Another cybercriminal gang was busted in Bulgaria according to the latest crypto news that comes from Bulgaria’s Specialized Prosecutor’s Office.
Authorities took down a criminal gang that specialized in internet fraud and managed to obtain over 5 million leva or 3 million dollars to be exact. The local news platform 24chasa writes of three individuals that were arrested and charged for the crime conducting it through different illegal internet schemes. This is another case for the Bulgarian authorities after a series of actions targeted at crypto related frauds.
Back in January, DC Forecasts reported that the Bulgarian authorities took part in an international operation for taking down the crypto Ponzi scheme OneCoin with investigators from Germany as well. By the end of October, Bulgaria was again in the center of attention when the Chief Prosecutor of the State Ivan Geshev announced that a few officials were arrested for issuing Bulgarian passports in exchange for bitcoin.
The latest investigation first started in June 2018 and ended with an arrest on November 22 with also seizing computers, flash drives, and other hardware that hat multiple accounts on it. The investigators also managed to find passwords and private keys that were linked to crypto exchanges and wallets.
According to the authorities, the three individuals that got arrested managed to illegally obtain the money by taking part in a professional conspiracy by using specialized software and other mechanisms. Also, they were advanced in the crypto knowledge.
Despite what cryptocurrencies promise to be anonymity and security, governments are working hard to develop better and more sophisticated ways of tracking individuals or groups that could engage in criminal activity.
The FBI Outlined Key Features Of Fraudulent Offering Schemes: A Warning To Everyone
“Like any investment product, rates of return can never be guaranteed and if it sounds too good to be true, it probably is.”The FBI also warned investors to conduct due diligence on all schemes and the individuals behind it - as well as to always be on the lookout for entities that appear to be exclusively internet-based where a physical address or any contact is hard or impossible to come by. The Bureau also suggested that investors should be aware of which jurisdiction the offering is registered in (if it is at all), as well as to which laws and regulations it falls subject to. FBI advised that the public can use the Financial Industry Regulatory Authority's BrokerCheck system to verify the identities and registration status of entities.
Mumbai Police Arrests Four Suspects In Alleged Crypto Scam Worth $17 Million
“The accused held meetings in Mumbai, Surat, and other parts of Gujarat, and lured people into investing their hard-earned money by promising to double it in two months. Initially, the gang repaid a few investors to lure more people in and then defaulted. Their intention was to cheat.”The report continues on to state that the group launched a fake cryptocurrency named ‘’Cashcoin’’ in 2018 and was later sold to multiple investors promising high returns and a quick doubling of their investment. All of the offenses were registered by the city crime branch at the local police station law enforcement claim breach of trust and criminal conspiracy. The lawyers of the defendants, on the other hand, claim for their clients to be innocent and to be wrongly arrested. In India in the past couple of weeks, multiple arrests were conducted after another group was found and accused of scamming investors for $71.6 million. The analytics company Chainalysis published a report where it says that the value of ETH stolen with scamming reached $36 million last year which is almost double than 2017.
Israeli Crypto Brokerage Coinmama Reports A New Data Breach Affecting 450,000 Of Its Users
“As of February 15, 2019, there has been no evidence of this data being used by perpetrators. Given the dated nature of the published data, we have no reason to suspect that any other Coinmama systems are compromised. Coinmama does not store credit card information.”Aside from notifying users immediately, Coinmama says that its response team is requiring all of the affected users to reset their passwords upon login and monitor any suspicious activity or unauthorized access. The platform says that it is currently working hard to enhance its safeguards and track any external signals. Even though the data breach impacted not only Coinmama big many other companies outside the crypto sector - it still represents the second high-profile system compromise in 2019.
24 Suspects Arrested In Turkey For $2.47 Million Crypto Hack
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