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Japanese police arrest alleged masterminds behind $55M ‘AI-led‘ crypto scam
14.7.2021
Four men have been arrested in Aichi Prefecture for allegedly running a fraudulent crypto scheme that drew in 20,000 Japanese investors and raised 6 billion yen
93K Users Scammed Into Buying Fake Cryptocurrency Mining Apps
9.7.2021
Thousands of users were scammed into buying fake Android cryptocurrency mining apps, according to a California-based security firm. These apps are advertised as a way of earning money via mining cryptocurrencies, but in actuality they don’t perform any function. Instead, they charge the user...
South Africa Regulator Wants Mirror Trading International to Pay Millions as Penalty For Contravening Financial Sector Law
8.7.2021
A South African regulator, the Financial Sector Conduct Authority (FSCA), has informed key figures behind Mirror Trading International (MTI) that it intends to impose a fine of $7 million against the now-defunct crypto investment company. Contravention of Financial Sector Law According to a July...
8,000 BTC Belonging to Mirror Trading International Traced, Investors Urged to Lodge Claims
5.7.2021
A total of 8,000 bitcoins belonging to Mirror Trading International (MTI) have been traced while an additional 29,000 bitcoins could soon meet a similar fate. The traced coins, which are valued at over $280 million (4 billion rand), represent a potential breakthrough for beleaguered MTI investors....
South African Court Grants Final Liquidation Order Against the ‘Biggest Cryptocurrency Scam in 2020’
3.7.2021
A South African judge, Justice Alma de Wet, has ruled in favor of granting a final liquidation order against Mirror Trading International (MTI), the country’s biggest bitcoin scam in the past year. Nevertheless, the judge postponed a ruling on an application by MTI liquidators to have...
South African Regulators Reportedly Fast-Tracking Crypto Regulatory Framework
1.7.2021
With South Africa receiving more than its fair share of cryptocurrency-related scams, a report suggests that regulators are responding to this challenge by fast-tracking the process of creating a new regulatory framework. As a result, regulators now expect this process, which was preceded “by...
‘Doctor Bitcoin’ Pleads Guilty to Running Illegal Crypto Exchange in US, Faces 5 Years in Prison
30.6.2021
A Texas man, who calls himself “Doctor Bitcoin,” has pleaded guilty to running an illegal cryptocurrency exchange business, converting cash to bitcoin. He faces five years in federal prison. Crypto Exchange Operator Pleads Guilty The U.S. Department of Justice (DOJ) announced Tuesday...
South African asset manager denies stealing billions from users, claims $5M was lost in hack
29.6.2021
AfriCrypt’s founders deny running off with billions in customers funds, asserting they went into hiding after receiving death threats from “dangerous people.”
South African ‘Exit Scam’ Sees Brothers Vanish with USD 3.6B in Bitcoin
24.6.2021
An apparent exit scam in South Africa could have left investors out of pocket to the tune of USD 3.6bn after the two brothers who operate the Africrypt project “vanished” following reports of a hushed-up “hack.”
Per Bloomberg, Hanekom Attorneys, a legal firm in Cape Town was hired by investors,...
$3.6B in Bitcoin vanishes in 'hack' along with owners of South African crypto platform
24.6.2021
Billions worth of Bitcoin has reportedly vanished along with the operators of South African crypto firm AfriCrypt. Is it a scam or a hack?
Bank TSB set to bar 5.4M customers from buying crypto
21.6.2021
Bank TSB is set to become the latest financial institution in the United Kingdom to prevent customers from investing in crypto
Ledger Customers Are Being Mailed Fake Wallets to Steal Their Private Seeds
19.6.2021
Ledger customers are receiving fake wallets by mail to steal their cryptocurrency. A user in Reddit reported receiving a suspicious package that claimed to be mailed by Ledger. The package included a letter stating the user needed to substitute the current wallet for safety reasons. Ledger has been...
Co-Owner of Mirror Trading International Opposes Plans to Liquidate the Bitcoin Scam Outfit
18.6.2021
In the latest twist to the Mirror Trading International liquidation saga, Clynton Marks, a co-owner of the bitcoin Ponzi outfit, has opposed attempts to have a court grant a final liquidation order. Marks, who reportedly owned 50% of MTI, argues that the liquidation application...
South Africa Working Group Releases New Position Paper Calling for Regulation of Crypto Asset Providers
13.6.2021
South Africa’s Intergovernmental Fintech Working Group (IFWG) has a released new position paper that calls for the regulation of the country’s cryptocurrency ecosystem. In the document, the IFWG, which is a creation of the South Africa Reserve Bank (SARB), recommends “a staged...
Bank of Namibia Warns Crypto Traders It ‘Will Not Entertain Complaints’ if They Get Scammed
12.6.2021
The Bank of Namibia (BON) has warned individuals investing in cryptocurrencies that it will not entertain their complaints should they get scammed. The institution argues that since its mandate does not currently cover digital currencies, it lacks the “legal power” to follow up on such...
NYAG Court Order to Shut Down Coinseed Succeeds, CEO Creates Profanity Token for Attorney General
9.6.2021
The crypto trading platform Coinseed is shutting down operations according to a written statement from the company’s CEO Delgerdalai Davaasambuu. A court order secured by New York Attorney General Letitia James told Coinseed to halt all of its operations. Following the announcement of...
Donald Trump Detests Bitcoin, Calls BTC a Scam, Wants Heavy Crypto Regulation
8.6.2021
Former U.S. President Donald Trump says he does not like bitcoin because it is a currency that competes with the dollar, which he wants to be the currency of the world. He calls bitcoin a scam and wants cryptocurrency to be very heavily regulated. Trump Thinks Bitcoin Is a Scam, Wants Heavy...
Trump calls Bitcoin a scam, advocates for dollar hegemony
7.6.2021
Former U.S. President Donald Trump is still not a fan of Bitcoin, calling it a scam while stating that the dollar should remain the “currency of the world.”
Lawsuit Accuses Korean Crypto Exchange of $3.5 Billion Scam, Tens of Thousands Defrauded
5.6.2021
A class action lawsuit has been filed in South Korea accusing cryptocurrency exchange V Global of defrauding investors. The police reportedly estimate that 69,000 people have invested with the crypto exchange and the damage amounts to 3.8 trillion won. Crypto Exchange Sued for Defrauding Investors...
69,000 Potentially out of Pocket in Alleged South Korean Exchange Scam
4.6.2021
Far more South Korean investors than previously thought appear to have been sucked into an alleged crypto scam revolving around the V Global crypto exchange.
As reported last month, police said that “mainly pensioners and housewives” had been the victims of the suspected fraud. Officers in Seoul...