Singapore’s regulator- the Monetary Authority agency has issued multiple warnings to the public of an alleged scam where it says that the government has finally adopted cryptocurrencies and in our crypto news today we find out more.
The MAS is Singapore’s central bank and the country’s official financial regulator and stated in an official press release that there is currently an online fraudulent scheme that spreads on the websites where a crypto investment offer is posted using the false data attributed to the government.
The scam websites claim that the government of Singapore is adopting cryptocurrencies finally as their official coin and they ask for the users to give them their personal data in order to buy the crypto exclusively.
Apart from reporting the fraudulent websites, the Monetary Authority of Singapore issued multiple warnings to the public related to investing in cryptocurrencies or digital tokens making clear that such investments are high-risk.
The regulator of Singapore also pointed out many recommendations that were published since 2017 including their latest one published back in December 2018 that focuses on pieces of advice and policies on crypto investment and scam prevention and protection.
The MAS also banned a local ICO project from starting a security token offering (STO) in Singapore claiming that all of the STOs have to comply with the existent laws in the country and are required to register with the Monetary Authority of Singapore.
There was a similar case such as this one in Malta after the ‘’blockchain island’’ issued a warning against a scam scheme known as the ‘’Bitcoin Revolution’’ where many get-rich tips and schemes were provided over multiple websites.
New Bitcoin Laundering Case: $3 Million Stolen In A NY Drug-Infused Scam
“The defendants purchased steroids, precursor chemicals, and other controlled substances wholesale from China and other countries. After obtaining the chemicals and substances, they mixed, pressed, and packaged them, often under brand names they created; advertised and sold them online; and shipped them to customers in all 50 states and sixteen countries. Their customers included a college football player, an NFL football player, a professional volleyball player, fitness trainers, police officers, members of the armed services deployed overseas, body builders, drug dealers, doctors, lawyers, and a high school athletic coach.”However, what the notice fails to mention is the name of the exchange the men used to convert from crypto to cash. Even though this new Bitcoin laundering case was re-shared on many best cryptocurrency news sites, we see no link to an exchange. Some report that the scammers just hopped the coins to an intermediary wallet before depositing them on exchanges.
“Customers also made payments through Western Union. Those payments were laundered through the use of false identities, or through international wire transfers from foreign-based receivers,” the notice states.In total, there were about 10,000 orders moved to 16 countries - even though the business was primarily set up in the United States. Therefore, this is one of the biggest Bitcoin laundering cases and luckily, the scammers have been caught.
California Student Sentenced For 10 Years After BTC SIM-Swap Hack
“Ortiz was a prolific SIM swapper who targeted victims to steal cryptocurrency and to take over social media accounts with the goal of selling them for Bitcoin. After his thefts, Ortiz spent his loot lavishly – including $10,000 nights at Los Angeles clubs, hiring a helicopter to bring him and some friends to a music festival, and on Gucci luggage and clothing.”Joel Ortiz was sentenced to 10 years in prison by the Santa Clara County Judge Edward Lee after hearing the victims on how they got their lives ruined when he stole all their money. The DA’s office also explained the SIM swapping method:
“Hackers call a telecom company posing as their target and claim that their SIM card has been lost, and that they would like their number to be ported to a new card. The criminals can convince phone companies that they are who they claim to be by providing stolen Social Security numbers or addresses.”Joel Ortiz also stole more than $1 million from Ross when he gained access to his cell phone and his accounts that led him to the crypto exchanges. Ross never heard about this method before until he lost all of his money. He is now urging cell phone providers to offer better security measures to help the victims as the latest cryptocurrency news reports show.
Microsoft Korea Claims The Country Is Suffering From Cryptojacking Incidents
"We have noticed that as the value of cryptocurrency rises and falls, so does the mining encounter rate."Kim Gwi-ryun from Microsoft Korea isolated the malicious practice from a different cybersecurity attack vectors that were noted in the country. For example, supply chain malware and phishing attempts were all looked into. The representative pointed out that Microsoft detected many market correlations in the fluctuating prevalence cryptojacking and outlined:
‘’As the report notes, stealth cryptojacking is difficult to detect and largely manifests itself in compromised system performance due to the intensive drain on processing power that crypto mining presents.’’As DC Forecasts has previously reported in the altcoin news, cryptojacking became a widely used criminal activity to make a lot of money. For instance, two Romanian cybercriminals were convicted after a lengthy joint investigation by the United States Federal Investigation Bureau and the Romanian National Police for using this method to make extra money similar as to what the tech giant Microsoft Korea warns about. Also, an AT&T report from March shows that cryptojacking is one of the largest objectives of the hackers who are mostly targeting businesses’ cloud infrastructures and, especially in a bear market. The same month a new Trojan malware appeared for Android phones which targets crypto app users that have an installed Coinbase or BitPay app on their phones. Microsoft Korea is thus working hard to prevent similar cryptojacking attacks.
BTC Wallet Electrum Is Facing Another DoS Attack
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