Crypto Scams

A ransomware known as Tycoon was discovered by security researchers from the BlackBerry’s security unit and it utilizes a little-known Java file format that makes its detection more difficult prior to detonating its file-encrypting payload. The aim of the ransomware's operators is to request a ransom in cryptocurrency after the successful attack. However, a solution has been provided as Emsisoft introduced a free tool for decrypting files impacted by a variant of the Tycoon ransomware attack. The free tool for decryption was…

The significant growth drivers in the crypto market are the immutability and transparency of distributed-ledger technology, growing adoption in developing countries, increased venture capital investments, and fluctuating monetary regulations.  Before you venture into crypto investing, you must understand some hooks in the industry to protect yourself from losses and frustrations. The following article will guide you on good and lousy cryptocurrency investment options by distinguishing real coins and shitcoins. Real Coins Real coins refer to any coin whose motives behind their…

Due to the rising number of reports on investment scams related to digital currency focusing Pacific communities, the Financial Markets Authority (FMA) and Commerce Commission in New Zealand have launched an awareness campaign. “We saw the OneCoin pyramid scheme proliferate through Pacific social and community groups. Last year the FMA also reiterated its warning that Skyway Group (or SWIG) may be involved in a scam and was targeting Pacific groups. Investment scams fall under the remit of the FMA, while…

Some perpetrators targeted a multinational financial institution based in Spain, Banco Santander. It is an online heist that involved the sum of $900,000. However, it was forestalled following the seizure of the money by local over-the-counter (OTC) cryptocurrency exchanges. After the heist, they quickly tried the conversion of the stolen funds into Bitcoin. The local press, known as the Bitcoin Portal, said due to the huge sum of money involved, this prompted several of the bank accounts of the exchanges…

Two persons (Tal Valariola and Itay Barak) of Digital Platinum Limited (a marketing firm based in Israel) and another individual (Daniel Fingerhut) of All In Publishing (a marketing firm based in the U.S.) have been charged with options fraud and Commodity Trading Advisor fraud. Tal Valariola is the vice president of Digital Platinum while Itay Barak is the co-founder. The Commodity Futures Trading Commission (CFTC) charged the three individuals together because they allegedly worked together to swindle unsuspicious persons of money close to…

The emergence of COVID-19 pandemic has disrupted the activities planned for this year, such that there have been postponements worldwide including the Olympic Games which was suppose to hold in Tokyo. The postponement of the Olympic Games has prompted various online scams related to cryptocurrency. This includes emails from alleged members of the International Olympic Committee in which scammers solicit donations from unwary victims. According to a report by Trend Micro on April 30, scammers are soliciting for cryptocurrency donations towards Japanese organizers’…

On April 24, the office of the U.S. Attorney for Columbia District was authorized to seize coronaprevention.org.  The Department was directed to detect, investigate, and prosecute the illicit conduct of the website’s owner which is related to the COVID-19 pandemic. The seizure of coronaprevention.org website was due to the alleged attempt by its owner to sell the domain for Bitcoin. According to the United States authorities, the unidentified owner of the website attempted to sell the domain to an undercover…

Scammers have looted thousands of XRP users using fake 50 million XRP giveaway. Numerous posts of the fake giveaway are attached to random tweets on Twitter, with the aim of misleading people into taking part in scam activities. XRP data aggregator (xrplorer.com) noted on Twitter that people withdrew 6 million XRP from exchanges and sent them for giveaway scams. Interestingly, this figure was close to 3 million XRP this year. “Do you want to protect your users against scams? You can! In…

Scammers continue to leverage the current pandemic to perpetrate their malicious activities. It is such that the national internet authority shut down more than 2,000 online scams associated with COVID-19 last month. A deeply shocking 471 fake e-commerce stores selling fake Coronavirus materials were shut down. They have also taken down numerous phishing scams and advance-fee frauds. Due to the rising scams, the United Kingdom’s National Cyber Security Centre (NCSC) is still raising awareness and warning citizens regarding the risks. According to the U.K. Minister for Security,…