Crypto scam
Crypto scammer hit with 20-year prison sentence for role in fraud
Published
5 hours agoon
By
adminJuan Tacuri has been sentenced to a maximum of 240 months for his role in the Forcount Ponzi scheme.
Tacuri was a senior promoter in the Forcount Ponzi scheme that defrauded thousands of investors, primarily in Spanish-speaking communities, according to court documents. The U.S. District Court for the Southern District of New York, under Judge Analisa Torres, delivered the maximum sentence for his role in the crypto-based fraud.
Tacuri, 46, was ordered to pay over $3.6 million in restitution and forfeit a home in Florida that was purchased with stolen funds.
Crypto fraud details
Forcount, later known as Weltsys, falsely claimed to engage in crypto mining and trading. Tacuri and other promoters told investors they could guarantee daily returns and double their investments within six months.
However, the company was not involved in any legitimate crypto activities. Instead, Forcount operated as a classic Ponzi scheme, using new investments to pay off earlier participants while its promoters enriched themselves.
Victims were primarily working-class, Spanish-speaking individuals. Tacuri traveled across the United States, hosting events to attract more investors. These expos, ranging from small community gatherings to larger-scale events, featured Tacuri boasting about his financial success and promoting Forcount’s products.
Investors were led to believe they would achieve financial freedom through these investments.
Despite mounting complaints as early as 2018, when investors discovered they could not withdraw funds, Tacuri and other promoters continued to push the scheme.
‘Mindexcoin’
To address liquidity issues, the scheme introduced proprietary tokens called “Mindexcoin,” claiming they would hold value. These tokens ultimately became worthless, leading to further losses.
Tacuri’s sentence, which includes one year of supervised release, follows impact statements from more than 20 victims during the sentencing.
U.S. Attorney Damian Williams emphasized that Tacuri’s actions were a clear case of fraud disguised as cutting-edge crypto investing. “Fraud does not pay,” Williams stated.
Source link
You may like
XRP Price Can’t Break $0.5550: Is a Turnaround Coming?
DeFi remains popular amid explosion in crypto usage: a16z report
ETH, WBNB, USDC Stolen as Radiant Capital Suffers $50M Loss
Top Analyst Says Monster Breakout Underway for One Memecoin, Says Six Altcoins Are His Fastest Horse Picks
Thailand Bank SCB Unveils New Stablecoin Remittance Solution
Elizabeth Warren Proves Democrats Are Still Against Bitcoin
binance smart chain
Radiant Capital exploited for $50m on Arbitrum, BSC
Published
9 hours agoon
October 16, 2024By
adminDeFi lender Radiant Capital appears to have been exploited on Binance Smart Chain following newly implemented upgrades.
Radiant Capital, a decentralized finance project built on LayerZero, suffered losses of up to $18 million due to an attack by unidentified individuals. Real-time web3 security startup Ancilia first reported the compromise, indicating that the issue likely stemmed from a backdoor contract deployed on the BSC network.
According to Ancilia, hackers initiated suspicious transactions from user accounts, suggesting that additional Radiant customer funds might be at risk. An Ancilia update revealed that the compromise extended to the Arbitrum chain, raising the total losses to $50 million.
Radiant Capital had not yet commented on the situation, and requests for insight sent by crypto.news went unanswered at press time. In the meantime, users were advised to revoke malicious approvals and avoid trading on Radiant Capital via Binance Smart Chain.
The hack comprised over 10% of crypto losses spotted by PeckShield last month. In September, criminals stole more than $120 million from DeFi protocols.
Exploiters siphoned $40 million from a single platform called BingX. The crypto exchange has since resumed normal operations and is working to resolve the issues. Other services impacted by attacks include Ethena Labs, Decentraland, Penpie, and Indodax.
Authorities have become increasingly vigilant toward crypto crimes, opening lawsuits and issuing crackdowns on offenders. A U.S. hacker named Evan Frederick Light could serve a 20-year prison sentence for a $37 million crypto theft.
Source link
Crypto scam
Gotbit’s $42m manipulation case could strengthen crypto market resilience: Santiment
Published
7 days agoon
October 10, 2024By
adminGotbit’s multi-million dollar charges may spark FUD, but fear-driven sell-offs could trigger a swift recovery, Santiment predicts.
The recent criminal charges against Aleksei Andriunin, CEO of market-making firm Gotbit, for a $42 million crypto market manipulation scheme have sent shockwaves through the industry, though analysts suggest the eventual outcome might actually be positive for the space.
As crypto.news reported earlier, Andriunin and Gotbit face charges for inflating crypto trading volumes through “wash trading,” creating the illusion of active markets before dumping assets at inflated prices. Despite the short-term panic, blockchain analytics Santiment points to historical trends indicating that such fear-driven sell-offs often create buying opportunities for more experienced traders.
Brian Quinlivan, director of marketing at Santiment, highlighted in a recent blog post that “markets tend to move in the opposite direction of the crowd’s expectations, especially when fear-driven retail activity dominates the headlines.”
“While the immediate reaction might be a small dip, as news of the manipulation scheme spreads, there’s a strong likelihood that the market could absorb the panic and swiftly reverse direction.”
Brian Quinlivan
He noted that panic selling may lead to a capitulation effect, where the worst-case scenario is already priced in, setting the stage for a potential bullish reversal, creating opportunities for institutional investors and market participants.
Santiment warns that the broader crypto market could face short-term disruptions “especially those directly connected to the manipulation, like Robo Inu and Saitama.” However, Quinlivan emphasized that “moments of extreme FUD often coincide with market bottoms,” and the removal of Gotbit’s market manipulation practices could lead to a “healthier, more transparent trading environment, increasing confidence in cryptocurrency markets.”
Gotbit, which has been active since 2017, was co-founded by Andryunin and Iuliia Milianovich. Per the firm’s description, its platform-based solution was aimed at giving project founders more control over their markets. In July 2019, Andryunin publicly acknowledged that the firm’s business “is not entirely ethical” and expressed intentions to wind down its market-making operations due to challenges with strict customer identification processes.
The firm’s website listed several prominent crypto exchanges and venture firms, including Binance, OKX, Crypto.com, a16z, Gate.io, and Bybit, in its “our friends” section. However, it remains unclear if these entities have any formal connections to Gotbit.
Source link
coinbase
Coinbase warns Gen Z about growing online threats
Published
1 week agoon
October 8, 2024By
adminCoinbase is raising awareness about the rise of online scams targeting younger users, particularly Gen Z.
In a blog post published on Oct. 8, Coinbase outlined four online threats Gen Z should be aware of, including social media fraud, romance scams, fake websites, and recovery schemes.
Coinbase emphasized that crypto users must take personal responsibility for securing their assets. Unlike traditional banking, where institutions provide a level of security, crypto owners control their assets directly, making them both their own safeguard and biggest security risk.
Social media scams
One of the major scams Coinbase warned about involves social media platforms like Instagram and TikTok, where fraudsters create fake profiles or impersonate well-known figures.
Scammers often introduce seemingly legitimate investment opportunities to unsuspecting users, but these offers are rarely genuine. Coinbase advises users to be cautious of unsolicited messages from strangers promoting crypto investments.
A recent example of this scam took place in Vietnam, where five suspects involved in a crypto fraud network used social media to build fake romantic relationships and lure victims into investing in a fraudulent platform.
The scammers defrauded victims of over 17.6 billion Vietnamese dong ($700,000) through their scheme.
Romance scams and fake websites
Another growing threat Coinbase mentioned is romance scams, often called pig butchering scams.
Romance scams involve fraudsters befriending victims under the pretense of a potential love interest. These scammers pretend to form personal connections to gain victims’ trust and then exploit them financially. These schemes often occur on dating apps or social media platforms.
Scammers also use fake websites to trick victims into providing personal information or sending funds. Many of these sites mimic legitimate companies but have minor differences in their URLs.
Similarly, on Oct. 3, a U.S. citizen filed a lawsuit after losing $2.1 million in Bitcoin (BTC) due to a pig butchering scam involving fake crypto exchange websites. Just as Coinbase warned, the scammers operating from Southeast Asia used these fraudulent sites to simulate trading and steal funds from the victim.
Boosting awareness and reporting scams
In 2023, over 67,000 online scams were reported, per Coinbase, with the median loss reaching $3,800.
Coinbase stressed that raising awareness and reporting suspicious activity can help prevent others from falling victim to similar scams. The company encourages users to report scams to law enforcement and platforms like Coinbase to aid in the fight against cybercrime.
With crypto ownership comes responsibility, and Coinbase’s message to Gen Z is clear: Stay vigilant, know the risks, and help protect the community from fraud.
Source link
XRP Price Can’t Break $0.5550: Is a Turnaround Coming?
DeFi remains popular amid explosion in crypto usage: a16z report
ETH, WBNB, USDC Stolen as Radiant Capital Suffers $50M Loss
Crypto scammer hit with 20-year prison sentence for role in fraud
Top Analyst Says Monster Breakout Underway for One Memecoin, Says Six Altcoins Are His Fastest Horse Picks
Thailand Bank SCB Unveils New Stablecoin Remittance Solution
Elizabeth Warren Proves Democrats Are Still Against Bitcoin
Radiant Capital exploited for $50m on Arbitrum, BSC
Prada Reveals Futuristic Spacesuit for NASA’s Next Moon Landing
Is $5000 Ethereum Price Possible In 2024?
SHINOBI: Gaza is the most powerful demonstration of bitcoin since Wikileaks
Analysts forecast 3 altcoins set for double-digit gains in Q4 2024
How Crypto Investors Are Bracing for Volatility and What It Means for Bitcoin’s Future
Standard Chartered-Backed Zodia Custody Launches Wallet, Partners Galaxy Digital
Bitcoin’s False Dichotomy between SoV and MoE
182267361726451435
Top Crypto News Headlines of The Week
Bitcoin Open-Source Development Takes The Stage In Nashville
Ethereum, Solana touch key levels as Bitcoin spikes
New U.S. president must bring clarity to crypto regulation, analyst says
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Why Did Trump Change His Mind on Bitcoin?
Ethereum Crash A Buying Opportunity? This Whale Thinks So
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
‘Hamster Kombat’ Airdrop Delayed as Pre-Market Trading for Telegram Game Expands
Citigroup Executive Steps Down To Explore Crypto
Mostbet Güvenilir Mi – Casino Bonus 2024
Bitcoin flashes indicator that often precedes higher prices: CryptoQuant
Crypto Market Movers: 5 Altcoins Making Waves This Bull Run
Trending
- 1 month ago
182267361726451435
- 24/7 Cryptocurrency News2 months ago
Top Crypto News Headlines of The Week
- Opinion3 months ago
Bitcoin Open-Source Development Takes The Stage In Nashville
- Bitcoin3 months ago
Ethereum, Solana touch key levels as Bitcoin spikes
- News1 month ago
New U.S. president must bring clarity to crypto regulation, analyst says
- Bitcoin3 months ago
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
- Donald Trump3 months ago
Why Did Trump Change His Mind on Bitcoin?
- Altcoins2 months ago
Ethereum Crash A Buying Opportunity? This Whale Thinks So