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
Fifteen men suspected of paying an internet café administrator to secretly mine cryptocurrency have been arrested in China.
15 Arrested in China for Allegedly Bribing Internet Cafe to Mine Crypto
Adrian Zmudzinski
2019-09-04T12:11:00+01:00
2768
News
A United Nations official warned that cryptocurrencies have made combating money laundering significantly harder.
UN Official: Cryptocurrency Makes Criminals Harder to Catch
Adrian Zmudzinski
2019-08-29T14:36:00+01:00
4902
News
The suspect behind the massive Capital One data breach also allegedly hacked cloud customers’ servers to mine cryptocurrency for herself.
Alleged Capital One Hacker Accused of Secretly Mining Cryptocurrency
Marie Huillet
2019-08-29T10:59:00+01:00
3137
News
Thailand’s securities regulator has warned the public about scam entities posing as legal crypto trading firms operating overseas.
Thai SEC Warns Public About New Crypto Scam Operating Overseas
Helen Partz
2019-08-25T18:47:00+01:00
5366
News
To date, Chinese exchange Huobi has processed the highest number of withdrawals from the alleged crypto Ponzi scheme PlusToken’s recent multibillion-dollar move...
Huobi Processed 50% of All PlusToken Withdrawals This Month: Report
Helen Partz
2019-08-25T03:09:00+01:00
7502
News
Two Indian-origin Canadians are charged in the U.S. with a $230K Bitcoin fraud using a fake Twitter account of HitBTC exchange.
US Charges Two Canadian Nationals Over Alleged $230K Bitcoin Fraud
Helen Partz
2019-08-23T12:48:00+01:00
3584
News
The liquidator of hacked cryptocurrency exchange Cryptopia claims to have made progress toward securing and preserving funds.
Cryptopia Liquidator Determining Pooled Wallet Crypto Ownership
Adrian Zmudzinski
2019-08-21T17:02:00+01:00
5422
News
Saudi Arabia’s Finance Ministry has warned against crypto tricksters using the kingdom’s official emblem to promote tokens that purport to be tied to government...
Saudi Arabia Warns of Crypto Scammers Posing as Gov’t Projects
Marie Huillet
2019-08-21T08:27:00+01:00
2731

Follow us on Facebook