Chinese police unearth multi-million dollar DeFi rug pull
The Chizhou police arrested eight people from different provinces in December and froze assets worth millions. Beijing’s crackdown on crypto continued with the start of the new year as Chinese police froze nearly 6 million yuan ($1 million) worth of crypto and arrested eight people involved with it. As per a report published in Nikkei Asia, the public security bureau of Chizhou unearthed a crypto rug pull fraud that could be worth 50 million yuan ($7.8 million). The police began an investigation after an investor lost 590,000 yuan worth of crypto in June last year. The trail of the inquiry....
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An exclusive Cointelegraph interview on tracking down a group of DeFi scammers responsible for the $25 million StableMagnet rug pull. In the world of digital finance, where the weapon of choice for a heist is a computer rather than a semi-automatic firearm, tracking down scams and frauds from across the world becomes a near-impossible feat for centralized police forces. However, in an interview with Cointelegraph, an anonymous cyber vigilante shares insights into how he went about tracking down a group of decentralized finance (DeFi) scammers responsible for the $25 million StableMagnet....
Chinese police have seized more than $4.2 billion worth of crypto assets in its clampdown against the Plustoken Ponzi scheme. According to a court ruling made public on Nov. 26, and shared by The Block, law enforcement confiscated a total of 194,775 bitcoin (BTC), 833,083 ether (ETH), 1.4 million litecoin (LTC), and 27.6 million EOS. They also took 74,167 DASH, 487 million ripple (XRP), 6 billion DOGE, 79,581 bitcoin cash (BCH), and 213,724 tether (USDT). The assets were seized from seven persons convicted during the police crackdown, says the court judgment. Altogether, the....
The U.S. Department of Justice (DOJ) has charged two people allegedly behind a million-dollar non-fungible token (NFT) “rug pull” scheme. They abandoned the NFT project within hours after selling out, deactivated the website, and transferred over $1 million in crypto to the wallets they controlled, the justice department explained.
NFT Purchasers Defrauded in a Rug Pull Scam
The U.S. Justice Department announced Thursday that two 20-year-olds have been charged in a “non-fungible token (NFT) fraud and money-laundering scheme.” The defendants,....
Authorities in South Korea have launched a major raid against a domestic crypto exchange allegedly involved in a millionaire multi-level marketing (MLM) fraud. The police accuse V Global platform of running an illicit operation that reportedly stole hundreds of millions of dollars from investors. Masterminds Could Have Defrauded Over 40,000 People According to Yonhap, police obtained a court order to conduct searches into 22 properties connected with the crypto firm, including its headquarters based in the financial district of Gangnam in Seoul. Although local media outlets refused to....
The U.K. police have returned over $5.4 million to victims of an international cryptocurrency scam. The police say that almost $10 million more will be returned to victims. So far, 127 more people have filed a claim to recoup their investments.
Police Return Funds to Crypto Scam Victims
The U.K.’s Greater Manchester Police (GMP) announced Friday that about $5.4 million of the funds seized from an international cryptocurrency scam rumbled by its police officers in July last year have been returned to rightful owners. The announcement details:
Over four million pounds....