Category: Scams
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Cryptomining Attacks Remain One of the Nastiest Malware Threats of 2019
Cryptography is a tool that can work in two different ways. It can be used to hide information using encryption or, with the correct information, it can be used to track data. The latter is what people are talking about when they name transparency as the primary value of cryptocurrency or blockchains. Under most circumstances…
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Crypto impersonation scammers migrate from Twitter to Instagram
Scammers impersonating high-profile figures in the crypto industry have been rampant on Twitter for years but recently began migrating to Instagram as well. Litecoin founder Charlie Lee has been battling with an impersonator on Instagram for months, while Gemini founder Cameron Winklevoss barely managed to shut down a similar scam on the platform. Crypto scams…
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OpenLibra announcement overshadowed by core team member’s questionable past
The launch of OpenLibra, a permissionless and open-source fork of Facebook‘s cryptocurrency, was overshadowed by fraud accusations toward one of the core team members. Crypto startup Wireline casts shadow on OpenLibra launch This year’s Devcon served as a springboard for news in the crypto industry, including the launch of OpenLibra. The project is a permissionless and…
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StormX was the company allegedly extorted by Alchemist CEO Steven Nerayoff
Alchemist CEO Steven Nerayoff allegedly extorted an unrevealed Seattle company for over $10 million in Ethereum. Only one company fits the bill—StormX. Old-fashioned extortion Steven Nerayoff, CEO of Alchemist, LLC blockchain consultancy, was charged with extortion. Nerayoff was a technology entrepreneur with an impressive track record. His consultancy advertises that they have invested or advised…
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$160+ million Ethereum could flood the market from Plus Token Ponzi
History’s third largest Ponzi, Plus Token, took in nearly 10 million Ethereum—worth $1.9 billion—from over 800,000 victims, according to analysis conducted by Elementus. These coins have the potential to flood the ETH market should the perpetrators cash out. Background on the Plus Token Wallet Ponzi Plus Token Wallet, a mobile app promoted across China, South…
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Crypto Twitter ‘giveaway’ scams return with a vengeance, but what’s Jack Dorsey doing about it?
The latest wave of giveaway scams has returned to Twitter and new suckers are entering the cryptocurrency sphere. Now, every meaningful crypto celebrity has their own botnet scamarazzi. The golden age of giveaway scams Giveaway scams have existed for as long as crypto has been talked about on Twitter. These scams promise instant returns to…
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Bitcoin could be dumped in the billions from history’s third largest Ponzi
The third largest Ponzi scam in history, Plus Token Wallet, allegedly scammed investors out of $3 billion in cryptocurrency. Over $2.1 billion of this is in Bitcoin. As the perpetrators make their exit these coins could flood the market and tank prices. Background on Plus Token Plus Token Wallet was a mobile application promoted across…
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Huge $3B Crypto Ponzi Scheme Sell-Off Reportedly Affecting Bitcoin Price
The cryptocurrency markets are currently seeing a significant downturn. Amid this, it would now appear that a massive $3 billion crypto Ponzi scheme is crashing Bitcoin prices. This comes as this Chinese Ponzi scheme is reportedly staging a major sell-off. $3 billion crypto Ponzi scheme depressing the markets? This sell-off was first brought into the…
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Alleged Bitcoin Ponzi scheme Plus Token could be liquidating billions of dollars in stolen crypto, says VC
Allegedly collapsed China-based Ponzi scheme Plus Token may be liquidating on exchanges portions of a reported $3.5 billion cache of stolen cryptocurrency, according to venture capitalist Dovey Wan, who is now appealing to the crypto ecosystem to spread awareness of the “critical” matter “before it’s too late”. If everybody can help RT this and @…
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EtherDelta allegedly used in exit scam in China, authorities investigating
Evidence shows EtherDelta was sold to new owners in China and used in an exit scam. Chinese authorities are allegedly taking legal action against the decentralized exchange, according to documents provided by Dovey Wan, a founding partner at Primitive Ventures. Wan pointed out that the group of Chinese investors who bought EtherDelta from Zack Coburn…