Category: Crypto Fraud

Mastermind of $147 Million Crypto ‘Scam of Epic Proportions’ Sentenced to 10 Years in US Prison

Mastermind of $147 Million Crypto ‘Scam of Epic Proportions’ Sentenced to 10 Years in US Prison

The mastermind of what the U.S. Department of Justice calls a scam of “epic proportions” has been sentenced to 10 years in prison. His crypto scheme collected over $147 million, duping 72,000 investors. He is also ordered to pay the U.S. Internal Revenue Service more than $1.8 million for tax evasion. Scam Involving Fake Cryptocurrency […]

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Lawsuit Filed to Stop a Global Cryptocurrency Scam Spreading in India

Lawsuit Filed to Stop a Global Cryptocurrency Scam Spreading in India

A class-action lawsuit has reportedly been filed against a cryptocurrency scam that has duped many Indian investors. The scam, promoted in three Indian languages, lures investors by promising up to 900% return on investments. The Delhi court has directed a notice to be placed in major newspapers, seeking victims of this scam to come forward. […]

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The CFTC Asks Court to Issue Fines in Excess of $100M Against Mastermind of a Fraudulent Crypto Scheme

The CFTC Asks Court to Issue Fines in Excess of $100M Against Mastermind of a Fraudulent Crypto Scheme

The Commodity Futures Trading Commission (CFTC) has filed a motion with the New York Southern District Court that seeks heavy penalties against Michael Ackerman, the mastermind of a fraudulent cryptocurrency scheme. According to the motion, the U.S. agency wants the court to order Ackerman to pay $27 million in restitution plus a civil penalty of […]

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Mastermind of a Cryptocurrency Scam Arrested in India

Mastermind of a Cryptocurrency Scam Arrested in India

An alleged mastermind of a cryptocurrency scam has been arrested in India after he fled the country to Dubai. Investors were duped into investing in a cryptocurrency linked to a crypto exchange he established. The scheme also promised investors a monthly return of 20%-30% on investments. Alleged Kingpin of Crypto Scam Arrested An alleged mastermind […]

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Production of $2.7 Million-per-Episode: South Korean Crypto-Related TV Drama Series Is Set to Start in 2021

Production of $2.7 Million-per-Episode: South Korean Crypto-Related TV Drama Series Is Set to Start in 2021

A major South Korean TV series with crypto and blockchain-related topics is set to launch its production stage at the beginning of 2021, directed by Gemstone Film, in collaboration with firms in China and the United States. South Korean Crypto-Related TV Drama Series ‘Pumping Time’ Is Set to Start in 2021 According to Financial News, […]

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Crypto Exchange Bitgrail Founder Accused by Italian Police of Faking Hacks That Led to Company’s Bankruptcy

Crypto Exchange Bitgrail Founder Accused by Italian Police of Faking Hacks That Led to Company’s Bankruptcy

Italian police accused a man who ran a cryptocurrency exchange of being responsible for a series of hacks that caused millions in losses as part of an alleged massive fraud scheme. Italian Authorities Accuse Bitgrail Owner of Faking Hacks That Led Exchange’s Bankruptcy According to Reuters, the 34-year-old from Florence known by his initials F.F. […]

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Mastermind of $25 Million Crypto Debit Card Scheme Sentenced to Prison

Mastermind of $25 Million Crypto Debit Card Scheme Sentenced to Prison

The mastermind behind a $25 million cryptocurrency debit card scheme has been sentenced to one year and one day in prison, in addition to three years of supervised release. The authorities have also seized his cryptocurrency. $25 Million Crypto Credit Card Scheme The U.S. Department of Justice (DOJ) announced Tuesday that Robert Joseph Farkas, also […]

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Man Jailed for Role in $25 Million Ponzi Scheme Involving a Failed Crypto

Man Jailed for Role in $25 Million Ponzi Scheme Involving a Failed Crypto

A South Florida federal district judge has sentenced Jose Angel Aman to 84 months in prison for his role in perpetrating a $25 million diamond Ponzi scheme. In addition, the judge ordered Aman to pay over $23 million in restitution to victims who invested in his diamond cutting business and the purported diamond-backed crypto token. […]

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Investigating the Downfall of Cred Inc.

Investigating the Downfall of Cred Inc.

Quick Take Online cryptocurrency lending platform, Cred, abruptly filed for chapter 11 bankruptcy protection in Delaware on November 7th, 2020. Initially known as Libra Credit, the company raised $26.4M with the LBA Token ICO in May 2018, only for the token to lose over 96% of its value since then.  There is a lot of […]

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Nigerian Authorities Put Mastermind of the Inksnation Crypto Scam on Wanted List

Nigerian Authorities Put Mastermind of the Inksnation Crypto Scam on Wanted List

Nigeria’s Economic and Financial Crimes Commission (EFCC) is seeking the public’s help in locating Omotade Sparks Amos Sewanu, the mastermind behind the Inksnation crypto scam. According to a notice published in the local media on November 11, the EFCC wants Sewanu to respond to fraud charges relating to Inksnation’s purported crypto token- Pinkoin. The Inksnation […]

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