Fifteen Alleged Operators of $8 Million Crypto Scam Arrested in Taiwan

Police in New Taipei, Taiwan, have arrested fifteen suspects for allegedly running a cryptocurrency scam that earned them millions of dollars, English-language local media Focus Taiwan reports on Jan. 26. According to the article, the chief of the Criminal Investigation Bureau (CIB) Li Chi-hsun said at a press conference that the fifteen suspects — including…

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Chatter Report: Antonopoulos Criticizes KYC, Kasireddy Claims Decentralization Not Always Better

Criticism is the overarching theme of today’s crypto chatter roundup. Andreas Antonopoulos vehemently opposes mandatory KYC to access banking services. Also, Preethi Kasireddy calls for cryptocurrency users to rethink decentralization. Also Read: Jimmy Song Uses Andreas Antonopoulos Model, Open Sources Forthcoming Book The Role of Documentation in Banking Mastering Bitcoin author Andreas Antonopoulos recently released…

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Arizona Bitcoin Fraudster Gets Year and a Half in Jail

24 year old Joseph Kim of Phoenix, Arizona, has been sentenced to 15 months in prison for cryptocurrency-related fraud, according to the Illinois US Attorney’s Office. With friends like these Specifically, he has been convicted of stealing at least $600,000 in Bitcoin and Litecoin from an ex-employer and $545,000 from personal friends, making a total…

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Tech Firm Run By Doctors Turns To The Blockchain For Fighting Healthcare Fraud

When a psychiatrist makes a schizophrenia diagnosis, it can alter a patient’s life forever. Such a diagnosis is often accompanied by prescription drugs that alter the way the patient thinks. But imagine if that doctor were an impostor. That’s exactly what happened in 2015–2016, when Scott Redman stole the identity of a physician and treated…

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Celebrity ICO Endorsers Face Legal Blowback Over Alleged Fraud

Boxing superstar Floyd Mayweather and rap producer DJ Khaled face a legal battle for serving as celebrity endorsers to an initial coin offering (ICO) accused of fraud. The founders of the allegedly fraudulent ICO were arrested by American criminal authorities back in April. Also Read: The Daily: Goldman Sachs Invests in Wallet, Institutional Traders Borrow…

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Scam Victim Loses Claim Against Canadian Bitcoin ATM Firm

A woman suing for 62,500 Canadian dollars ($48,125) sent to a phone scammer over a bitcoin ATM has lost her court case, local media reported. On Friday, Charlottetown Provincial Court chief judge Nancy Orr ruled that the fiat money deposited by the woman into the teller machine belonged to Instacoin ATM Canada Inc., owners of…

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SEC Charges 1Broker With Securities Fraud as FBI Seizes Domain

Government agencies are cracking down on companies who are involved in cryptocurrency. In virtually every case, that is a direct result of said companies not following the necessary guidelines in terms of registered with the proper agencies and filling out the necessary paperwork. 1Broker, the popular Bitcoin futures firm, has had its domain shut down…

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Coinnest CEO Accused Of Taking 1 Billion Won Bribe

Top executives of the prominent crypto exchange face bribery charges over “unfair” coin listing. CEO Kim Ik-hwan and COO Cho of Coinnest, one of the largest crypto exchanges in South Korea, have been indicted for accepting a bribe in return for listing an unexamined and fragile cryptocurrency called S Coin, the local media outlet Korea…

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Ex-CEO of Riot Blockchain Embroiled in Unrelated Multimillion-Dollar Fraud Case

The CEO of Riot Blockchain, John O’Rourke has tendered his resignation after the SEC charged him and others with a multimillion-dollar case of unrelated fraud. It’s clear that as blockchain technology continues to break new ground, more businesses want a piece of the action. In fact, a previous trend involved changing your business name to have…

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An Old Grifter Learns New Tricks: Oil Exploration Company Receives Rebuke For Its ICO

The SEC has issued a cease and desist order to Tomahawk Exploration for launching an allegedly fraudulent token sale and for failing to register securities. The Securities and Exchange Commission (SEC) announced it has issued a cease and desist order to Tomahawk Exploration and its principal David Laurance. The order bars the company from continuing to…

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Upbit Cleared Of Fraud After Police Raid Says Dunamu

In May, South Korea’s second largest cryptocurrency exchange, Upbit, played host to a squad of policemen for allegations bordering on fraud and also insolvency. Now, Upbit’s parent company and subsidiary of Korean internet giant Kakao, Dunamu, is refuting that claim, saying that the exchange is in the clear after a comprehensive audit of its records. Official Statement…

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Cryptocurrency Theft Triggers $224M Lawsuit Against AT&T

US investor Michael Terpin filed a lawsuit against telecommunications company AT&T, claiming that the latter was negligent when he was stolen $24 million worth of cryptocurrency from his personal accounts. Michael Terpin, a US entrepreneur and crypto trader, filed on Wednesday a $224 million lawsuit against telecoms giant AT&T, claiming that the company was engaged…

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Belize’s IFSC Issues Five Warnings Against Unlicensed Entities

The International Financial Services Commission of Belize (IFSC)  issued five warnings against unlicenced entities on Thursday. The companies in question are Sigma-market, B.O Tradefinancials Ltd, FONDA BRANCH, Ultimate Trade Option Ltd. and Height-Option Broker. According to the collection of warnings from the regulator, all companies are unlicensed in Belize and are therefore not permitted to provide,…

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New US Gov’t Task Force Highlights Digital Currency Fraud for ‘Particular Attention’

Digital currency fraud will form one of the areas of “particular attention” for a new U.S. anti-crime task force with participation from several government bodies, according to an executive order issued July 11. The Task Force on Market Integrity and Consumer Fraud, which will have the U.S. deputy attorney general as its chair and associate…

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Fake CySEC Representatives Scam Investors

The Cyprus Securities and Exchange Commission (CySEC) has warned consumers today that it has become aware of a scam, where individuals or entities are illegally impersonating the regulator. The most recent case that has come to the attention of CySEC is a person claiming to be Fabir Mayer. According to the statement, Mr Mayer tries…

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8 Suspects Arrested over US$49.5 Million Bitcoin Fraud in Northern Taiwan

The Ministry of Justice’s Investigation Bureau revealed that eight suspected people were detained on June 13 in Taichung and Taipei of a fraudulent deal amounting NT$1.5 billion (US$49.5 million), according to Phuket news and Taiwan news. The purported fraud was a Bitcoin investment scheme that promised many investors bullish yields but gave them peanuts in…

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DOJ Investigating BitCOiN

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US Congressman Says ICO Market Needs ‘Light Touch’ Regulation to Provide Certainty

U.S. Representative Warren Davidson (R-Ohio) said the initial coin offering (ICO) market needs “light touch” regulation on CNBC's Squawk Box today, June 21. When asked about cryptocurrency regulation, Davidson argued that the “big thing” the market needs is a “light touch regulatory framework” which, according to the congressman, would provide more certainty. Davidson stressed the…

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Author Niall Ferguson: I Wish I Had a Bitcoin for Every 'Phony' ICO White Paper Received

Niall Ferguson, author of ‘The Ascent of Money: A Financial History of the World’, has spoken out against initial coin offerings (ICO) because of the associated potential for fraud and scams.  Rooting out Bad Actors in ICO Market Ferguson’s comments were said at a seminar recently held by the Bank of England, where he shared…

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Cryptocurrencies Can Now be Monitored by FIUs, New EU Directive Says

On Tuesday the European Union published its Fifth Anti-Money Laundering Directive (Directive (EU) 2018/843), aiming to both detect and investigate money laundering and prevent it from occurring.  The new directive, amending the prior Directive (EU) 2015/849, was passed by the European Parliament and the European Council and published in Official Journal L156 of the European…

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