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Bitcoin Scams

Crypto Firm IPO On London Stock Exchange Raises $32.5 Million

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One crypto mining company just raised 25 million Euros (about $32.5 million USD) through an IPO on the London Stock Exchange (LSE). The UK-based Argo Mining (ticker:ARB) provides ‘accessible’ crypto mining via a subscription service and is the first company to be listed on the LSE.

Initially, the company raised 5 million GBP which is about $6.5 million – and more than its initial goal of 20 million GBP through the IPO. Argo kicked off on the exchange with around 156 million shares that accounted for 53.2% of its shared capital, as one company document states.

The shares were priced at 16 pence and gave the business a total market valuation of 47 million GBP – or $61.2 million US dollars.

As the executive chairman of Argo, Jonathan Bixby stated in the document:

“Argo’s admission to the London main market is a major step in the company’s development and will put us in a strong position to execute our long-term growth strategy. We are delighted with the strong response from investors which will enable us to grow our business in multiple jurisdictions.”

Bixby also told the Financial Times that Argo’s plans are to be “the Amazon Web Services of crypto”. As he said:

“More than 90 percent of crypto mining is done by elites on industrial scale because it is technically very difficult to do. It is incredibly expensive to buy, up front, the hardware you need at $5,000 a machine.”

Meanwhile, several other mining companies in the crypto space are also considering IPOs.

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Bitcoin Scams

South Korean Crypto Exchange Komid Leaders Sentenced To Jail

Two of the leaders of the South Korean crypto exchange Komid, were arrested and sentenced to jail after they were accused of faking the exchange volumes, according to the crypto news media outlet reports from South Korea. One of the leaders was Komid’s CEO with the last name Choi who received a three-year sentence while the other one, who is also among the company leaders, was sentenced to two years in prison for misconduct, embezzlement, and fraud. According to the charges, both of them outlined a scheme where the exchange was able to fake 5 million transactions thus inflating the volume and at the end, it led to them making a huge profit of $45 million. The company reportedly used an auto-bot to create large orders and attract new users. The judge was quoted saying:
 “Choi has committed fraud for a countless number of victims for a long period of time…. Futhermore, he holds the financial authorities responsible for failing to keep track of the industry better.”
Last year in December, one of the largest crypto exchanges in South Korea Upbit was accused of manipulating their order book after regulators indicted a couple of their staff. However, the exchange was quick to deny the accusations. Following the reports from the Seoul District Prosecutors Office, the Korea Times pointed out that two senior executives from Upbit and one employee from the same company have been indicted but they were not detained for further investigation purposes. At the same time and in the same month, South Korea-based crypto exchange Bithumb was also accused of faking its trade volume but they too denied the allegations.
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Bitcoin Scams

Customer Data From Top-Notch Crypto Exchanges For Sale On The Dark Web

Hacked data from many users on multiple major world crypto exchanges, is being sold on the darknet market named ‘’Dread’’ by a user called ‘’ExploitDOT’’ who claims to have the information from the know-your-customer data so we are taking a closer look in our crypto news below. The hacker placed an ad online last year in July where he claims to have hacked the KYC documents such as identity cards, driver’s licenses and other info from a few exchanges including Poloniex, Bitfinex, Binance, and Bittrex. Each piece of information is for sale at $10 including 100 documents and for those who want to buy in bulk, there is even a discount. The ad is still online and running. An expert in cybersecurity pointed out that he tried to contact the individual who posted the ad and posed as a buyer and was even able to get samples as proof that the documents are there and legitimate. He got pictures of people holding a piece of paper and on the paper was the name of a certain exchange with the date right below when the picture was taken. The security expert had an exchange with Binance via email where documents couldn’t be verified one by one and there are some inconsistencies between the data that was presented and the samples he hacker offered. Binance’s spokesperson noted that they have a few theories in regards how the information got out but claiming that there hasn’t been any unauthorized access to their system found.
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Bitcoin Scams

Seven Bitcoin Traders Indicted In Taiwan In $50 Million Crypto Operation

Seven bitcoin traders got indicted in Taiwan after prosecutors charged them for operating a scam crypto investment that brought them $51 million from more than a thousand investors, according to the crypto news coming from Taiwan. The 47-year-old man, who was the ringleader of the operation with the last name Lin, gathered the group and violated the Taiwanese banking and business laws which led to their arrest back in 2018 in June. The scammers defrauded about 1,000 people across Taiwan and obtained $51 million by making false promises for making huge returns. The scheme promised a stunning 355% return after only one year of investing according to the Investigation Bureau in Taiwan. Prosecutors believe that most of the investors didn’t receive any returns for their investment until February 2018 but later stopped receiving returns in April for good. The government in Taiwan is taking strict measures to regulate cryptocurrencies and the use of bitcoin to fight money-laundering and terrorism funding. Back in September, the Taiwanese Cabinet approved several amendments to the Money Laundering Control Act and the Terrorism Financing Prevention Act in order to tighten supervision of the crypto market and banking industry. Also, the government of Taiwan explicitly said that it will not go by the steps of China and South Korea to ban crypto activity overall. The regulation of the crypto market is a burning topic all around the world including the United States since there is a mass skepticism for bitcoin adoption merely because of the regulation concerns after the president of the Federal Reserve Bank of New York said:
“Cryptocurrency doesn’t pass the basic test of what a currency should be. Currency is basically something with a store of value and bitcoin is not that.”
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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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