Ripple Labs announced a donation of $200,000 to two different non-profit organizations on March 25. These donations will aid in the fight to contain the spread of the coronavirus throughout the U.S. In a tweet published on Ripple’s official profile, the lab stated that $100,000 will go to the Tipping Point Emergency’s Response Fund and the Silicon Valley Community Foundation’s COVID Regional Response Fund, respectively. California’s non-profits favored by the Ripple Labs donation Tipping Point, which is a San Francisco-based non-profit organization, works to combat poverty in the California city thanks to a network of partners who support the cause. …

The United States government has stood by its evidence presented against alleged OneCoin money launderer and former attorney Mark Scott. In a memorandum filed on March 24, the government responded to Scott’s appeal that the prosecution provided insufficient evidence that the funds he handled were derived from illicit activities during November’s proceedings — where a jury handed the defendant a guilty verdict. The former attorney was found to have personally profited $50 million for laundering $400 million in OneCoin’s profits. Scott filed his motion to dismiss the case with the court last month. U.S. government rejects Scott’s appeal The government …

The Texas State Securities Board (TSSB) has issued a warning on March 23 about crypto scams that have emerged in the wake of the COVID-19 pandemic. The report refers to different types of scam, among which are those related to crypto investments that promise high returns in the midst of the coronavirus crisis. Coronavirus-related scam methods Among other scams, one of the most common is called “pump and dump.” The sceme consists of fraudsters who, based on penny stock purchases, try to boost prices by sharing “positive” information that turns out to be fake. The method is to create fake …

Despite YouTube’s many aggressive actions against cryptocurrency-related content, the world’s most popular video-hosting website is apparently having trouble discovering a major scam account involving crypto. On March 23, the crypto community spotted a bogus YouTube account impersonating Brad Garlinghouse, CEO of major blockchain company Ripple, in order to promote a fake airdrop scam. Video containing fake XRP airdrop description was uploaded on YouTube on March 19 The apparent scam account has around 277,000 subscribers and contains only one video, which promotes a fake giveaway in the third-biggest cryptocurrency, XRP. Uploaded on YouTube on March 19, the video description promotes a …

United States derivatives markets regulator, the Commodity Futures Trading Commission (CFTC), has joined the list of global authorities warning the public against cryptocurrency scammers trying to capitalize on the widespread coronavirus fears. In a statement issued on March 19, the CFTC highlighted that fraudsters commonly use major news events like the spread of COVID-19 in order to add credibility to their scam schemes or manipulate emotions. CFTC sees increased complaints involving crypto or forex-related scam schemes According to the statement, the agency has received hundreds of fraud complaints involving online digital assets or forex-related fraudulent schemes that promise to deliver …

On March 18, Attestiv, a firm combating digital fraud and deep-fakes using blockchain technology, announced that it had secured funds exceeding $2 million in a seed offering. Cointelegraph recently spoke to Attestiv’s CEO, Nico Vekiarides, to analyze his thoughts on blockchain’s role in combating fake news and digital fraud in the insurance industry. Cointelegraph: Can we get an overview of how the Attestiv platform works? Nicos Vekiarides: Attestiv provides authenticity for digital photos, videos, and documents by registering a fingerprint to a blockchain when a digital asset is captured. While it does not contain the asset itself, the digital fingerprint …

Two Canadian nationals have been sentenced to two years in a United States federal prison for stealing 23.2 Bitcoin (BTC) through a scam on Twitter in 2017. According to the U.S. Department of Justice, on March 17, 23-year-old Karanjit Khatar and 24-year-olds Jagroop Khatkar were formally sentenced to 24 months in prison and three years supervised release for money laundering and conspiracy to commit wire fraud. Scammers impersonate HitBTC support staff on Twitter Beginning in October 2017, the British Columbia-residents were found to have impersonated customer service representatives from the Hong Kong-based cryptocurrency exchange HitBTC. Acting under the handle “@HitBTCAssist,” …

A report published by the Better Business Bureau (BBB) says that cryptocurrency-related scams are continually growing, becoming the second most risky of 2019 among North Americans. According to research from trust-gauging organization published on March 2nd, scams averaged about $3,000 in losses for businesses and charities within Canada and the United States. The usual tactic, the study claims, is that of false promises of a "significant" return on investment in cryptocurrencies. With such figures on the table, it represents a notable uptick since their 2018 report’s numbers, which put average losses at $900. Trading in crypto exchanges with security breaches …

Following a successful rollout in Shenzhen last year, China’s blockchain invoicing system is being introduced to the capital. On March 2, the Beijing Municipal Office of the State Administration of Taxation announced its decision to launch a city pilot for the blockchain-based system, with immediate activation for taxpayers in selected industries. The platform is a tool for the Chinese tax bureau to tackle the underground “fapaio” market, where fraudulent receipts have been used to evade taxes, defraud employers, or claim falsified expenditures for reimbursement. In China, “fapiao” is a term for official invoices issued by the Chinese Tax Bureau for …

The iFinex–Tether market manipulation lawsuit continues. Last week, Judge Katherine Failla of the Southern District of New York selected Roche Cyrulnik Freedman as interim lead plaintiff counsel, and four civil actions were consolidated into a single class action: Leibowitz v. iFinex Inc. In the complaints, iFinex’s subsidiary, Bitfinex, and related stablecoin Tether (USDT) are charged with manipulating the Bitcoin market in 2017 — something the firm strenuously denied. Combination of old and new This isn’t shaping up as an ordinary civil action. As Failla observed in announcing her lead counsel decision on Feb. 27 via a telephone conference call, she …

Zachary Salter, the co-founder of Zima Digital Assets alongside 28-year-old John Caruso, has pleaded not guilty to charges of money laundering and conspiracy to commit wire fraud in his arraignment in Arizona on March 4. The criminal indictment alleges that the pair ran a purported cryptocurrency investment scheme that was used to defraud their customers of more than $9 million in a classic Ponzi scheme. Approximately $1.9 million in deposits were cycled back to early investors as supposed investment returns. The purported profits served to validate the scheme, contributing to a further wave of deposits. The remaining $7 million was …

The Swedish government is reacting to an alleged Bitcoin fraud scheme that targeted vulnerable people in Sweden, Australia, New Zealand and the U.K. Ukrainian officials were informed of the allegations in a meeting on March 2, according to an Organized Crime and Corruption Reporting report published on March 3. Foreign policy consequences of the fraud Swedish Minister of Foreign Affairs Ann Linde championed an investigation published by national newspaper Dagens Nyheter (DN). The article alleges that the Ukraine-based Milton Group, ostensibly an IT support company, defrauded victims in developed countries by proposing fake Bitcoin (BTC) investment schemes. The group reportedly …