Richard Heart Wanted in Finland for Tax Evasion and Assault
Richard Schueler, known as Richard Heart and founder of Hex, is facing allegations of tax evasion and assault in Finland. Police have seized 20 luxury watches, including several Rolexes, valued at over $2.6 million.
Watches Found in Residence in Espoo
The watches were confiscated from a residence in Espoo and have a combined value of $2.68 million, based on receipts and expert appraisals. Some of the watches were purchased in Finland, while others were sourced from the United States. Detective Harri Saaristola stated that the police tracked the watches through intelligence activities.

Accusations of Tax Fraud and Assault
Schueler is accused of tax evasion between June 2020 and April 2024, as well as an assault in February 2021. One of the charges includes an attack on a 16-year-old victim, whom he allegedly grabbed by the hair, dragged to a staircase, and threw to the ground.
Interpol Issues Red Notice
On December 22, Interpol issued a “Red Notice” for Schueler, an international request for arrest. Additionally, he was placed on Europe’s most-wanted fugitives list, with detailed descriptions of the same charges.
Massive Tax Debts and Unclear Whereabouts
Schueler’s tax debts reportedly amount to hundreds of millions of euros. In 2023, the Finnish government estimated his income at €15.2 million ($16.9 million). Despite his unknown location, Schueler remains active on social media, promoting his cryptocurrency HEX and uploading videos to YouTube.

Charges from the U.S. SEC
Beyond Finnish authorities, Schueler also faces charges from the U.S. Securities and Exchange Commission (SEC). In July 2023, the SEC filed a lawsuit against him over three tokens issued by his companies – Hex (HEX), PulseChain (PLS), and PulseX (PSLX). According to the SEC, these are unregistered securities that raised over $1 billion.
The SEC also alleges that some of these funds were misused for personal acquisitions, such as a 555-carat diamond, luxury watches, and high-end cars.
Conclusion
Richard Schueler faces serious allegations and international pursuit. Finnish authorities continue their investigation, while charges from the SEC and other agencies further increase pressure on the Hex founder.

#CryptoNewss , #CryptoScandal , #CryptoFraud , #HEX , #cryptocurrency

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Seized Notebooks Revealed Sophisticated Scams
Hong Kong police uncovered a sophisticated fraud scheme that used artificial intelligence to deceive victims. The investigation led to the seizure of over HK$34 million (approximately USD 3.37 million). Notebooks confiscated by law enforcement revealed the criminals' methods, including the use of deepfake technology to appear more convincing.
How the Fraudsters Lured Their Victims
The fraudsters pretended to be wealthy single women, crafting stories about interests such as learning Japanese, playing golf, or tasting luxury wines worth over HK$100,000 (USD 12,850) per bottle. These methods were documented in the notebooks seized during the operation.
The investigation resulted in the arrest of 31 individuals connected to a criminal syndicate. This group used artificial intelligence to create realistic images of attractive women, which were then used to lure victims into romantic and investment scams.
The Problem of Deepfake Scams
Byron Boston, a former police officer and CEO of Crypto Track, warned that the combination of deepfake technology and social engineering presents significant challenges for investigators and law enforcement. AI-generated images make criminals more convincing and enable them to execute more complex scams.
Boston highlighted an incident from November 2022, where a fake video impersonating FTX founder Sam Bankman-Fried was used in a phishing attack targeting FTX users. This incident demonstrates how deepfake technologies can be exploited to steal cryptocurrency assets from victims.
Scams Targeting Young People
Confiscated materials revealed that the fraudsters specifically targeted young people seeking quick earnings. Victims were often convinced they were communicating with ideal women from Taiwan, Singapore, and Malaysia.
Challenges in Combating These Crimes
Boston emphasized that effective collaboration and swift action are key to fighting these sophisticated scams. However, he noted that many local law enforcement agencies, particularly in the U.S., lack the necessary tools and expertise to track stolen cryptocurrency or cooperate with international exchanges.
Criminals leveraging technologies like deepfake and social engineering remain a significant challenge for security forces worldwide.

#Deepfake , #CryptoFraud , #CryptoScams , #cybercrime , #CryptoNewss

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A Crime That Shocked the Crypto Community
On December 25, 2024, seven suspects, including an officer from the Counter-Terrorism Department (CTD), were arrested in Karachi, Pakistan, on suspicion of kidnapping crypto trader Mohammed Arsalan. The kidnappers demanded a ransom of $340,000. Authorities confirmed that another police officer involved in the crime is still at large.

How the Kidnapping Unfolded
Forced Transfer of Life Savings
Arsalan, a 30-year-old trader, was abducted from the Manghopir area. The kidnappers forced him to transfer $340,000 from his Binance account to several wallets under their control. He was released hours later near Quaid-e-Azam's Mausoleum.
Arsalan shared details of his ordeal on Facebook, including screenshots of his Binance withdrawal history. He claimed that $277,000 was moved through decentralized exchanges to a specific wallet before being transferred to Binance. While his claims have not been independently verified, the evidence provided is being used in the ongoing investigation.

The Suspects and Their Capture
Who Was Behind the Crime?
The Anti-Violence Crime Cell (AVCC) identified and arrested seven suspects, including known repeat offenders. Those detained included Mohammed Rizwan Shah, Tariq Hasan Shah alias Amir, Muzamil Raza, and others. The arrests were conducted across Karachi under the leadership of SSP Aneel Haider Minhas.
While the arrests have been made, the exact timeline of the crime and evidence linking each suspect to the incident remain unclear. According to AVCC, some of the suspects had previously been involved in similar crimes.
Troubling Questions
Suspicious Circumstances and Abuse of Power
Arsalan's account raises several unanswered questions. He stated that a man named Hamid had contacted him before the incident, offering to trade U.S. dollars. Despite Arsalan's reservations, a meeting took place, which eventually led to his abduction. The kidnappers then forced him to unlock his Binance account and transfer the funds.
The investigation revealed that the kidnappers used an unmarked police vehicle and possessed technological skills to reset Arsalan's phone and manipulate his crypto accounts.
Involvement of Police Officers
Inspector General of Police Ghulam Nabi Memon described the incident as an isolated case of individual misconduct, emphasizing that the police do not tolerate illegal activities. However, critics demand a thorough internal investigation to restore public trust in law enforcement's integrity and transparency.
Impact on Crypto Trader Security
A Wake-Up Call for Regulatory Measures
Arsalan expressed devastation over losing his life savings and vowed to ensure the perpetrators are brought to justice. His case highlights the urgent need for better protection of crypto traders in Pakistan.
The lack of regulation and security education around digital assets makes traders vulnerable to crimes like this. Observers hope this incident will serve as a catalyst for stronger legislative action and improvements to the legal framework for protecting digital assets.

#CryptoCommunity , #CryptoNews , #CryptoCrime , #CryptoFraud , #CryptoSecurity

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The cryptocurrency landscape has witnessed several significant frauds that have led to substantial financial losses and heightened regulatory scrutiny. Here are five of the most notorious crypto frauds:
1. OneCoin (2014–2017): Founded by Ruja Ignatova, OneCoin was marketed as a revolutionary cryptocurrency but lacked a genuine blockchain, rendering it a fraudulent scheme. The operation amassed over $4 billion globally before collapsing in 2017. Ignatova disappeared and remains at large, while other key figures have faced legal actions.
2. Bitconnect (2016–2018): Promising high returns through a proprietary trading bot and lending program, Bitconnect attracted numerous investors. However, it was exposed as a Ponzi scheme in 2018, leading to losses exceeding $2 billion when the platform abruptly shut down.
3. Mt. Gox Hack (2014): Once handling approximately 70% of global Bitcoin transactions, the Japan-based Mt. Gox exchange collapsed after losing 850,000 Bitcoins (valued at $450 million at the time) due to a security breach. The incident underscored the vulnerabilities of crypto exchanges and resulted in significant financial losses for users.
4. QuadrigaCX (2018–2019): Canada's largest cryptocurrency exchange at the time, QuadrigaCX, collapsed following the reported death of its founder, Gerald Cotten, who allegedly held sole access to the exchange's private keys. This left $190 million in customer funds inaccessible. Subsequent investigations revealed mismanagement and fraudulent activities, classifying the operation as a Ponzi scheme.
5. Save the Kids Token (2021): Promoted by several social media influencers and members of the FaZe Clan, this token was presented as a charity initiative. However, it was a pump-and-dump scheme that led to significant investor losses. The scandal resulted in the expulsion and suspension of involved FaZe Clan members and highlighted the risks associated with influencer-endorsed crypto projects.
These cases highlight the importance of due diligence and skepticism in the rapidly evolving cryptocurrency market, where fraudulent schemes can lead to substantial financial losses.
#Fraud_alert
#CryptoFraud

India has taken a bold step to tackle crypto-related fraud, particularly "Pig Butchering" scams, by partnering with tech giants Google and Facebook. These scams involve fraudsters building trust with victims and convincing them to invest in fake cryptocurrency schemes, often leading to devastating financial losses.
What’s Happening?
The Indian Cyber Crime Coordination Centre (I4C) has collaborated with Google and Facebook to:
Identify and Block Fake Ads:Prevent fraudulent advertisements from circulating on popular platforms.Monitor Phishing Campaigns: Detect and disable websites and apps used for deceptive activities.Analyze Digital Lending Apps: Block apps linked to fraudulent crypto schemes.
Government Action
Google Pay Integration: The government has integrated Google Pay into the Citizen Financial Cyber Frauds Reporting and Management System (CFCFRMS). This centralized platform collaborates with banks, payment gateways, and cryptocurrency exchanges to identify and stop fraudulent transactions.
Impact So Far:
Over ₹16 billion ($192 million) has been saved, benefiting more than 575,000 victims.
Public Awareness and Training
India is also equipping law enforcement authorities with advanced tools and training to investigate crypto-related crimes effectively. This includes tracking blockchain activity and dismantling fraud networks.
Why This Matters
India's proactive approach aims to safeguard its citizens from financial exploitation and foster trust in the cryptocurrency space. This collaboration sets a precedent for other countries, showcasing how technology and partnerships can mitigate the risks of crypto fraud.
The Bigger Picture
With these measures, India is not only addressing current threats but also creating a more secure digital ecosystem, ensuring a safer future for cryptocurrency adoption.
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Shanghai Police Bust Cryptocurrency Scam Gang
Shanghai police successfully dismantled an organized group of fraudsters who scammed victims through fake investment platforms targeting cryptocurrency traders. Investigators in the Yangpu District arrested 16 individuals involved in the fraudulent scheme following an extensive investigation.
Fraudsters Used Fake Identities and Manipulation
The investigation revealed that the gang, led by individuals identified as Yang and Yu, infiltrated cryptocurrency investment chat groups while posing as “investment masters.” Using this tactic, they gained the trust of victims and directed them to a fake platform for cryptocurrency contract trading, which they had created.
On this platform, the fraudsters exploited victims’ desire for quick profits. Victims were persuaded to execute multiple trades, incurring high fees in the process. Manipulative tactics included convincing victims to increase their investments using a fraudulent “profit and loss ratio” mechanism. This trick led victims to believe their financial losses were due to poor market decisions rather than the fraudulent platform, allowing the gang to extract even more funds.
Arrests and Suspects’ Confessions
Following their arrest, all suspects admitted to their crimes. The Yangpu District police have placed the 16 individuals under compulsory criminal measures on suspicion of fraud. The case is currently under further investigation, according to authorities.
Conclusion
This case highlights the growing risks associated with cryptocurrency investments and fraudulent platforms. Police urge the public to exercise caution when engaging with unverified investment schemes and platforms.

#CryptoFraud , #CryptoNewss , #bitcoin , #ChinaCrypto , #Cryptoscam

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Commission Uncovers Massive Cryptocurrency Scam
Nigeria’s Economic and Financial Crimes Commission (EFCC) conducted a raid resulting in the arrest of 792 suspects involved in schemes known as crypto romance scams. The fraudsters convinced victims to invest in fake cryptocurrency projects, leading to significant financial losses.
Links to International Groups
EFCC spokesperson Wilson Uwujaren revealed that among those arrested were 148 Chinese nationals and 40 Filipino citizens. The scammers operated from a luxury building in Lagos, Nigeria’s commercial hub. Most of the victims were citizens of the United States and Europe.
During the raid, agents seized computers, mobile phones, and vehicles. Uwujaren stated that Nigerian fraudsters were recruited by international groups to target victims online using phishing techniques. Once the victims’ trust was gained, their information was handed over to foreign counterparts, who carried out the fraud.
Collaboration with International Partners
The EFCC announced it is working with international partners to identify potential links to organized crime. This collaboration aims to strengthen actions against similar fraudulent activities.
Another Case: Nigerian Scammer Defrauds Australians of $5 Million
The arrests follow a separate case involving Osang Otukpa, who allegedly defrauded 139 Australians of $5.04 million (8 million AUD) through a fraudulent cryptocurrency platform called Liquid Asset Group.
Otukpa reportedly used five different aliases and lured victims through social media. EFCC agents apprehended Otukpa on December 6, shortly after he landed at Murtala Mohammed International Airport in Lagos. According to reports, he will be charged once the investigation is complete.
Conclusion
The EFCC continues to intensify its efforts to combat cryptocurrency fraud, working closely with global partners to curb these illegal activities. The crackdown on 792 suspects and cases like Otukpa’s highlight Nigeria’s strengthened fight against financial crimes.

#hackers , #Cryptoscam , #cryptofraud , #CryptoSecurity , #CryptoNewss

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An investor was exploring an investment market in search of investment opportunities. While walking around, he entrusted 100$ to a merchant. When he returned, the merchant had absconded with the deposits of all the investors, including his. The investor then deposited another 100$ with a different merchant after quickly reviewing the deposit contract, which had a fair interest rate. Upon returning to collect the interest, he found out that the contract allowed the merchant to alter the terms at their discretion, which resulted in the investors being deprived of their interest. He then noticed that three traders were calling out to buy shares of their respective companies on the stock exchange. He invested 100$ in each of the companies. After a while, he discovered that the traders had transferred all the purchase amounts of the shares to their bank accounts in the Cayman Islands and the islands of St. Vincent and the Grenadines. Next, he heard another merchant inviting everyone to buy one of his rare coins as he had only a hundred of them. The investor purchased several coins, but he later found out that the merchant had a large stock of this rare coin. Whenever he sold ten coins, he compensated the missing amount of stock. As a result, the value of the coin decreased, and it was no longer rare. Finally, he came across another trader who was seeking presale participation for his company. The trader withdrew all the money invested in the presale, leaving the company established without any capital. The trader then asked the investors to reinvest and buy shares.
The most important means of fraud and deception
All of the above-mentioned examples occurred in the world of cryptocurrency, where the most important methods of fraud, manipulation, and exploitation are summarized as follows:
Start directly at the central exchange:
Offering the cryptocurrency directly on the central exchange is not considered fraud or deception, but it is exploitation and appropriation of other people’s money, because the cryptocurrency team controls all the stock of the currency offered for circulation, and when the currency is available to buy on the exchange, the cryptocurrency team gets most of the buyers’ money, especially at the beginning of the trading, this will continue until the currency reaches a level where most buyers offer their currencies for sale, in which case there will be other sellers alongside the cryptocurrency team. However, the amount of profit achieved for buyers cannot be compared with what the cryptocurrency team, because the members of the team sell a cryptocurrency whose real value is zero, and the number of cryptocurrencies under their control is enormous, and whenever they enter a central exchange, they will send the currencies in the hope of selling most of it to the exchange buyers. Offering a cryptocurrency directly on a central exchange is not considered fraud or deception, but it is still exploitation and appropriation of other people's money. This is because the team behind the cryptocurrency controls all the stock offered for circulation. At the beginning of trading, the team will get most of the buyers' money. This situation continues until the currency reaches a level where most buyers offer their currencies for sale, at which point there will be other sellers alongside the cryptocurrency team. However, the amount of profit achieved by other investors cannot be compared with what the cryptocurrency team makes. The team is selling a cryptocurrency that has no real value, and they have a large number of other cryptocurrencies under their control. When they enter a central exchange, they send the currencies with the aim of selling most of it to the exchange buyers. The cryptocurrency team can carry out ill-considered sales operations when the price of the currency rises, which is considered to be a nightmare for investors. The price of the currency will fall quickly, and confidence in the coin will decrease. This situation will result in a loss for those who purchased the currency at a medium or high price. Unfortunately, it's unlikely that the price will rise again unless the currency owners return the funds they obtained at the expense of the buyers or if they can attract a large number of new buyers with greater purchasing power than the amount that was sold. In this case, there is no possibility of a return on investment.
Cryptocurrencies are usually created in decentralized systems, starting from the most significant currency, Bitcoin, to meme currencies that are created for fun. However, this does not imply that currencies created on decentralized platforms are always safe. A lot of things need to be checked to ensure their safety. If a currency is proven fair and safe, moving it to a central exchange can generate profits for all investors. But, there may be exceptional cases of the buyers’ funds being exploited in cryptocurrencies.
In the world of digital currencies, central exchanges depend on supply and demand, just like in the traditional stock market. This means that any price drop that occurs on the central exchange can cause a significant decline if there is no strong liquidity pool to support the currency in the decentralized system. However, the liquidity pool in the decentralized exchange can absorb and mitigate such drops in price.
Some may ask, how can a cryptocurrency be accepted by centralized exchanges like Whitbit or XT before the cryptocurrency community is built and there are thousands of holders with a high-value liquidity pool? The answer is that these platforms are not responsible for how the cryptocurrency was created and the credibility and seriousness of the team. Rather, there are fees that when paid, the currency is released on the platform. For example, these fees are about 20,000$ for the Whitbit exchange,15,000$ for the Hotbit exchange, and $7,000 for the CoinTiger exchange. Noting that this does not apply to the popular exchanges such as the Binance, as these exchanges are very selective, and their fees are very high. However, the above does not apply to cryptocurrency that have a large number of traders on the decentralized exchanges, as in this case the central exchanges automatically add them to the platform.
Some people may wonder how a cryptocurrency can be accepted by centralized exchanges like Whitbit or XT before the cryptocurrency community is built and there are thousands of holders with a high-value liquidity pool. The answer is that these platforms are not responsible for the creation of the cryptocurrency or the credibility and seriousness of the team behind it. Instead, some fees need to be paid for the currency to be released on the platform. For instance, the fees for the Whitbit exchange are around $20,000, for the Hotbit exchange they are $15,000, and for the CoinTiger exchange, they are $7,000. It's worth noting that this doesn't apply to popular exchanges like Binance, as these exchanges are very selective and their fees are very high. However, this also doesn't apply to cryptocurrencies that have a large number of traders on decentralized exchanges, as central exchanges automatically add them to the platform. Therefore, we place the process of starting a cryptocurrency directly on the central exchange at the top of the pyramid of means of exploitation.
Not locking the liquidity:
Investing in tokens directly on the central exchange is generally safe, as the tokens are held securely in the exchange's wallet. If demand for the token increases, its price can rise. However, it is considered a major mistake in the crypto world to deal with a token whose liquidity is not locked. This is because the token team can withdraw its liquidity at any time, resulting in all investors' funds being withdrawn (known as a "Rug Pull").
Liquidity must be locked permanently for all tokens available in the liquidity pool; simply locking liquidity is not sufficient. It is important to research and verify the duration and amount of locked liquidity.
Crypto wallet distribution:
All the cryptocurrency available in the liquidity pool may be locked for a long period. However, this alone is not enough to prevent fraudulent crypto distributions to the team's wallets, which can lead to a result similar to withdrawing liquidity (Rug Pull). Some crypto projects allocate large percentages to the team and/or the project wallets, which we believe should not exceed a maximum of 5%. Additionally, the team must provide clear justifications for how and when they use these wallets. The team's wallet must also be locked for a reasonable period of no less than five years. The crypto sent to the team wallets is considered free crypto without any cover, but it can be exchanged with the investors' money by swapping them in the liquidity pool. Using even 1% of the crypto in these teams' wallets can significantly reduce the price.
Therefore, one effective method of deception in the crypto world is the preferential distribution of cryptocurrency.
The possibility of creating new cryptocurrency:
When developing a smart contract for a token, it is possible to add a code that allows for the creation of new tokens at no cost to the owner of the token smart contract. These tokens can then be sold to investors without any effort or limit, resulting in potentially fraudulent activity. Therefore, it is crucial to ensure that this technique is not present when conducting an audit of a smart contract.
To detect this fraudulent method, one can go to the token contract page and examine the transactions. If an icon with "Mint" written inside it is found, this indicates the presence of this technology in the token contract. The image below provides an example of this "Mint" technology.

Presale:
The following text explains the Presale process in the crypto world and highlights the importance of transparency in this matter. The Presale is a common practice used to provide sufficient liquidity to the pool due to the lack of financial solvency of the crypto team. It is not considered fraudulent, but it can be characterized as such if the crypto obtained from the buyers is not transferred to the liquidity pool. In such cases, the buyers' funds are stolen for the benefit of the crypto team. The Presale process relies on a smart contract that manages this process and must include an equation to return buyers' funds if the number of cryptos required is not reached.
If the cryptocurrency is created in its blockchain (Coin), and the Presale is made to cover the cost of creating the Blockchain, the team must clarify the amount of money received and the expenses spent. An independent financial company should prepare a financial report to examine this process. The cost of creating blockchains and programs can start from $10,000 up to $1,000,000, depending on whether the system and codes are created from scratch or copied from previous systems. If the blockchain is based on the codes of previous systems, it will not be expensive. Therefore, doing a Presale to establish a blockchain is similar to a traditional Presale for a company's establishment. Clear financial reports will provide confidence and transparency in this matter.
In summary, transparency is crucial in Presale processes, whether it is for a "Token" or a "Coin", to ensure that the buyers' funds are not stolen, and the Presale provides the liquidity needed to the pool.
Private sale bonus:
Private sales are not considered fraudulent or deceptive, but they can create a gap between investors, violating the principle of equality between buyers that is essential for the cryptocurrency system to function properly. This is especially true for decentralized exchanges. If the cryptocurrency founders want to maintain equality and not favor one group over another, they should limit private sales to no more than 5%. Additionally, the funds obtained by the team through private sales should be added to the liquidity pool and not considered as a reward for them. Failure to do so could harm all investors. It is also important to lock the digital wallets that benefited from private sales, as these individuals obtained the cryptocurrency at a lower price and may achieve higher profits compared to the real crypto community that supports the project. Lastly, the crypto team should be transparent and share the addresses of all wallets that acquired the crypto during private sales so that real investors can easily analyze them.
Crypto trading pause:
In the world of cryptocurrencies, the idea of stopping trading is generally frowned upon and deemed as a cause for concern among investors. One of the most important aspects of trading in cryptocurrencies is the ability to freely buy, sell, and transfer crypto without any restrictions. Interfering with this process in any way is viewed as an infringement on the rights of investors, and it can also enable other forms of fraudulent activity.
Use Anti-Whale mechanisms in a harmful way:
Despite its benefits, the anti-whale function can be used in a way that harms investors. This technology allows for changes in ownership percentages if the contract is not relinquished. These changes can be made in a way that harms buyers and limits their trading freedom by excessively reducing the percentage, such as by preventing transactions that exceed 0.01% of the total supply. For this reason, most fraud auditing keeps the anti-whale function in the red box.
Use of the blacklist function:
The smart contract can implement a blacklist feature that prevents owners of listed wallets from disposing of their purchased cryptocurrency.
Not renouncing the smart contract:
We purposely brought up this point later, even though it's essential because if the ownership of the smart contract is not relinquished, there is a constant danger of introducing any fraudulent or deceptive means mentioned above. As a result, despite the significance of the previously mentioned points, they must be confirmed by surrendering ownership of the smart contract after ensuring that the contract is safe and its codes are error-free. It is preferable to give up ownership of the contract after having it audited by a trustworthy company.
Cryptocurrency currency imitation:
One common method of fraud involves creating a new cryptocurrency that closely resembles an existing one, so that buyers may mistakenly purchase it due to the similar names. For example, scammers may create a token named "AMMAL", "AMAAL", or "AMAL Token" to imitate the legitimate cryptocurrency called "AMAL". They then promote the fake cryptocurrency on social media to attract investors. To avoid falling for such scams, it is crucial to double-check the accuracy of the token contract address before purchasing tokens on decentralized platforms.
Misleading media:
There have been instances where founders of Arab tokens made unrealistic claims about the value of their cryptocurrency on social media. In one such instance, the founder of a token posted a video on Instagram, claiming that the currency would reach two or three dollars, and later claimed that it would reach a thousand dollars, but he would be willing to accept 10 dollars. Similarly, the founder of another Arab token also made claims that his token would reach a thousand dollars. Such claims are unrealistic, as the total supply of the first token is 10,010,600,000,000 and the total supply of the second token is 100,000,000,000. To put this into perspective, the amount of dollars available in the world is around 60 trillion, which means that fulfilling the founders' claims would require bringing in dollars from another planet.
This kind of exaggerated media content is exploitative, as some people may be influenced by such claims and invest their money in cryptocurrency with the hope of achieving significant financial returns. In some cases, social media influencers may be involved in this deception, where they receive money or cryptocurrencies in exchange for promoting the token and encouraging people to invest in it.
How to detect methods of fraud, deception, and exploitation?
The world of cryptocurrency is unique in that it is built on open sources, which means that it is impossible to conceal any fraudulent or deceitful activities, regardless of the skills of the currency team. This is because most things can be audited on the smart contract page of the currency. Even transfers that occurred during the Presale or Private Sales can be detected by reviewing the transactions made in the smart contract.
In this article, we have discussed the most common ways of deception and exploitation in the world of encrypted digital currencies. It is important for those who deal with these currencies to be aware of the risks they may face and to take measures to protect themselves from falling into the trap of fraud and exploitation.

#Crypto #AMALTOKEN #cryptofraud #CryptoScam #Token

There are three islands in this story. The first island cultivates sugar cane and produces more sugar than the inhabitants need. The second island produces a lot of salt. The third island is located between the Sugar Island and the Salt Island. The people on the third island built three warehouses and stocked them with sugar and salt, which made trading between the two islands much easier. The commercial ships no longer needed to sail back and forth between Sugar Island and Salt Island. Instead, they could go to the third island. However, the warehouses on the third island didn’t have enough space for all the sugar and salt, so the contractors built giant warehouses on the third island and invited the merchants from both islands to deposit large amounts of sugar and salt. The merchants received benefits for facilitating the exchange process between the two commodities. But there was a problem with the security of the warehouses. Some of the warehouses were more secure than others, the degree of security is as follows:
The first store: The store has a strong lock that cannot be removed, which prevents the owner from accessing any amount of sugar or salt, except when carrying out exchange operations. The lock only allows the owner to access the specific quantity required for the operation, and once the operation is complete, the lock resets and remains locked forever.
The second store: It has a temporary yet strong lock that prevents the store owner from damaging its contents for five years, with an option to renew.
The third store: The third warehouse doesn’t have a lock, but it contains higher levels of salt and sugar than the first and second ones. This is because the store owner has advertised it extensively and many social media influencers have spoken about its accuracy and usage of the latest security systems.
One day, the merchants woke up to find out that the owner of the third store had fled with all of the goods. Five years later, the same thing happened with the owner of the second store. However, the first store always operated without any issues.
In the world of cryptocurrency, it’s extremely risky to purchase a token on a decentralized exchange if its liquidity has not been locked. Before investing any amount in any digital currency, you must ensure that the tokens’ liquidity is locked. This is important regardless of the honesty, fame, or reputation of the currency’s founder. Failing to lock liquidity puts all buyers’ funds at risk of being withdrawn with the push of a button. This is a malicious tactic known as a ‘Rug Pull’, during which the cryptocurrency team abandons the project and runs away with investors’ funds.

What What is meant by locking the cryptocurrency liquidity?؟
It is when a cryptocurrency owner locks their assets on a decentralized platform, and they are prevented from withdrawing the liquidity for a specified duration and amount.
Liquidity lock advantages:
Increased investor’s confidence and trust: A cryptocurrency with a locked liquidity creates a feeling of security.Currency price stability: Having a locked liquidity pool helps stabilize currency prices by providing a stable base for trading.Enhance project reputation: Projects with locked liquidity tend to be viewed more favorably in the cryptocurrency community, as they demonstrate transparency and dedication to their investors.Attracting new investors: Conscious investors limit their investments to projects with locked liquidity and are attracted to them.
How can I ensure the liquidity is locked and the duration of the lock is true?
To check if a digital currency is locked, there are two methods. The first method involves visiting the smart contract page of the decentralized platform where the liquidity pool was created, such as Pancakeswap. Then, click on the Holders box and look for an address with a contract icon next to it. If the contract icon is present, click on the address and look for the expiration time of the lock on the Contract page. If that is not available, search in the transactions field for a transaction with a Lock token icon next to it and click on the title of that transaction. Then, click on Logs at the top of the page to find the Unlock Time, which shows the duration of the lock expiration. After obtaining the number of seconds, convert it to a date using a website that can do so.
The second method is to enter the smart contract address on cryptocurrency websites like dextools.io to check the reliability of the currency and if the liquidity pool is locked.
When a cryptocurrency team locks the liquidity, they usually announce it on their website and social media. Investors should review the lock certificate and visit the website to find out the percentage of currencies whose liquidity has been locked and the duration of the lock. Once investors have confirmed that all liquidity has been locked permanently, they can move on to inspecting other important aspects.

#AMAL #AMALTOKEN #Cryptoscam #cryptofraud #scamriskwarning

The Australian financial regulator has announced that the alleged fraud took place just two months before Mine Digital's collapse in September 2022.
Fraud Charges for Stealing $1.5 Million
The former CEO of Australian cryptocurrency exchange Mine Digital, Grant Colthup, is facing fraud charges for allegedly stealing $1.47 million (2.2 million AUD) from a customer. The customer intended to exchange the money for bitcoin but never received the cryptocurrency.
Misuse of Funds for Other Purposes
According to a statement by the Australian Securities and Investments Commission (ASIC) on October 21, the customer paid $1.5 million to the parent company of Mine Digital, ACCE Australia. ASIC claims that Colthup used these funds to pay ACCE's debts, purchase cryptocurrency for other customers, or a combination of both.
Company Collapse and Creditors Seeking Compensation
This case is the latest in a series of accusations against the company since its collapse in September 2022. Creditors have been attempting to recover $16 million ever since.
Colthup was charged with fraud at a hearing in Ipswich, Queensland, Australia, and the case was adjourned until December 16. The charge is under Section 408C of the Queensland Criminal Code of 1899, which carries a maximum sentence of up to 20 years in prison.

Significant Bitcoin Price Fluctuations
At the time the customer attempted to purchase bitcoin, the cryptocurrency’s price ranged between $18,890 and $24,580, according to CoinGecko data. Given that bitcoin is currently trading around $67,460, the value of the bitcoin now could be between $4 million and $5.24 million.
Mine Digital’s Operations and Collapse
Mine Digital operated a cryptocurrency trading platform from May 2019 to September 2022, when it was forced into administration. Early investigations revealed that ACCE, the parent company, held only $20,000 in assets, far below the $16 million claimed by creditors.
Planned Lawsuit Against Colthup
In December 2022, Brad Tonks, a partner at PKF, was appointed as the liquidator of ACCE. According to the Australian Financial Review (AFR), PKF was preparing to sue Colthup in January 2023 to secure compensation for creditors seeking to recover the $16 million.
#cryptofraud , #CryptoScandal , #BTC☀ , #cryptoregulation , #CryptoNews🚀🔥

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Nigerian Crypto-Romance Scams: A Call to Action Against Digital Fraud
The surge in cryptocurrency scams has reached alarming levels, with Nigeria emerging as a focal point for these illicit activities. In a landmark move, the Nigerian Economic and Financial Crimes Commission (EFCC) recently executed its largest anti-fraud operation, arresting 792 individuals involved in crypto-related scams, including romance frauds. These schemes prey on unsuspecting victims, manipulating them into sending substantial amounts of money under the guise of fake online relationships.
Among those detained were 148 Chinese nationals and 40 Filipinos, highlighting the global scope of this network. These individuals weren’t just targeting Nigerians but were part of a broader, international scam operation that leveraged cryptocurrencies to mask their activities. The anonymity offered by digital assets has made them a favored tool for fraudsters, allowing them to operate with relative ease while evading detection.
The scale of these scams is nothing short of staggering. Fraudsters exploit the rising popularity of cryptocurrencies to deceive individuals, particularly those unfamiliar with the complexities of the crypto space. With millions lost to these schemes, the EFCC has intensified efforts to dismantle these networks, arrest perpetrators, and shut down platforms enabling fraudulent activities.
This crackdown serves as a critical reminder of the risks inherent in the digital financial ecosystem. While cryptocurrencies offer immense opportunities for innovation and wealth creation, they also open doors for exploitation. The Nigerian government’s aggressive stance on combating crypto fraud underscores the urgent need for enhanced education, awareness, and security measures in the crypto sector.
For investors and traders, staying informed and cautious is more important than ever. Always engage with trusted, verified platforms and be wary of offers that sound too good to be true. Conduct thorough research before making any transactions and prioritize security in all your crypto dealings.
This is a wake-up call for the global crypto community to recognize and address the vulnerabilities within the system. By staying vigilant, we can collectively work toward a safer and more secure digital landscape.
#CryptoSecurity #NigeriaCrackdown #EFCC #CryptoFraud #BinanceLaunchpoolBIO

Skip Bayless Becomes a Victim of Crypto Scammers
American sports commentator and television personality Skip Bayless became the latest target of crypto scammers who hacked his account on the X platform. The attackers used his account to promote the SKIP token, which operates on the Solana blockchain.
Hacker Uses Bayless's Account for Political and Crypto Promotion
After taking control of the account, the hacker began posting politically charged messages supporting presidential candidate Donald Trump, while also promoting the SKIP token with slogans like “Make Crypto Great Again” and “Crypto Cities Will Thrive with Trump.”
Hacker Sells Tokens Immediately After Posting on Bayless's Account
According to data from DEX Screener, the hacker started selling tokens immediately after posting a cartoon image on Bayless's account, showing the Solana logo alongside the SKIP contract address. Despite these efforts, the hacker only made around $8,200. The token briefly reached a market cap of $69,000 on the Raydium platform but then quickly dropped by over 94% to around $4,100.
Hacker Targets Kamala Harris and LeBron James
The hacker also used the account to post derogatory comments aimed at Vice President Kamala Harris and basketball star LeBron James. These posts are still visible to Bayless’s 3.2 million followers.
Bayless Joins the List of Celebrities Exploited for Crypto Scams
Skip Bayless is not the first celebrity whose account was exploited for similar scams this year. On November 4, rapper Wiz Khalifa’s account was hacked to promote the WIZ token, which saw a temporary price surge of over 2,000% before crashing.
In June, rapper 50 Cent’s account was similarly hijacked to promote the GUNIT token, allowing the attackers to gain over $300 million in just 30 minutes. That same month, hackers targeted Metallica’s account, falsely claiming a partnership with MoonPay and promoting an unrelated token, METAL.

#Cryptoscam , #cybersecurity , #HackerAlert , #cryptofraud , #hacking

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Crypto scammers took control of the X account belonging to Truth Terminal founder Andy Ayrey, using it to promote a suspicious meme coin.
Fraudulent Promotion of the Infinite Backrooms Token
At the time of writing, the account remains under the control of the scammers, who managed to earn over $600,000 by promoting a token called Infinite Backrooms (IB). This token was named after an AI chatroom experiment that led to the creation of the AI-supported X account Truth Terminal. The hackers first announced the token in a mysterious post on October 29, sharing the slogan "mad dreams of the electric mind" along with the token’s contract address.

Rapid Rise and Fall of the Token
Unsuspecting investors rushed to buy the new cryptocurrency, pushing its market value to $25 million at its peak, according to data from Dexscreener. Shortly after, the scammers sold off 124.6 million IB tokens they had accumulated before the promotion, earning approximately $602,500. Consequently, the token's market capitalization dropped to less than $2.5 million once news spread that Ayrey's account had been compromised.
Ongoing Scam Promotions on X
The scammers continue to control the account, promoting additional projects, such as a Telegram group called "Solana Printers." They also promised a new token, offering an airdrop to anyone who shares and promotes their Telegram group, which had over 1,600 members at the time of publication.

Controversy Surrounding Truth Terminal and Ayrey
Andy Ayrey gained attention in the crypto community after his AI bot, "Truth Terminal," backed by the a16z fund, promoted a meme coin called Goatseus Maximus. This coin, created on the Pump.fun platform on the Solana network, reached a market capitalization of over $850 million, leading to listings on major exchanges like Binance. This success earned Truth Terminal and Ayrey a loyal following within the crypto space.
Rise of Scams on X Accounts
Attacks on X accounts to promote fraudulent tokens are becoming increasingly common in the crypto community. From celebrity accounts to prominent crypto projects, the recurring abuse highlights significant security issues and raises concerns about X’s ability to protect its users from targeted scams.
Although X has managed to restore some compromised accounts, this latest attack underscores the persistent security issues on the platform.

#Cryptoscam , #cybersecurity , #cryptofraud , #hacking , #BlockchainSecurity

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The cryptocurrency world thrives on innovation, promises, and community support. But for every legitimate project, there’s a cautionary tale that reminds us to tread carefully. Unfortunately, Toma Token has become one such story—a glaring example of deceit, manipulation, and betrayal.
The Illusion of Prosperity
Toma Token marketed itself as a revolutionary project, captivating its community with lofty promises and enticing visions of future profits. Through carefully orchestrated campaigns, the project built excitement around giveaways, airdrops, and the prospect of exponential growth. Investors were drawn in, trusting the team to deliver on their commitments.
But behind the facade was a dark reality. What appeared to be a genuine project turned out to be a cleverly executed plan to exploit the trust of its supporters.
Airdrop Betrayal
For months, the Toma Token team hyped up their airdrop, leading investors to believe they’d receive significant rewards. What was the outcome? A mere $1 for many participants, with some initially receiving an insulting $0.05. These figures weren’t just disappointing—they were a blatant slap in the face to those who had supported the project.
Supply Manipulation and Dump Schemes
The most damning aspect of Toma Token was its manipulation of token supply and price. Insiders and developers inflated expectations, pumping the token’s value artificially. Once enough unsuspecting investors bought in, they executed a pump-and-dump scheme, cashing out their holdings and leaving the community to deal with the fallout.
False Promises and Fake Community Engagement
Toma Token didn’t stop at financial manipulation. They deceived their investors with fake giveaways and false community engagement. The entire project was a charade, carefully designed to keep the illusion alive while insiders reaped the profits.
The Aftermath
The aftermath of Toma Token’s actions is devastating. Investors are left with worthless tokens, shattered trust, and a bitter lesson in the risks of the crypto world. Meanwhile, the developers and insiders walk away with their ill-gotten gains, leaving a trail of broken promises in their wake.
Protecting the Crypto Community
This isn’t just a story about Toma Token; it’s a wake-up call for the entire crypto community. Projects like these undermine trust in the market and discourage genuine innovation. To prevent this from happening again:
Do Your Research: Verify the team behind any project and analyze its goals.
Beware of Overhyped Promises: If it sounds too good to be true, it probably is.
Demand Transparency: Hold projects accountable for their actions and insist on clear communication.
A Call for Accountability
The crypto world needs to unite against scams like Toma Token. Regulators, investors, and enthusiasts must work together to expose fraudsters and protect the integrity of the market. It’s time to make an example of projects that betray their investors and prove that deceit has no place in this industry.
#TomaScam #CryptoFraud #ElSalvadorBTCReserve #USJoblessClaimsFall #BTCNextMove $APT