Tag Archives: Fraud

Bitcoin Hedge Fund and CEO Slapped With $2.5 Million Penalty for Ponzi Scheme

A New York federal court has ordered cryptocurrency hedge fund Gelfman Blueprint, Inc. (GBI) and its CEO Nicholas Gelfman to pay over $2.5 million for operating a fraudulent Ponzi scheme, according to an official announcement published Oct. 18. GBI is a New York-based corporation and denominated Bitcoin (BTC) hedge fund incorporated in 2014. As stated on the company’s… Read More »

Ticketmaster to Enhance Ticketing System with Blockchain in New Partnership

Global ticketing giant Ticketmaster has acquired blockchain-focused live events firm Upgraded, according to an Oct. 18 press release. Ticketmaster, a division of the world’s largest live-entertainment business Live Nation, plans to use blockchain technology through the partnership as a way to provide more transparency and better control ticket distribution. Additionally, the company hopes it will protect clients from… Read More »

Toyota Uses Blockchain Tech to Reduce Fraud in Digital Advertising Campaigns

Japanese car manufacturer Toyota has partnered with blockchain advertising analytics firm Lucidity to cut down on fraud when buying digital ads, according to a press release published Oct. 16. Formerly known as KR8OS, Lucidity was founded in 2017 in Los Angeles and offers an Ethereum blockchain solution to track supply chain payments, so advertisers can monitor how their… Read More »

U.S. SEC Halts Fraudulent ICO That Claimed to Possess Regulator’s Approval

The U.S. Securities and Exchange Commission (SEC) has halted a planned Initial Coin Offering (ICO) that falsely claimed have SEC approval, the agency reported in an official press release Thursday, Oct. 11. The SEC suspended the ICO project with an emergency court order, and also halted pre-ICO sales by the company Blockvest LLC, and its founder Reginald Buddy… Read More »

Twitter Let a Fake Elon Musk Account Promote a Crypto Scam

A verified Twitter account masquerading as Elon Musk was used to publish and circulate a promoted tweet for a crypto giveaway scam Thursday morning, prompting an outcry from users and renewed scrutiny of the social media platform’s anti-scam practices. The since-deleted tweet was posted through the account @TylerFlorence, which as of press time is still accessible. A link posted to the… Read More »

Twitter Promoted a Fake Elon Musk Crypto Giveaway Scam

A verified Twitter account masquerading as Elon Musk was used to publish and circulate a promoted tweet for a crypto giveaway scam Thursday morning, prompting an outcry from users and renewed scrutiny of the social media platform’s anti-scam practices. The since-deleted tweet was posted through the account @TylerFlorence, which as of press time is still accessible. A link… Read More »

Crypto Community Riled at Russian Exchange’s Coin Pump Scheme

The crypto market has just entered into another tough period when a lot of coins started losing its value. In the midst of all the chaos, one cryptocurrency exchange announced a new pump scheme on several random coins, while hoping to get a boost itself. YoBit Plans a Pump-And-Dump Scheme YoBit, a Russia-based cryptocurrency exchange that was founded… Read More »

Crypto Exchange YoBit Starts Pump Scheme on Random Coins

Cryptocurrency exchange YoBit is going to perform a pump scheme on random coins, according to an Oct. 10 tweet. A pump and dump scheme is a form of fraud that attempts to artificially boost the price of an asset through misleading or false recommendations. YoBit Pump in 22 hrs: https://t.co/RIbW7OhKzMWe will buy one random coin for 1 btc… Read More »

Suspect in Thai Bitcoin Scam Unable to Return to Thailand Due to Passport Revocation

The Foreign Ministry of Thailand has revoked the passport of an alleged crypto scammer, which has reportedly rendered him unable to return to his home country for prosecution, the Bangkok Post reports Wednesday, Oct. 10. According to the report, Prinya Jaravijit was in the U.S. after a cryptocurrency investment scheme surfaced in which he and several accomplices allegedly… Read More »

South Korea’s Democratic Party Lawmaker Urges Authorities to ‘Open Up the Road’ to ICOs

A member of South Korea’s National Assembly has called on the state to “open up the road” to Initial Coin Offerings (ICO) by easing regulations, South Korean financial outlet Economy reports October 2. According to the article, Min Byung-doo, a Democratic Party lawmaker, will introduce a project of for ICO legislation at the next round of the National… Read More »