Crypto’s Dark Side: $9 Billion In Scam Losses Rock The US In 2024—FBI
Crypto scams hit an all-time high in 2024, with Americans losing a whopping $9.32 billion to digital currency scams, a new FBI report released on Monday showed. The losses are a 66% increase from last year’s and account for over half of all cybercrime losses across the country. The FBI’s Internet Crime Complaint Center (IC3) […]
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US authorities in the state of Nevada have accused Las Vegas business owner Brent C. Kovar of allegedly running a million-dollar cryptocurrency Ponzi scheme. If found guilty, Kovar faces a long prison term with a fine of $4.5 million. Related Reading: ‘I Just Don’t Feel Great About Bitcoin’: JPMorgan CEO Talks About Crypto’s Alleged Dark […]
Kraken, a bitcoin exchange based in San Francisco, recently made a press release regarding its dark pool service for traders. This can address the usual trading issues in the network, as the market is still relatively small in volume, making large orders capable of moving prices significantly. With a bitcoin dark pool, other traders can be able to place orders without letting their other traders find out. Traders can anonymously place large buy or sell orders without revealing their interest to other traders. This will prevent outsized orders from moving the markets or causing....
In mid-July 2017, the largest darknet marketplace (DNM) Alphabay went dark and patrons didn’t know if the administrators were busted by law enforcement or if it was an exit scam. Not too long after the site went dark, law enforcement disclosed that an organized police task force, from various jurisdictions, infiltrated Alphabay alongside the DNM Hansa. Thailand police also arrested Alexandre Cazes, the alleged administrator for the Alphabay marketplace. Now over four years later, Alphabay (AB) has allegedly returned as the original AB admin “Desnake” has ostensibly....
As the world of crypto continues to evolve, so too do the methods employed by criminals to launder illicit funds. A recent report by Elliptic sheds light on the alarming surge in crypto money laundering, with a staggering $7 billion in suspicious or high-risk funds already laundered through cross-chain and cross-asset platforms. Data presented in […]
Nearly half of the consumers who reported a cryptocurrency-related scam in 2021 said it started with an ad, post or message on social media. The United States Federal Trade Commission has labeled social media and crypto a “combustible combination for fraud,” with nearly half of all crypto-related scams originating from social media platforms in 2021. Published on Friday, the report found that as much as $1 billion in crypto has been lost to scammers throughout the year, which was more than a five-fold increase from 2020, and nearly sixty times up from 2018. New analysis finds consumers....