14 Sep 2022

South Korea issues arrest warrant for developer of failed cryptocurrency Luna

A South Korean court has issued an arrest warrant for Do Kwon, the primary developer of cryptocurrencies Luna and TerraUSD, whose spectacular collapse in May roiled crypto markets around the world. Kwon, also the founder of blockchain platform Terraform Labs, has been accused of fraud by investors in the wake of

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12 Sep 2022

YouTuber with 13 million subscribers hacked by crypto scammers; Here’s how much they stole

Popular YouTuber Scuba Jake has confirmed the hacking of his channel with over 13 million subscribers and 1.75 billion views since the channel’s creation in 2011. The September 9 incident saw crypto scammers take over the channel and attempt to defraud unsuspecting followers in a fake giveaway involving Bitcoin (BTC)

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31 Aug 2022

Over $1,260,000,000 Stolen From Ethereum-Dominated Crypto Sector in Q1 This Year: FBI

The U.S. Federal Bureau of Investigation (FBI) says that one popular niche of the cryptocurrency ecosystem has become a prime target for cybercriminals. In a new press release, the agency reports that users of decentralized finance (DeFi) suffered over a billion dollars in losses during the first quarter of this

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29 Aug 2022

How to tell if a cryptocurrency project is a Ponzi scheme

The crypto world has experienced an increase in Ponzi schemes since 2016 when the market gained mainstream prominence. Many shady investment programs are designed to take advantage of the hype behind cryptocurrency booms to beguile impressionable investors. Ponzi schemes have become rampant in the sector primarily due to the decentralized nature

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26 Aug 2022

Illicit crypto activity more resilient than legitimate demand

Despite the cryptosphere going through a harsh winter the sector maintains its attractiveness to one sector – illicit users. According to Chainalysis’ Mid-year Crypto Crime Update report, criminal activity appears to be more resilient in the face of price declines: Illicit volumes are down just 15% year-on-year, compared to 36%

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23 Aug 2022

NFT Exchange SudoRare Goes Dark After $820,000 Rug Pull

After numerous warnings that SudoRare could be a scam did the rounds on Crypto Twitter, the anonymous team behind the decentralized NFT exchange has pulled the rug. The theft has defrauded users of about $820,000 worth of ETH and other crypto tokens. According to on-chain data, the incident occurred early Tuesday,

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16 Aug 2022

Crypto scams have declined, but hackers remain resilient in bearish markets

When it comes to crime, illicit activity is still abundant regardless of crypto volatility, according to a new Chainalysis report. “Cryptocurrency transaction volumes this year for both illicit and legitimate entities are tracking behind 2021 through July,” the report stated. “Overall, criminal activity appears to be more resilient in the face

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03 Aug 2022

The 10 Most Common NFT Scams and Techniques to Avoid Them

Essentially, there are two types of NFT buyers in the market. The first one is aware of the legitimacy and the working mechanism of NFTs. In contrast, the second one is less proficient at NFTs but still considers them good investments. Undoubtedly, the chances of falling for NFT scams is

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01 Aug 2022

The rise of fake cryptocurrency apps and how to avoid them

Scammers have been taking advantage of blockchain’s decentralized and immutable nature to swindle crypto investors since the advent of the technology. And, according to the latest FBI fraud report, fraudsters are using fake crypto apps to steal money from unsuspecting crypto investors. It highlights that American investors have lost approximately

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28 Jul 2022

DeFi Has Become Crypto Crime’s Main Arena, Crystal Blockchain Says

More than $14.5 billion in crypto has been lost to hacks and scams since 2011, and DeFi (decentralized finance) is attackers’ new favorite target, says analytics firm Crystal Blockchain. In the past 11 years, there have been 167 hacks of DeFi protocols and 123 security breaches on centralized exchanges, according

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