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Bitcoin Scams

Canada Warns Its Citizens About The Growing Number In Bitcoin Scams

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Canada is yet again in our crypto news but this time for the action of the Canadian police to warn the public about the emerging bitcoin scams and to be extremely cautious before investing in cryptocurrency.

This year will be known because of the many scams and controversies with some famous and popular people such as DJ Khaled and Floyd Mayweather getting caught up in crypto affairs.

Because of this, the police in Edmonton, Alberta warned the people living in the area of the huge rise in bitcoin scams and that the hackers are getting more sophisticated and creative in finding ways to get to investors’ money. The police explained that the hackers are using unique methods that were never before used and this is why investors must protect themselves as much as they can.

Also, the police mentioned that the cases of identity theft and fraud had risen incredibly since 2013 by almost 90%. Before there were only cash and gift cards that were the main avenues of online hackers but with the growing trend of cryptocurrencies, this is now the most common choice for hackers.

Constable Tuyen Nguyen of the EPS noted:

‘’What has evolved is the method of payment demanded by fraudsters. While gift cards were once the preferred payment of choice, fraudsters are now increasingly demanding payment in other forms such as bitcoin and e-transfers’’.

One of the main ways to attack the crypto users is to act as tax collectors and make your victims convert their cash into bitcoin or other cryptocurrencies at an ATM machine. Once this has been done, it is very difficult for authorities to track down the fraudsters.

The EPS says that this is one of the hardest frauds to investigate once the many have been transferred.

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Bitcoin Scams

21-Year Old Accused Of Stealing More Than $24 Million Worth Of Crypto

Nicholas Truglia, the 21-year old American from New York, is in our crypto news today after being accused of stealing millions of dollars worth of crypto by using the SIM swapping method. The plaintiff Michael Terpin who is a long-time crypto investor, filed a lawsuit back in August last year against AT&T accusing the company of negligence by allowing the suspect to take control over the plaintiff’s phone and steal more than $24 million in crypto. SIM-swapping is basically theft of a cell phone number which allows the thief to hijack all of the online financial data from social media accounts and other financial accounts since many companies now use automated messages to handle customer authentication. Terpin explained that his legal team has already identified the primary suspect who is actually Nicholas Truglia. Truglia has been arrested before also for a similar SIM swap criminal charges by allegedly stealing more than $1 million in crypto from Silicon Valley executives. He is currently in prison in Santa Clara County, California. In the evidence presented, there are plenty of statements and text messages that were sent by Truglia on the same date when Terpin got all of his accounts attacked, saying to his friends that he had stolen a crypto wallet with more than $20 million in it. In one of the texts, he even brags saying he is a millionaire. He also confessed to friends that that particular theft was his largest. Terpin’s filed complaints including charges against Truglia under the Racketeer Influenced and Corrupt Organizations.
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Bitcoin Scams

Binance Prevents Losses By Freezing The Stolen Funds By Cryptopia Hacker

In the latest crypto news, we are focusing on a smart move done by the Binance team recently, with which the leading exchange managed to freeze some of the funds that were stolen from the crypto exchange Cryptopia during the high-profile hack which occurred earlier this week. The CEO of Binance, Changpeng Zhao, has announced this news in a tweet on Wednesday, saying the following: https://twitter.com/cz_binance/status/1085511601665368065 Zhao also questioned why do attackers keep on sending the stolen funds to Binance, mostly because the word spreads quickly and the crypto exchanges are not shy about halting the flow of stolen funds. As Cryptopia tweeted, on the other hand, the breach occurred on Monday and caused the exchange to suffer from "significant losses." In numbers, this translates to at least $2.4 million worth of Ethereum (ETH) moved to several unknown wallets - as well as about $1.2 million worth of Centrality (CENNZ). Even though it is still unclear who is behind the hack, some people believe that Cryptopia may have made the transfers for security reasons. The exchange commented: https://twitter.com/Cryptopia_NZ/status/1085315091996631040 What's most interesting in the case is that one day before this hack, Zhao posted a message on Twitter where he advised crypto holders to store their holdings on exchanges instead of personal storage devices such as USB drives or hardware wallets. The tweet was not that well received by the audience, giving Zhao comments about the risk of storing cryptocurrency on "reputable" exchanges like Binance.
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Bitcoin Scams

Using A Fake BBC News Page, Cybercriminals Managed To Generate Bitcoin

According to research conducted by a British security researcher, he found out that cybercriminals came up with a new scam idea to generate money by deceiving the users on the internet. In today’s bitcoin news we will see how the scam works. The criminals made money by webpage views after they used BBC’s news webpage as a tool to reroute the users to the main website that will generate bitcoin for the criminals. Actually, the scam works by sending a very convincing email to a certain internet user with a link that directs the users directly to the website that looked exactly like BBC News. When the users open the email, they get directed to multiple fake BBC websites which generated a certain amount of bitcoin per page view. This method isn’t a new one. Spoofing has been around many years when many other fraudsters tried to use it as a method to force users to provide confidential information. The difference between the old ones and this spoofing method is the purpose of the scam. Rather than forcing the users to download malware, the scammers only make the users visit affiliate sites. The criminals used the method of ‘’typosquatting’’ which happens when a URL of a legitimate website is misspelled or a few other letters or characters are added to the URL which will direct the user to a completely different website. To make the scam even more convincing, the criminals sent out emails from alleged familiar contacts who have had their email addresses compromised.
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Bitcoin Scams

New Torrent Malware Posing As Movie File Can Replace BTC & ETH Addresses: Researcher

In the latest Bitcoin news, we are focusing on the scams - particularly one malware - which is posing as a movie file on the torrent website The Pirate Bay (TPB) and manipulating web pages and replacing Bitcoin (BTC) and Ether (ETH) addresses, according to the computing magazine Bleeping Computer and its research on January 12th. The malware which is originally thought to inject advertising on Google and in search results is found to perform multiple actions, some of which were discovered by the publication's own researcher Lawrence Abrams.
“What appeared to be an ad-injector into the main Google search page turned out to be only the tip of the iceberg,” the researchers warned.
The file also contains malicious code posing as a movie file on TPB, specifically for the movie "The Girl In The Spider's Web." In reality, the malware is also able to swap out cryptocurrency wallet addresses for ones owned by the attacker. This occurs when users copy and paste using the Ctrl + C function on Windows PCs and has appeared previously in other malware.
“This tactic does not show any sign that could alert the user of the trick. Because the wallets are a large string of random characters, most users will likely not notice the difference between what they expected to copy and the pasted result," Bleeping Computer continued.
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