Tag Archives: Fraud

Shell-Shocked HitBTC Users Shout ‘Fraud’ in Response to Severe KYC

HitBTC users are being asked to provide excessive detail about the derivation of their funds, according to multiple sources. Even Bitcoin developer Luke-Jr was forced to undergo KYC in order to withdraw funds. The famous small-blocker reportedly had chosen the exchange for its perceived lack of know-your-customer compliance. Continue reading Shell-Shocked HitBTC Users Shout ‘Fraud’ in Response to Severe KYC

Florida CFO works to protect against cryptocurrency fraud

State leaders are calling Florida’s fraud problem an epidemic. One state leader just launched a new initiative to protect you, your identity and your money online.

Florida’s Chief Financial Officer, Jimmy Patronis, has started a website to protect consumers from cryptocurrency scams. It’s part of the state’s brand new initiative called Fraud Free Florida.

“With crypto currency, we saw many many situations where there’s a lot of fraud going on there,” said Eric Bretan, a former investment banker who now runs an Estate Jewelry business in Punta Gorda. Bretan believes this new website could be a valuable tool for anyone who’s hacked while exchanging this digital currency.

“Either the owner of the exchange steals all the cryptocurrency or someone hacks into that particular exchange and steals all the cryptocurrency and there’s really no way to get it back,” Bretan said. “They’re doing this from Russia. They’re doing this from China. And they’re doing it from North Korea and there’s absolutely no way of getting it back.”

During his time as an investment banker, Bretan steered his clients away from investing in cryptocurrencies altogether, calling them complete luck.

Reference: https://www.abc-7.com/story/40074762/florida-cfo-works-to-protect-against-cryptocurrency-fraud

These ‘Biometric Blockchain ATMs’ Scan Your Face to Fight Dark Web Card Fraud

Cutting-edge blockchain ATM prototypes are being rolled out in Saudi Arabia with a unique take on granting users access to funds. The ATMs use biometric scanners to scan the face of each account holder as part of a five-factor authentication process secured by a blockchain app being used by the largest ATM provider in the Middle East. Continue reading These ‘Biometric Blockchain ATMs’ Scan Your Face to Fight Dark Web Card Fraud

Bitcoin Private Denies Fraud Allegations and Calls for Halt to BTCP Trading

Bitcoin Private has confirmed the allegations made by CoinMetrics, reported by CCN yesterday. Calling them “mathemetically accurate,” the development team says that no one on their team knows where the extra coins wound up. Again, CoinMetrics stated that at least 300,000 of them had already been moved through exchanges. Continue reading Bitcoin Private Denies Fraud Allegations and Calls for Halt to BTCP Trading