“Our hearts are with those impacted by this scam.”
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“In the current case, the fraudsters used a shared native language to gain the trust of their victims. Further, the fraudsters assured their customers that their investments would receive the protections available through registered trading activity. The CFTC must take decisive action in cases where fraudsters target vulnerable investors by turning pillars of strength, such as shared identity or robust regulatory protections, into ammunition.”
David Sipina of Croydon, NSW, has entered a guilty plea to criminal charges in connection with his role at Courtenay House, marking him as the third individual to admit to criminal offenses related to the $180 million Ponzi scheme.
In an era where digital transactions are commonplace, understanding scams is crucial for safeguarding personal and financial information. This article delves into common scams and prevention strategies.
“In the face of evolving cyber threats, our priority remains the security and trust of our community. Through education and proactive support, we aim to fortify our users against the perils of P2P fraud, ensuring a safe and seamless trading experience.”
A Texas court has ruled against Jonathan Cartu, Leeav Peretz, Nati Peretz, and their company, Blue Moon Investments Inc., for operating a fraudulent binary options scheme.
The U.S. Attorney’s Office in Chicago, Illinois, has seized around $1.4 million in Tether (USDT) as part of a crackdown on a customer support scam operation.
Investment fraud is prevalent and increasingly sophisticated, affecting investors across the country. It’s more crucial than ever for people to safeguard their financial interests by learning more about current scams, and verifying sources of investment information.”
“If your friend told you to download an app, and you saw it in the app store with good reviews, you might assume everything on it was legitimate. In before, you saw MetaTrader’s logo which looks like three men in suits jerking each other off under a table – an appropriate metaphor for cryptocurrency if I have ever seen one,” Oliver quipped.
European fintech giant Revolut plans to list Solana’s headline-grabbing meme coin, Bonk. Not just stopping at the listing, Revolut is also gearing up for a hefty $1.2 million campaign aimed at getting its users up to speed on Bonk.
In the United States, reports of such scams to the Federal Trade Commission jumped from 11,235 cases in 2016 to 52,593 by 2020, a 368% increase.
South Korea is embroiled in a high-profile cryptocurrency scandal, featuring a dubious scheme promoted by blockchain sports platform Winnerz.
Proprietary trading firm True Forex Funds today announced a “temporary halt” to its services. The company said this move comes in the wake of MetaQuotes, the developer of the widely-used trading platforms MT4 and MT5, terminating True Forex Funds’ licenses.
Women reported higher average losses (£9,083) compared to men (£5,145). Individuals aged 55-64 were most frequently targeted, with a 49% rise in cases from 2022. Those aged 65-74 suffered the highest financial losses, averaging £13,123.
“As alleged in our complaint, Lee and Chunga attracted investors with the allure of profits from crypto asset mining, but the only thing that HyperFund mined was its investors’ pockets.”
The essence of the “pig butchering” scam involves fraudsters contacting potential victims through various platforms like dating services, social media, or direct messages, often pretending it’s a wrong number. Over time, they establish a relationship, gain the victim’s trust, and eventually introduce a business investment opportunity using cryptocurrency.
Peter Kambolin used the fraudulent gains for personal expenses and transferred funds to foreign accounts in Belarus and Dominica.
The court found that Tradewale entities intentionally misled individuals with claims of a “unique trading system” using “artificial intelligence” and promising substantial returns with minimal risk. Despite representations that accounts could be easily accessed, customers in the United States reportedly faced difficulties withdrawing funds, as the defendants misappropriated them for unauthorized purposes.
Both cases serve as stark reminders of the risks associated with unregistered entities in the commodity pools and forex markets.