As crypto investments surge, so do scams, with fraudsters exploiting people’s hopes for quick profits.
In South Korea, a recent bust revealed a major $232 million scam targeting over 15,000 victims, primarily middle-aged individuals.
The Gyeonggi Provincial Police arrested 215 people linked to the fraud, including a prominent YouTuber with a 620,000-strong following.
This group allegedly ran a fake investment consultancy from late 2021 to early 2023, luring victims with ads promising up to 20x returns. Victims were even urged to sell assets like their homes to invest.
The scammers promoted 28 low-volume tokens, six of which they had created, manipulating prices to appear profitable. After investor losses, they collected sensitive information under the guise of “compensation” promises, using it to take out loans in their names.
The ringleader, known as Mr. A, fled to Australia but was caught on November 13. Police urge caution against “get-rich-quick” schemes as they investigate further.
The U.S. Department of Justice has officially ended its investigation into Kraken co-founder Jesse Powell, according to a Fortune report.
Indian crypto exchange CoinDCX has confirmed a $44 million security breach involving one of its internal liquidity accounts.
The United Kingdom’s Home Office is preparing to liquidate a massive cache of seized cryptocurrency—at least $7 billion worth of Bitcoin—according to a new report by The Telegraph.
A former National Crime Agency (NCA) officer has been sentenced to five years and six months in prison after stealing 50 BTC—now worth over £4.4 million—from a criminal investigation he was helping to lead.