Analysis Crypto by Thebittimes.Com

Bitrace With the arrival of the airdrop season, Web3 users have ushered in a golden harvest. At the same time, they have also become a big prey of criminal gangs in the crypto dark forest. Bitrace noticed that some criminals used fake Twitter accounts to conduct phishing fraud. They published a large number of false airdrop claim links in the comment area of official Twitter accounts, induce users to click and try to receive tokens. Once users are careless, they may suffer financial losses. Under this background, “highly imitated Twitter fishing scam”, as a representative fishing industrialization crime on social media platform, poses a serious threat to users’ capital security by virtue of its highly organized and large-scale operation characteristics. Twitter, a new arena for fraud activities Over the past few months, Bitrace have received help from several victims who have been stolen after clicking the “airdrop claim link” on Twitter. These links are actually phishing links. Take t...

Activist short-seller Andrew Left of Citron Research, who regularly accused firms of securities fraud, has been charged with engaging in securities fraud. This indictment comes a little over two years after Left stated, “crypto is just complete fraud.” Alongside this indictment, the US Securities and Exchange Commission (SEC) has also filed a complaint that echoes similar allegations and charges him with violating federal securities laws.  The US J US tice Department (DoJ) alleges he made at least $16 million and the SEC alleges he made approximately $20 million in ‘illegal trading profits.’ The alleged scheme involved Left issuing reports or tweets that encouraged his followers to either purchase or sell certain securities. He would also include a ‘price target’ that he expected the security to reach. When the prices started moving in response to the communications from Left, he would allegedly start unwinding his positions. This type of schem...

Following Sam Bankman-Fried’s conviction, a U.S. attorney said that the former FTX fraud case is “as old as time,” adding that the government is ready to deal with fraud sters who believe they are untouchable and beyond prosecution. The founder and former CEO of the collapsed crypto exchange FTX, who used to be the darling of the cryptocurrency industry, received a verdict declaring him guilty of all seven counts, including fraud and conspiracy charges. Despite the verdict, Sam Bankman-Fried’s lawyer declared that the fight wasn’t over, maintaining that his client was innocent. There is no hiding place for fraudsters  The U.S. District Attorney for the Southern District of New York issued a statement following the guilty verdict delivered by 12 jurors.  You might also like: FTX founder, Sam Bankman-fried, is guilty to all charges: crypto community reacts Attorney Williams described Sam Bankman-Fried’s financial fraud as one of t...

On Nov. 2, Jury deliberation began in United States v Bankman-Fried over fraud allegations, conspiracy, and money laundering charges linked to FTX and Alameda’s collapse. The criminal trial for Sam Bankman-Fried over the multi-billion dollar collapse of FTX reached its climax on Nov. 2 following closing statements from prosecutors and the defense.  Bankman-Fried’s defenders offered arguments presenting the FTX founder as merely human and therefore challenging the government’s case which alleges purposeful fraud and criminal intent.  Conversely, federal attorneys said the defendant arrived at several crossroads where he could have come clean and told the public the truth, but chose to risk it all following the two companies filing for bankruptcy.  Defense attorneys claimed witnesses Caroline Ellison, Gary Wang and Nishad Singh only testified to save themselves from severe prosecution. Former executives were never whistleblowers while FTX and Alameda operated because...

FTX’s founder stuck to his guns on who to blame for Alameda’s spending and use of customer funds during the third day of his testimony in United States v Sam Bankman-Fried. Day 15 and Sam Bankman-Fried’s third day on the stand displayed numerous questions from assistant United States attorneys. Simultaneously, the FTX founder ’s lawyers’ direct examination elicited answers that all but blamed Caroline Ellison for Alameda Research’s unchecked use of FTX customer crypto and assets. Bankman-Fried said Ellison, ex-CEO of Alameda, admitted to subpar hedging at the crypto trading firm and tendered her resignation. Eventually, the pair moved forward with running FTX and its sister firm Alameda with the intention of repairing the businesses.  In September, I asked her again about hedging. I asked what the scale was. She gave me some numbers. I told her I was glad but that it should be a bigger number, at least twice as much. She also sent me some spreadsheets. Sam Bankman...

The Secretary for Security of Hong Kong, Chris Tang Ping-keung, has pledged to address the JPEX crypto exchange fraud, which is being called the country’s most significant digital asset deception. The seriousness of the matter was brought to light in a press conference held on Sep. 27. According to local reports, authorities have already made significant headway. Twelve individuals have been apprehended, and asset s worth over 85 million HK$ ($10.8 million), comprising cash and other asset s like real estate and digital currency, have been seized. Hong Kong security chief vows to hunt down ringleader of crypto platform JPEX https://t.co/eBk2tonQTC — South China Morning Post (@SCMPNews) September 27, 2023 Of the arrested, three were associated with JPEX Technical Support Company, while two notable YouTubers, Chan Wing-yee and Chu Ka-fa, were also implicated. The scandal revolves around JPEX, a crypto exchange, which allegedly operated without authorization and deceiv...

Hackers continue to create fake Web3-enabled websites to fleece unsuspecting victims’ browser-based wallets, with ETHDenver being the latest victim. A fake website of the popular Ethereum Denver conference is the latest phishing target of a red-flagged smart contract that has stolen over $300,000 worth of Ether (ETH). The popular conference saw its website duplicated by hackers this week in order to trick users into connecting their MetaMask wallets. According to Blockfence, which identified the fraudulent website, the smart contract has accessed more than 2,800 wallets and stolen over $300,000 over the past six months. Another day, another scam. This time the scammer targeted the @EthereumDenver website. Blockfence is here to protect you and fight scammers together: The scam contract was marked as "High Risk" by our ML algorithm and our partners at @GoplusSecurity pic.twitter.com/Jdtoz2Bgu4 — Blockfence (@blockfence_io) February 20, 2023 ETHDenver also issued a not...

When it rains, it certainly pours. The former CEO of FTX Sam Bankman-Fried was arrested earlier today after facing multiple charges by the United States Justice Department. Now, as expected, the Securities and Exchange [SEC] of the country also issued charges against SBF. Earlier today, the SEC affirmed that they were glad that The Royal Bahamas Police Force arrested SBF. Along with this, the watchdog revealed that it would soon file its very own set of charges against the founder of FTX. In a recent announcement, the SEC announced that SBF is currently charged with “ orchestrating a scheme to defraud equity investors in FTX Trading Ltd..” BREAKING: 🇺🇸 SEC charges Sam Bankman-Fried with orchestrating a scheme to defraud FTX investors. — Watcher.Guru (@WatcherGuru) December 13, 2022 In the announcement, the SEC claimed that SBF carried out “years-long fraud “. All of this was done while painting a picture that his exchange was ...