on February 19th. As the FBI noted, the key strategies of scam artists in crypto include misrepresentations of their directors' professional experience, which is an engineered false impression of how much traction the ICO has garnered in the industry and the unrealistic promises of prospective returns of its tokens.
“Like any investment product, rates of return can never be guaranteed and if it sounds too good to be true, it probably is.”
The FBI also warned investors to conduct due diligence on all schemes and the individuals behind it - as well as to always be on the lookout for entities that appear to be exclusively internet-based where a physical address or any contact is hard or impossible to come by. The Bureau also suggested that investors should be aware of which jurisdiction the offering is registered in (if it is at all), as well as to which laws and regulations it falls subject to. FBI advised that the public can use the Financial Industry Regulatory Authority's BrokerCheck system to verify the identities and registration status of entities.
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Bitcoin Scams

Mumbai Police Arrests Four Suspects In Alleged Crypto Scam Worth $17 Million

The police in Mumbai, India have successfully arrested a group of four people involved in a crypto scam that is worth about $17 million or 1 billion rupees according to the crypto news section in the local media The Times of India. Four individuals were arrested and have their bank accounts frozen but the police are still looking for a fifth suspect who played one of the most important roles in the scam. One resident of the Indian city of Surat, Umeshchand Jain filed a complaint after he claimed that the suspect defrauded him of $145,000 or 10.2 million rupees. The police inspector Sunil Jadhav explained further:
 “The accused held meetings in Mumbai, Surat, and other parts of Gujarat, and lured people into investing their hard-earned money by promising to double it in two months. Initially, the gang repaid a few investors to lure more people in and then defaulted. Their intention was to cheat.”
The report continues on to state that the group launched a fake cryptocurrency named ‘’Cashcoin’’ in 2018 and was later sold to multiple investors promising high returns and a quick doubling of their investment. All of the offenses were registered by the city crime branch at the local police station law enforcement claim breach of trust and criminal conspiracy. The lawyers of the defendants, on the other hand, claim for their clients to be innocent and to be wrongly arrested. In India in the past couple of weeks, multiple arrests were conducted after another group was found and accused of scamming investors for $71.6 million. The analytics company Chainalysis published a report where it says that the value of ETH stolen with scamming reached $36 million last year which is almost double than 2017.
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Bitcoin Scams

Israeli Crypto Brokerage Coinmama Reports A New Data Breach Affecting 450,000 Of Its Users

The Israel-based crypto brokerage Coinmama which is very popular in the country is in the latest cryptocurrency news for suffering an apparent data breach that affected the data of 450,000 of its users. The brokerage, which allows users to purchase Bitcoin (BTC) and Ethereum (ETH) using a credit card, suffered the breach as part of a mammoth, multi-platform hack that affected 24 companies and a total of 747 million records which included gaming, travel booking and streaming sites. According to the brokerage, around 450,000 email addresses and hashed passwords have been posted on a dark web registry. As an excerpt from their statement reads:
“As of February 15, 2019, there has been no evidence of this data being used by perpetrators. Given the dated nature of the published data, we have no reason to suspect that any other Coinmama systems are compromised. Coinmama does not store credit card information.”
Aside from notifying users immediately, Coinmama says that its response team is requiring all of the affected users to reset their passwords upon login and monitor any suspicious activity or unauthorized access. The platform says that it is currently working hard to enhance its safeguards and track any external signals. Even though the data breach impacted not only Coinmama big many other companies outside the crypto sector - it still represents the second high-profile system compromise in 2019.
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Bitcoin Scams

24 Suspects Arrested In Turkey For $2.47 Million Crypto Hack

The police in Turkey successfully arrested 24 people suspected of being involved in a $2.47 million hack from a crypto firm in Istanbul that was unregistered according to the crypto news coming from government-backed media outlet Daily Sabah. After a report of an alleged hack from the company in Istanbul that, the Cybercrime Department of the city police tracked the stolen money and found out there were moved out directly from the hacked accounts to other exchanges’ accounts. Most of the funds were stolen in Bitcoin (BTC), Ripple (XRP) and Ethereum (ETH) reaching up to 13 million Turkish Lira. The police launched an entire operation to track the hackers and found out that the individuals were using their accounts on the popular multiplayer battle royal game PlayerUnknown’s Battlegrounds to communicate. According to the official police report, the raids were carried out in eight Turkish provinces such as Izmir, Ankara, Istanbul, Bursa, Edirne, Bolu, Antalya and Afyonkarahisar. The police managed to seize about $10.000 or 54,000 TRY in cash. 22 suspects were taken to the Istanbul Courthouse while the other two were released after they were questioned at the police station. Six of them were arrested by the court, and 16 released under parole. The same thing happened a few weeks ago but in the United States after the 20-year old American was caught and arrested for the theft of $5 million in crypto after he managed to scam 40 victims through SIM swapping and was charged for 10 years in prison. Crypto scams are on the rise again after they reached record high numbers in 2018.
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