Category: Crypto Fraud

Billionaire John De Mol Takes Facebook to Court Over Fraudulent Bitcoin Ads

John de Mol, a Dutch billionaire and media magnate, has recently sued Facebook over fraudulent bitcoin ads that showed him next to quotes about how much money he purportedly made investing in BTC with a company that was swindling users.

According to Reuters, De Mol’s lawyer has claimed the businessman, who created the reality show ‘Big Brother’ and is one of brains behind the Endemol entertainment studio, is suing the social media giant over damages to his client’s reputation, and over Facebook’s inability to stop the ads from appearing altogether.

De Mol’s lawyers would, as such, like to see Facebook automatically block ads featuring him and cryptocurrencies. The businessman’s lawyer further claimed consumers sent a total of €1.7 million (around $1.9 million) to the scammers, before Facebook reacted to complaints and removed the ads from its platform.

De Mol is also looking to get the names of those behind the fraudulent bitcoin ads, so he can hand them over to authorities. Jacqueline Schapp, one of his lawyers, argued that Facebook’s system of reacting to users reporting problems isn’t good enough.

I don’t know what reality Facebook lives in, but that doesn’t work.

Facebook’s lawyer, Jens van den Brink, revealed the company couldn’t be forced to monitor every ad that goes through it all the time, and that it’s “technically impossible” to block ads with De Mol’s name on it, as other people have the same name.

Van den Brink also added Facebook has met with Dutch financial market regulator AFM this month to discuss ways to combat scammers on its platform. It’s worth noting that Facebook banned cryptocurrency-related ads last year to stop them, but later on lifted the ban.

A judge at the Amsterdam District Court gave both parties two weeks to come up with a reasonable solution. If they fail to reach an agreement, the judge noted he would rule on the case.

This isn’t the first time celebrities are used to get users to buy into fraudulent cryptocurrency schemes through Facebook’s ads.

Source: CryptoGlobe

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Indian Police Uncover Cryptocurrency Scam Involving BitConnect Promoter

Indian police have reportedly discovered an alleged multi-million dollar cryptocurrency scam, involving a BitConnect promoter, local media outlet the Times of India reported on June 3.

The Criminal Investigation Department (CID) in Gujarat, India, has accused Divyesh Darji — a promoter of now-defunct cryptocurrency investment program BitConnect that ceased its operations in January of last year — of luring people to invest into “Regal Coin,” promising unrealistic returns of as high as 5,000% on investment. A CID official said that the estimated amount of the scam reaches into the tens of millions of rupees.

Per the CID, Darji began offering the investment scheme back in 2017, asking potential investors to buy the coin with an investment of $2 to get $100 on each Regal Coin. A CID official said that “Darji had promised that the investor would get the principal amount in 99 days. He had also promised to give interest on principal amount as per robotic trading profit along with 1% to 1.6% bonus as referral bonus at every 11 days.”

The scam was discovered after a Surat resident, Vishal Savalia approached the CID saying that he had lost around $26,783 in the Regal Coin scam. A CID official further explained that “Savalia had allegedly given the money to Darji’s daughter, Dimki through another accused and Darji’s aide, Ramdayal Purohit and Dimki herself had downloaded Regal Coin app in Savalia’s cellphone and get him registered on its website.”

According to the police, only Purohit is presently under arrest, while Darji was released on bail a month ago and is on the lam. This is reportedly the third case involving Darji.

At the end of August 2018, Indian police arrested Darji for allegedly promoting BitConnect and scamming investors. Darji reportedly said that he had been the India head of BitConnect. The CID claims that staff at the BitCoinnect office in Surat admitted that promoters had amassed “crores of rupees from thousands of investors.”

In February of this year, India’s Union Home Minister Rajnath Singh inaugurated the cyber forensic lab and Cyber Protection Awareness and Detection Centre, with a special unit focused on cryptocurrency.

Source: Pivot – Blockchain Community

JPMorgan Chase Launches Its Own Cryptocurrency: ‘JPM Coin’

JPMorgan Chase, the largest U.S. bank (and the world’s sixth largest), has created its own cryptocurrency, a stablecoin called “JPM Coin.” According to CNBC, J.P. Morgan “moves more than $6 trillion around the world every day for corporations in its massive wholesale payments business,” and in a few months, it will start trials for use of this new cryptocurrency for instant settlement of payments between its clients. The report says that J.P. Morgan is for a future blockchain-powered world, but before that happens………..

Source: CryptoGlobe

Crypto Dusting’ Attack Sends Illegally Obtained Bitcoin to Random Cryptocurrency Wallets

Crypto dusting attack, a hack on cryptocurrency wallets is used to distribute laundered money to the wallets of unsuspecting customers, which in turn, affects their reputation and draws the attention of law enforcement, reports DarkReading on January 8, 2019. According to DarkReading, crypto dusting is a new attack which distributes illegally obtained funds from an unknown source to the wallets of innocent cryptocurrency holders……

Source: ‘Crypto Dusting’ Attack Sends Illegally Obtained Bitcoin to Random Cryptocurrency Wallets

Monfex – Brand New Leverage Exchange with Social Trading – NullTX

Cryptocurrency has come a long way since its inception. As the industry developed, the volatility has dropped significantly. We saw evidence of that in the second half of 2018 when the market has traded sideways for over 3 months. Specifically, there was very little volatility in September through mid November. Many traders would assume that there is little profit to be made during such a market, however nothing could be further from the truth…….

Source: Monfex – Brand New Leverage Exchange with Social Trading – NullTX

Bitcoin-Friendly Square Uses App and Algorithms to Issue Business Loans

https://www.pivot.one/share/post/5c288312016de7749755cb7a?uid=5bd49f297d5fe7538e6111b6&invite_code=JTOJYV

Bitcoin Bashing NYU Professor Unleashes Scathing Anti Crypto Twitter Tantrum

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Is New York University professor Nouriel Roubini the biggest bitcoin grinch of all time? It sure seems that way, based on an epic Twitter rant he launched just days before Christmas. In a furious tweetstorm that started at 6:34 am, Roubini trashed crypto as “THE most manipulated financial market in ALL human history…It makes the Wolf of Wall Street look like a naive amateur.” He noted that the global stock market recently tumbled, but insisted that the downturn paled in comparison to the bloodbath in the crypto market. 4800 Pump and Dump schemes! Crypto is THE most manipulated financial market in ALL human history & manipulation of “assets” that are all shitcoins and worth ZERO. It makes the Wolf of Wall Street look like a naive amateur. And in spite of this sleaze shitcoins lost 95% this year!

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New Proposal Promises to Make Monero (XMR) Wallet Simpler

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One contributor to the Monero (XMR) project wants to reform the wallet’s GUI to account for the likelihood that some users may not be interested in the more technical details of running a full node and may instead want to just have a desktop computer program that accesses funds and handles transactions.

“The community has long stipulated that, in its current form, the GUI is not properly tailored to the less tech-savvy. I personally have acknowledged this particular issue and am therefore proposing to add a simple mode, which would be significantly better curtailed for the less tech-savvy,” wrote the contributor, who goes by the username dEBRUYNE-1.

The “simple mode” this person is proposing would remove options usually tailored for advanced users, such as the ability to select the testnet or stagenet of the Monero blockchain. Additional features, including one where advanced users could sign a transaction file in a cold storage wallet and broadcast it through a “hot” node that has view-only privileges, are also removed from the proposed mode.

ConsenSys is Eyeing Further Layoffs Amid Crypto Bear Market

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ConsenSys, a blockchain software technology company founded by Joseph Lubin, is eyeing even further layoffs, a report from The Verge published on Thursday has revealed, citing unnamed sources at the company.

Towards the beginning of December, Finance Magnates reported that the company had laid off over 100 of its employees – roughly 10 per cent of the Brooklyn-headquartered firm’s workforce. And now, it seems, that ConsenSys is gearing up for even more culling.

According to sources at the company, ConsenSys is spinning out startups which it previously supported, in an effort to streamline its business into “ConsenSys 2.0” which the company’s founder, crypto billionaire Joe Lubin announced earlier this month.

ConsenSys Labs, an internal incubator run by ConsenSys, houses a number of startups, referred to as “spokes”. According to an email sent by Shawn Cheng, a partner at Labs, it incubates around 36 spokes.