Crypto Scam – See the Reality https://www.seethereality.com Official Crypto News Website Sat, 27 May 2023 07:14:23 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.1 https://www.seethereality.com/wp-content/uploads/2023/03/cropped-onlinelogomaker-032123-0229-2177-32x32.png Crypto Scam – See the Reality https://www.seethereality.com 32 32 An nameless attacker took management of Twister Money; A steal of $1M+ https://www.seethereality.com/?p=25576 https://www.seethereality.com/?p=25576#respond Sat, 27 May 2023 07:14:23 +0000 https://www.seethereality.com/?p=25576
  • An nameless attacker took management of the Twister Money protocol utilizing a malicious provide.
  • He reportedly stole greater than $1 million from DAO funds.
  • The attacker provided to return the whole lot, returning management to the neighborhood.

In response to the most recent messages, an nameless hacker took management of the decentralized finance (DeFi) protocol that helps prospects conceal transactions in Twister Money by exploiting a malicious governance providing. The hacker reportedly stole greater than $1 million within the week he managed the protocol.

Final week, a hacker gained full management of the protocol by a malicious bid; attacker supposedly 1.2 million folks voted for the proposal. Though solely 70,000 votes had been reputable, “the attacker merely used the emergency cease perform to replace the logic of the proposal and provides himself pretend votes.”

At this level, to the shock of the neighborhood, the hacker made a suggestion to return full management to the neighborhood by returning the whole lot to its authentic state. Nevertheless, the aim of the proposal is unclear; it’s nonetheless unclear whether or not the hacker will compensate the shoppers for his or her losses. Chinese language reporter Collin Wu shared this concern by his Twitter web page, Wu Blockchain:

The hacker assault didn’t trigger any main harm to the protocol, though it controls nearly all of the DAO’s funds. A good portion of the DAO pool has already been acquired by a hacker.

Ronghui Gu, founding father of blockchain safety agency CertiK, commented that Twister Money will quickly collapse with out additional improvement. Gu additionally pressured that the growing variety of assaults on DAOs threatens the safety of the system, and third-party audits are wanted to stop hostile takeovers. Nevertheless, when analyzing the sensible aspect of third-party auditing, it will be troublesome to audit each proposal; it will even be very costly.

]]> https://www.seethereality.com/?feed=rss2&p=25576 0 Crypto Twitter defends Trezor, says FUD on Trezor T hack information https://www.seethereality.com/?p=25165 https://www.seethereality.com/?p=25165#respond Thu, 25 May 2023 16:15:07 +0000 https://www.seethereality.com/?p=25165
  • Crypto Twitter Claims FUD Has Hacked Trezor T Over Unciphered Video
  • Unencrypted claims they hacked the Trezor T utilizing the newest Trezor software program.
  • The information comes shortly after Ledger’s controversial “Ledger Get better” replace.

Crypto Twitter claims crypto restoration options firm Unciphered’s Trezor T hack video is

simply FUD. Customers defined that the Unciphered hacking technique requires the attacker to bodily maintain the sufferer’s pockets earlier than performing the exploit. Moreover, customers declare that each one that’s wanted to guard non-public keys is a powerful passphrase.

Some customers say that the hacking information has been misinterpreted and isn’t significantly necessary. Three years in the past, Kraken Safety Lab researchers found a learn safety (RDP) degradation assault that exploited bodily vulnerabilities in Trezor gadgets to steal information. Trezor itself has launched a press release addressing the vulnerability, which it claims is similar vulnerability exploited by Unciphered. Consequently, folks labeled this exploit as previous information.

Might 24 Trezor T has been hacked by satoshilabs on Unciphered. Unciphered didn’t disclose the small print of the particular assault they carried out as a result of “present commitments and non-disclosure agreements” that prohibit them from doing so. Accordingly, Unciphered criticized Trezor for not doing something to repair the vulnerability in its {hardware}.

Three years in the past, Kraken Safety Labs found bodily vulnerabilities in Trezor. Consequently, Trezor labored to repair the vulnerability, significantly by way of its sister firm Tropic Sq.. Apparently, Unciphered talked about that this vulnerability had already been patched and their exploit was within the newest Trezor firmware.

This information comes on the heels of a controversial Ledger software program replace involving Ledger Get better. Customers can use this characteristic to again up their restoration passphrase and restore it in an emergency. Nevertheless, customers reacted angrily to the choice, claiming that the replace compromised their information by introducing a backdoor.

]]> https://www.seethereality.com/?feed=rss2&p=25165 0 Blockchain safety agency identifies 24 rip-off meme tokens in ten days https://www.seethereality.com/?p=24458 https://www.seethereality.com/?p=24458#respond Tue, 23 May 2023 15:02:59 +0000 https://www.seethereality.com/?p=24458
  • There is a rise within the variety of rug pulls associated to meme tokens.
  • PeckShield has detected about 24 phishing meme tokens within the final ten days.
  • The SEI token eliminated its liquidity lower than three hours after its creation.

There was a rise within the variety of meme tokens associated mats within the cryptocurrency business. In keeping with Blockchain safety firm PeckShield, it has detected round 24 rip-off meme tokens within the final ten days.

Scammer meme cash detected by PeckShield embody SHITMEME, BENS, WorldCoin, MONKEYS, ERDR, Magneto, STARK, ZAT, LADYBOY, USACOIN, WLD, POGO, Miniclip, PORN, FROGS, RNDT, PSYOP, POPCTEAP,,, TAGGED, SEI, and BEREAL.

PeckShield famous that SEIs created simply three hours earlier than the warning had already been liquidated. He observed that the scammers initially funded 5.19 ETH from OKX and inflated the token value to deceive and appeal to followers. However they rapidly drained the pool quickly after, leaving traders stranded.

Rugpull in cryptocurrency is when a projector developer or workforce deliberately advertises a mission to deceive and appeal to unsuspecting traders, however all of a sudden closes or disappears and intentionally runs away with traders’ funds. That is the darkish facet of the cryptocurrency business, which thrives on the decentralized nature of the business.

Sadly, the pseudo-anonymous nature of the business makes it tough to determine and crack down on the actual culprits of carpet pulling. Nevertheless, customers are struggling to seek out methods to determine such potential tasks and keep away from them earlier than they occur.

One of many respondents to PeckShield’s alert blasted the cryptocurrency business for the booming scams. Twitter consumer Pascal Morsely questioned whether or not the world is prepared for encryption. In keeping with Morsely, there are too many scammers within the cryptocurrency business and there aren’t any preventive measures. He famous that the frequency with which the mat is stretched is one purpose customers would all the time choose a centralized alternate (CEX) by means of a decentralized alternate (DEX).

PeckShield has warned customers concerning the rising variety of rip-off meme cash and suggested them to not fall sufferer to any of them.

]]> https://www.seethereality.com/?feed=rss2&p=24458 0 Commissioner recovers $86,000 for patrons defrauded by Bitcoin of America. https://www.seethereality.com/?p=24326 https://www.seethereality.com/?p=24326#respond Tue, 23 May 2023 08:47:58 +0000 https://www.seethereality.com/?p=24326
  • Banking commissioner secures $86,000 settlement for 4 Connecticut customers.
  • Clients had been defrauded by Bitcoin of America’s unlicensed digital kiosks.
  • A draft legislation on the regulation of digital foreign money has been submitted.

United States Banking Commissioner Jorge Perez introduced justice to 4 customers who had been victims of fraud by securing an $86,000 settlement from digital foreign money kiosk operator Bitcoin of America.

In response to an official report, Bitcoin of America was working with out the mandatory license, leaving weak people prone to fraud and dropping tens of hundreds of {dollars} consequently.

Whereas the kiosks allowed customers to buy the digital foreign money with money, it opened the door for scammers to reap the benefits of unsuspecting people, and 4 Connecticut customers fell sufferer to scammers in a collection of incidents.

The consent settlement requires Bitcoin of America to refund a complete of $86,000 to 4 Connecticut customers who had been victims of fraud whereas utilizing the corporate’s digital foreign money kiosks.

Though Bitcoin of America has agreed to refund affected customers, it would stop operations in Connecticut following the legal indictment.

It must be famous that an progressive draft legislation on the regulation of digital foreign money and the strengthening of supervision of kiosk operations was submitted. Particularly, the Division of Banking and the Connecticut State Police co-sponsored HB 6752, the Digital Belongings Act, in the course of the legislative session.

The proposed invoice would empower the banking commissioner to set guidelines for digital foreign money and different digital property. Digital foreign money kiosks might be required to be licensed as cash transmitters and the commissioner might be given jurisdiction over the machines and their operators.

As well as, the Division of Banking, in cooperation with the Connecticut State Police, the Legal professional Basic’s Workplace and the Division of Client Safety, issued a shopper alert that gives beneficial tips about keep away from falling sufferer to related scams.

]]> https://www.seethereality.com/?feed=rss2&p=24326 0 Why most cryptocurrency scams occur in China and the US https://www.seethereality.com/?p=23302 https://www.seethereality.com/?p=23302#respond Thu, 18 May 2023 14:59:22 +0000 https://www.seethereality.com/?p=23302

Crypto crimes have change into a significant concern for regulators. In recent times, there was a major enhance in crypto-currency crimes, particularly hacking associated to fraud, because the Web3 turns into an integral a part of on a regular basis life. Nevertheless, the unfold will not be uniform and there are various rising traits and patterns in crypto-crime that may greatest be understood via deep blockchain evaluation.

Crypto crime traits and statistics

Ethereum (or Ethereum-based dApps) hacks are on the rise attributable to good contract capabilities and the widespread use of dApps. Final yr, the Ronin community operating on Ethereum was hacked for 625 million.

At the moment, Ethereum has ten instances extra transactions than the second blockchain (Tron) and occupies nearly 70% of the market. DeFi scammers usually goal cross-chains when tokens are transferred from one chain to a different, and these bridges are sometimes constructed on the Ethereum community. Binance and Ethereum have essentially the most distinctive lively pockets (UAW) addresses, valued as of 2022. month of January. till 2023 month of January.

A report on cryptocrime by Crystal Blockchain outlined some statistics on the theft of digital tokens, highlighting that China and the US are essentially the most affected by fraud and hacking. The U.S. has the best variety of incidents in opposition to topics since 2011. there have been 14 main assaults.

However China suffered essentially the most by way of complete worth. This is because of two recognized hacks: PlusToken in 2019. ($2.25 billion) and WoToken in 2020. ($1 billion). The UK, South Korea and Japan are additionally closely affected by cryptocurrency scams. Since 2011 there have been 461 high-profile incidents in 45 international locations, with a complete of $16.7 billion value of stolen cryptocurrencies, principally ERC-20 tokens.

Why do sure jurisdictions expertise excessive ranges of cryptocurrency fraud?

The highest 5 areas for cryptocurrency-related safety breaches are the US, China, Japan, South Korea and the UK.

Within the early days of cryptocurrencies in China, there have been many exchanges earlier than the federal government took it down. in 2017 The federal government banned Binance, one of many world’s largest exchanges, from buying and selling. One other Chinese language inventory change, Huboi, has moved its headquarters to South Korea.

America has additionally skilled main cryptocurrency fraud. It later emerged that most of the preliminary token choices within the US had been in violation of Securities and Alternate Fee (SEC) securities gross sales guidelines. Whereas some had good intentions and easily ran afoul of obscure rules, many had been outright Ponzi schemes.

Principally, cybercriminals will observe the cash and exploit each alternative. So it is smart that areas with extra centralized exchanges can be focused extra usually. The place there are strict rules on the motion of cash, extra folks will take to cryptocurrencies, which may result in extra fraud.

Several types of cryptocurrency scams

There are various methods by which cybercriminals can perform a fraud operation. One of the widespread is the mat pull. Right here, a workforce of fraudsters lures traders into a selected mission and runs away with the funds. Mainly, these are rip-off initiatives.

There are additionally varied subcategories of rug pulling. For instance, a pump-and-dump scheme is when traders are inspired to put money into a selected token, after which scammers promote every little thing, driving the value all the way down to nothing. This may be very worthwhile if the scammers additionally provide choices or use totally different mechanisms to decrease the value.

Builders can even cheat traders by encoding tokens in order that solely they’ll promote them. Rug pulling will not be at all times unlawful within the sense that preliminary traders have the proper to promote at any time. Nevertheless, if claims are made to traders that grow to be utterly false, authorized authorities can simply launch an investigation.

In response to the identical Crystal Blockchain report, most crimes happen utilizing decentralized protocols related to good contracts. in 2022 over 2.6 billion misplaced in 132 DeFi assaults USD. 277 million was misplaced attributable to safety breaches in 13 instances. USD, and attributable to fraud schemes – 1.3 billion. The report additionally famous that in 2022 the preferred dishonest mechanism was rug pulling and Ethereum is the preferred rug pulling chain adopted by BNB.

Crypto Fraud Prevention

Stopping cryptographic fraud is an ongoing concern that may require cooperation between regulators and Web3 builders and exchanges. Traders proceed to be scammed by easy strategies and don’t do their due diligence to analyze initiatives, often being too simply misled into anticipating big earnings. AI and different applied sciences will make fraud extra subtle over time.

Alternate and Web3 suppliers will even must have an inner compliance workforce and threat mitigation procedures in place to maintain buyer funds protected, safe and insured. Blockchain evaluation may also help you perceive the trail that stolen cryptocurrencies journey and how you can stop a breach.

]]> https://www.seethereality.com/?feed=rss2&p=23302 0 Ripple CTO agrees Bitboy BEN coin challenge is 100% Rugpull rip-off https://www.seethereality.com/?p=21391 https://www.seethereality.com/?p=21391#respond Thu, 11 May 2023 15:16:32 +0000 https://www.seethereality.com/?p=21391
  • Bitboy Crypto to face legal responsibility for becoming a member of newly launched meme token BEN Coin.
  • Ripple CTO BEN Coin calls the rug a pull.
  • BEN Coin goals to grow to be a token of the eye financial system that promotes the usage of cryptocurrencies.

The crypto group is up in arms towards Ben Armstrong, the well-known crypto developer referred to as Bitboy Crypto, as a result of his lately introduced becoming a member of the staff of the newly launched meme token BEN Coin challenge.

On Twitter yesterday, David Schwartz, Chief Know-how Officer (CTO) of the Ripple (XRP) blockchain, mentioned he 100% agrees that the BEN meme coin challenge is on the rise, given Armstrong’s resolution to hitch the staff.

It needs to be famous that rug pull is a kind of fraud within the cryptocurrency and DeFi markets, when challenge organizers instantly and intentionally take away all liquidity and disappear with traders’ funds. This motion causes the value of the token to drop dramatically.

Whereas Ripple’s CTO does not see a future in BEN coin, Billy Markus, founding father of essentially the most distinguished meme coin, Dogecoin (DOGE), additionally expressed his disappointment with Armstrong’s announcement.

In a tweet, Markus referred to as the replace “fairly lame” after Armstrong revealed that he and two different individuals who answered to the identify Ben would type the “Three Sensible Bens” staff to guide the meme coin challenge. Marcus’s response prompted plenty of backlash, with some individuals calling for Armstrong to sue if the BEN coin ultimately went all the way down to zero.

Nonetheless, in line with Armstrong, the principle purpose of the challenge is to remodel BEN from a meme coin to an consideration saving coin to advertise the adoption and use of cryptocurrencies. Armstrong expressed his admiration for the prevailing group round BEN and said that they’ll work collectively to attain extra constructive change.

Notably, the idea of attention-saving cash goals to reward customers for his or her consideration and engagement, making a self-sustaining ecosystem.

]]> https://www.seethereality.com/?feed=rss2&p=21391 0 16-member gang, two cops on trial for stealing cryptocurrencies in Vietnam https://www.seethereality.com/?p=20938 https://www.seethereality.com/?p=20938#respond Wed, 10 May 2023 08:26:13 +0000 https://www.seethereality.com/?p=20938
  • A cryptocurrency investor in Vietnam recruited a gang to kidnap and rob one other particular person.
  • The investor claimed that the particular person defrauded him out of his Bitcoin funding.
  • Two native law enforcement officials concerned within the crime confessed in the course of the courtroom listening to.

Earlier at present, a Vietnamese courtroom heard surprising particulars of a deliberate cryptocurrency heist involving a 16-member gang, together with two native law enforcement officials. This was the case of Ho Ngoc Tai, a cryptocurrency investor who determined to make use of strategies to get well 100 billion Vietnamese dong (VND) misplaced in Bitcoin.

In keeping with a neighborhood report, Tai invested in cryptocurrency in 2018 on the recommendation of an acquaintance, Le Duc Nguyen. However after promoting 1,000 Bitcoins (BTC) for 100 billion VND value $4.3 million to put money into shitcoins and lose every part, he suspected Nguyen had cheated him.

To get well the misplaced cash, Tai recruited a legal gang to kidnap Nguyen alongside together with his household and pressure him handy over his e-wallet password. The group then transferred the cryptocurrencies from Nguyen’s e-wallet to Tai.

After stealing digital cash equal to VND 35 billion, Tai and his accomplices took Nguyen and his household to Thu Duc Metropolis and offered the stolen fund for VND 18.88 billion, leaving Tai with 80 Bitcoins in his digital wallets.

In keeping with the report, each law enforcement officials admitted their involvement within the crime. Nonetheless, among the defendants denied wrongdoing, saying they didn’t know Tai was looting Nguyen’s property and claiming Tai was solely gathering a debt from him.

However, the cryptocurrency portfolio supervisor of a Dubai-based firm was just lately kidnapped and held for ransom whereas on trip in Spain by his colleagues. In keeping with the report, the abductors tied up the sufferer and demanded 1 million. In a coordinated operation involving 50 law enforcement officials, the abductors had been arrested and the sufferer was safely rescued.

]]> https://www.seethereality.com/?feed=rss2&p=20938 0 XEX Crypto points warn of malicious exercise in discord channel https://www.seethereality.com/?p=18342 https://www.seethereality.com/?p=18342#respond Mon, 01 May 2023 06:33:20 +0000 https://www.seethereality.com/?p=18342
  • DeFi fee platform XEX Crypto has introduced that their Discord server has been hacked.
  • XEX Crypto warned customers towards utilizing xexcrypto.artwork and suggested them to remain off Discord till additional discover.
  • Within the feedback part, customers reported that they suffered losses because of the assault.

Decentralized monetary fee community XEX Crypto has simply warned its customers a few doable rip-off that has affected their Discord channel. The corporate has suggested all customers to not use any of the channel’s content material, particularly xexcrypto.artwork, as it’s related to malicious actions.

XEX Crypto additionally clarified that xexcrypto.com is their solely reliable web site and urged customers to train warning when interacting with any hyperlinks or messages from the affected Discord channel till additional discover.

In addition they suggested customers to solely get updates from their Twitter account, which they are saying is safe. XEX Crypto has promised to supply updates as they work to resolve the state of affairs.

In the meantime, customers commented on their complaints in a publish, reporting that the scammer banned them from the server as a result of they warned different customers in regards to the hack. Additionally, one other person shared that they misplaced a whole lot of funds because of the assault.

CertiK Alert additionally posted a screenshot of the XEX Crypto Discord server, warning customers to keep away from a sure message posted by scammers. Web3 sleuth additionally repeatedly publishes hacking information on its platform.

April 14 XEX Crypto has launched a brand new assortment of NFTs known as Xexadons. The gathering consists of fifty AI-generated ordinals and is designed to supply a novel iteration within the NFT area. Xexadons are a necessary a part of XEX Crypto’s plans to create a gaming, cross-chain, internet 3 expertise.

To realize this, XEX Crypto has launched a gamified, cross-chain staking mechanism the place customers should determine which chain to stake their Xexadonus on. The betting engine goals to create an enticing and interactive NFT expertise with further gameplay.

]]> https://www.seethereality.com/?feed=rss2&p=18342 0 Enforcement Directorate of India freezes 916M linked to HPZ token rip-off https://www.seethereality.com/?p=16988 https://www.seethereality.com/?p=16988#respond Tue, 25 Apr 2023 19:49:21 +0000 https://www.seethereality.com/?p=16988
  • India’s Enforcement Directorate mentioned it has frozen 916 million financial institution accounts of corporations linked to the HPZ Token rip-off.
  • Details about suspicious accounts was sought in banks and fee community corporations.
  • The investigation pertains to the misuse of app token by entities managed by Bhupesh Arora.

India’s Enforcement Directorate (ED) has frozen the accounts of assorted banks and fee networks linked to corporations concerned within the HPZ Token rip-off, a cryptocurrency rip-off linked to cash laundering. The ED not too long ago performed searches in suspicious accounts belonging to those corporations.

In accordance with ED sources, the banking and fee community corporations underneath investigation should not themselves accused within the HPZ Token fraud case. Reasonably, their premises have been raided to acquire details about suspicious accounts held by corporations linked to the fraud.

In a press launch on Monday, the ED revealed that final week’s search was associated to an investigation into numerous entities, significantly these managed by Bhupesh Arora and the app-based entry token he runs referred to as ‘HPZ’ and related applications. co-workers. The report additionally acknowledged:

A search was performed final week) on accounts held by entities managed by Bhupesh Arora and his associates in reference to an investigation into the misuse of an app-based token referred to as HPZ and different related applications by a number of entities.

In the meantime, again in February, ED had frozen 29.5 million. rupees (295 million) present in financial institution accounts belonging to varied corporations concerned within the HPZ Token fraud case.

The accused defrauded victims utilizing HPZ Token, a cryptocurrency app-based token that promised excessive returns to customers who invested in Bitcoin and different cryptocurrencies mining machines.

As well as, Bhupesh Arora and others managed unregistered on-line gaming app websites that have been used to gather cash from buyers. Final week’s motion by the ED is in reference to a cash laundering case registered on the idea of a fraud FIR filed by the cyber crime police station in Kohima, Nagaland.

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