India has intensified efforts to curb crypto-related scams by collaborating with tech giants Google and Meta (formerly Facebook), according to the Ministry of Home Affairs’ 2024 annual report.The initiative aims to combat the rising threat of “pig butchering” scams, a form of crypto investment fraud targeting vulnerable groups such as unemployed youth, housewives, students, and financially struggling individuals.Rise of pig butcheringThe report described how these scams typically lure victims through social media platforms and search engines, promising high returns on crypto investments. The scheme has gained increasing traction in recent months, with investors losing over $3.6 billion to these scams…
Author: cryphedge
T3 Financial Crime Unit (T3 FCU) has frozen criminal assets valued at $100 million across five continents.Formed by Tether, TRON, and TRM Labs in August 2024, the group collaborates with law enforcement worldwide to disrupt organized schemes that rely on blockchain transactions. It analyzes on-chain activity, identifies suspicious patterns, and works directly with authorities to intercept illicit transfers tied to money laundering, investment fraud, blackmail, and terrorism financing.Justin Sun, founder of TRON, noted that this milestone emphasizes heightened scrutiny of the potential misuse of USDT on TRON. He stated that the initiative’s impact shows there are clear consequences for attempting…
Pig butchering scams led to $3.6 billion in crypto losses in 2024, emerging as the most significant fraud scheme of the year, according to a report by web3 security firm Cyvers.The long-term fraud method, where victims are groomed over time to make substantial investments, outpaced other forms of crypto scams in 2024. The report highlighted that $3.6 billion in stolen funds were traced to the Ethereum (ETH) blockchain alone.Pig butchering on the riseCyvers tracked over 150,000 addresses and 800,000 transactions linked to pig butchering scams, illustrating the scale of the problem. The report follows an FBI announcement that estimated $3.96…
The rise of crypto has become a breeding ground for financial scams in France, contributing to a surge in fraudulent activity that has authorities scrambling to protect consumers.The Paris Public Prosecutor’s Office, along with regulatory bodies like the AMF and ACPR, are particularly concerned about the growing number of schemes involving bogus crypto investments.Proliferation of scamsThe ACPR reported that false savings accounts cost victims an average of €69,000 in the first three quarters of 2024, while false loans resulted in average losses of €19,000. Crypto-asset scams, which have grown significantly since mid-2023, have led to an average loss of €29,000,…
Cybersecurity company Kaspersky revealed that malicious actors have devised a new scam involving seed phrases to target unsuspecting crypto users, according to a Dec. 23 blog post.This sophisticated scheme preys on individuals’ curiosity and dishonesty, leading to financial losses for unsuspecting victims.How the scam worksSeed phrases, crucial for recovering access to crypto wallets, are manipulated by scammers who pose as inexperienced users seeking help online via social media platforms like YouTube.These fraudsters post their fake seed phrases on these platforms to lure individuals into accessing seemingly valuable wallets. Upon accessing these wallets, users find large amounts of stablecoins like Tether’s…
Binance crypto exchange’s wallet service announced a new platform, “Binance Alpha”, to help crypto investors get new opportunities with new crypto projects.Binance is a top-ranked crypto exchange in the crypto space. Binance wallet is a web3 self-custody crypto wallet by Binance crypto exchange. Also, inbuilt crypto decentralised trading platforms allow Binance wallet users to trade Cryptocurrencies.On 17 Dec 2024, Binance Wallet announced the launch of the “Binance Alpha” platform. This new platform will be available in the Binance wallet directly.Introducing Binance Alpha, a new platform within #Binance Wallet spotlighting early-stage crypto projects with growth potential.Serving as a pre-listing token selection…
The countdown has begun for one of the most highly anticipated drops in web3 fashion this year. On Dec. 18, 2024, 9dcc, the onchain fashion house founded by gmoney, will unveil its 9dcc Black Box on OpenSea. This drop not only introduces groundbreaking innovation and rewards, but also includes ITERATION-04, a new collectible that bolsters 9dcc’s position as the leader in blending physical fashion with digital experiences through its proprietary Networked Product technology. Credit: Courtesy of 9dcc A Treasure Chest of Premium Fashion and Web3 Rewards At the heart of the 9dcc Black Box is ITERATION-04, a limited-edition collectible that…
Charles Hoskinson shared the Cardano 2025 map, where he confirmed that the Cardano blockchain is ready to go in a very highly decentralised environment. Crypto analysts call this upcoming development a very big bullish signal for Cardano’s native Cryptocurrency $ADA.The current trade price of $ADA coin is $1.16 & this price level is 93% higher over the last 30 days period. Notably, the trade price of this Cryptocurrency faced some kind of significant struggle in the last 7 days.On behalf of the current bull sentiments, a crypto analyst believes that Cardano coin may soon hit $1.32 in the short time…
The U.S. Securities and Exchange Commission charged three individuals on Dec. 11 with impersonating securities brokers and investment advisers to execute a scheme involving digital assets.The complaint names three Nigerian nationals and alleges that their actions diverted more than $2.9 million from at least 28 investors by directing them toward fraudulent platforms, then instructing them to purchase Bitcoin at legitimate brokerages or crypto exchanges before transferring the funds to blockchain addresses linked to the defendants.Per the SEC, the defendants allegedly created websites impersonating multiple professionals associated with established U.S. firms and used voice-modification software, as well as online group chats…
The level of scams around the $XRP coin is surging rapidly as the developments around Ripple & $XRP coin are getting hype.Ripple, a San Francisco headquartered blockchain firm, is currently preparing to launch its stablecoin $RLUSD. The whole development work on this stablecoin has been done by the Ripple team & has been waiting for regulatory approval from the financial regulatory body of NewYork.On 11 Dec 2024, Ripple CEO Brad Garlinghouse confirmed that the company had final approval from the New York regulators for $RLUSD.Garlinghouse confirmed that soon the Ripple team will announce the launch of this stablecoin with its…
