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5. Romance Scams. Cryptocurrency romance scams have become a prevalent form of deception where fraudsters forge romantic ties to trick individuals into giving up their crypto assets.
This scam relies on hyping a coin and getting more people to buy into it. As the price rises, insiders sell out of the coin, dumping it on the public and traders are left with worthless coins.
The FBI says that while crypto fraud complaints only make up about 10% of financial fraud reports, they comprise 50% of total losses—about $5.6 billion in 2023 alone, according to the agency’s ...
In 2018, around US$1.7 billion in cryptocurrency was lost to scams, theft and fraud. In the first quarter of 2019, such losses rose to US$1.2 billion. [ 6 ] 2022 was a record year for cryptocurrency theft, according to Chainalysis , with US$3.8 billion [ 7 ] stolen worldwide during 125 system hacks, [ 8 ] including US$1.7 billion stolen by ...
A pig butchering scam (in Chinese sha zhu pan [2] or shazhupan, [3] (Chinese: 杀猪盘), translated as killing pig game) [1] is a type of long-term scam and investment fraud in which the victim is gradually lured into making increasing contributions, usually in the form of cryptocurrency, to a fraudulent cryptocurrency scheme.
Marketed as a "play-to-earn cryptocurrency," it garnered immense attention and witnessed a meteoric rise in its price, surging by thousands of percentage points. [ 1 ] The creators of Squid Coin presented it as a revolutionary opportunity for investors to participate in an upcoming fan-made online game inspired by the Netflix series Squid Game ...
A United Nations report from 2023 painted a broader picture of how online scams — from illegal gambling to crypto fraud — were linked to international human trafficking, estimating that more ...
NEW YORK (Reuters) -Do Kwon, the South Korean cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion in 2022, pleaded not guilty on Thursday to U.S. criminal ...
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