Starting October 16, Chase Bank has announced the suspension of all payments involving cryptocurrency. The bank cited the “increase in deception and fraud risk” as a major factor in the decision.
A Kraken user lost $4.5 million USDT in a recent phishing scam targeting the cryptocurrency exchange. The scheme reportedly involved the user receiving emails that asked him to hastily update their crypto wallet information. Security experts warn of similar scams in the future.
Mark Cuban, billionaire businessman and investor, has been reportedly scammed out of nearly $1 million after falling victim to a cryptocurrency-related fraud.
In 2017, JPMorgan CEO Jamie Dimon called Bitcoin a “fraud” and since then the cryptocurrency has appreciated in value and is now up 500%. Despite previous skepticism, Bitcoin has proven to be resilient and is viewed as a viable asset class by many investors.
Experts are warning about a new cryptocurrency scam that is using the celebrity of tech entrepreneur Elon Musk to target unsuspecting investors. The scheme, which is now under investigation, is a stark reminder of the dangers of social media.
The Commodity Futures Trading Commission (CFTC) has fined mirror trading company $1.7 billion for Bitcoin-related forex fraud. The CFTC says the company was unlawfully operating a virtual currency trading platform.
The Securities and Exchange Commission (SEC) has charged a Hawaii man for allegedly orchestrating a fake crypto pump-and-dump scheme. This scam reportedly involved three fraudulent cryptocurrencies and led to at least $1.1 million in illicit profits.
The co-founders of Gala Games, a blockchain-based gaming platform, are in a heated dispute over allegations of a $130M theft and corporate waste. Reports suggest the two have been unable to reach an agreement on how to proceed.
Former OpenSea manager Dan King has been sentenced to three months in prison after pleading guilty to insider trading during his time at the company. King was accused of illegally profiting from trading on information that was not publicly available.
Bitget, a popular crypto exchange, has announced enhanced identification requirements in response to recent regulatory warnings about a rise in fraudulent activity. The move illustrates an industry-wide push to combat financial crime and protect investors.