Scams

Ledger wallet holders target of a new email phishing scam that seeks to steal funds from their wallets. The mail was sent to users whose data were compromised in the Ledger data security breach in July. Phishing Scam Message Designed To Look Legitimate At first glance, the e-mail might look legitimate as the email address used this time, "no-reply@legdersupport.com," looks fairly similar to Ledger. It states that the wallet platform had fallen victim to a cyber attack. We’ve got a…

Nicholas Percoco, the chief security officer of Crypto exchange Kraken has warned the crypto community of a new phishing scam. Percoco revealed this on Twitter with a series of tweets in which he explained the process used by cyber criminals to dupe victims. Scammers pretend to work for legit crypto companies According to Percoco, scammers use fake identities and information to scam victims. Firstly they pretend to be part of the listing teams on cryptocurrency exchanges like Kraken to lure…

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…

Every new technological advance has two sides to its success story. One tells the tale of economic and social benefits that derive from it. The other one bears the ugly face of scamming, theft, and hoaxing. One clear example of this unofficial axiom is the surge in cryptocurrency scams that occurred throughout 2019. According to a CypherTrace report, hackers managed to steal more than $4.4 billion from cryptocurrency owners and entities last year. It is a staggering increase from the…

The Federal Bureau of Investigations (FBI) released a press release on April 13 regarding cryptocurrency scams. According to the FBI, more cryptocurrency scams associated with the COVID-19 pandemic could surface. The FBI said that as more people enter the cryptocurrency space, there would be more fraud schemes related to cryptocurrency. The elderly are specifically at risk but the FBI said everyone is vulnerable to such scams. The agency noted the availability of many virtual asset service providers online as well…

Scammers have been trying to leverage the fears over the current pandemic to dupe people. They are trying to lure people to download malicious applications, donate to fake charities, or purport to sell coronavirus fears. However, the pandemic seems to have led to a steep fall in the revenues of cryptocurrency scammers. On April 10, Chainalysis released data showing that the average value of transactions received by the wallets of known scams reduced by 30 percent last month. Besides, the…

Over the years, we've experienced a surge in interest and growth in the use of cryptocurrency. The meteoric rise of digital currency has attracted many people's attention and potential investors. Unfortunately, this surge has also seen an increase in opportunistic crypto scammers and fraud cases. Cryptocurrency owners are more susceptible to hacking scams because online wallets store digital coins. Scammers have also realized clever ways to infiltrate software storage devices like desktops and mobile phones. The increase in fraud cases is…

Bitfinex, a major digital currency exchange, announced on Tuesday the deployment of Shimmer, a proprietary surveillance tool to combat market abuse on the crypto trading and promote orderly trading. Bitfinex is a popular crypto trading platform for integrating the latest innovative tech to deliver high-performance trading solutions to its users. Paolo Ardoino, CTO at Bitfinex, said on Twitter that Bitfinex has chosen to develop its state-of-the-art surveillance system to meet the complex demand of an evolving digital asset class and…

On Sunday, BTC saw its worst daily loss since September 2019, declining from $8,900 to $8,000, almost a 10% decline. The decline has continued today, currently trading at $7,705according to CoinMarketcap.  Although the price drop was parallel to a lousy day in trading traditional stock, analysts claim that there could be more factors driving the BTC crash.  For instance, a trader named Kevin Svenson on Twitter claimed that this sudden crash could not be attributed to sell-offs since the market…