All articles tagged with #cryptocurrency scam
Chen Zhi, a young Chinese-born entrepreneur and head of Prince Group in Cambodia, is accused by the US of running a massive cyber-fraud empire linked to over $14 billion in stolen cryptocurrency, involving scams, human trafficking, and money laundering, leading to international sanctions and his disappearance from public view.
Brooklyn prosecutors have seized nearly two dozen web domains associated with a cryptocurrency scam known as "pig butchering," which has defrauded victims in multiple states out of millions of dollars. Scammers lure victims into bogus cryptocurrency investments through online conversations, with victims in Brooklyn alone losing at least $5 million. The scammers use elaborate storylines to gain victims' trust, promising substantial returns on investments that ultimately vanish when victims attempt to withdraw funds. Authorities warn the public to be cautious of unsolicited investment opportunities and to avoid making cryptocurrency investments based on advice from strangers.
The DOJ has charged an Australian and two Americans with orchestrating a $1.9 billion cryptocurrency scam through the purported DeFi platform, HyperFund, by making false claims about investment returns from non-existent cryptocurrency mining operations. The trio faces charges including conspiracy to commit securities and wire fraud, and running an unlicensed money-transmitting business, with potential maximum sentences of five years in federal prison if convicted. This case reflects increased efforts by law enforcement to curb cryptocurrency scams, as over $1.7 billion in cryptocurrency was reported stolen in 2023, and recent incidents involving fake airdrops and scams targeting Solana holders.
Colorado pastor Eli Regalado and his wife are accused of pocketing $1.3 million from their followers after launching a cryptocurrency venture, INDXcoin, which state regulators say was essentially worthless. The couple used around $1.3 million of the investment funds for personal expenses, including a Range Rover, jewelry, cosmetic dentistry, vacations, and home renovations. Regalado admitted to profiting from the venture in a video statement and claimed that God led him to start the crypto venture. The Colorado Division of Securities filed civil fraud charges against the pastor and his wife, accusing them of violations of the state’s Securities Act.
Colorado pastor Eli Regalado and his wife Kaitlyn have been charged with violating anti-fraud provisions after stealing $1.3 million in crypto from 300 individuals in local Christian communities. Claiming that the "Lord told them" to invest in INDXcoin, the couple allegedly made outlandish promises of wealth and launched an exchange that ultimately failed. Despite facing charges, the pastor maintains that the money was used as directed by the Lord, with half a million going to the IRS and hundreds of thousands for a home remodel. The Colorado Securities Commission has deemed the crypto worthless, leaving investors with no exit.
A Colorado pastor and his wife are being sued for allegedly defrauding investors of $1.3 million through their cryptocurrency business, INDXcoin, which was described as "illiquid and practically worthless" by the Colorado Securities Commissioner. The pastor admitted to pocketing the money, claiming that part of it was used for a biblically ordained home remodel. The couple assured investors that the cryptocurrency was "safer than other currencies" and promised significant returns, but eventually shut down their operations due to lack of liquidity. They allegedly used investor funds for luxury items and personal expenses, and their bank accounts have been frozen while the case continues.
Denver pastor and his wife admitted to pocketing $1.3 million from customers in an alleged cryptocurrency scheme targeted at Christians, with the couple creating, marketing, and selling a cryptocurrency called "INDXcoin" through the "Kingdom Wealth Exchange." The couple used the money for personal expenses, including luxury items and vacations, despite promising to "tithe" and "sow" in causes that helped widows and orphans. The Colorado Securities Commissioner filed civil fraud charges against the pastor and others involved in the $3.2 million scam.
Pastor Eligio Regalado and his wife are facing civil fraud charges for selling a cryptocurrency, INDXcoin, that regulators deemed "practically worthless," allegedly raising $3.2 million from over 300 investors in Denver's Christian community. Regalado claimed that he was following God's instructions, but acknowledged the possibility of "mishearing" and admitted to having no prior experience in trading cryptocurrencies. The couple allegedly used the funds to support a lavish lifestyle, and the Colorado Securities Commissioner accused them of taking advantage of their Christian community's trust.
Denver internet pastor Eli Regalado and his wife swindled over $3 million from hundreds of people through a crypto scam, spending the money on home renovations, a Range Rover, jewelry, and luxury handbags. Regalado, who used biblical language to lure investors, defended his actions in a video, claiming that the misappropriation of funds was directed by the Lord. The state of Colorado is expected to seize remaining funds and return them to investors, while Regalado remains optimistic, predicting a miracle in the financial sector.
Home Improvement star Zachery Ty Bryan scammed several people into investing in a crypto company, owing them around $50,000. Bryan sold tokens privately despite Producers Market previously deciding not to go forward with such a sale. He even convinced a college student to transfer him $5,000. Bryan has also received several DUIs, admits to having an alcohol problem, and has been hit with a lawsuit by a man who claims Bryan failed to return a $60,000 investment he made in a film Bryan was producing.
Reginald Fowler, a former part owner of the Minnesota Vikings, has been sentenced to over six years in prison for defrauding the Alliance of American Football in a $700 million cryptocurrency scam. Fowler lied to the league's executives about controlling bank accounts with tens of millions of dollars from real estate investments and government contracts that he could use to support the league. He was ordered to forfeit $740 million and pay restitution of $53 million. Fowler broke the law by processing hundreds of millions of dollars of unregulated transactions on behalf of cryptocurrency exchanges that were used as a shadow bank.
Reginald Fowler, a former part owner of the Minnesota Vikings, has been sentenced to over six years in prison for defrauding the Alliance of American Football in a $700 million cryptocurrency scam. Fowler lied to the league's executives about controlling bank accounts with tens of millions of dollars from real estate investments and government contracts that he could use to support the league. He was ordered to forfeit $740 million and pay restitution of $53 million.
Linus Tech Tips, the biggest channel for PC content on YouTube, was hacked and deleted, with cryptocurrency scam streams replacing three channels worth of content. The hackers did not go after Linus' passwords but instead went after their whole browser profile. The hack could have been easily avoided if the team had better processes in place. Linus urged Google to improve communication and security options around these issues. The channels have been restored to their original state.
Hackers gained control of Linus Tech Tips and Tech Quickie YouTube channels to promote a fake cryptocurrency giveaway using Elon Musk's name. The Linus Tech Tips team quickly regained control of the channel and removed all links to the scam. The channel has since disappeared from YouTube, but it is expected to return in the future. The hackers' poor grammar suggests they are foreign scammers, and the real Elon Musk and Tesla have nothing to do with the scam.