A portion of the stolen funds has already been bridged from Arbitrum to Ethereum.
Analysts at BitMEX Research have raised the alarm about a scam targeting early Bitcoin holders, particularly those with wallets dating back to 2011. According to the firm, the scam appears to exploit long-dormant addresses by injecting false transactions and misleading messages via OP_Return outputs, an optional field in Bitcoin transactions that can carry arbitrary data. […]
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Honeypot scams lure crypto investors into buying tokens they can’t sell, locking their funds through smart contract tricks.
Ravindra Kumar denied involvement of any wrongdoing on Friday.
Cardi B’s recent post about the meme token Wet A*s P*ssy (WAP) turned into a dramatic market shakeup. Within minutes, WAP’s market cap plunged from $2 million to just $150,000. The token’s price shot up to $0.0020 briefly, then tumbled over 90% back to $0.00019, wiping away almost all of this week’s gains. Related Reading: Is $250K Bitcoin Possible This Year? This Research Chief Thinks So Celebrity Tweet Sparks Chaos According to reports, Cardi B shared a wallet address on her official X account with the caption “even wetter than last time.” That single message sent ripples through the crypto world. Prices leaped, then crashed. Market watchers were left scratching their heads as billions of dollars in value seemed to vanish in mere moments. Suspicious Wallet Activity Blockchain trackers spotted something odd. A handful of wallets bought big chunks of WAP just five days before the tweet. They offloaded their tokens almost immediately after Cardi B’s post, banking roughly 10 times their original stake. So today, @iamcardib remembered that she still held a large portion of the $WAP supply and decided to run another pump and dump. The token went from 2.5M to 139k a couple of minutes after the tweet The dump was triggered by some wallets that bought the token around five days… pic.twitter.com/7Nwr27rcZA — dethective (@dethective) June 3, 2025 These sudden sells helped push the token’s price back down to around $0.00019. Based on reports, this pattern looks like a classic pump-and-dump. It raises questions about whether insiders planned the entire move. POV you might owe millions pic.twitter.com/j9FGLgoSBM — ZachXBT (@zachxbt) June 4, 2025 History Of WAP Controversies This isn’t the first time WAP caused trouble. Back in October 2024, Cardi B gave it a shout-out, and security firm PeckShield flagged the token for possible malicious deeds. That earlier buzz even led to an investigation by the UAE’s Securities and Commodities Authority after investors raised alarms over fraud and market manipulation. Many in the crypto community thought everyone would steer clear this time. Instead, the past slipped from memory, leading to heavy losses all over again. Investors Left Holding The Bag In the last 24 hours, WAP’s value dropped another 80%. Now it trades near the same levels it was at the end of May. Everyday traders who jumped on the hype found themselves staring at red numbers. Based on reports, some wallets walked away with tenfold returns in minutes. Meanwhile, others ended up with nearly worthless tokens. The speed of this rise-and-fall serves as a harsh reminder: if you buy a token right as it peaks, you might be stuck when the next crash hits. Related Reading: $500M Bet On Solana: Education Platform Aims To Supercharge Its Treasury Cardi B’s follow-up post clarified that her account was not hacked, promising more from “$WAP space” soon. Yet this explanation did little to calm nerves. Critics say it’s hard to separate the artist’s genuine interest from a planned marketing push. Some point out that even if she didn’t directly benefit, her endorsement gave insiders exactly the spotlight they needed to unload their shares. Featured image from Andrew Kelly/Reuters/USA Today, chart from TradingView
A crypto trader lost over $2.5 million worth of Tether (USDT) after falling for the same scam twice within hours. On May 26, blockchain security firm Scam Sniffer reported that the first error occurred when the trader copied a manipulated wallet address from their transaction history. This resulted in a transfer of $843,000 to the […]
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The exchange fired staff involved in the breach on the spot and will press criminal charges.
What is a digital twin? A digital twin is a virtual model or replica of a physical object, system or process. It’s like a digital mirror, allowing us to simulate, monitor and predict the behavior of real-world entities in real-time. These virtual counterparts are designed to pull data from physical sensors or inputs, providing a continuous feedback loop that helps with analysis, optimization and decision-making. Digital twins can represent almost anything, from machinery in a manufacturing plant to human behavior or entire cities.In industries like healthcare, automotive, manufacturing and urban planning, digital twins allow for better resource management, predictive maintenance and more accurate simulations before physical changes are made. In essence, they help prevent costly mistakes by modeling complex systems in the virtual world before implementing them in the real world.Digital twins have taken on a darker role in the blockchain and cryptocurrency sectors. Cybercriminals use digital twin technology rather than simulating physical objects to create synthetic identities, replicas of real individuals, often derived from stolen data. These digital copies are then used to infiltrate online communities, impersonate influencers or executives, or manipulate systems for financial gain. How cybercriminals weaponize digital twins to scam crypto users In the crypto world, where anonymity and trustless transactions reign supreme, digital twins have emerged as a potent tool for cybercriminals to exploit. Scammers can take advantage of the decentralized, unregulated nature of crypto platforms to perpetrate these frauds. Here’s a deeper look at how scammers weaponize digital twins:Identity cloning: Cybercriminals gather personal data from social media, data breaches and other online sources to create a highly accurate digital twin of a real person. This might include images, voice recordings, writing style and even behavioral patterns. Once the digital twin is created, it can be used to impersonate individuals and gain trust from others in the crypto community.Fake influencers or advisers: Crypto influencers, who often command significant trust and attention, are prime targets for digital twin scams. By replicating their speech patterns, mannerisms and even generating deepfake videos, scammers can pose as trusted personalities in the space. These fake versions may promote fraudulent investment schemes, fake tokens or manipulate users into sending crypto to scam wallets.Synthetic KYC (Know Your Customer) scams: Some digital twins are created to bypass KYC processes on exchanges or decentralized finance (DeFi) platforms. Attackers can generate fake identities and provide forged documents or images to appear legitimate, gaining access to accounts or executing unauthorized transactions. This can enable criminals to launder stolen funds or impersonate legitimate traders.Phishing with personalization: Phishing scams in the crypto space often target individuals with highly personalized messages. When a scammer creates a digital twin of a known figure, they can tailor their communications to appear more convincing. By using these personalized messages, they trick victims into clicking on malicious links, giving away private keys or downloading harmful software.Did you know? In 2023, a Hong Kong finance employee was tricked into transferring $25 million after joining a video call with what turned out to be deepfake versions of their colleagues, generated using publicly available footage. Examples of digital twin-related scams in crypto While digital twin scams in crypto might sound futuristic, they’re already happening, and AI is a big part of the problem. These scams don’t always rely on evil digital twins alone; many use deepfake videos, AI-generated profiles and hallucinated interfaces to deceive users. Here are some real-world examples:Deepfake CEO scam defrauds chief financial officer via video call: In a sophisticated attack, scammers created digital avatars of a company’s CEO and executives using publicly available video materials. They conducted a video call with the company’s chief financial officer, convincing him to transfer funds under false pretenses. The digital twins were so convincing that the executive did not suspect foul play during the call.UI spoofing mimics trusted crypto platforms: Cybercriminals have employed UI spoofing to create near-perfect replicas of legitimate cryptocurrency platforms. These counterfeit interfaces trick users into entering sensitive information or making transactions, believing they are interacting with the real platform. The high fidelity of these digital twins makes them particularly dangerous, as they can bypass traditional security measures.AdmiralsFX scam uses deepfakes to lure investors: A large-scale scam operated by a call center in Tbilisi, Georgia, used deepfake videos of celebrities to promote a fraudulent cryptocurrency investment platform called AdmiralsFX. Victims were shown AI-generated videos of public figures endorsing the platform, leading them to invest substantial amounts of money. The operation defrauded over 6,000 individuals, highlighting the potent combination of deepfake technology and social engineering. How to spot interactions with evil digital twins: 6 Red flags Digital twin scams rely on sophisticated impersonation techniques, and scammers often use synthetic identities to build trust and manipulate their targets. To help you stay alert, here are six red flags that can help you identify interactions with synthetic identities. Watch for these warning signs to protect yourself from falling victim to fraud.Digital twin scams in crypto often hide behind polished, AI-generated responses that sound perfect but lack authenticity. If someone avoids live video calls and instead offers pre-recorded clips or deepfakes, be skeptical. Real people show up. Scammers frequently use urgency, pushing you to act fast with phrases like “limited offer” to bypass your judgment. One major red flag is receiving unverified crypto requests via DMs — legit professionals don’t do that. Always check profiles for inconsistencies like low follower counts or recent creation dates. Finally, be wary if someone insists on sticking to one platform and refuses to switch to secure or verified channels. These tactics combined often signal a coordinated scam using digital twin or AI deception.Did you know? Unlike traditional simulations, digital twins are dynamic virtual environments powered by real-time data. While a simulation models one process, a digital twin can run multiple simulations at once, constantly learning and adapting through a live feedback loop. Can blockchain help prevent digital twin-powered crypto scams? While blockchain technology is often targeted by cybercriminals due to its decentralized and pseudonymous nature, it also holds the potential to offer powerful solutions for combating digital twin-based scams.Blockchain, with its transparent and immutable features, provides unique tools that can help verify identities and secure transactions, making it harder for scammers to manipulate the system. Leveraging blockchain’s capabilities introduces robust security layers that verify the legitimacy of interactions, helping reduce fraud, identity theft and digital impersonation.Onchain identity verification: One of the most important developments in blockchain technology is the concept of decentralized identity (DID). With DID, individuals can verify their identity on the blockchain without relying on centralized authorities. This ensures that scammers cannot create synthetic identities without being detected. Blockchain provides a transparent, secure and verifiable system for managing identities, reducing the risk of impersonation.NFT identity markers: Some platforms use non-fungible tokens (NFT) as a form of digital identity. NFTs are unique and traceable on the blockchain, which makes it much harder to clone someone’s identity. If you’re engaging with a person who has a verified NFT identity, you can be more confident that they are who they claim to be.Immutable audit trails: Every transaction on the blockchain is permanently recorded and timestamped. This means that if someone tries to impersonate another person or create a fraudulent identity, their actions leave a trace. If a synthetic identity is used to scam individuals, the blockchain’s audit trail can help authorities track the perpetrator.Smart contract protections: Smart contracts on blockchain can be used to implement certain safeguards. For instance, smart contracts can include identity verification processes, ensuring that transactions aren’t processed unless the user’s identity is verified. This can help prevent users from sending crypto to scammers using fake identities.While not a silver bullet, blockchain can significantly strengthen trust and security in increasingly AI-powered digital environments.
Criminals are no longer using BTC, but instead choosing stablecoins, the report revealed.
Haliey Welch’s foray into cryptocurrency, initially met with hype, has become mired in controversy, with accusations of involvement in a crypto scam.
The token is down by more than 60% since launch.
The Donald and Melania Trump-backed memecoins that launched over the weekend have amassed a combined value of over $15 billion.
In response to a phishing operation especially meant to target users of the cryptocurrency exchange Coinbase, David Schwartz, Chief Technology Officer of Ripple, has issued a warning to the XRP community. This warning is a result of ongoing efforts to protect crypto holders against the growing complexity of newly developed schemes in the realm of […]
Millions of OpenSea user emails are now fully in the wild after the marketplace’s automation vendor leaked the emails in mid-2022.
The crypto community continues to reel from losses due to scams and hacks. According to Chainalysis data, funds stolen from crypto platforms increased by 21% from last year to $2.2 billion. And for the fourth straight year, losses from hacking and crypto scams exceeded $1 billion. While hacking and crypto scams remain a problem for […]
Nigeria’s anti-corruption agency arrested 792 suspected to be involved in a crypto romance scam scheme based out of the country’s largest city.
A crypto investigator uncovered that a former professional player on Fortnite could be associated with a major meme coin scam and hacking of celebrity accounts. Related Reading: Peter Schiff Slams MicroStrategy’s Bitcoin Bet: ‘It Will Crash’ Crypto sleuth ZachXBT discovered that the high-profile case of the $3.5 million scam of the token is linked to […]
The popular Lottie Player animations library was hacked to push a crypto-draining popup on multiple websites, which has now been fixed.
A United States appeals court said a federal court was right to toss Ali Sedaghatpour’s lawsuit claiming that his insurer, Lemonade Insurance, should cover him for a crypto scam loss.
Republican presidential nominee Donald Trump pitched himself as a pro-Bitcoin candidate, but not too long ago he said it was based on “thin air.”
The malicious wallet-draining app marked “the first time drainers exclusively targeted mobile users,” says Check Point Research.
Private investigation firm Lionsgate claims it can help recover stolen crypto when going straight to the police fails.
The U.S. Securities and Exchange Commission (SEC) has filed suit against three individuals and five companies for allegedly operating pig butchering scams – a type of confidence-enabled investment scam in which fraudsters befriend victims over text-based social media apps, gain their trust and convince them to invest large amounts of money in fictitious crypto platforms before stealing their funds and disappearing.
In some cases, celebrity backing for a crypto project is a red flag because it’s a scam ad made by criminals.
In some cases, celebrity backing for a crypto project is a red flag because it’s a scam ad made by criminals.
Montenegrin police arrested FutureNet co-founder Roman Ziemian, alleging he was living under a false identity in the country’s capital city.
Montenegrin police arrested FutureNet co-founder Roman Ziemian, alleging he was living under a false identity in the country’s capital city.
A malicious Zoom look-alike makes it seem like a video conference is stuck in infinite loading, prompting users to install and run even better-disguised malware than before.
Huione Guarantee, a Cambodian online financial platform linked to the nation's ruling family, is a marketplace enabling the global scam economy, particularly pig-butchering scams, to the tune of $11 billion, a report by Wired alleges.
A hacker reportedly posted to Doja Cat's X account telling fans to "buy $DOJA or else."