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FBI Adds OneCoin Founder Ruja Ignatova ‘Crypto Queen’ to Its Top 10 Most Wanted List

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OneCoin founder Ruja Ignatova, also referred to as “Cryptoqueen,” was added to the listing of the FBI’s Ten Most Needed Fugitives for her function in allegedly defrauding traders of greater than $4 billion.

This motion was taken by the FBI in New York, together with the US Lawyer’s Workplace within the Southern District of New York and the IRS Prison Investigation Newark Discipline Workplace. The Federal Bureau of Investigation additionally supplied a reward of as much as $100,000 for data that might result in her seize.

Indicted by a federal grand jury in October 2017, a warrant for Ignatova’s arrest was issued by the US District Court docket for the Southern District of New York at the moment. Ignatova was charged with one depend of conspiracy to commit wire fraud, one depend of wire fraud, one depend of conspiracy to commit cash laundering, one depend of securities fraud, and one depend of conspiracy to commit securities fraud in a superseding indictment that was handed down in February of 2018.

In response to investigators, Ignatova is suspected of being concerned in a fraudulent operation of serious scope. It’s believed that Ignatova and others started defrauding traders round 2014. The amount of cash concerned is estimated to be within the billions of {dollars}.

She was the brains behind the mission that might later turn into often known as OneCoin Ltd., situated in Bulgaria, and promoted a product that claimed to be a cryptocurrency. Allegedly, to place the plan into movement, Ignatova engaged in misleading conduct towards individuals by making false claims and representations to them about OneCoin funding alternatives. 

Ignatova reportedly urged victims to maneuver funding quantities to OneCoin accounts to accumulate OneCoin packages, leading to victims sending wire transfers reflecting their investments. She is accused of partaking on this fraudulent exercise. All through the conspiracy, it’s suspected that victims misplaced greater than $4 billion as a result of fraud dedicated by OneCoin. Ignatova was OneCoin’s high chief till October 2017, when she stepped down.

In March 2019, Ignatova was arrested within the USA for allegedly working a pyramid scheme. In Could of the identical yr, the OneCoin founder was sued by a former investor over an alleged multi-billion greenback fraud.

In Could 2022, the OneCoin founder was declared wished in Europe by the Worldwide Prison Police Group (Interpol) for fraud and cash laundering.



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Crypto scam revenue dips while hacks and stolen funds increase

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Chainalysis’s mid-year report signifies that cryptocurrency scams have decreased whereas hacks and stolen funds have elevated.

Chainalysis, one of many main analytics corporations within the crypto house, has revealed its midyear report. The midyear report highlighted a number of the tendencies throughout the crypto house from January to June 2022.

In keeping with Chainalysis, buying and selling quantity for illicit actions within the first half of the 12 months was 15%, down from the 36% recorded throughout the identical interval final 12 months. The staff stated;

“General, felony exercise seems to be extra resilient within the face of worth declines: Illicit volumes are down simply 15% 12 months over 12 months, in comparison with 36% for official volumes. Nonetheless, the combination information doesn’t inform the entire story. If we dig into particular types of cryptocurrency-based crime, we discover that some have really elevated in 2022, whereas others have declined greater than the market total.”

Rip-off income for the primary half of the 12 months is 65% decrease in comparison with the identical interval final 12 months. Whole rip-off income for 2022 at the moment sits at $1.6 billion, Chainalysis added. 

The analytics agency proposed that the decline in rip-off income could be linked to cost declines since Bitcoin and the opposite cryptocurrencies have dipped by greater than 50% because the begin of the 12 months. 

Chainalysis added that the variety of transfers to scams at this level within the 12 months can also be the bottom seen in 4 years. The agency stated the rip-off income might be down as a result of inexperienced customers are usually not too prevalent out there now that the costs of most cash are down.

Regardless of the decline in scams, Chainalysis famous that hacks and stolen funds within the crypto house have elevated because the begin of the 12 months. 

By way of July 2022, $1.9 billion value of cryptocurrency has been stolen in hacks of companies, in comparison with slightly below $1.2 billion on the similar level in 2021. Chainalysis stated it doesn’t see this pattern reversing anytime quickly. 

The $190 million hack of cross-chain bridge Nomad and the $5 million hack of a number of Solana wallets already occurring within the first week of August present that we would see extra hacks and stolen funds this 12 months.

Chainalysis wrote that;

“Moreover, we shouldn’t anticipate theft to drop based mostly on cryptocurrency market actions the way in which scamming does — so long as crypto belongings held in DeFi protocol swimming pools and different companies have worth and are susceptible, unhealthy actors will attempt to steal them. The one approach to cease them is for the trade to shore up safety and educate shoppers on the right way to discover protected initiatives to put money into. Regulation enforcement, in the meantime, should proceed creating their capacity to grab stolen cryptocurrency to the purpose that hacks are not worthwhile.”



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Curve Finance resolves a Domain Name Service spoofing hack

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Curve Finance efficiently resolved a hack after experiencing an exploit just a few hours in the past.

The Curve Finance crew reported that it had resolved a hack it suffered on Tuesday, August ninth. 

The hack was found after a Paradigm researcher notified the neighborhood that Curve’s entrance finish had been compromised.

Following this notification, the Curve crew was capable of establish and revert the hack in a assertion issued on Twitter just a few hours in the past. The Curve Finance crew stated;

“The difficulty has been discovered and reverted. You probably have accredited any contracts on Curve prior to now few hours, please revoke them instantly. Please use http://curve.change for now till the propagation for http://curve.fi reverts to regular”

The Curve crew requested its neighborhood members to revoke any contract approvals on its platform.

The attacker utilised a Area Title Service (DNS) spoofing hack, cloned the Curve web site and redirected the DNS  level to their IP tackle. The hacker went on so as to add approval requests to a malicious contract to steal the funds. 

Following this assault, customers who had linked to Curve with their MetaMask wallets have been susceptible to shedding their funds to the hacker. 

ZachXBT, an nameless on-chain investigator, revealed that the attacker took roughly $570,000. The attacker tried shifting the funds through FixedFloat, a totally automated cryptocurrency change on the Bitcoin Lightning Community. 

Nonetheless, the cryptocurrency change froze the transaction and recovered roughly $200,000 of the stolen funds.

TCPShield founder Steven Ferguson stated;

“This didn’t seem like a hijack on the registrar stage, however somewhat techniques at @iwantmyname compromised themselves.” 

TCPShield is a Distributed Denial-of-Service (DDoS) safety platform.

Curve Finance is likely one of the main decentralised exchanges on the earth, with a complete worth locked (TVL) of over $6 billion. 

DeFi protocols proceed to be the main focus of hackers in current months, with main assaults unfold throughout varied blockchains, together with Solana, Ethereum and BNB Chain.





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CommerceBlock CEO slams US Treasury Department’s crackdown on Tornado Cash, says it ‘makes little sense’

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The U.S. Division of Treasury made Ethereum-based mixer Torando Money (TORN)the primary good contract to get sanctioned by the U.S. authorities by banning it on Aug. 8 to stop North Korean criminals from laundering cash.

CommerceBlock’s privateness pioneer CEO Nicholas Gregory commented on this resolution and informed CryptoSlate that it’s pointless on the subject of combating cybercrime.

He stated:

“The U.S. authorities determined that the North Korean criminals are utilizing this [Tornado Cash] good contract, and they also concluded that it’s legitimate to ban. Even when it’s the case, the criminals will do what criminals do.”

He continued:

“The ban on Twister Money makes little sense, as a result of ultimately, nobody can forestall individuals from utilizing different mixer good contracts, or forking the prevailing ones. It neither hinders cybercrime, nor privateness.

What if somebody outdoors the U.S. mixes their funds by means of Twister after which places them up on Uniswap. Then I’m going in and in some way get these ‘soiled’ tokens from Uniswap. Did I break the U.S. legislation now?”

The U.S. Division of Treasury introduced the ban by posting an inventory of 39 Ethereum and 6 USDC addresses related to Twister Money. The Workplace of Overseas Asset Management (OFAC) additionally added the 45 addresses to its Specifically Designated Nationals and Blocked Individuals (SDN) listing. The ban applies to all Americans and corporations.

Issues over liberty

Analysis firm CoinCenter additionally released a press release on the Twister Money ban and expressed their issues over the freedom violations in the direction of U.S. residents.

The assertion argued that this sanction is just not in the direction of one particular person or entity however a impartial know-how. It may be used for good and evil like every other know-how. The assertion stated that this sanction targets:

“all People who could want to use this automated instrument so as to defend their very own privateness whereas transacting on-line who’re having their liberty curtailed with out the advantage of any due course of.”

Alternatively, Gregory talked about that this resolution makes little sense as a result of it doesn’t forestall crime or totally hinder privateness. He stated:

“The ban on Twister Money makes little sense, as a result of ultimately, nobody can forestall individuals from utilizing different mixer good contracts, or forking the prevailing ones. It neither hinders cybercrime, nor privateness.”

He continued to emphasise that this ban is crucial as a result of it’s the primary good contract that received banned by any authorities.

Cybercriminals and crypto mixers

Crypto mixers like Twister Money supply additional privateness to crypto customers who need to switch their funds. In its easiest sense, mixer protocols gather funds, combine them and ship them to their respective receiving pockets addresses. It turns into inconceivable to match the sending addresses with the receiving ones.

Whereas enhanced privateness is all the time appreciated, this characteristic additionally attracts cybercriminals. A current research by Chainalysis revealed that crypto mixer utilization reached an all-time excessive of $51.8 million in July 2022.

Up to now, Twister Money has been some of the common selections amongst hackers. Attackers of Axie Infinity’s Ronin Bridge, North Korea’s Lazarus Group, in addition to Inverse Finance‘s, Beanstalk‘s, and Deus DAO‘s attackers have been related to the Twister Money.

North Koreans

Chainalysis’ report additionally exhibits that legal organizations with recognized affiliations to North Korea laundered round $600 million solely within the second quarter of 2022 utilizing crypto mixers.

A spokesperson from the Treasury Division informed Coindesk that the division has been working with the FBI to research the Lazarus Group in April 2022. The spokesperson additionally hinted on the upcoming sanctions, which could have included the mixer Twister Money.

The spokesperson stated:

“[the Lazarus Group actors] danger publicity to US sanctions. This demonstrates Treasury’s dedication to make use of all accessible authorities to disrupt malicious cyber actors and block ill-gotten legal proceeds.”

The spokesperson added:

“There could also be obligatory secondary sanctions necessities on individuals who knowingly, straight or not directly, have interaction in cash laundering, the counterfeiting of products or foreign money, bulk money smuggling, or narcotics trafficking that helps the Authorities of North Korea or any senior official or particular person performing for or on behalf of that Authorities.”





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