Sam Bankman-Fried pleads not guilty as lawyers complain about neglected vegan diet, prescription med

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FTX founder and former CEO Sam Bankman-Fried has once again pleaded not guilty&n...

Thailand looks to ban Facebook next week over crypto ad scams

cyptouser9 months ago214
Thailand’s Ministry of Digital Economy and Society (DES) is taking steps to shut down Facebook in th...

Sam Bankman-Fried allowed to meet with lawyers for supervised, one-time Internet access

cyptouser9 months ago241
Sam Bankman-Fried, the founder and former CEO of FTX, will be able to meet with his lawyers on...

The FBI is cracking down on illicit crypto cash flows

cyptouser9 months ago288
The FBI is cracking down on illicit crypto cash flows

The Federal Bureau of Investigation is aggressively and rapidly escalating efforts to crack down on...

Terra official website compromised, replaced with phishing site

cyptouser9 months ago228
Terra’s official website has been reportedly replaced by a phishing site, cautioning a potential thr...

SBF pleads to be let out 5 days a week for legal defense work

cyptouser9 months ago237
SBF pleads to be let out 5 days a week for legal defense work
Lawyers for FTX founder Sam Bankman-Fried (SBF) requested Judge Lewis Kaplan release SBF 5 days a we...

Sam Bankman-Fried arrested as bail is revoked

cyptouser10 months ago241
Sam Bankman-Fried, the founder and former CEO of FTX, has had his bail revoked and will now be...

NFT thefts decline as FBI exposes new developer impersonation scams

cyptouser10 months ago208
NFT thefts decline as FBI exposes new developer impersonation scams

The U.S. Federal Bureau of Investigation (FBI) warned that criminals were posing as Non-Fungible Token (NFT) developers in financial fraud schemes despite the declining number of NFT crimes and token thefts.

The FBI stated that these malicious actors execute their schemes through a dual-pronged approach: either by infiltrating the social media profiles of authentic developers or by crafting nearly identical accounts.

The bad actors endorse fraudulent NFT releases from these social media accounts while concealing their ulterior motives with an aggressive media campaign to create a sense of urgency with phrases like “limited supply, surprise, exclusive mints,” etc.

Once an unsuspecting individual buys into the scheme, they are lured to a fake website via phishing links, where they are urged to connect their crypto wallets to purchase digital assets. The FBI wrote that this usually results in the “transfer of cryptocurrency and NFTs to wallets operated by criminals.”

The law enforcement agency added that the criminals tend to obfuscate their transaction trails by sending the stolen cryptocurrencies through a series of cryptocurrency mixers and exchanges.

NFT thefts declining

On Aug. 6, blockchain security firm PeckShield reported that the number of stolen NFTs declined by 31% in July to $1.73 million. This is a significant reduction from the $2.27 million NFT thefts recorded in June.

PeckShield stated that half of the stolen NFTs were sold on various marketplaces within 2 hours of the theft. Most were sold on Blur and OpenSea, the dominant NFT marketplaces.

NFT thefts decline as FBI exposes new developer impersonation scams
The U.S. Federal Bureau of Investigation (FBI) warned that criminals were posing as Non-Fungible Tok...

Indian authorities arrest ringleaders of $120M crypto scam

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Authorities in India have apprehended the perpetrators behind a multi-million dollar cryptocurrency...

Former FTX executive Ryan Salame reportedly negotiating plea deal in face of campaign finance charge

cyptouser10 months ago234
Ryan Salame once co-CEO at FTX‘s Bahamas subsidiary, FTX DM, is reportedly in talks with f...