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…

UK Watchdog Reports $34 Million Lost in Crypto and Forex Scams Last Year

The primary financial regulator of the United Kingdom, the Financial Conduct Authority (FCA), reports that crypto investors in the country lost over $34 million due to cryptocurrency and forex scams from 2018–2019 the Financial Times reports on May 20.According to the data, which the FCA gathered from the U.K. national fraud and cybercrime reporting center,…

Former Investor Sues OneCoin Scheme, Seeks Class Action

Former OneCoin investor Christine Grablis is suing the cryptocurrency investment scheme for fraud, according to a complaint filed on May 7.Grablis is seeking damages and a class action suit to represent other investors purportedly defrauded by OneCoin.The full list of defendants in this lawsuit — Grablis v. OneCoin Ltd. — includes OneCoin Ltd, Ruja Ignatova,…

India: Police Arrest Four More Suspects in Alleged $14 Million Crypto Scam

Law enforcement in Mumbai, India have arrested four more suspects allegedly involved in a cryptocurrency scam that amassed an estimated 1 billion rupees (over $14 million). English-language daily media outlet The Times of India reported on the arrests on March 22.Per the report, the police arrested Ashok Goyal Jaipuria, Asif Malpani, Baljit Singh Saini and Pradeep Arora…

Crypto Behind Bars: Arrests Making Headlines Across the Globe

Gone are the days when shady dealings in crypto were perceived as immune to the clutches of law enforcement.Illicit crypto proceeds can be shuttled between wallet addresses at the click of a mouse, and their obfuscation behind the multiple strings of numbers and letters of wallet addresses can create a dizzying — if not impenetrable…

US SEC Seeks Sanctions Against Individuals Behind Alleged Crypto Scam PlexCoin

The U.S. Securities and Exchange Commission (SEC) is seeking sanctions against the individuals behind the allegedly fraudulent Initial Coin Offering (ICO) known as PlexCoin, Finance Feeds reports September 26.The SEC has been involved in ongoing court proceedings against the owners of the associated firm PlexCorps — Dominic Lacroix and Sabrina Paradis-Royer — at the New…