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
Indian authorities arrest four individuals believed to be behind the crypto KBC, which allegedly used a pyramid scheme to encourage investments, promising a 100...
Indian Authorities Arrest 4 Individuals Accused of Crypto Ponzi Scheme
Max Boddy
2019-07-05T21:09:00+01:00
12519
News
A federal judge has sentenced a New Jersey resident to 86 months in prison, due to a fraudulent investment scheme involving the ATMCoin cryptocurrency.
Federal Judge Sentences Cryptocurrency Scammer to 86 Months in Prison
Max Boddy
2019-07-01T21:40:00+01:00
6506
News
Cyber threat intelligence firm Digital Shadows has reportedly discovered over 100 fake domains relating to Facebook’s forthcoming stablecoin Libra.
Report: Over 100 Fake Domains Registered Relating to Facebook’s Libra
Ana Alexandre
2019-07-01T19:21:00+01:00
4115
News
Facebook has removed ads for a bitcoin scam that claimed to have the approval of the crown prince of Abu Dhabi.
Facebook Removes Bitcoin Scam Ads With Abu Dhabi Crown Prince
Aaron Wood
2019-06-30T18:59:00+01:00
7612
News
Ireland-based cryptocurrency exchange Bitsane has apparently vanished, taking as many as 246,000 users’ crypto deposits with it.
Exit Scam? Dublin-Based Exchange Bitsane Vanishes With Users’ Funds
Marie Huillet
2019-06-28T09:10:00+01:00
13940
News
No consumers sent funds to an address promoted via the social network, with Tesco managing to restore order.
UK’s Biggest Store Tesco Pumps Bitcoin With ‘Bill Gates’ Twitter Scam
William Suberg
2019-06-26T09:25:00+01:00
7321
News
Europol arrests 6 unnamed individuals in the U.K. and the Netherlands under suspicion of involvement in a multimillion-dollar crypto theft.
Europol Arrests Six People Allegedly Behind $27 Million Bitcoin Theft
Max Boddy
2019-06-25T21:49:00+01:00
11814
News
A 46-year-old New York resident Patrick McDonnell admitted to stealing funds obtained from his clients instead of investing them in cryptocurrency.
CabbageTech Crypto Scheme Operator Pleads Guilty to Wire Fraud
Adrian Zmudzinski
2019-06-23T17:30:00+01:00
4348

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