The US Department of Justice has announced the sentencing of Michael Joseph McElhiney, a Spokane resident, to over three years in federal prison for operating a fraudulent crypto investment scheme. The fraud, which spanned over a year, defrauded multiple investors of more than $350,000. The sentencing, handed down by United States District Judge Thomas O. […]
Polish Police have detained Dmitry V., a 37-year-old Russian citizen, suspected of fraud and money laundering connected to the collapse of the WEX cryptocurrency exchange. Known as the “Crypto King,” Dmitry V. is believed to be Dmitry Vasiliev, WEX’s former CEO. The arrest was carried out by Poland’s elite Central Bureau of Police Investigation following …
On-chain investigator Coffeezilla recently accused influencer Hailey Welch and the HAWK memecoin team of scamming her fans with their recent token launch. The team faces backlash because the cryptocurrency nosedived 94% just over 12 hours after launching, leaving investors empty-handed. Related Reading: South Korean Crypto Exchanges Hit Record-Breaking $34 Billion Volume Following Market Shakeout The […]
As the holiday season starts and people are busy shopping and enjoying themselves, scammers are getting busy as well. Experts warn the crypto community that December is a prime time for crypto attacks. With people distracted in festivals, crypto scammers have perfect setup to exploit their wallets. What is really going on, lets understand. Why …
Crypto sleuth ZachXBT has accused a former professional gamer and cybersecurity analyst of helping steal $3.5 million from numerous memecoins scams. The on-chain detective’s investigation unveiled a connection between the Australian man and nine crypto hacks. Related Reading: US Judge Halts Arkansas Crackdown On Crypto Mining Firm Over Foreign Ownership Case Former Pro Gamer Turned […]
Pump.fun a widely used live-streaming platform is a perfect example of why crypto regulations are required. Many users are predicting a 97% chance of getting shut down. The users strongly demand a shutdown because if the platform can’t maintain basic safety features it will fail to run a serious business like crypto. What was once …
The crypto market has faced million-dollar losses all due to these cyber frauds and there are only a few cases where a possible recovery was made. In a notable incident, South Korea’s largest crypto exchange, Upbit, recently refunded 8.5 billion won ($6.07 million) to 380 victims of voice phishing scams. This recovery was made possible …
A young crypto trader attempted to rug-pull a Solana-based memecoin on a live stream, but the crypto community joined to “teach him a lesson” by sending the token to an $80 million market cap. Related Reading: Bitcoin ‘Parabolic Phase Just Begun’, Is BTC Hitting $100,000 This Week? Solana-Based Memecoin Rug Pulled By 12-Year-Old As the market enters the rally’s second leg, Solana memecoins remain the cycle’s top narrative, and many traders continue to try to find and profit from the next big thing. However, scammers continue to attempt to take advantage of the memecoin frenzy. A Gen Z trader has made the headlights after trying to rug a Solana-based memecoin he created on a live stream. The 12-year-old trader has a crypto-dedicated X account and has previously shared his profits. On Monday, he posted a picture sharing he “just made $2k before school.” The next day, the young trader launched the Gen Z Quant (QUANT) token on the popular Solana-based launchpad, Pump.fun. While the token’s price rose, he expressed surprise before flipping the watchers. According to the on-chain analytics firm Lookonchain, the kid sold all his QUANT holdings, around 51 million tokens. The Gen Z trader got 128 Solana (SOL), worth $30,000, for the tokens, making a $29,600 profit in minutes. After the kid ended the live stream, the crypto community took over the Solana memecoin, sending the price toward the $0.08 mark as “revenge.” The token rose over 77,000% to a market capitalization of $82.3 million in the early hours of Wednesday before retracing toward the $50 million mark. As a result, the Gen Z trader’s holdings would have been worth around $4 million just a few hours after rug-pulling. Some crypto investors considered the takeover a “lesson for all of those who rug.” Meanwhile, others questioned the state of the community for it to be scammed by a child and argued that investors should not abandon the Solana memecoin “to prove a point.” The Rapid Fall Of QUANT Following the rug pull, the kid created another two memecoins, LUCY and SORRY, seemingly poking fun at the crypto community for his QUANT scheme. However, he sold these tokens for 103 SOL, worth $24,000 at the time of the report. The Gen Z trader’s scheme also resulted in several memecoins related to the event. However, some of the tokens were based on the kid and his family, who had their information doxxed online after the incident. Notably, a lucky trader managed to get a 2,141x return on his QUANT investment despite the rug pull. Lookonchain also reported on an investor who spent 2 SOL, valued at $462, to buy 18.89 million QUANT tokens. Related Reading: Aptos Following SUI’s Lead? Analyst Says APT’s ‘Explosive Breakout’ Targets $20 Three hours later, the crypto community had sent the token to its peak, driving his unrealized profits to nearly $1 million. The trader sold 3.71 million QUANT for 116 SOL, worth $27,000, and left 15.18 million QUANT, making an unrealized profit of $962,000 at the time of the report. Despite the takeover, the memecoin’s rally has significantly slowed throughout the day, falling 57% from its peak. As of this writing, the token trades at $0.035, with a market capitalization of $35.11 million. Featured Image from Unsplash.com, Chart from TradingView.com
American YouTuber and boxer Logan Paul is facing backlash again after being accused of misleading his fans over crypto investments. New evidence shows that Paul seemingly promoted tokens without acknowledging he had a financial interest in them, gaining over $100,000 in the process. Related Reading: Taiwan’s Financial Authority Pledges To Address Crypto Tax Evasion Within […]
So you thought crypto isn’t child’s play, think again. A young crypto enthusiast made headlines after creating and selling three coins—$Quant, $lucy, and $sorry—while live-streaming, earning over $53,000 in profit. However, the teenager’s decisions led to some major missed opportunities, with the coins’ values skyrocketing after they were sold. The shocking event has disrupted the …
Nepal’s Financial Intelligence Unit (FIU), in its Strategic Analysis Report 2024, revealed that the country’s blanket ban on crypto trading has become a significant obstacle for fraud victims seeking to report their cases to authorities. Digital Asset Ecosystem In Nepal At A Glance The FIU is a division of Nepal Rastra Bank, the country’s central […]
A 41-year-old dual citizen of China and St. Kitts and Nevis, Daren Li, has pleaded guilty to one count of conspiracy to commit money laundering utilizing crypto. The charge involves a complex scheme that allegedly laundered millions of dollars linked to crypto investment scams. The US Department of Justice, in a press release uploaded on November […]
In South Korea, police arrested 215 individuals, including a popular YouTuber with 620,000 followers, for orchestrating a crypto investment scam that defrauded 15,000 people out of 300 billion won (approx. $222 million). The group ran fake investment firms, lured investors with promises of “20x returns,” and issued worthless coins, some of which they manipulated on …
Despite repeated takedowns, the fake Curve Finance app has returned to Apple’s App Store, with reports of user losses intensifying.
On-chain analyst and investigator, ZachXBT has published new research on a man called “Zopp0,” who ran several scam crypto projects known as SCALE, NTD, TPU, OPSEC that worked to manipulate the market with help of influencer bots. 1/ Time to share how SCALE, NTD, TPU, & OPSEC projects were all tied to the same person …
A YouTube sensation is currently under fire after several on-chain investigators found traces of information that linked the social media influencer to dubious cryptocurrency promotions. These recent allegations against the content creator, MrBeast, again opened the debate on whether influencers should be held accountable when promoting crypto. Related Reading: Bolivia’s Crypto Journey Gets A Lift […]
In a major coordinated attack on the web3 space, on-chain sleuths discovered a massive supply chain attack on Lottie Player earlier today. According to the LottieFiles team, the attackers managed to plug in bugs into several Lottie Player versions – including 2.05, 2.06, and 2.0.7. Notably, the said versions were uploaded and published on GitHub’s …
On October 30, numerous significant crypto platforms observed an influx of dangerous popups that encouraged users to link their wallets. Information about the unauthorized access originated from a supply chain attack on the widely used Lottie Player animations library. This JavaScript library which is used by popular websites including the ones run by Apple, Spotify, …
In yet another insider trading allegation crypto market is in shock with 300+ million fans YouTuber Jimmy Donaldson, known as MrBeast, has been accused of earning over $23 million through low-cap token promotions and alleged pump-and-dump schemes. On-chain analytics platform OnchainLens shared findings on X, alleging that MrBeast, also known as Jimmy Donaldson, used a …
A gang of convicted Austrian fraudsters financed their luxurious life with money acquired from a giant crypto scam. Among other luxuries they purchased were a shark tank, a villa, a luxury car, private jet travels, and nights at club parties, Heute, an Austrian news outlet, reported on October 23. Around 40,000 people were reportedly victimized […]
A fake Curve Finance app has infiltrated Apple’s app store, gaining popularity despite warnings from the community.
Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
An Indian man received a 5-year sentence for a multi-million fraud involving a fake Coinbase website. The 2-year scheme took over $20 million in crypto from hundreds of victims, which was used to fund the fraudster’s lavish lifestyle. Related Reading: Nansen Integrates With Solana To Offer Advanced Token And Wallet Trading Tools Indian National To […]
YouTuber Jimmy Donaldson, known as MrBeast, has been accused of earning over $10 million through low-cap token promotions and alleged pump-and-dump schemes. An investigation by SomaXBT revealed MrBeast’s involvement in projects like SuperFarm ($SUPER) and Polychain Monsters ($PMON), where he reportedly promoted tokens, sold them during price surges, and profited significantly. These tokens later plummeted, …
Global fintech Revolut revealed it prevented millions in potential losses in the last three months, using its crypto-specific measures and transaction monitoring to tackle criminal activity as malicious actors continue to target the industry. Related Reading: How Bitcoin Is Propelling A Small Texas Town Into A New Economic Era: The Rockdale Story Revolut Prevents $13 […]
Cardi B’s WAP memecoin launch stirs controversy as crypto investigators link the wallet address to past scams and rug pull projects.
Tether said it aided in recovering the stolen crypto by freezing the scammers’ wallets, which the FBI then seized.
XRP scammers hacked the Supreme Court of India’s YouTube account, and although it was recovered, it lost its subscriber base.
PeckShield has warned Decentraland followers of an ongoing phishing attack using a fake MANA airdrop, urging users to avoid interacting with it.
DuckDuckGo users have fallen victim to phishing attacks, resulting in significant cryptocurrency losses after visiting fraudulent websites that impersonated Etherscan.