The Monetary Authority of Singapore (MAS) has flagged an online Bitcoin (BTC) scam scheme that offers Bitcoin investment using forged claims by a former prime minister. Website uses forged statements by a former prime minister to solicit Bitcoin investment On July 31, Singapore's central bank and financial watchdog issued an official warning, stating that the agency has become aware of a website that invited online users to invest in Bitcoin via an article containing falsified claims. According to MAS, the scam website referenced fabricated statements falsely attributed to Goh Chok Tong, a local politician who served as Singapore's second prime …

Cryptocurrency ransomware, botnets and backdoors seem to have replaced cryptocurrency mining malware as the tool of choice for cybercriminals, according to a recent report from computer security firm Skybox Security. In its report dubbed “2019 Vulnerability and Threat Trends: Mid-Year Update,” Skybox reviews software vulnerabilities and newly developed exploits, as well as malware and attacks, among other related issues. Cloud services vulnerabilities are on the rise When it comes to digital currencies, the report notes that in 2018, cryptocurrency mining malware was the most popular tool for cybercriminals. However, following the decline in cryptocurrency values, attackers reportedly turned to ransomware, …

The federal judge overseeing Terpin v. AT&T — a legal battle pertaining to stolen crypto via SIM-swapping that has been going on for almost a year — has denied the telecom giant’s motion for dismissal. As previously reported by Cointelegraph, investor Michael Terpin had sued AT&T for $224 million. Terpin reportedly lost $24 million as a result of theft, and is seeking an additional $200 million in punitive damages. Terpin claims that he lost the foregoing assets in two hacks within seven months, due to the telecom provider’s alleged cooperation with the hacker and gross negligence. Judge Wright denied AT&T’s …

Cyber criminals have been sending scam emails claiming to be from the United Kingdom Financial Conduct Authority (FCA) and promoting crypto assets investments, financial market-focused platform FT Adviser reported on July 22. The letter impersonating the FCA is entitled "Guaranteed chance to earn" and features the watchdog’s logo and branding. After reading that "Bitcoin is still a long way off its peak price of $20,000, which it reached in 2017, but some cryptocurrency experts believe it could hit an even higher value by 2020," it offers recipients to follow a link labelled "Click her." The FCA has reportedly confirmed that …

While Facebook is struggling to agree on its crypto project Libra, a wave of fake Libra accounts have come up online, including on Facebook itself. According to a report by The Washington Post on July 22, nearly a dozen fake Libra pages have circulated across Facebook and its social photo-sharing app Instagram, posing as official entities for the much-discussed digital currency. Facebook removed Libra scam pages only after alerted by Washington Post As said in the report, a number of those fake Facebook and Instagram accounts were removed on July 22 only after The Washington Post reported on them to …

Malta’s finance regulator has issued a public warning about a cryptocurrency company falsely claiming it is licensed to operate in the country. “Built on the power of the Middle East” In a statement July 23, the Malta Financial Services Authority (MFSA) warned residents they should avoid Emirate Coin Tech, which offers cryptocurrency investment options with alleged weekly payouts of up to 25%. “The MFSA wishes to alert the public, in Malta and abroad, that Emirate Coin Tech is NOT a Maltese registered Company NOR licenced or otherwise authorised by the MFSA to provide any investment, crypto currency or other financial …

Tencent Yujian Threat Intelligence Center says that a Ryuk ransomware virus has been spotted in China. The intelligence center released information on the outbreak in a report on July 16. According to the report, Ryuk viruses are a family of malware aimed at infecting government and enterprise machines holding valuable data. According to the report, a Ryuk virus derives from the Hermes virus, with code that is directly modified off of the latter. As noted in the report, Ryuk is the name of a death spirit in the popular manga Death Note. As per its title, Ryuk possesses a notebook …

A former employee at Microsoft has been arrested for a scheme to steal $10 million in cryptocurrency, the Associated Press (AP) reported on July 17. Insider schemes The man — a 25-year old Ukrainian national, Volodymyr Kvashuk, allegedly used the ill-gotten proceeds to buy a $160,000 Tesla car and a $1.7 million lakefront home. During the seven months of his scheme, $2.8 million was found to have been transferred into his bank accounts. Specifically, Kvashuk is accused of having stolen cryptocurrency gift cards that were redeemable against Microsoft products and then reselling them at a profit on the web. According …

A group of Venezuelans has filed a lawsuit with a Florida Federal Court in connection with a Ponzi scheme. The scheme purportedly involved $30 million in cryptocurrency promoted by Canadian investment radio host Harold Seigel. Payment and commerce news outlet Pymnts.com reported today, July 16, that seven Venezuelans claim to have been lured into a $30 million worth digital currency Ponzi scheme conducted by companies such as Eagle Financial Diamond Group Inc. and Argyle Coin. The cryptocurrency involved into the fraud was reportedly pegged to diamonds. The frauds allegedly used raised funds to pay back earlier investors The plaintiffs accuse …

The operator of now-defunct Bitcoin (BTC) exchange BitFunder, Jon Montroll, has received a 14 months prison sentence following federal charges of obstruction of justice and securities fraud, finance and trading industry news outlet FinanceFeeds reported on July 12. The proceedings against Montroll began last year. In July 2018, Montroll pleaded guilty to obstruction of justice, admitting that he provided false balance statements to the United States Securities and Exchange Commission in an investigation of the fake 6,000 BTC BitFunder hack in 2013. The proceedings against Montroll ended on July 11, 2019, wherein Judge Richard M. Berman of the New York …

The Criminal Investigation Department (CID) of India has arrested Vijay Prajapati, Dhiraj Patel, Kamruddin Syed, and Ashiq Shaikh, the alleged creators of the cryptocurrency KBC Coin, according to a report by The Times of India on July 4. As per the report, the CID argues that KBC is a Ponzi Scheme. KBC reportedly launched 6 months ago, and its price has not moved since. KBC coins were reportedly issued at 10 paisas apiece, with the promise that they would skyrocket in value to 10 rupees in a short time ⁠— a 100-fold return on investment. According to a CID member, …

A scammer has been sentenced to 86 months in prison for running a cryptocurrency-related scheme, the United States Department of Justice (DoJ) reports on July 1 In addition to the 86-month prison sentence, United States District Judge Sandra J. Feuerstein ordered 44-year old New Jersey resident Blake Kantor to pay a total restitution of $806,405 distributed to the victims who invested in his scam, as well as forfeiture of $1.5 million, and forfeiture of $153,000 of stolen proceeds. The scam itself was run through the company Blue Bit Banc (BBB) which offered binary options — an all or nothing form …