New Zealand BTC scam was launched over the past days using the radio and TV personality Duncan Garner and as we can read in the latest cryptocurrency news today, he rebuked the fraudsters for using his identity.
Garner made clear that he has no involvement in the New Zealand BTC scam which was named as a lucrative Bitcoin investment scam. According to Newshub, the broadcaster has been forced to denounce the social media schemes which use his photo to dupe the people into investing their money in cryptocurrencies. When he was speaking on his morning program the AM show, Garner denied any involvement in the fraudulent Bitcoin Investment schemes:
“Can I say now publicly that’s not me on Facebook pumping up Bitcoin and fancy cars and wealth schemes. It’s not me.”
Garner clarified that he had received many questions from people who wondered about his financial success since they had seen pictures of him on social media ads depicting him as a bitcoin promoter. He added:
Garner clarified that he had received questions from people wondering about his financial success since they had seen social media ads depicting him “pushing Bitcoin.”
“They’re not my cars, I don’t do Bitcoin – I don’t do any of that ‘coin’ I haven’t been on Facebook for a couple of years.”
The use of his picture and person doesn’t seem to be restricted on Facebook. On Medium, however, the cryptocurrency investment scheme claims to be using the ‘’bitcoin Evolution Duncan Garner system’’ in order to make up to #13,000 in 24 hours. The BTC trading system claims to have special software that is able to generate quickly up massive profits with high accuracy. The scheme keeps changing the web addresses as others are taken down and the scam even claims to offer the software for free with a trading deposit fee of $250. In one of the sales of the scam where a minimum of daily profit of $1,300 is guaranteed, the users are assured that they can become millionaires within the first two months of joining the team and working for an average of just 20 minutes a day.
Of course, the software for trading claimed to have an accuracy rate of 99.4 percent as we read in the reports in the altcoin news. Garner was not the only prominent New Zealander to be used by bitcoins scammers in order to lure unsuspecting victims. Three months ago it was also reported that the images of New Zealand’s richest man Richard Graeme Hart were also used in order to lure people into investing in a bitcoin scam.
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“This is a problem that is a little too complicated to be explained in a single sentence, the time span is also large, and the two story development lines are advancing and affecting each other at the same time, leading to the final outcome.”The Chinese exchange Fcoin is now in the cryptonews. After its launch in May, the reported trading volumes became some of the biggest in the world overnight thanks to a new business model called "transaction mining." Later on, one Reddit user reported that this volume was actually fake - which is when the problems started. The exchange was later on described as a scam by many and the suspicions about its business model turned out true. There was no airdrop nor ICO at launch and the Chinese exchange Fcoin distributed 51% of its native tokens to users for reimbursing transaction fees. The CEO of Binance, Changpeng Zhao, has publicly called FCoin a Ponzi scheme since the middle of 2018, commenting on Zhang's post in a tweet which read:
“I rarely called out anyone, with exceptions. On Chinese social media, I called FCoin a pyramid scheme in mid-2018. Their founder calls his own plan a "better invention than #Bitcoin". That did it for me. Who would say such a thing? About themselves? Except scammers.”https://twitter.com/cz_binance/status/1229446449152348161 To this, Zhang replied saying that there have been some errors which the Chinese exchange FCoin detected - but did not explain why it failed to address such problems before it is too late.
‘With the deepening of the investigation, we found a large number of existing data problems of dividends and mining returns, and these problems have existed for many days. As a result, a large number of users have already been through operations such as buying and selling various currencies and withdrawing cash, causing the pollution of assets.”The platform was suspended a few days ago by its own account for risk control, which caused a lot of speculation that the project was shutting down and the operators are vanishing. In the last few sentences on his blog post, however, Zhang said that he will do everything to give back the money to users via email personally - and compensate FCoin user losses with the profits he would make from other projects.
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‘’Unfortunately, we have to notify you with the fact that our exchange was hacked during the night and almost all funds from BTC, ETH, ARRR and VRSC were stolen. A small part of the funds are safe on cold wallets.’’From the announcement, it seems that Altbits had almost all of the funds on the hot wallets despite their major vulnerability to malicious cyber intrusions. The Italian crypto exchange will provide a full report on the lost funds soon and we will be able to see exactly how big of damage the theft made. In the follow-up tweets of the exchange, however, can be seen that the hackers stole 1,066 Komodo tokens and 283,375 Verus coins. This combined the value of both stolen cryptos stands at about $27,000. At press time, Altsbit had a 24-hour trading volume of $14.8 million with 98% of its trading activity coming from the ARRR/BTC pair which is the native token of the pirate Chain. Reacting to the news of the hack, some of the supporters of decentralized exchanges noted the vulnerabilities of the platforms that are centralized. However, centralized platforms still command the grater trading volume as the DEX services have a notoriously hard way of navigating the user interfaces. As for the security situation with centralized crypto exchange platforms, the 2020 crypto crime reports by Chainlink show that the exchanges seem to be better equipped to deal with the hackers. Despite the increase in the number of hack attacks, the blockchain analysis firm explained that the total amount of stolen funds in the hacks declined dramatically from the previous year. One of the important strategies that exchanges use is to limit their hot wallet holdings and this will show any inside involvement since the hackers are less sable to drain the vast crypto sums from vulnerable hot wallets. The North Korean hack group Lazarus, is suspected of being behind most of the crypto exchanges in the Asian Pacific and now it seems that it is changing its attack vectors. The group utilizes phishing malware on popular messaging platforms such as Telegram.
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