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Bitcoin Scams

India: Final Cryptocurrency Petition Hearing To Be Held In September

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As of recently, India’s Supreme Court has kept the directive of prohibiting banks from offering services to the domestic cryptocurrency sector.

On Friday, the Supreme Court in India held its latest hearing against the Reserve Bank of India’s (RBI) circular – making an effort to forbid all financial institutions (including banks) to provide services to business in the crypto sector.

The policy was first introduced in April – meant to forbade banks from allowing their own retail customers from purchasing cryptocurrencies through bank accounts. The ban came into effect on July 5 after a final hour attempt which convinced the Supreme Court to delay the ban earlier this month.

The petition needs to be approved by chief justice Dipak Misra and justices AM Khanwilkar and DY Chandrachud, with the presence of India’s attorney general KK Venugopal as well.

In the hearing, there were ‘limited arguments’ brought forward by lawyers on the behalf of the Internet and Mobile Association of India (IAMAI) which counts the domestic cryptocurrency exchanges as its members – as well as the Reserve Bank of India. Still, the final arguments need to be heard on September 11, 2018.

According to one domestic industry news resource:

The senior advocate, Gopal Subramaniam, represented the IAMAI and the cryptocurrency sector, defending it against claims. He also underlined the severity of the matter and called for the hearing to take place without any further delays.

As he stated:

“The policy of RBI is of extreme caution.”

The advocate also argued Indian adopters and the wider Indian market stand to lose among global counterparts as a result of the RBI-led banking curbs.

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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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Bitcoin Scams

National Cricket Team Of South Africa Falsely Involved In Bitcoin Lottery Scam

The Twitter account of the National Cricket Team of South Africa was compromised overnight with more than 1 million followers where hackers reportedly offered a fake bitcoin lottery and in today’s bitcoin news we take a closer look at what happened exactly. The CSA account was hacked and the hacker/s tweeted multiple times trying to sell a bitcoin lottery scam to the followers. However, the national team quickly noticed and notified the supporters that they are not involved in the scheme in any way. The tweet claimed that CSA made a partnership with the Luno crypto wallet where users will win 20 BTC if they signed up for it. Of course, the tweet got deleted quickly but in it was a BTC address where the participants ‘’should’ve’’ sent their bitcoins in order to participate. CSA wrote to its followers:
‘’And... we're back! Apologies to all our Twitter followers who were affected by the hack overnight. We are back in control & ready to bring you what promises to be an even more eventful Day 4 of Test cricket. Thank you to our friends at the @ICC for your assistance this morning.’’
Luno also debunked the news making clear that the wallet provider has never partnered with the national team:
 “We distance ourselves from this tweet that is going around.’’
In 2018, many Twitter accounts got hacked where many of them impersonated Elon Musk even one managed to steal as much as $170,000. Scams happened in the name of Charlie Lee as well where scammers tried to fake Litecoin giveaways. The hackers promised the users to send them LTC once they make a deposit to their mobile wallet.
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Bitcoin Scams

Celebrities From Malta Falsely Involved In Crypto Investment Scheme

Two hosts of a local Maltese TV show and an actor from Malta have sent a report to the police that they are involved in a Bitcoin investment scheme after the story was reported on multiple crypto news media outlets. The Bitcoin investment scheme is named ‘’Bitcoin Revolution’’ and the story was first published on Malta Independent and Malta today where two hosts of a morning show in Malta claimed that the famous Maltese actor Davide Tucci is a guest on their show. The hosts Wayne Sammut and Elaine Degiorgio were ‘’convinced’’ by the actor to make a 250 euro deposit on a crypto trading platform called Bitcoin Revolution. The false report on the news outlets showed that Tucci convinced both of the hosts to invest after he got out of bankruptcy because he invested in the platform. It got obvious that the show was fake and only managed to raise 483 euros in a three minute period. The fake report also included instructions on how to invest your money in the platform and also how to sign up. Luckily Tucci reacted fast and posted a Facebook video on his official page where he claims that he has never promoted any activities related to cryptocurrencies and urged the audience to not invest their money. He also declared that he has reported the case to the Malta Police Force’s Cybercrime unit. The hosts claimed that Tucci has never been a guest in their show and they too reported to the Maltese police. The Malta Financial Services Authority pointed out that the Bitcoin Revolution exchange was never authorized by the Maltese government and they will also launch a separate investigation.
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Bitcoin Scams

Delhi Cyber Crime Police Makes Further Arrests Over $70 Million Crypto Scam

The cyber crime police in Delhi, India has arrested the fourth accomplice of the cybercrime group that goes by the name ‘’Flintstone Group’’ after they scammed more than 25,000 investors by launching a fraudulent cryptocurrency. We are reading more in the latest crypto news. The group launched the fraudulent Money Trade Coin and about 25,000 investors put their money in the project after they have been promised huge returns that of course, never materialized. After arresting three people last year including the group’s managing director Amit Lakhanpal, the police successfully arrested the fourth man Rohit Kumar. The Flintstone Group convinced investors that their project is legitimate and said that Finance Ministry officials back up the project after giving the investors fake I.D cards from the government officials. They approached the Delhi High Court to petition the central bank to cut loose on their stance on cryptocurrencies. The four men even attended events in Dubai which were even hosted by the royal family. The group said to the investors that the cryptocurrency will soon be accepted by the Ministry of Finance and will be used as a legal tender that will allow the investors to buy real estate. The scammers had an office in Delhi where they had more than 70 employees that are now left jobless. Police are digging deeper to see whether the group has committed other illegal activity. A police source said:
 “The accused had set up office in Delhi’s Vikram Nagar and used to collect money from investors promising high returns. Lakhanpal was earlier holed up in Dubai and we believe that he may have fled to London.’’
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