Tag

Cryptocurrency Fraud

All articles tagged with #cryptocurrency fraud

crime1 month ago•15 min saved

US Strike Force Cracks Down on Southeast Asian Scam Centers, Seizes Domains and Telegram Channel

The U.S. Department of Justice’s Scam Center Strike Force announced a coordinated international crackdown on Southeast Asia–based scam operations that defrauded Americans, including charges against two Chinese nationals tied to a Burma cryptocurrency fraud, the seizure of a Telegram channel used to recruit workers for forced-labor and law-enforcement impersonation schemes, and the takedown of over 500 fake investment websites. Authorities have restrained more than $700 million in cryptocurrency tied to money laundering and announced Treasury sanctions and State Department rewards as part of a broader government-wide effort to disrupt these networks and recover funds for victims.

via Department of Justice (.gov)|

#crime #cryptocurrency-fraud #human-trafficking

crime1 month ago•14 min saved

DOJ Strikes Back at Southeast Asian Scam Centers, Seizes 503 Domains and $700M in Crypto

The Department of Justice and partners announced coordinated actions against Southeast Asian scam centers, charging two Chinese nationals for crypto investment fraud in Burma, seizing a Telegram channel used to recruit workers for a Cambodia-based impersonation scam, and taking down over 503 fake investment websites. The Scam Center Strike Force has restrained more than $700 million in cryptocurrency linked to money laundering, with Treasury sanctions on Cambodian operators and State Department rewards tied to the Tai Chang centers. The actions illustrate a broad, interagency effort against cyber-enabled fraud and trafficking, part of an ongoing campaign launched in 2025 to disrupt transnational scam networks and recover funds for victims.

via Department of Justice (.gov)|

#crime #cryptocurrency-fraud #domain-seizures

business4 months ago•2 min saved

Rising Bitcoin ATM Scams Prompt FBI and Public Action

In 2025, scammers stole over $333 million through bitcoin ATM scams in the US, marking a significant increase from previous years, as the popularity of cryptocurrency continues to grow. Authorities are taking action, including lawsuits and calls for stricter regulations, to combat this rising crime.

via ABC News|

#atm-scams #bitcoin #business

business5 months ago•2 min saved

Caroline Ellison Transferred to Community Supervision Ahead of Early Release

Caroline Ellison, former CEO of Alameda Research and involved in the FTX fraud scheme, has been moved from federal prison to community confinement, with her projected release date moved up to February 2026, after serving about 11 months of her two-year sentence.

via Business Insider|

#alameda-research #business #caroline-ellison

world7 months ago•4 min saved

US and UK Crack Down on $15 Billion Crypto Scam Using Forced Labor

The U.S. has seized over $14 billion in bitcoin and charged Chen Zhi, founder of Cambodian conglomerate Prince Holding Group, with orchestrating a massive cryptocurrency scam involving forced labor, violence, and money laundering, highlighting the scale of Southeast Asia's scam economy and international efforts to combat it.

via AP News|

#cambodia #cryptocurrency-fraud #forced-labor

world7 months ago•8 min saved

US and UK Crack Down on Cambodian Crypto Scammers, Seize $15 Billion in Bitcoin

Chen Zhi, chairman of Prince Group, has been indicted in Brooklyn for operating forced labor compounds in Cambodia involved in cryptocurrency fraud schemes that stole billions globally, with the US seizing approximately $15 billion in cryptocurrency linked to the crimes, marking the largest forfeiture in Department of Justice history.

via Department of Justice (.gov)|

#chen-zhi #cryptocurrency-fraud #federal-indictment

crime7 months ago•9 min saved

U.S. Seizes $15 Billion in Crypto in Cambodian Forced-Labor Scam

Chen Zhi, chairman of Prince Group, has been indicted for operating forced-labor scam compounds in Cambodia involved in cryptocurrency fraud schemes, including 'pig butchering' scams that stole billions globally. The U.S. government has also seized approximately 127,271 bitcoin, worth around $15 billion, in connection with these schemes, marking the largest forfeiture in Department of Justice history. The case highlights extensive transnational criminal activity involving human trafficking, cyber fraud, and money laundering.

via Department of Justice (.gov)|

#chen-zhi #crime #cryptocurrency-fraud

business9 months ago•2 min saved

Crypto Founder Do Kwon Pleads Guilty to Fraud in $40 Billion Collapse

Do Kwon, the creator of the Luna and TerraUSD cryptocurrencies that collapsed in 2022 causing a $300 billion market crash, pleaded guilty to fraud charges in New York, admitting to misleading investors and facing potential up to 12 years in prison as part of a plea deal.

via The New York Times|

#business #crypto-market-crash #cryptocurrency-fraud

business11 months ago•2 min saved

US DOJ Seizes $225M in Crypto from Investment Scammers

The U.S. Department of Justice has seized $225.3 million in USDT linked to large-scale crypto investment scams involving a sophisticated money laundering network, marking the largest civil forfeiture of digital assets in U.S. history. Tether collaborated with authorities to combat fraud, and the seized funds will be used to compensate over 400 victims. The case highlights increasing crypto scams and efforts to improve compliance and security in digital assets.

via AMBCrypto|

#business #crypto-scam #cryptocurrency-fraud

cryptocurrency1 year ago•1 min saved

FTX Co-Founder Gary Wang Escapes Prison in Crypto Fraud Case

FTX co-founder Gary Wang received no prison sentence for his role in the cryptocurrency fraud involving FTX, after cooperating extensively with prosecutors against Sam Bankman-Fried. Wang, who served as FTX's chief technology officer, was praised for his cooperation, which helped expedite Bankman-Fried's extradition and conviction. Despite his involvement, Wang was deemed to have limited culpability and has been actively assisting in recovering funds for victims.

via The Guardian|

#cryptocurrency #cryptocurrency-fraud #ftx

cryptocurrency-fraud2 years ago•2 min saved

"Terraform Founder Do Kwon Found Liable in SEC's Crypto Fraud Trial"

A jury in Manhattan found Terraform Labs and its founder Do Kwon liable on civil fraud charges brought by the SEC, alleging that they misled investors about the stability of TerraUSD, a stablecoin, and falsely claimed that Terraform’s blockchain was used in a popular Korean mobile payment app. The SEC estimates investors lost over $40 billion when the TerraUSD peg to the dollar could not be maintained in May 2022, leading to wider havoc in the crypto market and several companies filing for bankruptcy. Kwon, who was arrested in Montenegro in March 2023, did not attend the trial, and both the US and South Korea have sought his extradition on criminal charges.

via New York Post |

#cryptocurrency-fraud #do-kwon #sec

cryptocurrency-fraud2 years ago•3 min saved

2022 Crypto Crash: Fugitive CEO Found Liable for Fraud

A jury in Manhattan found former crypto CEO Do Kwon and his firm Terraform Labs liable on civil fraud charges, agreeing with the US SEC that they misled investors before the 2022 collapse of their cryptocurrency, causing widespread market havoc. Kwon, who has been detained in Montenegro since March 2023, faces extradition requests from both the US and South Korea. The SEC seeks civil financial penalties and orders barring Kwon and Terraform from the securities industry. The collapse of TerraUSD and Luna tokens led to over $40bn in investor losses and bankruptcy filings, prompting US financial regulators to crack down on shady crypto practices.

via The Guardian|

#civil-fraud-charges #cryptocurrency #cryptocurrency-fraud

cryptocurrency-crime2 years ago•2 min saved

"Unveiling the Outcome: Sam Bankman-Fried's Cryptocurrency Fraud Sentencing"

Sam Bankman-Fried, the founder of FTX cryptocurrency exchange, faces sentencing on Thursday after being found guilty of orchestrating a multibillion-dollar fraud that led to the exchange's collapse. Prosecutors are seeking up to 50 years in prison, citing his brazen disrespect for the law and lack of remorse. Bankman-Fried's defense team is asking for 6 1/2 years or less, citing his mental health struggles and purported selflessness. The judge's decision is likely to be influenced by Bankman-Fried's lack of remorse and the scale of the fraud.

via NBC News|

#cryptocurrency-crime #cryptocurrency-fraud #ftx

crime-and-justice2 years ago•2 min saved

"Prosecutors Recommend 40-50 Year Prison Sentence for Sam Bankman-Fried"

Federal prosecutors are seeking a 40 to 50-year prison sentence for cryptocurrency mogul Sam Bankman-Fried, who they say defrauded over 1 million victims of more than $8 billion through wire fraud, conspiracy to commit fraud, and conspiracy to commit money laundering in connection with his oversight of FTX. Bankman-Fried's attorneys are requesting a five- to six-year prison term, citing his charitable work and autism, while prosecutors argue that he led a life of "unmatched greed and hubris" and is unrepentant. The sentencing is scheduled for March 28.

via The Washington Post|

#crime-and-justice #cryptocurrency-fraud #ftx

cybersecurity2 years ago•2 min saved

"Rising Online Scams: FBI Reports Record Losses for US Consumers"

The FBI reported a record $12.5 billion in losses from online scams in 2023, with over a third attributed to investment scams, particularly those involving fraudulent cryptocurrency schemes. The report also highlighted the increasing costs of ransomware attacks, which jumped from $34 million in 2022 to about $59 million in 2023, although the total financial impact is much higher. Cybercriminals extorted a record $1.1 billion in ransom payments from victim organizations worldwide last year, with the health care sector reporting the highest number of ransomware incidents.

via CNN|

#cryptocurrency-fraud #cybercrime #cybersecurity