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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
The U.S. CFTC joins the list of global authorities warning the public against crypto scammers trying to capitalize on the widespread coronavirus fears.
Alongside Market Relief Package, US CFTC Warns of COVID-19-Linked Crypto Scams
Helen Partz
2020-03-23T22:11:00+00:00
3471
News
Scammers are impersonating the World Health Organization to get COVID-19 donations in Bitcoin, cybersecurity firm Sophos reports.
Scammers Impersonate World Health Organization to Steal BTC COVID-19 Donations
Helen Partz
2020-03-19T20:35:00+00:00
6663
News
Two Canadian nationals will spend 24 months in a U.S. federal prison for stealing 23.2 Bitcoins in a scam executed on Twitter.
Two Canadians Sentenced to Prison Time in US for Bitcoin Theft
Samuel Haig
2020-03-18T12:34:00+00:00
5027
Markets News
As Bitcoin seriously underperforms over the weekend, concerns are rising that progress is being hampered by the PlusToken scammers.
Bitcoin Drop Due to 13K BTC PlusToken Scam, Not Coronavirus — Analysts
William Suberg
2020-03-09T08:32:00+00:00
26668
News
Both co-founders of an alleged Ponzi scheme called Zima Digital Assets have pleaded not guilty to operating a $9 million cryptocurrency investment fraud.
Co-Founders of Alleged $9 Million Crypto Ponzi Scheme Plead Not Guilty
Samuel Haig
2020-03-05T10:15:00+00:00
4444
News
A whistleblower has revealed a $70 million Bitcoin scam targeting British and Australian investors through fake news stories on Facebook.
Whistleblower Outs ‘Wolf of Kyiv’ for $70 Million Bitcoin Scam
Samuel Haig
2020-03-02T11:25:43+00:00
8121
News
The co-founder of the notorious $5 billion fraud, Ruja Ignatova, will ultimately hit screens after a U.S. production company wins filming rights.
One Coin, Much Drama: OneCoin Ponzi Scheme Lives on as TV Show
William Suberg
2020-02-08T11:44:00+00:00
22174
News
The Ugandan government is reported to be making moves in banning pyramid schemes, which may put additional restriction for cryptocurrency usage and reporting.
Uganda Targets Cryptocurrencies in Ponzi Scheme Crackdown
Andrey Shevchenko
2020-02-06T12:05:00+00:00
4376

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