A website claiming to be taking advantage of an unexplained “exploit” in Bitcoin to “generate” coins on behalf of its users has scammed more than .8 BTC to date. We tested the “service” in order to be sure that it was a scam. Located at bitcoin-generator-2018.bid, the way the scam works is simple enough: it tells you to input a Bitcoin address where you’d like to receive an amount of BTC, which...
Neel Kashkari, the president of the Minneapolis Federal Reserve, slammed the cryptocurrency industry, saying it has become a "farce" due to unregulated chaos and escalating fraud. Kashkari made the biting remarks at Bay College in Escanaba, Michigan, on May 21, 2018, where he expressed dismay at the proliferation of scams in the nascent crypto ecosystem. "It's a clever idea that some people came...
Virgin Group founder Richard Branson says that he is concerned over the growing number of bitcoin scams that use his likeness to promote fraudulent products and investment schemes. Writing on Virgin’s official blog, Branson wrote that although he has often lauded bitcoin and its potential to disrupt the financial system, it’s “worrying” that so many bitcoin scams claim that he has endorsed their...
Bitcoin scams are getting 'more sophisticated,' according to one trader, as the currency's value soars over $7,400. Alex Saunders, a bitcoin trader from Launceston, Australia, who has been trading in the digital currency for five years, said that bitcoin scams involving phishing scams, pyramid schemes and websites that promise extraordinary returns are steadily adapting to a changing market...
To the tune of around 15 bitcoins, a Hacked.com subscriber wrote to this reporter and asked him to warn others of how the system at Bitso works. He saw a trend that he wanted to capitalize on, and he had 430+ Ethereum to work with. He put them all on order for Bitcoin, and was told he would receive around 30 bitcoins. Then when the orders were through, he only had a little over 14 bitcoins. As he...
In a statement released Monday, the SEC announced that it has reached a sum and conclusion on its first successful case against Josh Garza, GAW Miners, and ZenMiners. It read: The final judgement […] orders each of them to pay, jointly and severally, $10,384,099 in disgorgement and prejudgment interest. The final judgment also requires each entity to pay a civil penalty of $1,000,000. Both GAW...
Readers may recall with avid disgust the charades of one Josh Garza, former CEO of miner turned scam company GAW Miners, who recently plead guilty to massive fraud. Now, the SEC says they are not done with him and want his former company to pay $12 million in reimbursements and civil penalties. Strangely, this doesn’t effect Garza personally very much. The companies, which have no cash or assets...
A new report has found that with the value rise of Bitcoin there has been an increase in the number of scams involving the digital currency on social media and websites. The report, ‘Bitcoin Scams on Social Media: The Dark Side of Digital Currency,’ found that after the currency’s value exceeded that of gold, instances of online fraud could be found in four categories relating to the currency...