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Bitcoin Scams

Scam Alert: The Government Of Singapore Hasn’t Adopted Cryptocurrencies Despite Fake Claims

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Singapore

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.

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Bitcoin Scams

New Bitcoin Laundering Case: $3 Million Stolen In A NY Drug-Infused Scam

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new bitcoin laundering case
Two New Yorkers have recently pleaded guilty in a new Bitcoin laundering case which saw more than $3 million stolen in a drug-infused scheme. Named Callaway Crain and Mark Sanchez, the Bitcoin scammers are in the latest cryptocurrency news for earning money by selling steroids and controlled substances - mostly in Bitcoin. Their first arrest was about a year ago. What the police found in this Bitcoin laundering scam was Crain and Sanchez as the main mobsters operating with this scam on the dark webs. They first left New York in 2015 to continue their enterprise in Texas. Right now, the guilty plea has given them guaranteed sentences of 7.5 years for each and no less than 2.5 years accordingly. The New Yorkers are convicted of a second degree money laundering and fifth-degree drug trafficking, both felonies in this new Bitcoin laundering case. As a note shared on the Manhattan District Attorney's page shows, the two New Yorkers manufactured the steroids themselves in private residences - selling them to at least one NFL player and a few other prominent people. Crain and Sanchez even sold their drugs to police officers. The note explains the new Bitcoin laundering case in detail:
“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.
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Bitcoin Scams

California Student Sentenced For 10 Years After BTC SIM-Swap Hack

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California student, the 21-year-old man from Boston has been sentenced to 10 years in prison after he stole $7.5 million in BTC. He was able to do the crime by hacking the victims’ phones by using the method ‘’SIM swapping’’ which we are about to find out more in today’s altcoin news. This is reportedly the first arrest and conviction in the United States for using this criminal method. The SIM swap method is when the hacker clones the victim’s sim cards in order to hack their smartphones and gains access to their accounts. The California student, Joel Ortiz, and his friend targeted people who are already in the crypto industry. Ortiz managed to steal millions in 2018 after he was able to hack people’s smartphones at Consensus which as an industry conference hosted by the crypto news site CoinDesk. The California student stole more than $7.5 million from about 40 people according to the Santa Clara District Attorney’s Office reports:
 “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.
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Bitcoin Scams

Microsoft Korea Claims The Country Is Suffering From Cryptojacking Incidents

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Microsoft Korea claims that the country is having a lot of problems with the ever-increasing cryptojacking incidents. According to a report that comes in our latest cryptocurrency news, there is a massive increase in malicious hack attacks. The report from the English-written Korea Times published today shows that the Microsoft Korea security manager Kim Gwi-Ryun announced the information in a press conference today in Seoul while releasing the annual security intelligence report. As we have mentioned hundreds of times before, cryptojacking is a malicious practice when a hacker is using the computer’s processing power in order to mine cryptocurrency without previously gaining consent or knowledge. According to the Korea Times, crypto mining incidents in South Korea have a really low rate at 0.05 percent which was 58 percent lower than the general world average level. However, Microsoft Korea stated:
"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.
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Bitcoin News

BTC Wallet Electrum Is Facing Another DoS Attack

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Electrum- the popular Bitcoin (BTC) wallet service reported that the service is facing another Denial-of-service (DoS) attack on its serves and in today’s cryptocurrency news we find out how that happened. According to reports, the new attack harmed users by millions of dollars where a single user even lost about $140,000. The news website The Next Web writes that the ongoing DoS attack was launched recently by a malicious botnet with the help of more than 130,000 machines. The goal of the attack is to steal as many bitcoins as possible by referring them to fake Electrum versions of the same software. A still-anonymous researcher writes that the DoS attack was launched about a week ago and is still lasting on a new level. According to the article, the attackers were able to implement their own Electrum servers by hosting the compromised version of the wallet in order to successfully conduct the hack. When users synced their electrum wallet with the malicious server, they basically updated their client hacked version and ended up losing their funds that were stored on the old version. The lead electrum developer Thomas Voegtlin stated that the company is expected to resolve the problem in the next couple of days. He emphasized that the users who are under highest threat are those who downloaded the wallet a long time ago and haven’t updated their software since. Electrum’s website stated that the software versions that are older than 3.3 cannot connect to the public servers anymore and must be upgraded. This is a method that is used to prevent exposure to phishing texts. The website also stated that the users should not download the software from any other source but from the official website only. The company also recommended its users to select their server manually and not to use the auto connect option. The company is still working on an improved version of the servers in order to fix the problem. Back in 2018, a similar attack was done to the exchange where users lost more than $937,000 worth of Bitcoin. The attack was done by using a fake version of the wallet.
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