Americans are being defrauded by “pig butchering” cryptocurrency investment scams, with criminals utilizing social media to cheat thousands of people into losing hundreds of millions of dollars, according to U.S. authorities. “Pig butchering” involves scammers tricking a victim, referred to as a “pig,” into investing money in cryptocurrencies by promising a high rate of return….
Authorities Warn of ‘Pig Butchering’ Cryptocurrency Scam
December 28, 2022
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FTX Bankruptcy: $740 Million in Cryptocurrency Assets Recovered
November 24, 2022
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BitGo, the firm tasked with locking down the crypto assets of bankrupt crypto exchange firm FTX, has recovered $740 million worth of assets so far, revealed a recent court filing. FTX debtors are in the process of locating and securing the company’s digital assets. As part of this, the debtors hired BitGo as the custodian…
FTX Founder’s Parents Bought Home in Bahamas Using Company Money
November 23, 2022
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The parents of FTX founder Sam Bankman-Fried and other senior executives at the bankrupt crypto exchange had purchased properties worth millions of dollars in the Bahamas using funds from the firm. In total, Bankman-Fried’s parents and FTX execs purchased at least 19 properties in the Bahamas during the past two years that are collectively valued…
Crypto Executive Compares Sam Bankman-Fried to Ponzi Conman Bernie Madoff
November 18, 2022
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Crypto exchange Binance’s chief strategy officer Patrick Hillmann has compared Sam Bankman-Fried, CEO of the bankrupt crypto exchange FTX, to the infamous Ponzi scheme mastermind Bernie Madoff. In an interview with CNBC, Hillmann said that venture capitalists were attracted to Bankman-Fried’s persona and appearance of credibility. Bankman-Fried is either like Elizabeth Holmes, founder of the…
Charlie Munger Blasts Crypto as ‘Partly Fraud and Partly Delusion’ After FTX Meltdown
November 16, 2022
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Charlie Munger, vice chairman of Berkshire Hathaway, has issued scathing comments on the crypto industry after one of the globally leading exchanges FTX collapsed last week. “It’s partly fraud and partly delusion,” Munger said on CNBC Tuesday. “That’s a bad combination. I don’t like either fraud or delusion. And the delusion may be more extreme than…
SEC Charges 11 People in $300 Million Global Crypto Pyramid Fraud
August 2, 2022
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The U.S. Securities and Exchange Commission (SEC) has charged 11 individuals for creating a crypto pyramid and Ponzi scheme that raked in over $300 million from millions of global investors, including those from the United States. In January 2020, Mikhail Sergeev, Sergey Maslakov, and “Jane Doe,” also known as Lola Ferrari, launched the website Forsage.io,…
How to Avoid ‘Rug Pulls,’ the Latest Cryptocurrency Scam
May 13, 2022
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A new type of scam has emerged in the hype-filled world of cryptocurrency: the “rug pull.” The scam, which gets its name from the expression “pulling the rug out,” involves a developer attracting investors to a new cryptocurrency project, then pulling out before the project is built, leaving investors with a worthless currency. It’s part…
Trader’s Guide on How to Choose Tokens for Investments: Security as a Key Factor
Today there are almost 10K tokens circulating in the crypto space, according to CoinMarketCap. How to choose the tokens to invest in among this myriad of options. In this article, you will find some advice on how to minimize the risks of losing assets when investing in crypto. It is not about how to make…
Elon Musk and Dogecoin Co-Creator Say Twitter Needs to Take Urgent Action Against Crypto Scams
Tesla Inc. CEO Elon Musk has agreed to a comment by Dogecoin co-creator Billy Markus that Twitter Inc. needs to curb cryptocurrency scam activity on its social media platform. What Happened Markus asked Twitter to take action on the “super irritating” cryptocurrency scams, to which Musk commented by saying, “Agreed. This has been broken for a…
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