The Criminal Investigation Department (CID) of India is featured in the altcoin news for arresting four people accused of operating a crypto-related Ponzi scheme. The Indian authorities arrested Vijay Prajapati, Dhiraj Patel, Kamruddin Syed, and Ashiq Shaikh, all of which are the alleged creators of the KBC Coin cryptocurrency as a report by the Times of India shared on July 4.
The report cites CID which argues that KBC is a Ponzi scheme. Launched 6 months ago, the price of KBC has not moved since. This is why the Indian authorities believe that it was a potential scam.
The KBC coins were reportedly issued at a value of 10 paisas for each piece, with a promise that they would skyrocket in value to 10 rupees in a very short time. As the coming altcoin news then shared, people bought the coins and expected them to rise 100-fold.
According to one CID member, an individual named Baljeetsingh Lashkariya first promoted KBC via a pyramid scheme. The Indian authorities are investigating this case. Meanwhile, the promotional materials show that the “first investor in the chain would get an incentive from the last circle of investors. This offer played a major role in bringing more investors to the company.”
Lashkariya and another promoter named Mohan Patel have reportedly “gone underground” about the case. As reported by many best cryptocurrency news sites before this, Indian authorities and legislators have proposed a bill that would punish crypto enthusiasts in the country with up to 10 years in jail for violating the country and its anti-crypto laws.
Still, no one knows if this bill is going to pass. The enforcement policy that the Indian authorities are carrying out is apparently part of the bill – which is titled “Banning Cryptocurrencies and Regulation of Official Digital Currency Bill 2019,” according to reports from The Block.
At the end of May this year, SEC sued a California resident on charges of selling unregistered securities and conducting a Ponzi scheme disguised as a cryptocurrency – and taking away $26 million from users. The case in India is very similar to this case, and the Indian authorities should definitely sanction it completely.
Australian Authorities Seize BTC Scammer’s Bitcoin Profit
“It was deposited into the Commonwealth’s Confiscated Assets Account. This was the first restraint and forfeiture of bitcoin by the AFP.”The man refused to hand over his private keys but it ultimately turned out to be a massive boon for the police and then they could easily be described as unwitting Bitcoin benefactors. The gains were so huge that one local report claims that Australia’s financial administrators may have to improve the skills of their staff in coin management and cryptocurrency trading. The prices do not go up in a straight line, of course, so the seizure was fortuitous in the light of the Bitcoin bull market in 2016 and 2017 in particular.Despite the cashing out, it is still very hard to tell which avenue would have been the most profitable for the authorities. The U.K police also recently auctioned more than $662,000 worth of confiscated Bitcoin which is the first time for the country. The smart money, however, should be hold on to. As Tim Draper did and successfully made a profit of about $89 million in the five years since buying Bitcoin in bulk from the 2014 auction.
Fake Tor Browser Packed With Malware Has Been Stealing BTC For Years
“Each such wallet contains relatively large numbers of small transactions; we consider this a confirmation that these wallets indeed were used by the trojanized Tor Browser,” Cherepanov explained.At the time this research was completed, the three wallets received 4.8 Bitcoin (worth $38,700 at press time). However, ESET said that the actual amount that was stolen would be higher as the wallets for the Russian payments service QIWI are also targeted.The hacking campaign has been targeting the Russian-speaking users of Tor - developing a network which was designed to keep the identities hidden to avoid tracking and surveillance. The cybercriminals who developed the fake Tor browser have been using fake forums and the website pastebin.com to distribute their offering as the official Russian language version of the app.
“Their goal was to lure language-specific targets to a pair of malicious – yet legitimate-looking – websites,” ESET claimed.On the first website, the fake Tor browser was designed to lure users by sending an alert that their browser is out of date, even though this was not true. Then, the users were apparently trying to update the browser and were redirected to a second website with an installer for the fake app.Once installed, the fake Tor browser full of malware enabled the creators of it (hackers) to know what websites users visit, change the data on the visited pages and grab their content and login information from the data forms.
CFTC Files Lawsuit Against $11M Ponzi-Like Crypto Scam
“Fraudulent schemes, like that alleged in this case, not only cheat innocent people out of their hard-earned money, but they threaten to undermine the responsible development of these new and innovative markets. America must be a leader in this space, and we will only succeed if these markets have integrity.”As the details show, the defendants are said to have duped at least 14 people into joining a pool operated by Circle Society, a fraudulent entity created by Saffron, which guaranteed returns up to 300%.Saffron is alleged to have retained the participants' funds in his own personal cryptocurrency wallet and used them to pay the new participants "in the manner of a Ponzi scheme." Right now, the CFTC is aiming to seek civil monetary penalties, restitution, rescission, disgorgement of ill-gotten gains as well as trading and registration bans. As CFTC files a lawsuit, it is also aware that there might not be sufficient funds or assets to cover all of its losses.Previously, the news showed that the CFTC sees Bitcoin as a commodity - but the new CFTC chairman said that he believes Ether (ETH) is a commodity and that ETH futures trading is becoming a reality. This shocked many because Ether was not mentioned before by the CFTC.
“We've been very clear on bitcoin: bitcoin is a commodity. We haven't said anything about ether—until now [...] It is my view as chairman of the CFTC that ether is a commodity,” Tarbert explained.
Cyber Thieves Are Harvesting Bitcoin With Low-Cost Software
“[Casbaneiro] can take screenshots and send them to its server, simulate mouse and keyboard actions and capture keystrokes, download and install updates to itself, restrict access to various websites, and download and execute other executables.”The company states that the Casbaneiro malware family is related to the Amavaldo another Trojan which targets Latin American online banking and cryptocurrency customers. The cyber thieves also use the on-going cyber-crime campaign named MasterMana Botnet which also targets the cryptocurrency wallets and the company stated that the campaign was first detected in December in 2018. Most importantly, the report claims that the cost to ‘’ deploy and maintain and the campaign was mostly nonexistent.’’ The previous versions included the Revenge Rat software and this Trojan is available online for free on multiple websites which brings the campaign operation price down to about $60. The company described the malware as ‘’old but still highly effective.’’
EOS Records A 0.95% Drop, Still Struggling To Stabilize
ETH-Based Crypto Games Meet Definitions Of Gambling
US Treasury Agrees That Libra Has To Be Observed
ETH Plummets 6% After The BTC Flash Crash: Analysis
Cardano Rushes Towards Decentralization As Price Consolidates
The Fed Printed More Money Than Bitcoin’s Entire Market Cap
Flows Of Stablecoins Dramatically Slow Down On All Exchanges
Former Federal Reserve Nominee Will Launch New Stablecoin
Bear Market ETH Futures Are Now A Better Bet Than Bitcoin’s
BTC Lightning Network Is Vulnerable To Simple Disruptive Attack
China Declares Bitcoin As Property! Central Banks Prefer Crypto? SONY “Contactless” Hardware Wallet
JPMorgan Predicts A 60% Recession, Is Crypto The Best Chance Now? | [Bitcoin News // Crypto News]
Ethereum Sees Record Number of Shorts! NEM Blockchain Hub | Samsung Blockchain Supply Logistics
Crypto Jobs Up 300%! Lost BTC 20% Rate of Recovery | Only 45% of Exchanges Meet Security Standards
DC Forecasts Proudly Backed The Global Disruptive Blockchain Innovation Summit
Join us on Facebook
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
- Ethereum News6 days ago
Ethereum Enters A Descending Triangle As Analysts Expect Further Losses
- Blockchain News3 days ago
Electroneum Startup Launches New Services In Turkey
- Altcoin News4 days ago
Telegram Court Hearing Delayed By SEC Till Next Year
- Blockchain News6 days ago
Crypto Dad Urges The US Dollar To Transition To Blockchain Technology
- Blockchain News4 days ago
HTC Blockchain Phone Can Run A Full Bitcoin Node
- Altcoin News4 days ago
Electroneum (ETN) Is Targeting Turkey With A New Initiative
- Bitcoin News3 days ago
The Fed Printed More Money Than Bitcoin’s Entire Market Cap
- Bitcoin News7 days ago
Bitcoin Back Below $8,000: The Trend Is Definitely Bearish Now