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Tag: ponzi scheme

ChangeX Building the Case for True Crypto Mass Adoption

Crypto has been with us for more than a decade now. The first years of that decade were the Dark Ages when the light of crypto shone on very few people, and the whole industry was pretty much obscure – not many knew about Bitcoin, what it was, what it did, why it was (and […]

SEC Issues Advisory Against AlgoSCALP’s “Enticing” Investment Scheme

The firm uses “scalping”—a trading style that specializes in profiting off of small price changes and making fast profit from reselling.

The post SEC Issues Advisory Against AlgoSCALP’s “Enticing” Investment Scheme appeared first on BitPinas.

XRP Architect Digs At Regulators ‘Picking Winners and Losers’ After Bitcoin Wins In EU Parliament

Did Ripple Try To Forestall The Devastating XRP Lawsuit By The US SEC_ CEO Brad Garlinghouse Clarifies
The Bitcoin community is euphoric about the rejection of the EU's plan to ban proof-of-work cryptocurrencies. However, Ripple proponents have used the opportunity to decry regulators' bias.

Terra’s CEO places $1 million bet on LUNA’s price one year from now

The native token of Terra network, Luna, has been performing exceptionally well for a while, but not everyone thinks that’ll last forever.

The post Terra’s CEO places $1 million bet on LUNA’s price one year from now appeared first on CryptoSlate.

Bitcoin Is Venice: What If You Knew The Renaissance Was Coming?

In the foreword to “Bitcoin Is Venice,” human rights advocate Alex Gladstein explains that Bitcoin is the foundation of a brighter future.

CFTC Charges 4 in Crypto Ponzi Scheme as Questions Swirl Over Jurisdiction

CFTC Commodity Futures Trading Commission

The case has attorneys puzzled over which US agency has jurisdiction

The post CFTC Charges 4 in Crypto Ponzi Scheme as Questions Swirl Over Jurisdiction appeared first on Blockworks.

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DOJ Charges Siblings With Alleged $124M Crypto Fraud “Ormeus Coin”

crypto fraud

The Department of Justice (DOJ) on Tuesday charged John and Tina Barksdale, two Texas residents, for securities fraud, wire fraud, and conspiracy to commit both. The two siblings are accused of operating a crypto fraud known as “Ormeus Coin.” The Barksdales lied about Ormeus Coin obtaining a $250 million mining operation and collecting more than $5 million in revenue each month, according to the DOJ. The currency, on the other hand, has never reached that level of value per the release. The U.S. Attorney for the Southern District of New York, Damian Williams, said in a statement that John Barksdale ran a fraud to sell Ormeus Coin to investors around the globe through a web of lies that he spread through in-person roadshows, social media and even a jumbotron in Times Square. The allegations stem from a period beginning in June 2017 and culminating in January 2018, when Ormeus Coin’s market capitalization reached approximately $52 million. According to the SEC’s release, Barksdales dishonestly obtained more than $124 million through the alleged fraudulent Ormeus Coin cryptocurrency scheme. The Barksdales face a maximum term of 20 years in prison for each count of securities fraud, wire fraud, and conspiracy to commit crypto fraud. Rise In Protocol Exploits And Crypto Fraud In 2022 Hacks, rug-pulls, and security breaches are all frequent in the digital assets world. According to decentralized finance security platform and bug bounty program Immunefi, cybercrime losses reached $10.2 billion in 2021. There have already been several reports of crypto-related misconduct this year. Last month, a US grand jury indicted Satish Kumbhani, the creator of BitConnect, on charges that he operated a worldwide Ponzi scheme and fraudulently acquired more than $2.4 billion from investors in an illegal cryptocurrency investment platform. In late Jan., hackers were able to access and steal over $80 million from Qubit Finance, a firm based on the Binance Smart Chain. In February, the Wormhole token bridge was targeted by hackers, resulting in the loss of 120,000 Wrapped Ether (wETH) tokens ($321 million). Following a security breach on Jan. 17, nearly $34 million in cryptocurrency were stolen from Crypto.com.

The post DOJ Charges Siblings With Alleged $124M Crypto Fraud “Ormeus Coin” appeared first on Cryptoknowmics-Crypto News and Media Platform.

European VP of Operations at SafeMoon, Charles Karony, Leaves The Project

SafeMoon Charles Karony

Announcing his departure from the cryptocurrency project, The European Vice President of Operations at SafeMoon, Charles Karony, has decided to step down from his role in a bid to return to college and complete his degree. The project’s recent success and the efforts of the whole SafeMoon team and the millions of people who have contributed to the cryptocurrency’s growth were honored in a series of Twitter postings made today by Karony. What is SafeMoon? SafeMoon, one of the more recent cryptocurrencies to enter the market in the previous year, garnered a great deal of interest, drawing a large number of investors who put their money on the line for the project. SafeMoon is a BEP-20 token created by a group of six individuals and released on the Binance Smart Chain (BSC), a centralized ecosystem and a rival to Ethereum’s decentralized ecosystem. Developers of SafeMoon say the project was created to encourage long-term investment and the token’s tagline was “Safely to the Moon.” The project also hired well-known celebrities to increase investor interest and boost the number of investors that joined, which led to a 20,000% increase in the price of the altcoin. SafeMoon is currently facing a class-action lawsuit on the grounds of the altcoin being a pump and dump scheme. It was also referred to as a Ponzi scheme by some crypto experts, as the 10% transaction fee for purchasing tokens goes back to its earlier investors. Speculations Around SafeMoon and Charles Karony While stepping down from his position, Karony reiterated his commitment to the project. Although he’s going to college, there have been speculations that Karony is leaving the project as a consequence of the current class-action lawsuit, however, this has not been confirmed. SafeMoon peaked at a price of $0.000012 in April of last year and is currently trading at $0.0000005106.

The post European VP of Operations at SafeMoon, Charles Karony, Leaves The Project appeared first on Cryptoknowmics-Crypto News and Media Platform.

Founder of Crypto Enterprise Bit Connect Charged with Fraud

Satish Kumbhani – the founder of cryptocurrency investment company Bit Connect – has been charged with conspiracy to commit wire fraud and conspiracy to commit commodity price manipulation amongst other crimes. Bit Connect Is Facing the Call of Justice Bit Connect is believed to have been at the forefront of a $2.4 billion crypto Ponzi...

The post Founder of Crypto Enterprise Bit Connect Charged with Fraud appeared first on Live Bitcoin News.

BitConnect Mastermind Indicted for $2.4 Billion Scam – But Authorities Can’t Find Him

Satish Kumbhani, the founder of BitConnect, thought to be the biggest crypto-related Ponzi scheme of all time, is nowhere to be found. Kumbhani, an Indian citizen, was indicted last week for misleading US investors about BitConnect’s purported “Lending Program.” “As alleged in the indictment, however, BitConnect operated as a Ponzi scheme by paying earlier BitConnect […]

The post BitConnect Mastermind Indicted for $2.4 Billion Scam – But Authorities Can’t Find Him appeared first on Coin Bureau.

SEC: Founder of Notorious Scam BitConnect Still Untraceable

SEC Founder of Notorious Scam BitConnect Still UntraceableFounder of $2.4 billion BitConnect Ponzi scheme Satish Kumbhani is still not found. Kumbhani has been charged for committing fraud, ...

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