Worse than BitConnect? Leader of Billion Dollar Cryptocurrency Pyramid Scam “OneCoin” Arrested

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The leader of a prolific cryptocurrency Ponzi scheme, OneCoin, was arrested and charged on Mar. 6th. OneCoin Ltd. claims to have 3 million members—or victims—worldwide and has generated over €3.3 billion in fraudulent sales. In reality, the OneCoin “cryptocurrency” did not use a blockchain at all while it scammed investors out of billions. OneCoin’s Billion…

Purported Crypto Cloud Mining Ponzi Reported to Thai Police, 140 Victims Allegedly Scammed Out of $1.3 Million

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Thirty people in Bangkok filed complaints with Thailand’s Technology Crime Suppression Division after they were allegedly scammed by cryptocurrency cloud mining company CryptoMining.Farm, the Bangkok Post reported. A total of 140 victims were allegedly scammed out of more than $1.3 million. The allegations state that the investors were swindled out of 42 million Baht—about $1.34 million.…

Preliminary Injunction Against Blockvest for Fraudulent Securities Offering and Illegal Use of SEC Seal

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The SEC filed a complaint against Blockvest and its founder for allegedly making unregistered securities offerings and using the SEC seal without permission. On Feb. 14th, the US District Court of California entered in a preliminary injunction against the firm. Accusations Against Blockvest The Feb. 14th complaint filed against Blockvest LLC details that the company, and…

Dash Merchant Venezuela Team Issues Response to Embezzlement Accusations

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Eugenia Alcalá, the CEO of Dash Venezuela, issued a statement following embezzlement accusations. Some in the community are still outraged. Meanwhile, the CEO apologized for delays in delivering its balance sheet and praised the team for its “positive achievements.” Dash Merchant Venezuela Team Accused of Embezzlement Dash Merchant Venezuela, the team tasked with increasing adoption…

ICO Firms Paid Themselves $24 Billion Absent of Accountability or Much Effort

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A BitMex report highlights the egregiousness of the ICO craze of 2017. Cryptocurrency companies were able to raise millions absent of accountability and with little work, and at the expense of likely unsophisticated buyers. The scathing report, released on Jan. 16th by BitMEX, on the ICO market in 2017-18 concluded token startups raised over $24 billion during…

Cryptopia Suffers Catastrophic Hack, Evidence Suggests $2.5 Million Ethereum Stolen

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New Zealand-based Cryptopia is the first cryptocurrency exchange to get hacked in 2019. Estimates of the damage range between $2.5 to $3.5 million; The attack was confirmed in the late hours of Jan. 13th after the company announced emergency “maintenance.” Cryptopia is a tiny exchange with daily trading volume averaging approximately $2 million. The evening of…

UpBit Crypto Exchange Executives Indicted for Market Manipulation

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South Korea’s largest cryptocurrency exchange, UpBit, faces criminal charges after top executives were formally indicted by the country’s legal prosecutors, as reported by Business Korea on December 21, 2018. Three senior exchange executives, including founder Song Chi-Hyung, were arrested by local authorities on charges of fraud. The arrests come after complaints were filed against the…

Ongoing Minting and Dumping: RusGas (RGS) Allegedly Scamming Token Holders

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On Nov. 28th, 2018, MonitorChain detected a potential scam: RusGas (RGS) is minting billions of tokens, diluting the value of investor’s tokens and driving the price down to nearly nothing. RusGas is a project using blockchain to “transform the gas industry.” According to ICO Bench, the company raised $2.2 million during its ICO. On Nov.…

Texas Law Enforcer Who Took Down BitConnect: The Hunt for Crypto Cowboys in the Lone Star State [INTERVIEW]

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In an exclusive interview, CryptoSlate spoke with the Director of Enforcement at the Texas State Securities Board, Joseph Rotunda, who has presided over more than a hundred investigations into suspect crypto offerings since a 2017 state-wide sweep that rocked BitConnect with an emergency cease-and-desist order. Where they came barreling unexpectedly for most, crypto’s more anarchic…

Turkish Police Detain 11 Suspects in Bitcoin Theft Case

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The cybercrime unit of the Turkish police has detained 11 people suspected of hacking into emails, user accounts and cryptocurrency wallets. The operation was launched after law enforcement received a number of complaints from victims who lost digital cash.   Also read: Church Mining Cryptocurrency to Pay Higher Electricity Rates               Hackers Steal $80,000 Worth of…