Uranium Finance, an automated market maker platform on the Binance Smart Chain, has reported a security incident that resulted in a loss of about $50 million. Tweeting on Wednesday, Uranium revealed that the exploit targeted its v2.1 token migration event and that the team was in contact with the Binance security team to mitigate the situation. (1/2)‼️ Uranium migration has been exploited, the following address has 50m in it The only thing that matters is keeping the funds on BSC, everyone please start tweeting this address to Binance immediately asking them to stop transfers. — Uranium Finance (@UraniumFinance) April 28, …

Ledger and Shopify have been hit by a class-action lawsuit over a major data breach that saw the personal data of 270,000 hard wallet customers stolen between April and June 2020. Phishing scam victims John Chu and Edward Baton filed the lawsuit in California against the crypto wallet provider and its e-commerce partner Shopify on Tuesday. The plaintiffs alleged that the firms “negligently allowed, recklessly ignored, and then intentionally sought to cover up” the data breach. The data was stolen when rogue employees of Shopify accessed the company’s e-commerce and marketing database for Ledger, with the hackers then selling the …

“A Polkadot project with a difference” says it is restoring trust and simplicity to complex token ecosystems and eliminating the centralized distribution models that can render the power of blockchain technology useless. Polkalokr offers a multi-chain token escrow platform that can be integrated into existing DeFi protocols, ensuring that network participants have full control over how tokens are distributed and treasuries are managed. The project’s goal is to remove human reliance and bring trust to token economies through governance-as-a-service — all while delivering security, scalability and a user-friendly experience. Explaining why Polkalokr is needed, the developers behind this initiative said: …

An Instagram influencer has been charged with wire fraud, after he allegedly scammed followers out of $2.5 million worth of Bitcoin. Social media influencer Jay Mazini, who boasted of a net worth of $33 million and is known for “cash giveaways”, is accused by the Department of Justice of operating a wire fraud scheme in which he duped some of his 1 million followers to send him Bitcoin in exchange for inflated cash offers, which he failed to pay properly. The DoJ announced the charges on March 24, following a complaint filed in Brooklyn Federal Court the day before. The …

The founder of a multi-million crypto Ponzi scheme has escaped paying a $4.5 million penalty to the U.S. Securities and Exchange Commission. On March 23, the U.S District Court of Southern Florida initially ordered Jose Angel Aman to pay the SEC more than $4.2 million in disgorgement, and $300,000 in prejudgement interest. However, the court deemed the bill was satisfied that same day due to restitution paid in a parallel case from 2019. According to an emergency order obtained by the SEC in May 2019, Florida-based Aman operated three consecutive Ponzi-schemes which made up a “complicated web of fraudulent companies …

A former navy seal and bodyguard to the banged-up abroad McAfee antivirus software founder, John McAfee, has pleaded not guilty to charges alleging he was involved in two wholesale crypto scams that duped investors out of roughly $13 million. Jimmy Gale Watson Jr, the former executive advisor of the “McAfee Team” — a website offering crypto tips endorsed by John McAfee, was arrested in Texas on March 4. Watson faces charges of allegedly defrauding investors through cryptocurrency scams, money laundering, wire fraud, and conspiracy to commit commodities and securities fraud. In a March 5 indictment, Manhattan U.S. Attorney Audrey Strauss …

Turns out a turtle’s arms are plenty long enough to pull a rug. On Friday, Binance Smart Chain, or BSC, file storage project TurtleDex performed a “rug pull” exit scam — a colloquial term for when a project’s developers drain the liquidity or stored funds invested by the protocol. Coming off of a March 15 presale round that raised 9,000 Binance Coin (BNB) tokens worth nearly $2.5 million, the team drained those funds from trading pools on BSC-native decentralized exchanges PancakeSwap and ApeSwap, converted the liquidity to Ether (ETH), and sent the funds to Binance exchange wallets to be sold, …

Texas regulators have, for some time now, viewed cryptocurrency investment schemes as a risk to Main Street investors and have continued to issue public warnings against possible crypto-related scams during the COVID-19 pandemic. The latest move from the Texas State Securities Board, or TSSB, is action, not words: an emergency cease and desist order against an entity misappropriating the Binance name. According to an announcement on Monday, the target of the order is a business claiming to operate from the United Kingdom, which has previously been subject to an advisory warning from securities regulators in the Philippines. They had already …

Blockchain Australia — the industry body for the novel tech in the country — has expelled Qoin, a retail merchant crypto project based in Gold Coast, Queensland. According to a notice of disciplinary action issued on Feb. 19, Blockchain Australia initially served Qoin with a summons to respond on Jan. 29. After the summons, Blockchain Australia expelled the project from its membership ranks. Detailing its decision, the notice reads: “On 17 February 2021, the Board of Blockchain Australia, having considered the Notice and the Response and the circumstances of the matter, resolved, pursuant to the Constitution, to terminate the Member’s …

As the Crypto Twitter community debates the fair value of Cryptopunks and other NFTs rising to sky-high valuations, there’s at least one clear sign of the digital collectibles market growing irrational: An individual posing as Banksy, perhaps the most famous living artist, has netted over $1 million in Ether (ETH) in NFT sales. Starting on Sunday, Feb. 14, frequent browsers of the NFT marketplaces Opensea and Rarible noticed an account named “Pest Supply” with branding and nonfungible tokens made in Banksy’s signature graffiti-stencil style. Many were quick to jump in, given the “real” Banksy’s habit for pop-up installations: I either …

Austrian regulators are calling for stricter crypto laws amid a spate of elaborate investment scams involving cryptocurrency and digital assets. According to a Bloomberg report of Friday, Austria’s Financial Market Authority has revealed that more than 60% of all reported financial fraud in the country involve crypto trading products. The FMA says these crypto scammers are using social media platforms like Telegram and TikTok to advertise their fraudulent offerings to would-be victims. Commenting on the need for stricter crypto regulations to curb the menace of these fraudulent investment activities, Klaus Grubelnik, a spokesperson for the FMA remarked: “We see a …

The iconic bass player of rock band Kiss and recent recruit to Elon Musk’s “Dogecoin army,” Gene Simmons, has announced a six-figure investment into Cardano (ADA). On Feb. 19, Simmons revealed on Twitter that he’d bought $300,000 worth of ADA. While emphasizing that he is not a financial analyst — a helpful disclaimer — the rock star said he wanted to share projects he believes in and was definitely not suggesting anyone else should buy ADA: I just bought $300,000 of CARDANO (ADA). I’m not a Financial Analyst and I’m not telling U to buy or not to buy. Simply …