Crypto scammers are using black market identities to avoid detection: CertiK

Crypto scammers have been accessing a “cheap and easy” black market of individuals willing to put their name and face on fraudulent projects — all for the low price of $8, blockchain security firm CertiK has uncovered.  These individuals, described by CertiK as “Professional KYC actors” would, in some cases, voluntarily become the verified face of a crypto project, gaining trust in the crypto community prior to an “insider hack or exit scam.” Other uses of these KYC actors include using their identities to open up bank or exchange accounts…

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Fugitive Founder of Turkish Crypto Exchange Thodex Arrested in Albania

Albanian authorities have detained the founder and chief executive of the Turkish cryptocurrency exchange Thodex, who allegedly fled Turkey with customer funds as the trading platform collapsed. Faruk Fatih Ozer was wanted for fraud with a red notice issued by Interpol. Albania Captures Alleged Crypto Fraudster, Prepares to Hand Him Over to Turkish Judiciary Police in Albania arrested 27-year-old Turkish businessman Faruk Fatih Ozer who founded and operated the now-defunct crypto exchange Thodex. Albanian law enforcement has been trying to locate him since he reportedly fled to the country with…

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Tax Agency Starts Checking Crypto Traders in Romania

Authorities in Romania are going after investors who failed to report revenues from crypto trading and pay tax. The offensive is part of efforts to respond to financial trends, the country’s tax body said in a statement, unveiling it was able to identify almost €50 million of undeclared crypto gains. Tax Authority in Romania Verifies Gains From Cryptocurrency Trading Romania’s National Agency for Fiscal Administration (ANAF) announced this week that officials from its department responsible for prevention of tax evasion and fraud have initiated inspections to establish the revenues received…

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SEC unable to locate BitConnect founder convicted in $2.4B fraud case

[ad_1] Indicted by the United States Department of Justice in a $2.4 billion Ponzi scheme, BitConnect founder Satish Kumbhani remains untraced following conviction. In a court filing on Monday, the Securities and Exchange Commission said that the whereabouts of Kumbhani remains unknown. The SEC noted that Kumbhani’s last known location was in his native country India, but has remained untraced ever since the promoter for his BitConnect Ponzi scheme was charged by the SEC for defrauding American investors of over $2 billion. SEC in its filing noted that the convicted founder…

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SEC claims first enforcement action in $30M fraud case involving DeFi project

[ad_1] A Cayman Islands-based company and two individuals may be the first subjects in decentralized finance, or DeFi, to face enforcement action from the U.S. Securities and Exchange Commission. According to a Friday announcement, the Securities and Exchange Commission, or SEC, said that this is the first case involving securities using DeFi technology which resulted in an enforcement action. The agency said it charged the company Blockchain Credit Partners as well as Florida residents Gregory Keough and Derek Acree, alleging they were involved in offering and selling more than $30 million…

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Judge rejects class certification in $400M Mt Gox fraud lawsuit

[ad_1] A federal judge has rejected a bid for class certification from clients of the defunct Japanese Bitcoin exchange Mt. Gox, which was forced into bankruptcy in 2014 following a major hack. Judge Gary Feinerman made the declaration in the U.S. District Court for the Northern District of Illinois on Tuesday, June 22 saying it would require 30,000 “mini-trials” to find otherwise. The move handed a victory to former Mt. Gox CEO Mark Karpeles, who has argued that a compensation plan in Japan would serve better than litigation in the…

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Crypto Fraud Reports in South Korea Surged Over 41% in 2020, Says Financial Watchdog – News Bitcoin News

[ad_1] Although bitcoin prices plummeted over the weekend, the overall bull-run remains alive, as well as the crypto-related fraud cases in South Korea. The latest figures by the domestic financial watchdog show that such incidents are still on the rise. Police to Dedicate a Special Unit to Investigate Crypto Frauds According to Asia Kyungjae, the Financial Supervisory Service (FSS) revealed that crypto fraud reports skyrocketed by over 41.6% yearly. The statistics from the FSS from January to October 2020 show that the 41,6% increase belongs to 555 cases of suspicious…

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