Why cryptocurrency is a scam

Cybercriminals are now taking advantage of the ongoing craze around cryptocurrencies to trick potential victims and steal their digital money. Here we list all the major cryptocurrency scams that occurred this year. For the uninitiated, Poly Network is a decentralized finance DeFi platform that facilitates peer-to-peer transactions enabling users to transfer or swap cryptocurrencies across multiple blockchains. For example, a customer could use Poly Network to transfer tokens such as Bitcoin from the Ethereum blockchain to the Binance Smart Chain, perhaps looking to access a specific application. The attackers stole funds in more than 12 different cryptocurrencies, including Ether and a type of Bitcoin, according to Chainalysis.

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Content:

• 2021 recap: Biggest crypto scams of the year
• Cryptocurrency Investment Scams
• Cryptocurrency scam swindled $15,000 out of Fayetteville veteran
• Crypto Scam: This Is How You Can Identify Fraud While Buying Cryptocurrencies
• The ‘rug pull’: crypto investors lose $4b in new scam
• ALEX BRUMMER: Bitcoin is a scam which will only end in tears
• Investment Scams
• Vietnam crypto scam prompts crackdown on digital currencies

WATCH RELATED VIDEO: Keiser: Ethereum is ‘pyramid scheme’, scam DeFi will blow up, only Bitcoin will be left - Pt. (2/2)

2021 recap: Biggest crypto scams of the year

Access hyper-relevant news analysis for your industry. Please enter a valid email. Bogus cryptocurrency investments led to an unprecedented increase in online scams last year, according to new data from the Federal Trade Commission FTC.

Why it matters: Cryptocurrency is an easy target because while it's surging in popularity, there's still a lot of confusion about how it works. Yes, but: While investment scams are by far the most costly for consumers, they aren't the most common. The greatest volume of complaints filed to the FCC came from rackets related to online shopping. Between the lines: The FTC highlighted the role Facebook and Instagram play in social media fraud, noting that more than a third of people who reported losing money to an online romance scam said it began on one of those platforms.

What to watch: The FTC, which regulates advertising, noted in its report that cheap, targeted ads on social media make it easier for fraudsters to hyper-target victims using information like their interests or past purchases. Editor's note: This story was first published on Jan. It has been updated to include a comment from Meta. Two of Ahmaud Arbery's killers Travis and Gregory McMichael have reached plea agreements with prosecutors in their federal hate crimes case concerning the Black jogger's murder in Georgia, according to court filings submitted Sunday night.

Why it matters: The pair, who along with William "Roddie" Bryan were sentenced to life in prison for the year-old's murder earlier this month, had indicated they would plead not guilty to the hate crimes charges. Jury selection was due to begin Feb. Foreign journalists and news outlets are "facing unprecedented hurdles covering China" as the country's government steps up "excessive intimidation" efforts, according to a report published Sunday night.

A resident walks down a Boston street on Jan. Thousands of customers were without power in Massachusetts after a historic blizzard hit the region on Saturday, with Boston tying its record for the most snow to fall in one day, at The latest: Authorities in New York's Long Island have confirmed four storm-related deaths over the weekend, including two men who died shoveling snow in separate incidents in the town of Syosset.

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Cryptocurrency Investment Scams

Sharing details of the fraud, the Additional Director of the FIA cybercrime wing Imran Riaz on Friday said that those involved in the online fraud transferred the money abroad via cryptocurrency. He said that they have sought details of all those linked to the fraud with the Binance cryptocurrency and their crypto accounts would be suspended. The FIA official further shared that cryptocurrency is being used in money laundering and terror financing. According to details some mobile applications were offering Pakistanis to invest in the virtual currency. These applications were linked to Binance, the leading virtual platform for buying and selling Bitcoins and other similar cryptocurrencies. However, these applications suddenly vanished and investment of around Rs

Cryptocurrency scam swindled $15,000 out of Fayetteville veteran

The bait-and-switch investing scheme hooks targets by first helping them earn profits, then encouraging the targets to transfer funds to a fraudulent trading platform where the money is stolen. Where there is opportunity though, there are also scammers—baiting victims with early success, then prompting them to transfer their profits to fraudulent trading platforms. We are seeing an uptick in reports of cryptocurrency bait-and-switch scams, and I want Floridians to know how to avoid falling prey. Afterward, victims are directed to transfer earnings to other cryptocurrency websites that are fraudulent, imposter platforms. These fraudulent websites may only operate for a short time and then victims are blocked from signing in to investment accounts. Victims are also barred from contacting any financial or investment planner they were paired with earlier on in the process. Attorney General Moody is providing the following tips to help Floridians stay protected from cryptocurrency scams: Always be wary of unsolicited offers to invest; Know that if scammers request payment in cryptocurrency for the right to recruit others into a program and promise rewards paid in cryptocurrency, it is a scam; Be wary of fake cryptocurrency trading platforms that may resemble legitimate ones; and Research before investing—never wire money or provide personal or financial information until properly researching a platform and an opportunity. The U. Securities and Exchange Commission created an Investor Alert guide to protect against fraud focusing on social media and investing. To find out more information, click here.

Crypto Scam: This Is How You Can Identify Fraud While Buying Cryptocurrencies

DENVER — It appeared as if retirement would come early for year-old Denverite Steve Belcher, but the millions he thought he made in November by investing in cryptocurrency turned out to be a lie. Belcher would be one of the thousands who'd fall to a new cryptocurrency scam, which has recently been sweeping through the United States, according to the FBI. But just a few months after moving to Denver to be closer to his children, Belcher would fall for a woman on a dating app. The two clicked instantly, messaging for several weeks, but never meeting in person. Belcher deposited small amounts of cryptocurrency into the app, and Suzuki told him when to "buy long or buy short.

The ‘rug pull’: crypto investors lose $4b in new scam

The April 24 sale, intended to fund development of an advanced prediction market, got admiring coverage from Forbes and The Wall Street Journal. These two projects—one trumpeted as an innovative success, the other targeted as a criminal conspiracy—claimed to be doing essentially the same thing. They are not formally regulated by any financial authority, and exist in an ecosystem with few checks and balances. OneCoin loudly trumpeted its use of blockchain technology, but holes in that claim were visible long before international law enforcement took notice. Whereas Gnosis had experienced engineers, endorsements from known experts, and an operational version of their software, OneCoin was led and promoted by known fraudsters waving fake credentials. And yet, OneCoin attracted hundreds of millions of dollars more than Gnosis.

ALEX BRUMMER: Bitcoin is a scam which will only end in tears

Crypto Callz, a free-to-join chatroom on Telegram that artificially inflates the price of cryptocurrencies, is not shy about advertising what it is. Quick, polished animations offer a seemingly easy paint-by-numbers path to crypto riches: Open an account on a New Zealand—based cryptocurrency exchange! Follow our Telegram channel for what coin to buy and purchase it as soon as possible! Their goal: to conjure speculative buying frenzies around new digital currencies and cash in on them. Telegram's recent growth appears to have coincided with the recent digital currency mania.

Investment Scams

Join us Thursday for a live coronavirus town hall on omicron, looking ahead and the impact on nursing homes. Find out more. But the prospect of quick riches can blind some people to the risks and enable crooks to lure them into scams. But unlike government-backed money, the value of virtual currencies is driven entirely by supply and demand.

Vietnam crypto scam prompts crackdown on digital currencies

Australians are being warned that the boom in cryptocurrency trading has been accompanied by the explosive growth of sophisticated scams targeting investors itching to get rich. As cryptocurrency markets go from strength to strength, scammers are seeking to cash in on unwitting investors. Credit: Bloomberg. Fraudulent investments are a popular type of cryptocurrency scam and can be presented to people by deceptive partners on dating apps, fake companies and with the use of online ads that use fake endorsements from celebrities. People will usually be directed to a seemingly legitimate website outlining the investment opportunities.

Data analysed by blockchain tracking firm Chainalysis shows that Indians visited crypto scam websites over While this figure fell to 9. The committee observed cryptocurrency was traded in speculation, where people could be enticed to invest for short-term capital gains. The Kolhapur police have lodged another case against the Bitcoin cryptocurrency scam accused on Sunday. This time, police case has been registered at Rajarampuri police station against accused Kedar Ranade for duping an investor of Rs 20 lakh. The virtual currency is designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of currency.

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