cryptocrime
YouTuber and professional wrestler Logan Paul has filed a lawsuit over his failed NFT venture CryptoZoo. The suit targets YouTuber Stephen Findeisen, popularly known as Coffeezilla. Filed on June 27 in a San Antonio, Texas District Court, the lawsuit claims Findeisen circulated “false statements” and accused Paul of “operating a scam” involving the CryptoZoo project. Accusations and an undelivered gameLaunched in 2021, CryptoZoo was developed as a game. The idea was for players to buy “eggs,” which were NFTs, using the platform’s ZOO token. These eggs would “hatch” into animals which could be ...
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The US State Department has announced a $5 million (£3.9 million) reward for information leading to the arrest or conviction of Ruja Ignatova, the founder of OneCoin and self-proclaimed “Cryptoqueen”. Ignatova disappeared in Athens in 2017 after allegedly orchestrating one of the largest Ponzi schemes in history, defrauding investors of approximately $4 billion (£3.1 billion). Background of OneCoin scheme OneCoin operated through a network of promoters who solicited investments in return for tokens purported to be cryptocurrencies. OneCoin was not based on any blockchain technology, and Ignato...
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The Cardano (ADA) network encountered a distributed denial of service (DDoS) attack late on Tuesday. The perpetrators intended to steal assets staked on the blockchain. The attackers wanted to disrupt services by overwhelming the ADA network with massive spam transactions. Details show the incident began at block 10,487,530, where each transaction executed 194 smart contracts. The hacker spent 0.9 ADA for each transfer and filed blocks with immense transactions to overwhelm the blockchain. Nevertheless, the network faced no damage as developers successfully mitigated the incident. The Cardano ...
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The Federal Bureau of Investigation (FBI) has warned of a new cryptocurrency scam under the guise of legal recovery services. Cybercriminals are reportedly posing as law firms in this latest scheme. According to a recent alert, fraudsters are duping victims in the name of offering cryptocurrency recovery services to victims of investment scams. Such scams have reportedly led to losses worth over $9 million between February 2023 and February 2024 alone. Scammers claim to help victims of fraudPer the warning, the bad actors approach victims of scams, posing as lawyers. They employ various social...
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Alex Labs, a layer-2 developer for Bitcoin, was exploited for $4 million in May 2024. The team now believes the attack was orchestrated by the infamous North Korean Lazarus Group. According to details shared in a June 25 post, Alex Labs disclosed three wallet addresses used in the May 16 exploit. Lazarus group linked to exploitThe team revealed that it has collaborated with on-chain investigator ZachXBT. The investigation has unearthed evidence that links the attack to the Lazarus group. An address identified by ‘0x418e…0c4e’ was directly linked to the exploit. Funds from this address were sen...
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Jump Crypto CEO Kanav Kariya has resigned after holding the position for six years. Meanwhile, Kariya plans to focus on portfolio companies and reconnect with his relationships and interests. “As for what’s next, I plan to stay engaged with the portfolio companies I’ve been most involved with and hopefully take some time to process the unbelievably eventful few years we’ve had. It’s also a greatly welcome opportunity for me to catch up on relationships and reading that I had set on the back burner.” While not highlighted in his latest statement, Kariya resigned after the US CFTC clamped down o...
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The Open Network (TON) ecosystem has seen an alarming rise in phishing attacks. SlowMist founder Yu Xian says the Telegram-linked blockchain is “too free.” In a June 24 X post, Xian warned that scammers have increasingly targeted TON users. Telegram groups promote phishing linksAccording to Xian, the vulnerabilities are linked to scammers easily accessing message groups. As a result, it becomes easier for them to spread phishing links and scam bots. The scammers usually employ deceptive tactics like bogus airdrops to trick unsuspecting victims. Once a victim clicks these links or interacts wit...
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A local source revealed that Japan’s leading crypto exchange, bitFlyer, is negotiating to buy all shares of FTX’s Japanese subsidiary. Japan’s NHK news confirmed that the FTX firm is making adjustments as it prepare for business expansion and new acquisition. The deal, worth millions of dollars or billions of yen, will see bitFlyer management taking over FTX Japan. Nevertheless, the legal tangles and the mistrust among customers and investors likely challenge the deal. US regulators are closely watching the deal as it comes amidst FTX’s insolvency proceedings. bitFlyer will likely introduce ma...
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A Nigerian court in Abuja has dismissed the human rights suit filed against the Nigerian authorities by Nadeem Anjarwalla, a Binance executive. Anjarwalla, the regional Africa head for Binance, and Tigran Gambaryan, head of Binance’s Financial Crime Compliance, were detained on February 28 after meeting with Nigerian officials to settle regulatory disputes. Background of the caseThe crackdown on cryptocurrency exchanges by Nigerian authorities has intensified in recent years. The Central Bank of Nigeria has particularly focused on Binance, accusing the exchange of currency manipulation and ill...
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India’s Financial Intelligence Unit (FIU) has imposed a penalty of Rs 18.82 crore ($2.25 million) on Binance, the world’s largest cryptocurrency exchange, for violating local anti-money laundering (AML) regulations. Violations and penalties detailedThe FIU found Binance guilty of failing to comply with various sections of the Prevention of Money Laundering Act of 2002 (PMLA) and the PMLA Maintenance of Record Rules of 2005. These regulations aim to prevent money laundering activities and combat the financing of terrorism. Binance has been directed to ensure diligent compliance with these statu...
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