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Crypto Scammers – Lions Wealth Company The Most Victim Grabber

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Lions Wealth…A risky company who deceives so many people around the world but nobody could touch its president or ever meet him or her directly…Who is behind the doors of this fancy blockchain company..The master mind behind this curtain is a man called Alexander Erber who has so many profiles in Instagram and social media and mostly make pleasure in DUBAI…

Last year reports have taken records around 57 individuals who has given their investments to him to pay back profit but nothing gained until now. Who is supporting him really.

As bitcoin has become more popular, more people have sought to acquire it. Unfortunately, nefarious people have taken advantage of this and have been known to set up fake bitcoin exchanges. These fake exchanges may trick users by offering extremely competitive market prices that lull them into thinking they’re getting a steal, with quick and easy access to some cheap bitcoin. Be sure to use a reputable exchange when buying or selling bitcoin.

His project for dupping people is called CLASSIC CAR COIN. In contrast to most other crypto currencies, the Classic Car Coin is underpinned by a genuine, real equivalent in the form of old- and youngtimers. All profits from the project will be reinvested immediately. This increases the countervalue per token over time, which triggers a positive price development. A strong increase in the value of the tokens on the Exchange and thus the realisation of massive price gains is the aim of the project. At the same time, token holders gain access to an exclusive old- and youngtimer market as well as to exclusive services.

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Due to the viral nature of how information spreads across on the internet, scammers seek to take advantage of people by offering free giveaways of bitcoin or other digital currencies in exchange for sending a small amount to register, or by providing some personal information. When you see this on a website or social network, it’s best to immediately report the content as fraudulent, so that others don’t fall victim.

But instead all of these ends up to something dreaming and fancy style..What shall we do right now??Is it a time to stop these financial criminals and help those victims whom loose their assets which hardly managed to get it after hours and weeks of troublesome efforts?Do not ever try to register or trust to this company and never try to put your investment in danger in any circumstances.

Do not trust people who entice you or others to invest because they claim that they know what the bitcoin price is going to be. In a pump and dump scheme, a person (or persons) try to artificially drive up or pump the price so that they can dump their holdings for a profit.

 

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Some of the Most Important Bitcoin Scammers You Should Be Aware Of

Bitcoin scam

Bitcoin’s spectacular ascent in prices throughout the last year has stirred considerable interest for the first digital money. With costs looking bullish lately, investing resources into bitcoin has never been as famous, to say more the attention, more the consequences.

One of the drawbacks of new financial specialists entering the market is the expansion in the number of scams, deceptions and fake accounts of retail speculators who lose their coins to suspicious endeavors. From ICO scandals to wallet robbery and cheating, standard customers can fall prey to crime effectively.

These following scam pages in Instagram are known mostly because of capturing assets and never showing back or even refraining from return back their clients profits:

Of course because of no specified regulations over the crypto structure, most of these scammers have legaly binding with their BROKER LICENSEs but never be afraid of ripping off people with their advertisements and promises.

The most effective method to Avoid Bitcoin Scams

With the unavoidable ascent of bitcoin in the present and coming years, it is becoming progressively essential to comprehend and be vigilant for bitcoin scams that could cost you thousands. There is no one particular method to abstain from being defrauded, yet reading the most recent bitcoin warnings, keeping data private, and double checking sources before investing resources into anything are great standard techniques that may help spare you from being cheated. Succinctly put, Knowledge is power.

Wrap up

Even though there are more risks in the market, the open doors might be overpowering for a few. Moreover, being cautious is dependably an absolute necessity, and there are clear indications of scams that financial specialists can search for. By staying away from these traps, clients can better their odds for progress and secure their investments. These are probably the most widely recognized scams, and how they can be evaded.

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Josh Garza Sentenced to Prison and Fined $9M over GAW & Paycoin Scam – Bitcoin News

U.S. Attorney’s Office District of Connecticut has announced Homero Joshua Garza (Josh Garza) has been sentenced to “21 months of imprisonment, followed by three years of supervised release, the first six months of which [Mr. Garza] must spend in home confinement, for his role in his companies’ purported generation and sale of virtual currency.” The so-called stablecoin founder was also ordered to pay restitution of more than $9 million. After sentencing, he was released on bond, having been also ordered to report for incarceration at the start of next year.

Also read: Mt. Gox Victims Must Take Claims to Tokyo, Not US, Judge Rules

Josh Garza Is Finally Sentenced, 21 Months in Prison, $9 Million Fine

Slightly more than four years ago, nearly a lifetime in the crypto space, Mr. Garza, 33, is alleged, over an eight-month period, to have “through GAW, GAW Miners, Zen Miner, and Zen Cloud, companies he founded and operated, defrauded victims out of money in connection with the procurement of virtual currency on their behalf,” according to a press release from the US Attorney from Connecticut.

GAW/Paycoin 2014 Scam: Josh Garza Sentenced to 21mos Prison, $9M Fine
Mr. Garza during better times.

Mr. Garza and cohorts were involved in selling miners, access to them, and an alternative cryptocurrency called Paycoin, described as one of the first stablecoins, along with what were known as hashlets. According to the complaint, subsequent indictment, and eventual conviction, a hashlet “entitled an investor to a share of the profits that GAW Miners or Zen Miner would purportedly earn by mining virtual currencies using the computers that were maintained in their data centers. In other words, hashlet customers, or investors, were buying the rights to profit from a slice of the computing power owned by GAW Miners and Zen Miner.”

He was also alleged to have made false promises to potential and real investors, including “that GAW Miners’ parent company purchased a controlling stake in Zen Miner for $8 million and that Zen Miner became a division of GAW Miners,” prosecutors maintain. He pushed hashlets, a kind of early cloud mining, which the government claims was fraudulent. His “companies sold more hashlets than was supported by the computing power maintained in their data centers.”

Josh Garza Imprisoned and Fined $9M over GAW Paycoin Scam
Even at its peak, Paycoin failed to maintain its promised $20 peg, reaching a peak of $15.92.

An Early Crypto Ponzi

Then there were the alleged pump and dump schemes. According to authorities, he “also stated that the market value of a single Pay Coin would not fall below $20 per unit because [his businesses] had a reserve of $100 million that the companies would use to purchase Paycoins to drive up its price. In fact, no such reserve existed.”

All of it turned out to a be a classic Ponzi, whereby Mr. Garza is alleged to have taken money from one company to prop up another, essentially borrowing from newer investors while trying to keep older ones from getting too concerned. “The payments were money that the companies owed the older investors based on the purported mining GAW Miners and Zen Miner had done on the investors’ behalf. Through this scheme,” the government charges, he “defrauded hundreds of individuals around the world of a total of $9,182,000. Judge Chatigny ordered [Mr. Garza] to pay restitution in the equivalent amount.”

Josh Garza Sentenced to Prison and Fined $9M over GAW & Paycoin Scam
Mainstream media and go-to pundits such as Mr. Casey were often unwitting cheerleaders of scams (thanks to Jamie Redman for source and graphic).

It was one of the very first US crypto crime cases, involving multiple law enforcement and regulatory agencies from the Federal Bureau of Investigation to the Securities and Exchange Commission (SEC), and the US Department of Justice. Summer of last year, Mr. Garza struck a plea deal with authorities over criminal matters. A suit by the SEC remains ongoing, however, and could very well dampen things for Mr. Garza even further.

Was justice served in the Garza case? Let us know in the comments section below.


Images courtesy of Shutterstock and Coinmarketcap.


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Tags in this story
alternative coin, Crime, Cryptocurrency, Federal Bureau of Investigation, Fraud, gaw, GAW Miners, hashlet, Homero Joshua Garza, mining, N-Featured, Pay Coin, Ponzi, pump and dump, Scam, Securities and Exchange Commission, U.S. Attorney’s Office District of Connecticut, U.S. District Judge Robert N. Chatigny, US Department of Justice, Zen Miner

Source: Josh Garza Sentenced to Prison and Fined $9M over GAW & Paycoin Scam – Bitcoin News

Pay Attention to These 7 Bitcoin Scams in 2018 – Anne Sraders

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Bitcoin the possible Pandora’s Box of the currency world – has never been short of controversy. Whether it be aiding the black market or scamming users out of millions, bitcoin is no stranger to the front page.

Still, the jury is out on the legality and usefulness of bitcoin – leaving it in a proverbial grey area. However, there have been several legitimate bitcoin scams that have become infamous – but, what are the top 7 bitcoin scams? And how can you avoid them?

What Is a Bitcoin Scam?

For most cases, it may be pretty obvious what a scam is – but with bitcoin, things become murkier. Bitcoin itself is an unregulated form of currency that essentially is a mere number that is only given value because of an agreement. It’s basically like a moneybag with a lock on it – the code of which is given to the recipient of the bitcoin (an analogy drawn by Forbes in 2017).

Bitcoin scams have been famously criminal and public in nature. With no bank as a middleman in exchange, things become more complicated; so hackers and con men have had a heyday.

Top 7 Bitcoin Scams

There have been (and undoubtedly will be) nearly countless bitcoin scams, but these frauds make the list of the top 7 worst bitcoin scams to date. Take note.

1. Malware Scams

Malware has long been the hallmark of many online scams. But with cryptocurrency, it poses an increased threat given the nature of the currency in and of itself.

Recently, a tech support site called Bleeping Computer issued a warning about cryptocurrency-targeting malware in hopes of saving customers from sending cryptocoins via transactions, reported Yahoo Finance.

“This type of malware, called CryptoCurrency Clipboard Hijackers, works by monitoring the Windows clipboard for cryptocurrency addresses, and if one is detected, will swap it out with an address that they control,” wrote Lawrence Abrahams, computer forensics and creator of Bleeping Computer.

The malware, CryptoCurrency Clipboard Hijackers (which reportedly manages 2.3 million bitcoin addresses) switches addresses used to transfer cryptocoin with ones the malware controls – thus transferring the coins to the scammers instead. And, according to Asia Times, even MacOS malware has been connected to malware scams involving cryptocurrency investors using trusted sites like Slack and Discord chats – coined “OSX.Dummy.”

2. Fake Bitcoin Exchanges – BitKRX

Surely one of the easiest ways to scam investors is to pose as an affiliate branch of a respectable and legitimate organization. Well, that’s exactly what scammers in the bitcoin field are doing.

South Korean scam BitKRX presented itself as a place to exchange and trade bitcoin, but was ultimately fraudulent. The fake exchange took on part of the name of the real Korean Exchange (KRX), and scammed people out of their money by posing as a respectable and legitimate cryptocurrency exchange.

BitKRX claimed to be a branch of the KRX, a creation of KOSDAQ, South Korean Futures Exchange, and South Korean Stock Exchange, according to Coin Telegraph.

BitKRX used this faux-affiliation to ensnare people to use their system. The scam was exposed in 2017.

3. Ponzi Scheme – MiningMax

“Ponzi bitcoin scam” has got to be the worst combination of words imaginable for financial gurus. And, the reality is just as bad.

Several organizations have scammed people out of millions with Ponzi schemes using bitcoins, including South Korean website MiningMax. The site, which was not registered with the U.S. Securities and Exchange Commission, promised to provide investors with daily ROI’s in exchange for an original investment and commission from getting others to invest (basically, a Ponzi scheme). Apparently, the site was asking people to invest $3,200 for daily ROI’s over two years, and a $200 referral commission for every personally recruited investor, reports claim.

MiningMax’s domain was privately registered in mid-2016, and had a binary compensation structure. The fraudulent crypto-currency scam was reported by affiliates, resulting in 14 arrests in Korea in December of 2017.

Korea has long been a leader in technological developments – bitcoin is no exception. However, after recent controversy, it seems as though this is changing.

“But a lot of governments are looking at this very carefully,” Yoo Byung-joon, business administration professor at Seoul National University and co-author of the 2015 research paper “Is Bitcoin a Viable E-Business?: Empirical Analysis of the Digital Currency’s Speculative Nature,” told South China Morning Post in January. “Some are even considering putting their currencies on the blockchain system. The biggest challenge facing bitcoin now is the potential for misuse, but that’s true of any new technology.”

4. Fake Bitcoin Scam – My Big Coin

A classic (but no less dubious) scam involving bitcoin and cryptocurrency is simply, well, fake currency. One such arbiter of this faux bitcoin was My Big Coin. Essentially, the site sold fake bitcoin. Plain and simple.

In early 2018, My Big Coin, a cryptocurrency scam that lured investors into sinking an alleged $6 million, was sued by the U.S. Commodity Futures Trading Commission, according to a CFTC case filed in late January.

The CFTC case further details that the suit was due to “commodity fraud and misappropriation related to the ongoing solicitation of customers for a virtual currency known as My Big Coin (MBC),” further charging the scam with “misappropriating over $6 million from customers by, among other things, transferring customer funds into personal bank accounts, and using those funds for personal expenses and the purchase of luxury goods.”

Among other things, the site fraudulently claimed that the coin was being actively traded on several platforms, and even mislead investors by claiming it was also partnered with MasterCard, according to the CFTC case.

Those sued included Randall Carter, Mark Gillespie and the My Big Coin Pay, Inc.

5. ICO Scam – Bitcoin Savings and Trust and Centra Tech

Still other scammers have used ICO’s – initial coin offerings – to dupe users out of their money.

Along with the rise in blockchain-backed companies, fake ICOs became popular as a way to back these new companies. However, given the unregulated nature of bitcoin itself, the door has been wide open for fraud.

Most ICO frauds have taken place through getting investors to invest in or through fake ICO websites using faulty wallets, or by posing as real cryptocurrency-based companies.

Notably, $32 million Centra Tech garnered celebrity support (most famously from DJ Khaled), but was exposed for ICO fraud back in April of 2018, according to Fortune. The company was sued for misleading investors and lying about products, among other fraudulent activities.

The famous DJ wrote his support in a caption on Instagram back in 2017.

“I just received my titanium centra debit card. The Centra Card & Centra Wallet app is the ultimate winner in Cryptocurrency debit cards powered by CTR tokens!” Khaled wrote.

The U.S. Securities and Exchange Commission even issued a warning in 2017 about ICO scams and faux investment opportunities, brought on by a slew of celebrities who promoted certain ICOs (like Paris Hilton and Floyd Mayweather Jr. to name a few).

“Any celebrity or other individual who promotes a virtual token or coin that is a security must disclose the nature, scope, and amount of compensation received in exchange for the promotion,” the SEC wrote in an Investor Alert in 2017. “A failure to disclose this information is a violation of the anti-touting provisions of the federal securities laws.”

Another example is Bitcoin Savings and Trust, which was fined $40.7 million in 2014 by the SEC for creating fake investments and using a Ponzi scheme to scam investors. According to Coin Telegraph, Trenton Shavers, the organization’s leader, allegedly scammed investors into giving him 720,000 bitcoins promising a 7% weekly interest on investments – which he then used to pay back old investors and even fill his personal bank accounts.

6. Bitcoin Gold Scam – mybtgwallet.com

Nothing catches the eye of the naïve quite like the promise of gold – bitcoin gold, of course.

That is exactly what mybtgwallet.com did to unsuspecting bitcoin investors.

According to CNN, the bitcoin gold (BTG) wallet duped investors out of $3.2 million in 2017 by promising to allow them to claim their bitcoin gold. The website allegedly used links on a legitimate website (Bitcoin Gold) to get investors to share their private keys or seeds with the scam, as this old screenshot from the website shows.

Before the scam was done, the website managers (slash scammers) was able to get their hands on $107,000 worth of bitcoin gold, $72,000 of litecoin, $30,000 of ethereum, and $3 million of bitcoin, according to CNN.

Bitcoin Gold, the site’s wallet used in the scam, began investigating shortly after, but the site remains controversial. Still, firm released a warning to bitcoin investors.

“It’s worth reminding everyone that it will never be truly safe to enter your private key or mnemonic phrase for a pre-existing wallet into any online website,” Bitcoin Gold wrote. “When you want to sweep new coins from a pre-fork wallet address, best practice is the same as after other forks: Send your old coins to a new wallet first, before you expose the private keys of the original wallet. Following this basic rule of private key management greatly reduces your risk of theft.”

7. Pump and Dump Scam

While this type of scam is certainly not relegated to just bitcoin (thank you for the education, “The Wolf of Wall Street”), a pump-and-dump scam is especially dangerous in the internet space.

The basic idea is that investors hype up (or “pump up”) a certain bitcoin – that is usually an alternative coin that is very cheap but high risk – via investor’s websites, blogs, or even Reddit, according to The Daily Dot. Once the scammers pump up a certain bitcoin enough, skyrocketing its value, they cash out and “dump” their bitcoin onto the naïve investors who bought into the bitcoin thinking it was the next big thing.

Bittrex, a popular bitcoin exchange site, released a set of guidelines to avoid bitcoin pump-and-dump scams.

While “stackin’ penny stocks” may sound like an appealing way to earn an extra buck (thanks to its glamorization by Jordan Belfort), messing in bitcoin scams is nothing to smirk at.

How to Avoid Bitcoin Scams

With the inevitable rise of bitcoin in current and coming years, it is becoming increasingly important to understand and be on the lookout for bitcoin scams that could cost you thousands.

There is no one formula to avoiding being scammed, but reading up on the latest bitcoin red flags, keeping information private, and double checking sources before investing in anything are good standard procedures that may help save you from being duped. After all, knowledge is power.

Bitcoin Scammers Hack into Twitter Accounts of Target, The Body Shop (Among Others) – Jodie Lauren Smith

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Target and The Body Shop were targeted in a new wave of verified Twitter account hacks. This new attack follows a wave of similar attacks, including the attack where hackers masqueraded as Elon Musk by changing the name of other verified accounts they hacked into. Hackers used Elon Musk’s identity and credibility within the industry to encourage users ot part with their Bitcoin in exchange for more Bitcoin that never materialized.

In this latest attack, a crypto giveaway was the focus of the tweets, and a link was included so users could take part. More than a few high profile accounts were targeted including TargetToledo Rockets, The Body Shop, Universal Music Czech Republic, the Agriculture and Horticulture Development Board (AHDB).

It is not yet clear how hackers managed to hack the accounts, however since the English used within the tweets is substandard, it is assumed the hackers are not native English speakers. While this may seem like a hint to most people that the Twitter account is not genuine, often this is intentional. For example with Nigerian inheritance and love scams, the scammers often use poor English as a means of making sure they only receive responses from the most gullible people, which are usually the most vulnerable people to these types of scams.

The relative success of these scams goes to highlight the trust people put into the verified account ‘tick’ on Twitter profiles. For many people, as soon as they see the tick, they believe they are dealing with a legitimate person or company that they can trust. Hackers are exploiting this to target a wide array of people. The attacks also prey on people’s excitement over cryptocurrency and the desire to get involved in this new and exciting area of financial technology. Many people have been wanting to dip their toe in the cryptocurrency pool, but aren’t sure how to go about it. Big businesses that are accessible to the public also add an air of legitimacy for those people wanting to segway into crypto.

Twitter hasn’t released a formal response specifically around these attacks, although pressure is mounting for them to do so. Twitter needs to find a way to make these types of attacks impossible, otherwise, users will become more fearful and less trusting of the platform.

Hopefully, Twitter can find a solution before the next wave of attacks. This seems to be a method hackers wanting to scam people out of cryptocurrency keep returning to, suggesting that it is very profitable and worth the effort to hack the accounts.

 

 

 

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Tokyo Police Arrest Eight Men In A Cryptocurrency Pyramid Scheme – Shaurya Malwa

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Tokyo police arrested eight men on November 14, 2018, for a cryptocurrency-related pyramid scheme that scammed 6,000 people of 7.8 billion yen (approximately $68.42 million). According to Japanese News company Asahi Shimbun on November 16, 2018, the Tokyo Metropolitan Police Department suspected that the arrested men might have violated the Financial Instruments and Exchange Law as they failed to register their business operations with the relevant authorities. The Asahi Shimbun reported that the men were accused of soliciting investments in 2017 from February to May from nine men and women from various ages, ranging from 40 to 72…………..

Read more: https://btcmanager.com/eight-men-cryptocurrency-pyramid-bitcoin-scheme/

 

 

 

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Bitcoin Scam Compromising Google and Target Accounts Came from Third Party App – Ana Berman

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A recent Bitcoin scam on Twitter that compromised several major companies verified accounts came from a third-party app, tech news outlet the Next Web (TNW) reports Friday, Nov. 16, citing social media officials. Speaking to TNW, a Twitter spokesperson confirmed that the attack came from an outside software provider and not from Twitter’s own system. However, the official refrained from naming the app………….

Read more: https://cointelegraph.com/news/report-bitcoin-scam-compromising-google-and-target-accounts-came-from-third-party-app

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