Tagged: fraud

July 16, 2019 @ 12:11 pm By Samantha Hurst  |  

OneSpan (NASDAQ: OSPN), a company that offers software for trusted identities, e-signatures and secure transactions, announced on Tuesday it has formed a new partnership with Avaloq, a global fintech and provider of software as a service (SaaS) and business process as a service (BPaaS) solutions,… Read More

July 13, 2019 @ 3:35 pm By Cali Haan  |  

Jon Montroll, operator of two online crypto investment schemes, WeExchange Australia and BitFunder, has been sentenced to 14 months in prison for fraud and obstruction of justice. Montroll, 38, of Saginaw, Texas, has also been ordered to pay restitution of $167, 480 USD and will… Read More

July 12, 2019 @ 7:14 am By Cali Haan  |  

The Massachusetts Securities Division of the Office of the Secretary of the Commonwealth Enforcement Section is seeking orders to force a 62-year-old woman in Florida to cease perpetuating a fraudulent cryptocurrency scheme operating in at least 6 American states. The agency is also asking that… Read More

July 11, 2019 @ 11:18 am By JD Alois  |  

In a case brought by the Commodity Futures Trading Commission (CFTC), two defendants, Morgan Hunt and Kim Hecroft, were ordered to pay almost $400,000 in penalties and restitution regarding Bitcoin-related fraud. The CFTC cautioned that the repayment of funds to victims may not result in… Read More

July 10, 2019 @ 9:44 pm By Cali Haan  |  

Protestors believing they were bilked out of 200 million yuan ($29 million USD) by the cryptocurrency/blockchain project TRON occupied the offices of TRON affiliate company Raybo Monday in Beijing. The protestors were eventually “removed” from the offices by police, TRON CEO Justin Sun claimed in a response on… Read More

July 4, 2019 @ 3:24 am By Cali Haan  |  

Bitsane, a Dublin-based cryptocurrency exchange with 246 000 registered users, went suddenly offline last week, and users say they cannot access funds they were keeping on the exchange. “I was trying to transfer XRP out to bitcoin or cash or anything, and it kept saying… Read More

July 3, 2019 @ 5:16 am By Cali Haan  |  

A judge in the state of New York has sentenced Blake Kantor (also known as “Bill Gordon”), 44, to 86 months’ (~7 years’) imprisonment and three years’ supervised release for defrauding 700 people in a binary options and cryptocurrency scheme. Kantor pleaded guilty to charges… Read More

July 1, 2019 @ 3:40 am By Cali Haan  |  

A crypto scam featuring the image of the Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi, has been circulating on Facebook and may have conned thousands of people, local news outlet The National reports: “The fake news story scattered legitimate information, including factual details… Read More

June 29, 2019 @ 8:40 am By Cali Haan  |  

Clone websites designed to capitalize on the hype surrounding Facebook’s recently announced Libra cryptocurrency (not due for release until 2020) and divert investor funds to scammers are already cropping up across the net, cybersecurity firm Digital Shadows (DS) reports in a recent block post. The… Read More

June 28, 2019 @ 9:37 am By Cali Haan  |  

Europol has announced that a 14-month-long investigation into a €24 million “typosquatting-based” cryptocurrency theft has netted 6 suspects in the UK and Netherlands. The five men and one woman were arrested “in simultaneous warrants” in Bath Staverton, Amsterdam and Rotterdam yesterday morning. An estimate 4 000… Read More

June 24, 2019 @ 4:14 pm By JD Alois  |  

Patrick McDonnell (46), aka “Jason Flack,” has copped a plea of a single fraud charge in an ongoing case of cryptocurrency fraud.  McDonnell was indicted last March. McDonnell operator of CabbageTech, a company that was doing business as Coin Drop Markets, faces up to 20… Read More

June 22, 2019 @ 12:00 pm By Cali Haan  |  

Fiduciary and operational incompetence have been a matter of record since news emerged that Gerald Cotten, CEO of the Canadian cryptocurrency trading platform QuadrigaCX, died without giving anyone password access to $215 million CAD of user cryptocurrencies he ostensibly kept in cold wallet storage devices…. Read More

June 18, 2019 @ 1:37 pm By JD Alois  |  

The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against UK based defendants Control-Finance Limited, a Bitcoin trading and investment company, and principal, Benjamin Reynolds.  According to the CFTC, the defendants are  charged with “exploiting public enthusiasm for Bitcoin by fraudulently obtaining… Read More

June 9, 2019 @ 10:10 pm By Samantha Hurst  |  

Payments platform Stripe recently announced the launch of Chargeback Protection, which is described as a new service built on Stripe’s machine learning-based fraud tool Radar, that prevents fraud and protects sales against future chargebacks. The platform further explained the new service and what users can… Read More

June 5, 2019 @ 5:14 pm By Cali Haan  |  

Operators of Coinroom, a Polish cryptocurrency trading platform registered in 2016, have shut down the platform suddenly and disappeared with client funds, Polish business media site Money reports. At least 50 people on an online forum have claimed they lost between 300 and 60,000 “zlotys”… Read More

June 5, 2019 @ 4:32 pm By JD Alois  |  

The Securities and Exchange Commission (SEC) has added new fraud charges against Longfin Corp. and its CEO for falsifying the company’s revenue. Longfin’s former consultant Andy Altahawi was also included in the action for “fraudulently securing the company’s listing on Nasdaq.” In April of 2018,… Read More

June 2, 2019 @ 12:17 pm By Cali Haan  |  

John Rwangombwa, Governor National Bank of Rwanda (BNR), has issued a notice alerting Rwandan citizens, “to the existence of investments scam(s)…operating in Rwanda (through locally-registered businesses or from abroad through online platforms).” The warning also states that pyramid, multi-level marketing and fake initial coin offering… Read More

May 30, 2019 @ 7:56 am By Cali Haan  |  

Stating that they plan to “closely monitor market condition(s)… (and) strictly control…illegal acts such as fraud and (multilevel marketing),” officials from the Korean Department of Justice and the Financial Supervisory Commission held an emergency meeting May 28th to “examine…virtual currency market trend(s)” in the wake of price… Read More

May 24, 2019 @ 3:23 pm By Samantha Hurst  |  

Wirex, a hybrid personal finance platform that merges blockchain tech and traditional finance, announced on Friday it has strengthened its partnership with cryptocurrency safety services Elliptic to reduce the risk of cryptocurrency fraud and money laundering. According to Wirex, the duo has been working together… Read More

May 23, 2019 @ 3:53 pm By Cali Haan  |  

The SEC has filed a civil suit against Daniel Pacheco, 45, of San Clemente, California, alleging he pervaded a cryptocurrency-based pyramid scheme called “IPro” that collected more than $26.5 million USD from investors: “The SEC’s complaint, filed Wednesday, alleges that from January 2017 through March… Read More