Please note, this is a STATIC archive of website cointelegraph.com from 17 Oct 2021, cach3.com does not collect or store any user information, there is no "phishing" involved.

Bitcoin Scams News

Bitcoin scams (and other cryptocurrency scams) are an unfortunate aspect of this burgeoning industry. Bitcoin (BTC) was invented as an open, permissionless alternative to the traditional financial system, but with this freedom to transact beyond borders and central administration came opportunities for criminals to exploit this system. 

Legacy financial and monetary systems are certainly rife with scams, but victims are (usually) able to seek recourse and justice in the traditional banking system. Bitcoin, however, does not have insurance policies or a customer support line. 

Bitcoin scams can take many forms, including Ponzi schemes designed to enrich a few at the expense of many, cloud mining schemes promising accessibility and profitability in a centralized mining operation with little capability to deliver on either, and phishing scams designed to steal an unsuspecting individual’s cryptocurrency. 

As regulatory agencies are tasked to enforce frameworks that protect consumers, there is an important distinction between acknowledging and preventing scams within the Bitcoin ecosystem and classifying the cryptocurrency itself as a scam. 

News
Two Russian citizens are being prosecuted for allegedly targeting computers at state organizations to illicitly mine cryptocurrency.
Two Russians Charged With Illicitly Mining Crypto on State Hardware
Marie Huillet
2019-12-17T08:06:00+00:00
2366
News
Bitcoin.com claims it wanted to offer a “secure venue” to trade HEX, which faces broad condemnation over awarding constant funds to its founder, Richard Heart.
HEX Dives 60% on Bitcoin.com as Backlash Builds Over Exchange Listing
William Suberg
2019-12-16T09:17:00+00:00
5255
News
Yang Zuoxing, formerly a top chip designer for mining hardware giant Bitmain, has allegedly been arrested on suspicion of embezzlement.
Ex-Bitmain Chip Designer Reportedly Arrested for Alleged Embezzlement
Marie Huillet
2019-12-16T08:02:00+00:00
2264
News
Legal action against Circle Society and its operator continues, two months after regulators charged both with fraud over an alleged $11 million BItcoin scheme.
Alleged Bitcoin Ponzi Scheme Assets Frozen as US Judge Grants Injunction
William Suberg
2019-12-13T11:13:00+00:00
3071
News
A Pennsylvania man has been charged with conspiracy to commit wire fraud and extortion via a SIM swapping scheme targeting crypto execs and investors.
Pennsylvania Man Charged With SIM Swap Conspiracy to Steal Crypto
Marie Huillet
2019-12-13T10:24:00+00:00
2085
News
Russia’s largest darknet marketplace is looking to raise $146 million in a token offering that would allow it to go global.
Russia: Darknet Marketplace Plans $146M ICO for Global Expansion
Marie Huillet
2019-12-13T09:22:00+00:00
7953
News
Ugandan police have reportedly seized Samson Lwanga, one of the directors of the alleged cryptocurrency pyramid scheme Dunamiscoins Resources Limited.
Ugandan Police Hold Director of Alleged $2.7M Crypto Ponzi Scheme
Ana Alexandre
2019-12-10T13:23:00+00:00
4180
News
An alleged cryptocurrency pyramid scheme in Uganda has fled after defrauding dozens of victims that invested and worked for the scheme.
Crypto Pyramid Scheme in Uganda Steals Employees’ Money and Closes
Helen Partz
2019-12-06T17:54:00+00:00
8955

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