Category Archives: Scam

Scammers Hijack Verified Twitter Account To Steal Crypto By Posing As Telegram CEO

The founder and CEO of Telegram and its TON Initial Coin Offering (ICO) Pavel Durov tweeted a warning on Saturday, Apr 28, telling his followers that the messaging app is experiencing downtime due to its server clusters overheating. Durov’s tweet drew the attention of fake crypto giveaway scammers who have claimed, posing as Telegram’s CEO, to offer crypto to users as a “thank you for [their] support.” Continue reading Scammers Hijack Verified Twitter Account To Steal Crypto By Posing As Telegram CEO

Vietnam Toughens Measures On Crypto Amid Suspicion Of Biggest Scam In Industry History

Vietnamese Prime Minister Nguyen Xuan Phuc has urged government and financial bodies to toughen the “management of activities related to Bitcoin and other cryptocurrencies,” in a government directive issued Friday, April 13, following reports of a major ICO scam in the country this week. Continue reading Vietnam Toughens Measures On Crypto Amid Suspicion Of Biggest Scam In Industry History

Tennessee Warns Consumers About Steven Seagal-Backed ‘Bitcoiin’

The Tennessee Department of Commerce & Insurance (TDCI) Securities Division has issued a warning Thursday, March 22 to Tennessee consumers about the cryptocurrency Bitcoiin or Bitcoiin2Gen, known for being endorsed and promoted by celebrity Steven Seagal. Continue reading Tennessee Warns Consumers About Steven Seagal-Backed ‘Bitcoiin’

Brazilian Prison System Officials Caught in $22.4 Million Bitcoin Fraud

According to Brazilian news outlet Agência Brasil, authorities in Rio de Janeiro recently uncovered a money laundering scheme in which state officials misstate the budget spent on food for state-run prisons. Bitcoin was reportedly used to exchange some of the scheme’s proceeds, which totaled roughly $22.4 million. After the scheme was discovered, search warrants were issued to 28 different sites, with seven people having been arrested so far. Among those arrested are Rio de Janeiro’s former state secretary of Prison Administration, coronel Cesar Rubens Monteiro, and delegate Marcelo Martins, director of the Department of Specialized Police of the Civil Police. Continue reading Brazilian Prison System Officials Caught in $22.4 Million Bitcoin Fraud

South Africans Lose Over $50 Million by Investing in BTC Global

From fake Twitter accounts claiming to send free Ether and Bitcoin to imposters sending fake emails to ICO investors, cryptocurrency scams are increasing at an alarming rate. Even Apple’s co-founder, Steve Wozniak, lost seven Bitcoins to an online fraud. The latest company to join the growing list of scammers is BTC Global. The binary options trading platform reportedly pocketed more than $50 million Bitcoins from people in South Africa, America, Australia and others.

More than 27,500 people filed complaints against the company to South Africa’s Directorate for Priority Crime Investigation, usually known as the ‘Hawks‘. According to spokesperson Captain Lloyd Ramovha, “I have spoken to one of the investigators in our team and he has confirmed that this matter came to them about two weeks ago. There are in excess of 27‚500 complainants with many outside South Africa. The amount is over $50-million and could rise as more victims come forward.”

BTC Global was launched in Sep. 25, 2017 by ‘famous’ trader Steven Twain. His success in binary options trading led people to believe that the platform was trustworthy. However, the set-up was criticized and called out for being a scam ever since it was released. Reviews questioned the “unmatched returns” offered by the company.

BTC Global first allowed people to purchase BTC from the platform, followed by an advise to invest in their company to get 2% to 14% returns weekly. Victims told South African newspaper Times LIVE that their investments varied from $1,341.92 (R16,000) to $0.1 million (R1.4 million).

Reference: https://www.ccn.com/scam-alert-south-africans-lose-50-million-investing-btc-global/