British Investors Lose $3.2M To “Lyfcoin” Crypto Pyramid Scheme

British investors are left scratching their heads and counting losses after investing thousands of pounds in an alleged cryptocurrency pyramid scheme called Lyfcoin, local media reported Tuesday.  Lyfcoin described itself as a brand new cryptocurrency staking platform for ERC-20 tokens with 100% transparency. The platform claims to support other crypto activities such as trading, shopping, information sharing, and much more.  While Lyfcoin is reportedly based in Europe, it claims to operate globally and is "fully compliant with stringent regulations." A…

Don’t Lose Your Money to This New Binance Coin (BNB) Memo Scam

For one thing, the cryptocurrency industry is filled with fraudsters looking to take advantage of crypto users' ignorance and mistakes. To stay at the top of their game, these bad actors are always looking for new ways to exploit unsuspecting victims.  More recently, a tweet revealed that scammers are transferring little amounts of free cryptocurrencies to their targets but with evil intent as always.  According to Crypto India, a cryptocurrency channel that focuses on the Indian crypto ecosystem, fraudsters have…

Top Celebrity Scam Victims in Cryptocurrency Market

The Scam Market When a project seems to lack any practical usefulness, and the business idea behind it is suspicious, it is often a scam. The newfound complexity and unfamiliarity of the cryptocurrency sector is a ripe area for all types of such scrupulous activities. As one considers knowing about and investing in different projects in the cryptocurrency ecosystem, it is essential to be aware of the possibilities of losing one's investments. Scamming is the elaborate process of taking advantage…

Jeff Bezos, Kanye West and Apple Among the Crypto Twitter Accounts Hacked

On July 15th, Ripple, Gemini, Coinbase, Binance, Coindesk, Coingelegraph, Justin Sun and several more twitter accounts were hacked. The perp(s) who are yet to be identified, are posting tweets on these accounts saying that they have “partnered with CryptoForHealth” and are planning to “give back to the community”.  It doesn't end there, just a few minutes back, it seems Jeff Bezos, Kanye West, Elon’s and Bill Gates’ accounts have also been compromised. The one posted on Elon’s asked for Bitcoin…

Why Installing A Crypto Wallet On A Rooted Phone Is A Bad Idea

In July 2017, about $32.6 million worth of ether tokens were stolen, while in 2019, hackers raked in more than $4BN in cryptocurrency through multiple scamming techniques. Millions of others are lost every year from hacking attacks. Cryptocurrency is often seen as the most secure mode of payment. However, recently, data breaches and malware attacks were observed in Bitcoin and Ethereum blockchains and noted to be caused by insecure systems. Although system loopholes are sometimes to be blamed, crypto wallet…

The Role of Commodity Futures Trading Commission (CFTC) in Regulating Cryptocurrency

The Commodity Futures Trading Commission (CFTC) is a US-based agency established by the Commodity Futures Trading Commission Act of 1974 for regulating the commodity futures and derivatives markets, including option markets, futures, and Swaps.  The commission's main goal is to promote futures markets' competitiveness and efficiency while protecting traders against unscrupulous activities, fraud, and abusive trade practices.  CFTC has five committees; Agriculture, Global markets, Technology, Energy & environmental markets, Coordination between the CFTC and SEC, each headed by a commissioner.…

Binance Sentry Releases a Report Shedding Light on Cryptocurrency Scams

The leading cryptocurrency exchange Binance released a report explaining the way scams targeting cryptocurrency investors attempt to achieve credibility. The report, released on June 30, noted that the observations are based on an examination of reports of fraudulent investment schemes which promises quick or exponential returns on cryptocurrency investments. Binance Sentry which is an internal risk intelligence unit structured within Binance’s security team examined the reports, thereby coming up with its observations. However, the frauds go beyond cryptocurrency but likewise include forex,…

LocalBitcoins Claims 70% Reduction in Transactions Related To Darknet

The top peer-to-peer (P2P) crypto exchange LocalBitcoins has noted a 70 percent decrease in the number of transactions related to darknet since its adoption of AML (Anti-Money Laundering) and KYC (Know Your Customer) regulations in September last year. LocalBitcoins noted its ability to remarkably decrease the number of transactions related to darknet carried out using its platform between September last year and May this year. In the words of the chief marketing officer at LocalBitcoins, Jukka Blomberg to Cointelegraph, the…

A New Free Ransomware Decryptor Introduced

A ransomware known as Tycoon was discovered by security researchers from the BlackBerry’s security unit and it utilizes a little-known Java file format that makes its detection more difficult prior to detonating its file-encrypting payload. The aim of the ransomware's operators is to request a ransom in cryptocurrency after the successful attack. However, a solution has been provided as Emsisoft introduced a free tool for decrypting files impacted by a variant of the Tycoon ransomware attack. The free tool for decryption was…

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