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Many still see cryptocurrency as a “get rich quick” scheme, where they can put a few dollars in and take out 10 or 100 times their money, ideally as soon as possible.
Prosecutors said the scammers spent about three months persuading a 66-year-old man to invest in cryptocurrency. The man, prosecutors said, invested $170,000 but became suspicious when the ...
Internet scammers are raking in more cash than ever before...and cryptocurrencies provided them with a major assist.According to the FBI's recently released annual internet crime report, $10.6 ...
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 ...
It became apparent that the developers of Squid Coin had quickly cashed out their holdings, draining liquidity from the exchange. [3] [4] As the scam unraveled, investors were left with substantial losses, while the developers of Squid Coin disappeared from the public eye, taking an estimated $3.38 million with them.
Money for Nothing. Every year, about 90% of consumers either fall for or encounter online scams. And while many consumers are sophisticated enough to avoid some of the most common scams, it doesn ...
For example, a report by Satis Group estimates that 80% of all initial coin offerings that took place in 2017 were scams of this type. [ 7 ] [ 8 ] This would ultimately be surpassed by the Wall Street Market exit scam of 2019, which had $14.2 million worth of cryptocurrencies stolen just before the site was seized by the authorities. [ 9 ]
The former CEO of a small Kansas bank was sentenced to more than 24 years in prison for looting the bank of $47 million — which he sent to cryptocurrency wallets controlled by scammers who had ...
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