Crypto scammer from New Jersey was sentenced to 86 months in prison after running a crypto scheme in the United States. The US Department of Justice issued reports about the arrest about the decision which we are reading more about in the latest cryptocurrency news below.
According to the DOJ reports, the court decided on a 86-month prison sentence more specifically the United District Judge Sandra J. Feuerstein, ordered the 44-year old resident of New Jersey Blake Kantor to pay a maximum fine of $806,405 in order to get the money back to the victims to invest in his scam as well as forfeiture of $1.5 million and an additional forfeiture of $153,000 of the stolen proceeds.
The scam operated by the 44-year crypto scammer was conducted by the company Blue Bit Banc (BBB) which offered binary options which were a form of investment based on the prices of securities, other investment values, and currencies at payout time. However, Kantor used a specially designed computer program to fake the price data just to make sure that the payout scheme is skewed in the company’s favor. The other primary aspect of the scam was that Kantor convinced his investors to buy the ATM coin cryptocurrency with their BBB investments. Kantor reportedly explained to the investors that the ATM coin was worth more than $600,000 when in fact had no value at all.
According to the data on CoinMarketCap, there is actually a cryptocurrency called ATMCoin (ATMC) which had a price of $2.26 but at press time, after trying to follow the URL provided for the cryptocurrency website, the results came out with a warning message on Chrome as noted in the coming altcoin news:
“Your connection is not private. Attackers might be trying to steal your information from www.atmcoin.com (for example, passwords, messages, or credit cards). Learn more.”
As noted previously, the United States Department of Justice, charged a hacker group called ‘’The Community’’ had multiple charges including wire fraud, conspiracy to commit wire fraud and aggravated identity theft. The accused group was also involved in SIM swapping in order to steal users’ information with the help of two-factor authentication. The group also used the control of these phone numbers in order to steal around $2.5 million via crypto exchanges and wallets.
Bitcoin Reaches The Second Inning As Bakkt Launch Nears
“Bakkt’s launch is expected late in the current quarter.” “Bakkt could be a huge catalyst for institutional participation in the crypto market.”Bakkt hosted a summit this week at the NYSE and the company behind it-ICE stated that the things are looking quite bullish for the bitcoin cryptocurrency in the latter part of the year. According to the Fundstrat note, there is a robust turnout at the conference of more than 100 investors. The Commodity Futures Trading Commission which is the most important agency in the launch of Bakkt’s bitcoin futures contracts also had representation. Fundstrat’s reports show that the CFTC is seeing massive growth in demand and interest for Bitcoin futures from the Public. The bitcoin futures contracts by the CME and CBOE are still considered as the mark of the beginning of the crypto bull market. This is why bitcoin reaches the second inning since soon it will be clear whether the history will repeat itself again. As the latest cryptocurrency news report, Ari Paul, the CIO of BlockTowerCapital participates in the Bakkt event and he is helping with the new addition of users into space. The report also shows that Paul believes that retail adoption will be massive once the app and UI make crypto on-ramps safe and easy to use as PayPal.
Australian Couple Loses $900,000 In A Crypto Scam
“That was the whole of our superannuation – that’s now gone.”They didn’t explain how the scheme actually worked but Taylor commented that it was during a crypto trading scam website that promised high returns. He added that they decided to invest because the site ‘’looked legitimate.’’ The couple decided during a trip around the country to invest in the scam. They stated that the money basically disappeared and left the couple and many other Australians in the bankruptcy. Taylor told 7News that he had to go back to work and sell his old 1965 Pontiac in order to make the ends meet. This is not an isolated case according to the reports. On the contrary to what people think, crypto scams have increased massively since 2017 according to the reports issued by the Australian Competition and Consumer Commission since 2018 that the losses generated by the crypto scams reached about $6.11 million which shows a massive 190 percent increase over 2017. With the new addition of the $990,000 already gone, 2019 sets a new trend for crypto scams and the Australian Securities and Investments Commission is aware of this happening. There is a 32 percent increase in fraud since 2018 with more than 2,400 reported cases. The Australian watchdog announced the new corporate action plan for 2018 that the crypto sectors and ICOs are the number one priority. If the new policies become a success the country will be able to reduce the crypto scam phenomenon. One strategy that showed to be successful among the scammers is to usurp the identity of celebrities to deceive users. The most popular case was the one of High Jackman which guaranteed returns of more than 10,000 percent. The cryptocurrencies have characteristics that could complicate the protection of users in times of fraud mainly because the transactions are irreversible which makes it impossible for any entity to return funds to a scam victim. Also, the network is decentralized and removes the control from the bank but also there is a high level of anonymity which makes it difficult to know who owns a particular wallet as noted in the altcoin news reports.
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