The Securities and Exchange Commission (SEC) charged NovaTech Ltd, its operators, Cynthia and Eddy Petion, and the company’s top promoters with running a fraudulent scheme centered on crypto assets. The defendants are charged with running a multi-level marketing company that claimed it would invest victims’ funds in crypto assets but did so with only a fraction of
A cryptocurrency called Restore the Republic (RTR) has witnessed a dramatic rise-and-fall, despite trading for less than a day, due to confusion over its origin. When the token emerged on the Solana blockchain Thursday, it was quickly associated with former president Donald Trump’s son Eric Trump, who had posted on X earlier in the week:
The U.S. Federal Bureau of Investigation (FBI) issued a warning to crypto traders last week about scammers who steal funds by posing as exchange employees. The FBI notes that these fraudsters will contact victims and pretend there are problems with their exchange accounts. The scammers, acting like exchange employees, will stress urgency, often claiming a
Three Canadian men reportedly lost hundreds of thousands of dollars after watching videos that purportedly showed prominent figures vouching for a cryptocurrency investment scheme. According to CTV News Toronto, Mohammad Haque came across a video on social media that showed Prime Minister Justin Trudeau explaining how Canadians could generate gains by investing in crypto. Haque
A YouTube Live broadcast that ran for five hours today used a deepfake of Elon Musk to push a cryptocurrency scam, in the latest of a series of similar bogus streams. The video, which has has since been taken down, showed a clip of Musk that was meant to look like a livestream from a
Saturday (June 15) marks Elder Abuse Awareness Day. As more baby boomers and seniors go online to get their banking done — making payments, investing and paying bills or taxes — the fraudsters are finding elder abuse of a financial nature to be quite lucrative. Coming into 2024, the PYMNTS Intelligence report “How the World
JOHN RUEDI It’s almost impossible to watch the TV and not see a celebrity discussing the many benefits of reverse mortgages and what they provide for older Americans. Reverse mortgages can be a useful financial tool for some homeowners, particularly those age 62 and older who want to access the equity in their homes without
Business By Reuters Published May 17, 2024, 1:52 p.m. ET US authorities charged two Chinese nationals in a cryptocurrency scam that laundered at least $73 million from defrauded victims, the Justice Department said Friday. US officials arrested Yicheng Zhang in Los Angeles on Thursday, according to an indictment unsealed in US District Court in California’s
A crypto wallet lost $69.3 million worth of Wrapped Bitcoin (WBTC) in an apparent address-poisoning attack, according to the blockchain security firm CertiK. Address poisoning usually involves a scammer sending a wallet a tiny amount of crypto via an address that’s designed to look similar to the wallet’s, according to an explanation provided by Ledger,