News by results: Scams

Two crypto scam-related lawsuits stack up on top of Meta’s (Facebook’s new name) large pile. The allegations and the company’s reactions serve well to form an opinion about a possibly disastrous metaverse of our future.

Cryptocurrencies are without a doubt the money of the future. In light of their rise in popularity in the world, new cryptocurrency projects regularly appear, promising either exorbitant profits or a solution to “all of your problems”. However, most of these projects are nothing but scams.

The U.S. Better Business Bureau (BBB) says cryptocurrency scams have become the second riskiest. In addition, the organization noted that “Payment made via cryptocurrency that resulted in a monetary loss more than doubled from 2020.”

Many of the affected accounts noticed the fraudulent videos and removed them from their channels within minutes of them being posted.

A man allegedly behind a cryptocurrency investment scam has been arrested in Bangkok, Thailand. He lured people into investing in his fraudulent crypto scheme by promising high returns, telling investors they could earn a 400% return by investing in just 200 days.

An Ethereum Classic (ETC) development organization is warning the public against a possible scam that is attempting to exploit users the day after the altcoin completed its hard fork.

Influencers are cancer upon our society today. While these people get paid to share sponsored opinions on products and services, they are not necessarily a reliable source of information. This is especially true in the cryptocurrency industry, where no one’s opinion should be trusted. The recent NovaChain scam shows how users should always conduct their own research first and foremost.

Fortunately, the cryptocurrency community has wisened up over the years and isn’t as susceptible to scams as perhaps it once was. There is still fraud and theft, but many attempts fall flat.

The revival of the crypto market attracts not only new investors, but also all kinds of fraudsters. That’s what in an exclusive comment for LetKnow.News said Vadim Popov, a cryptocurrency analyst.

Every time money is involved in any business model or project, there is a good chance an exit scam will occur sooner or later. In the cryptocurrency industry, such exit scams are a lot more common than one might think.

A resident of the self-governing British island, Jersey, has lost their life-savings to a Bitcoin scam.

After losing its major upwards momentum roughly ten days ago when Bitcoin failed to break above $5,400, BTC has been able to hold steady above $5,000 and has tepidly clawed its way upwards towards $5,300.

The former CEO of reported cryptocurrency scam AriseBank has pleaded guilty to defrauding victims of over $4.2 million, Texas-based daily news outlet Dallas News reported March 21.

Authorities announced on Friday the arrest of one of the founders of the Bulgarian cryptocurrency business OneCoin, saying it was nothing more than a pyramid scheme designed to scam users out of their money. While crypto scams are disturbingly common, according to the US Department of Justice, prosecutors allege that this particular fraud ran into the billions.

Victims of an alleged cryptocurrency mining scam have filed claims against the suspected perpetrator with the Technology Crime Suppression Division in Thailand, the Bangkok Post reports on Feb. 18.

Venezuela is one of the first countries that created the national cryptocurrency El Petro at the state level and made it a means of payment. However, this new monetary policy aggravates the political and financial crisis instead of bringing economic recovery.

The United Kingdom Financial Conduct Authority (FCA) has reported that common investment scams’ losses — including those crypto-related — amounted in total to over £197 million ($255 million) in 2018. The agency reported the losses in an official press release published on Feb. 6.

Police in China’s Henan province has recently busted an extremely serious cryptocurrency pyramid scheme that amassed over 1.3 billion yuan ($193 million) and arrested 27 suspects involved.

Prosecutors in Taiwan indicted seven bitcoin traders for allegedly operating a sham crypto investment scheme that bilked $51 million from more than 1,000 investors.

Cricket South Africa (CSA) has been rocked by a Twitter scam, unwittingly offering a fake Bitcoin lottery to its followers, local Indian news outlets report.