Thai authorities revoke passport of suspect in $24M crypto scam

A suspect involved in a Thailand cryptocurrency scam is unable to return home after the Foreign Ministry of Thailand revoked his passport, Bangkok Post  reported. This has prevented him to return home to face charges.

Prinya Jaravijit is now illegally staying in the United States, after the Thai government agency revoked his passport. According to the report, Jaravijit is allegedly the mastermind behind a big cryptocurrency scam that defrauded a Finnish investor out of $24 million in 2017.

Police claimed that Jaravijit had worked together with members of his family to defraud Aarni Otava Saarima and his business partner. The suspects had lured the two into investing BTC in a fake investment scheme. It is believed that the scammers used three gambling companies to operate the scheme, which was allegedly perpetrated using a crypto token called Dragon Coin.

The alleged scammers took the investors to a Macau-based casino for the transaction, claiming that the casino was accepting these tokens. The investors transferred the agreed amount of BTC to the suspected scammers’ wallets; however, they began to worry when they did not receive returns for their money. They also did not get any shareholder papers or proof of investments in Dragon Coin. The Finnish investor decided to report the matter to the authorities in January.

When the case was reported, Jaravijit was in the United States. Authorities asked him to surrender, giving him until September 17 to comply with the order. However, Jaravijit failed to do so, causing authorities to revoke his passport. Reports showed that he will soon be extradited to Thailand in order to face the charges against him.

According to reports, the Thai Anti-Money Laundering Office (AMLO) confiscated funds worth $6.4 million from Jaravijit’s family and other people who were suspected to be involved in the matter this past Tuesday. The family and the accomplices will be charged next week with money laundering.

Other people believed to be part of the operation include an investor, Prasit Srisuwan, and a businessman, Chakrit Ahmed. The two have reportedly agreed on a compensation plan with the Finnish investor.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Thai authorities revoke passport of suspect in $24M crypto scam appeared first on Coingeek.

Read More

Indian authorities track down prolific ‘Kassh coin’ crypto scammer

Authorities in India have finally caught up with a prolific cryptocurrency scam artist, alleged to have been involved in a number of scams affecting dozens of investors in the country.

In a major coup for law enforcement agencies, Asif Ashraf Malkani was finally arrested after several months on the run, following complaints to police from aggrieved investors in his cryptocurrency scams, Times of India  reported.

The first, known as Kassh Coin, was launched two years ago at a lavish function, where Malkani hired models and dancers to entertain guests—including notable Bollywood celebrities. The air of credibility, however, was short lived after investors soon began complaining of a lack of the returns they were promised for investing in the project.

Over the last few weeks, authorities identified Malkani had moved to Uttar Pradesh, where he had been involved in running similar alleged scam—this time around a new cryptocurrency, dubbed V-flix.

Investigators said Malkani was also found to have been soliciting investment for a “commercially viable” video streaming service he had called V-Tube when authorities tracked him down. According to their findings, Malkani had also been involved in sending substantial bank transactions through his fake company, Puneet Enterprises.

After the initial success of their launch event, Malkani set up a number of satellite events across India and into Nepal, including “youth seminars,” designed to stoke interest from younger investors.

However, after Malkani and his co-conspirators withdrew their funds and disappeared, anger had been mounting amongst those caught up in his latest scam. His previous career track record looks equally dubious, with known involvement in several other scams and high profile frauds, including around real-estate and chain-marketing scams.

His arrest was confirmed by senior officers earlier this week. The case is just the latest example of a scammer turning to the crypto sector to cash in on unsuspecting investors.

The case shows the difficulties for investors in largely unregulated crypto markets, with countless instances of unsuspecting individuals being caught out by investment frauds linked to the sector.

Coupled with the threats inherent in older cryptocurrencies, perhaps most prominent with BTC, the case shows safety should still be a priority for anyone looking to get involved in investing in cryptocurrency.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Indian authorities track down prolific ‘Kassh coin’ crypto scammer appeared first on Coingeek.

Read More

Coming soon: 51% attack announced to show blockchain vulnerabilities

Usually, a 51% attack is designed to steal money. It allows the scammer to temporarily gain control of a blockchain and proceed to enter double spends on the network as a means to surreptitiously fill the hacker’s own wallet. While that may usually be the reason, an upcoming attack doesn’t want money. Additionally, while announcing 51% attacks are obviously counterproductive to the end cause, the perpetrator of the upcoming attack was all too happy to announce the event.

The attack is going to be led by someone going by the name of “piracy1,” according to the announcement. It will be conducted at 4 a.m. Eastern U.S. time on October 13, and is designed to only show how easy it is for someone to perform an attack. It will be performed against the Einsteinium (EMC2) cryptocurrency and will “demonstrate how easy these attacks are for anyone to do.” It will also “generally teach people about the nuts and bolts of these attacks and potential mitigations.”

51% attacks have been a popular subject this year among developers who stress how dangerous the attacks can be. Already there have been a number of attacks, including two against the cryptocurrency Verge and one against BTC Gold—all within a three-month window.

Attacking EMC2 won’t have any dire ramifications on the Einsteinium blockchain, or cryptocurrency in general. EMC2 is almost worthless, having dropped 97% of its value in the past year. However, it makes for the perfect target, as those cryptocurrencies with extremely low hashrates are easier to pick through.

In fact, piracy1 is more than likely going to have to dig into his own pockets to perform the attack due to the extremely low value of the cryptocurrency. He even indicated in his announcement that he was “putting in $50” of his own money, and is willing to accept donations from others for the attack.

Most developers and blockchain experts already understand the dangers of a 51% attack, especially among those digital assets outside of the top ten list. However, this is the first time that someone has announced that he will be conducting such an attack, and the whole world is invited to watch. It will be livestreamed on Twitch.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Coming soon: 51% attack announced to show blockchain vulnerabilities appeared first on Coingeek.

Read More

Philippines deports South Korean, Chinese suspects in $33M crypto scam

The Philippine government, through its Bureau of Immigration (BI), has deported South Korean and Chinese nationals back to their respective countries on charges of scamming investors of $33 million that was supposedly used to purchase BTC.

According to news outlet Manila Bulletin, South Korean national Go Yongsung, 48, and Chinese national Lian Lilong, 36, were two of six suspects who had gotten their South Korean victims to put their money in a pyramiding scheme, promising large returns with BTC that turned out didn’t exist. The total of $33 million was said to have been collected from December 2015 to June 2016. The four other suspects, said to be of Chinese nationality, remain at large.

The South Korean government is expected to charge Go of large-scale fraud. The Chinese embassy, meanwhile, is charging Lian over his involvement in economic crimes. Their passports had been revoked, allowing the Immigration bureau to arrest them on charges of undesirable and undocumented aliens. The arrests were made in separate operations in different parts of Metro Manila.

Immigration Commissioner Jaime Morente said, “We reiterate our warning to all foreign criminals who are hiding in the country that the long arm of the law will eventually catch you and we will send you back to your homelands.”

Similar pyramid schemes have proliferated worldwide, some involving the actual purchase of cryptocurrencies, others merely using ‘Bitcoin’ as a buzzword to pique investor interest. Seoul-based Shinil Group used an elaborate fantasy of having found the remains of an old Russian cruiser that contained $131 billion worth of gold. The treasure was promised to the investors of the ‘Shinil Gold’ coin, who had forked out a total of $53.1 million to Shinil, even without evidence of anything of value in the ship.

Last April, Philippine police arrested a couple that had been accused of taking about $17 million from investors who had been promised a 30% return every 15 days, supposedly through buying BTC.

In Vietnam, a cryptocurrency mining company called Sky Mining ran off with a total of about $35 million, after promising investors annual profits of 300%.

The post Philippines deports South Korean, Chinese suspects in $33M crypto scam appeared first on Coingeek.

Read More

France blacklists 21 more websites promoting crypto scams

The French financial market authority, Autorité des Marchés Financiers (AMF), has updated its official blacklist of fraudulent businesses operating in the country.

According to the publication, the list has 21 new names of businesses in the crypto space that are running illegal operations. Majority of these businesses are alleged to have offered investment opportunities in initial coin offering (ICOs), cryptocurrency trading and mining activities without getting approval from the relevant authorities.

The new list comes nearly six months after the AMF first published its blacklist of businesses allegedly involved in fraudulent schemes. The initial list had 15 cryptocurrency platforms, which were believed to have committed the same offence. Four more websites, all operating without licenses, were added to the AMF list in July.

The recently added businesses include bitcoin.co, acheterdubitcoin.com, adg-placemnet.com, cryptofrance.info, goodcoin.fr, investirvin.info and vinsimo.com, among others.

The AMF has been actively involved in making sure investors in the country do not fall victims to criminal activities in the crypto space—not an easy task given that France currently doesn’t have a legal framework that fully covers cryptocurrency activities. Under the French Law, cryptocurrencies are not considered as currencies. They are also not regarded as financial instruments. Despite lack of legal clarification on cryptocurrencies earlier this year, AMF concluded that crypto derivatives should be subjected to the rules applicable to financial instruments under the Monetary and Financial Code of France.

In September, lawmakers in Paris adopted a new legislation that introduced guidelines to regulate token sales in the country. The new law grants AMF power over businesses planning to conduct an ICO. According to the law, entities are required to meet certain conditions including proving specific guarantee to participants. Token issuers are required to publish all relevant information that will help the investor make an informed decision.

Authorities hope the new rules will provide a clear guideline on how to handle ICO matters. The new laws are also aimed at improving the cryptocurrency climate in the country. While the AMF is cracking down on businesses in the crypto space, the government is working to create a better environment—it recently lowered the tax rate on cryptocurrency capital gain from 45 percent to 19 percent.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post France blacklists 21 more websites promoting crypto scams appeared first on Coingeek.

Read More

Beware of ‘CoinGeeks’ site offering to host crypto mining rigs

A shady company going by the name of “Coingeeks” is offering crypto mining colocation services to miners around the world. Don’t let the name fool you; the extra S is for ‘scam.’

On Twitter, the company described itself as “a managed colocation provider focused on #crypto-mining hardware in our 100,000 sq ft facility,” noting that they are “just a bunch of geeks.” Its official site, however, has already been closed as of September 1, 2018.

Beware of 'CoinGeeks' site offering to host crypto mining rigs

On BitcoinTalk.org, the team behind CoinGeeks claimed to be partnered with WebNX, a dedicated hosting company in the United States. According to CoinGeeks, “We have a 100,000 square foot facility with 3 megawatts of power and the ability to add a lot more. Our facility is based in Utah and is ready to host a tremendous amount of miners. Our network infrastructure has 17 providers in the mix, giving us plenty of redundancy and paths to and from other networks.”

View post on imgur.com

Users, however, pointed out two glaring issues with the shady company—aside from the team posing for photos with their faces covered. Customers say they can’t verify who they are, and they also can’t visit the facility. To which CoinGeeks answered: “We’re an LLC filed with the state of Utah, is there something specific you’re looking for?” and, “Due to our insurance, we are unable to let anyone who is not part of coingeeks into the facilities.”

On the question why they keep covering their faces, the team said, “Not everyone likes being internet famous, some of us want to retain what little privacy can exist in this digital age.”

CoinGeeks is in no way affiliated with CoinGeek.com. CoinGeeks went live in December 2017, about four months after Antiguan entrepreneur Calvin Ayre acquired CoinGeek.com on August 21, 2017. CoinGeek is not selling hash or offering colocation services for crypto mining rigs. We tried contacting CoinGeeks via the number listed on their site, but the calls went unanswered.

CoinGeeks’ social media handles mimic ours—using realcoingeeks rather than CoinGeeks which is available. We’ll be reporting the domain and the social media accounts, but please be warned against shady websites imitating CoinGeek.com.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Beware of ‘CoinGeeks’ site offering to host crypto mining rigs appeared first on Coingeek.

Read More

Monetary Authority of Singapore warns investors of yet another crypto scam

Another day, yet another crypto scam—this time, in the form of a website, which, according to the Monetary Authority of Singapore (MAS), falsely represents comments from MAS chairman and the country’s Deputy Prime Minister, Tharman Shanmugaratnam.

In a warning to investors, the Monetary Authority of Singapore said that the reported comments from Shanmugaratnam about BTC were fictional, except for a remark he made about the presently low volumes of crypto trading in the country.

Monetary Authority of Singapore warns investors of yet another crypto scam

On Thursday, the central bank said it found another fraudulent BTC site that “has been similarly soliciting investments” in the cryptocurrency by using fabricated statements attributed to Shanmugaratnam.

Monetary Authority of Singapore warns investors of yet another crypto scam

As a result of their concerns over the BTC scam, MAS warned investors not to provide any information through the website, cautioning against clicking the link to create a BTC account and submit personal data.

The position is consistent with MAS’s stance on other BTC scams, with the authority regularly warning investors on the dangers of investing in the cryptocurrency. Even more broadly, the authority has taken a dim view on trading in BTC, warning investors back in December 2017—a period of all-time highs for the crypto—that they would ‘lose their shirts’ backing BTC.

The authority urged anyone who might be suspicious about a BTC scam to refer the matter immediately to law enforcement, and of course to refrain from engaging with the scam.

The development comes at a time when officials in Singapore are becoming more aggressive in their efforts to crack down on nefarious activity around BTC.

The increase in regulation has been partly driven by China’s crackdown on crypto trading and ICOs, which has seen Singapore become a haven for crypto exchanges and ICO promoters. However, the central bank has been quick to act against those pushing the boundaries with their cryptocurrency offerings, of which today’s scam warnings are the latest example.

Back in May, MAS wrote to eight cryptocurrency exchanges in the country warning them that they were required to be regulated before they could issue or trade in cryptocurrencies and tokens.

The authority also put a stop to an ICO at the time, after identifying the ICO as an unregulated equity, without the required prospectus or MAS authorisation demanded by Singapore securities law.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Monetary Authority of Singapore warns investors of yet another crypto scam appeared first on Coingeek.

Read More

Monetary Authority of Singapore warns investors of yet another crypto scam

Another day, yet another crypto scam—this time, in the form of a website, which, according to the Monetary Authority of Singapore (MAS), falsely represents comments from MAS chairman and the country’s Deputy Prime Minister, Tharman Shanmugaratnam.

In a warning to investors, the Monetary Authority of Singapore said that the reported comments from Shanmugaratnam about BTC were fictional, except for a remark he made about the presently low volumes of crypto trading in the country.

Monetary Authority of Singapore warns investors of yet another crypto scam

On Thursday, the central bank said it found another fraudulent BTC site that “has been similarly soliciting investments” in the cryptocurrency by using fabricated statements attributed to Shanmugaratnam.

Monetary Authority of Singapore warns investors of yet another crypto scam

As a result of their concerns over the BTC scam, MAS warned investors not to provide any information through the website, cautioning against clicking the link to create a BTC account and submit personal data.

The position is consistent with MAS’s stance on other BTC scams, with the authority regularly warning investors on the dangers of investing in the cryptocurrency. Even more broadly, the authority has taken a dim view on trading in BTC, warning investors back in December 2017—a period of all-time highs for the crypto—that they would ‘lose their shirts’ backing BTC.

The authority urged anyone who might be suspicious about a BTC scam to refer the matter immediately to law enforcement, and of course to refrain from engaging with the scam.

The development comes at a time when officials in Singapore are becoming more aggressive in their efforts to crack down on nefarious activity around BTC.

The increase in regulation has been partly driven by China’s crackdown on crypto trading and ICOs, which has seen Singapore become a haven for crypto exchanges and ICO promoters. However, the central bank has been quick to act against those pushing the boundaries with their cryptocurrency offerings, of which today’s scam warnings are the latest example.

Back in May, MAS wrote to eight cryptocurrency exchanges in the country warning them that they were required to be regulated before they could issue or trade in cryptocurrencies and tokens.

The authority also put a stop to an ICO at the time, after identifying the ICO as an unregulated equity, without the required prospectus or MAS authorisation demanded by Singapore securities law.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post Monetary Authority of Singapore warns investors of yet another crypto scam appeared first on Coingeek.

Read More
Top
You have not selected any currencies to display