Crypto and Forex Scam Reports Tripled in the UK Last Year, Watchdog Says

news Reports of cryptocurrency and foreign exchange scams in the U.K. grew threefold in the last financial year – spiking to 1,834 from 530 in the previous year, according to the country’s financial watchdog. Citing data from Action Fraud, the Financial Conduct Authority (FCA) said, although the number of reported cases has increased, total reported…

US Blockchain Investor Terpin Awarded Over $75 Million in SIM Swapping Case

United States blockchain and crypto investor Michael Terpin has won $75.8 million in a civil case against 21-year-old Nicholas Truglia, who reportedly defrauded him of crypto assets. Reuters reported the news on May 10.Per the report, the California Superior Court last week ordered Manhattan resident Truglia to pay the amount above in compensatory and punitive…

FBI Seeking Potential Victims of BitConnect to Assist Investigation

news If you invested in the proprietary token offered by the now-defunct crypto exchange BitConnect, the FBI wants to hear from you. In a notice on its website Wednesday, the federal law enforcement agency said those who invested in the BitConnect coin (BCC) token can voluntarily reach out to the agency by filling out a questionnaire. The…

Coinbase Just Paid a $30K Bounty for the Discovery of Critical Bug

news San Francisco-based cryptocurrency exchange desk Coinbase has just forked out a $30,000 bounty to the finder of a critical bug in its systems. As reported by The Next Web, the bounty is the latest to be posted on vulnerability coordination and bug bounty platform HackerOne. Previously a large number of smaller bounties, mostly in the…

Crypto Exchange CEO Sentenced to 3-Year Jail Term for Faking Trading Volume

news Two executives from South Korean crypto exchange Komid have been handed down jail time for faking trading volume and deceiving investors. According to a report from CoinDesk Korea, the firm’s CEO Hyunsuk Choi received a three-year sentence for his role in the crime, as well as for embezzlement. Another member of the team, Park…

Crypto Exchanges Should Take a Hard Look at IP Address-Masking Services

Richard Malish is General Counsel at NICE Actimize where he counsels on global anti-money laundering, fraud, trading compliance and banking regulatory matters. The New York Attorney General (“NY AG”) recently issued a report on its fact-finding enquiries to multiple virtual currency trading platforms believed to be operating in New York. One of its many interesting…

Victims Sue AT&T, T-Mobile Over ‘SIM Swap’ Crypto Hacks

Silver Miller. a cryptocurrency-focused law firm based in the U.S., says it has filed arbitration claims against AT&T and T-Mobile on behalf of victims of “SIM swapping” cellphone hacks. Initiating the court actions on behalf of clients that have lost funds to criminals that used the increasingly common method of infiltrating mobile devices to access cryptocurrency…

Judge Orders Trading Firm, CEO to Pay $2.5 Million in Bitcoin Ponzi Case

The Commodity Futures Trading Commission has won a legal battle against a New York resident and his company for running a Ponzi scheme centered around bitcoin. Between 2014 and early 2016, Gelfman Blueprint, Inc. (GBI) and its CEO Nicholas Gelfman ran a scheme wherein they successfully solicited $600,000 from 80 customers, claiming that customers would earn…

Landmark Crypto Crime Case Ends With Jail Sentence for GAW CEO

Josh Garza, the CEO of the now-defunct cryptocurrency mining company GAW Miners, has been sentenced to 21 months in prison after pleading guilty to a wire fraud charge. As part of the sentence, Garza was given 6 months home confinement and three years of supervised release overall. The court proceedings, which took place on a…