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Fraud
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Fake Staking Site Drains $8.5M in XRP from Investors; Seoul Police Detain Two
Seoul police reported that a fake Flare Network staking site defrauded 71 investors of 3.4 million XRP, worth approximately $8.5 million, last year. Two alleged scammers have been detained on aggravat
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China Business Journal Warns of Bitcoin Extortion Scam
China Business Journal has warned of an extortion scam where fraudsters impersonate the publication, demanding Bitcoin to suppress fabricated investigative reports targeting companies.
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ZachXBT Calls on Telegram Users to Support Channel Upgrade: Seeks to Disable Ads Due to Frequent Scam Ads
Svmuu News: “On-chain detective” ZachXBT posted on his personal channel, stating that Telegram continues to allow its channels to display scam ads to subscribers, which affects the user experience and
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The U.S. Secret Service Recovered Over $25 Million in Cryptocurrency Through Five Investigations
Svmuu News: On July 21, the U.S. Attorney’s Office for the District of Columbia and the U.S. Secret Service’s Washington Field Office announced that multiple investigations by the Cyber Fraud Task For
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The U.S. Department of Justice Seizes Over $25 Million in Cryptocurrency in Connection with a Transnational Investment Fraud Ring
Svmuu News: The U.S. Attorney’s Office for the District of Columbia, in conjunction with the U.S. Secret Service’s Washington Field Office, announced that investigations into multiple international cy
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India's Law Enforcement Agency Raided Multiple Crypto Fraud Operations, Targeting Foreign Investors
Svmuu News: On July 18–19, the Bangalore Branch of India’s Enforcement Directorate conducted raids on multiple locations involved in a case under the Prevention of Money Laundering Act (PMLA) to inves
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Is ARI Coin Worth Holding for the Long Term? Distinguishing Between Different Projects and Potential Risks
When considering the long-term holding value of “ARI tokens,” it is important to distinguish between two main projects: AriChain (ARI) and ARI10 (ARI). The AriChain project shut down in June 2026 and has been accused of being a scam; its token has no holding value. ARI10, on the other hand, is an active project. As of July 19, 2026, its market capitalization was approximately $123,790, with a price of about $0.000268. Although ARI10 is still trading, its market capitalization is small and future price forecasts vary significantly. Investors should be fully aware of its high volatility and potential risks and conduct thorough due diligence.
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Gang of Fake British Police Officers Sentenced for Stealing $5.4 Million in Cryptocurrency
Svmuu News: A British gang that posed as police officers, created a fake police website, and called cryptocurrency holders pretending to be law enforcement to convince them to transfer funds to so-cal
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A cryptocurrency investor in South Dakota faces 29 charges in connection with an alleged $20 million fraud
Svmuu News: U.S. prosecutors have revealed that a federal grand jury has filed 29 criminal charges against Benjamin Paul Wiener, a cryptocurrency investor from Sioux Falls, South Dakota. The charges i
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UK Fraud Review Recommends Judges Receive Training on Crypto Money Laundering and AI Fraud, Citing a Case Involving the Seizure of Over 61,000 BTC
Svmuu News: A fraud review commissioned by the British government recommends that the Judicial College provide training to all judges and magistrates in England and Wales to address the rise in cases
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“AKBitcoin” vs. the CXC Ponzi Scheme: Beware of Risk Traps in the Cryptocurrency Space
“AK Bitcoin” and the CXC Ponzi scheme are two different types of risks in the cryptocurrency space, but both are associated with fraud and potential financial losses. CXC is a typical Ponzi scheme that lures investors with high returns and a referral-based model, only to eventually collapse.Meanwhile, “Bitcoin” may refer to a scam exploiting the extremely low probability of a private key collision on Bitcoin, or it may be related to the marketing tactics of Ponzi schemes. This article will delve into these two concepts and caution investors to be vigilant against such risks.
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HKCC: Multiple Phishing Websites Are Using Virtual Wallets to Carry Out Fraud
Svmuu News: The Hong Kong Interbank Clearing Limited issued an announcement stating that, it has recently discovered multiple fake websites operating under the guise of “Buyer Online Security Protecti
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Wenling Police Expose Virtual Currency Investment Scam; Victim Loses 445,000 Yuan in 20 Days
Svmuu News: The Wenling Public Security Bureau has released a public statement regarding a virtual currency investment and wealth management fraud case. The victim, Mr. Cui, met a blogger on a social
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China Payment and Clearing Association Issues Advisory on Preventing Cross-Border Gambling Fraud Involving Virtual Currency Deposits
Svmuu News: The China Payment and Clearing Association has issued a warning about preventing cross-border gambling fraud involving virtual currency top-ups, aimed at helping the general public raise t
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What is USE? Is it reliable?
Specific information about “USE Coin” is unclear in the cryptocurrency space; this may be because the name overlaps with multiple concepts, or it may refer to a rare or defunct project. In the cryptocurrency world, there was an application called “Token” designed to reduce credit card fraud by generating virtual credit card numbers, but that service ceased operations in late 2019. Additionally, “Token” refers to an authentication mechanism in blockchain and cybersecurity, such as the TokenReview API in Kubernetes. Given the prevalence of scam projects in the cryptocurrency market, investors must conduct thorough due diligence when encountering a token named “USE Coin.”
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VDX, a licensed virtual asset exchange in Hong Kong, has clarified that it currently does not have any official app available to the public.
Svmuu News: VDX, a licensed virtual asset exchange in Hong Kong, has officially issued a statement warning the public to be on guard against fraudulent activities carried out under the guise of VDX. T
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FBI: Victims of the OneCoin scam can apply for compensation by June 30
Svmuu News: The Federal Bureau of Investigation (FBI) is reminding victims of the OneCoin international cryptocurrency investment scam that they can apply for compensation through a special program ad
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Coinbase Assisted the Brooklyn District Attorney's Office in New York in cracking down on identity theft fraud cases involving approximately $16 million
Svmuu News Coinbase The company issued an official statement indicating that it is cooperating with the Brooklyn District Attorney’s Office in New York to assist in the investigation of a long-running
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U.S. Department of Justice Seizes Huiwang Accounts Suspected of Money Laundering Involving Billions of Dollars
Svmuu News: The U.S. Department of Justice announced the seizure of an account that provided back-end infrastructure for a subsidiary of Cambodia’s Huiwang Group. Prosecutors stated that the account h
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A South Korean court has ordered Cross Finance to pay Coinone approximately $234,000 in damages.
Svmuu News: The Seoul Southern District Court in South Korea has ruled that the online investment firm Cross Finance must pay approximately $234,000 in damages to the cryptocurrency exchange Coinone.
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ZachXBT: Wallet Linked to HashFlare Scam Transfers $18.5 Million in ETH After 3.5 Years of Inactivity
Svmuu News: According to ZachXBT’s monitoring, a wallet linked to the $575 million HashFlare investment scam transferred 10,600 ETH—worth approximately $18.5 million—about three hours ago, after remai
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Hong Kong Police: Over 2,000 People Arrested for Fraud and Money Laundering in the First Quarter of This Year; 70 Percent of Cases Involved “Straw Accounts”
Svmuu News: The Financial Intelligence and Investigation Bureau of the Hong Kong Police Force, in collaboration with the Hong Kong Monetary Authority and the Hong Kong Association of Banks, jointly or
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ZachXBT: Indian fraud ring suspected of stealing cryptocurrency through social engineering and “falsely reporting the crime to the police” to track down and freeze funds
Svmuu News: “On-chain detective” ZachXBT released a case analysis noting that in a crypto asset case involving an Indian fraud ring, the individuals involved actually “reported the case themselves” to
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Caixin: A Female Cryptocurrency Tycoon from China Was Defrauded of Over 60 Million Yuan in the U.S.
Svmuu reports that a Chinese female crypto tycoon in the US fell victim to an investment scam, suffering losses of over USD 9.4 million (approximately RMB 60 million). The report states that the victi
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The U.S. Department of Justice acknowledges Tether's assistance in combating global crypto fraud networks, an operation that froze over $52 million in cryptocurrencies.
Tether announced today that the U.S. Department of Justice (DOJ) has recognized its active assistance in combating an international cryptocurrency fraud, money laundering, and scam operation network.
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U.S. Government Seized $225 Million in Crypto from Scammers, but Victims Face Difficulty Recovering Funds
The U.S. government, through an operation dubbed "Big Tuna," seized $225 million in cryptocurrency from alleged scammers, aiming to disrupt a scam compound in the Philippines. However, victims like Ni
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HKICL alerts public to fraudulent websites impersonating its "Buyer Online Protection" service, urging vigilance against scams requesting personal and banking details
Hong Kong Interbank Clearing Limited (HKICL) has recently identified several fraudulent websites that imitate its services, particularly a purported “Buyer Online Protection” offering refunds, unautho
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The Bank of Japan (BOJ) has warned the public to be vigilant against scams impersonating the BOJ or its employees. Scammers are using fake websites to solicit investments or request personal information.
The Bank of Japan (BOJ) has warned the public to be vigilant against scams impersonating the BOJ or its employees. Scammers are using fake websites to solicit investments or request personal informati
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US authorities have busted a $250 million gold fraud scheme, with over 200 elderly victims and more than 40 individuals indicted.
The Tarrant County District Attorney's Office in Texas announced the bust of a $250 million gold scam targeting over 200 elderly individuals, with more than 40 people indicted so far. The scam ring tr
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Australia's AUSTRAC removed 45 crypto and remittance registrations over the past year, disrupting investment scams
Australia's AUSTRAC removed 45 crypto and remittance registrations over the past year, disrupting investment scams
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Ukrainian Police Shut Down Crypto Scam Stealing Up to $1 Million Monthly, Identifying 62 Victims Across Over 20 Countries
Ukrainian authorities, including the Security Service of Ukraine (SBU), have dismantled a network of fake investment platforms that allegedly stole up to $1 million per month from users in over 20 cou
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HKMA warns public to stay alert to phishing scams targeting payment card binding for contactless mobile payment services
The Hong Kong Monetary Authority (HKMA) has recently received bank reports of scams involving the unauthorised binding of payment cards, including ATM cards, to contactless mobile payment services. Fr
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FBI, in conjunction with Indian authorities, has dismantled three Indian call centers impersonating the Social Security Administration, which allegedly defrauded American citizens of nearly $48.8 million.
In a joint operation, the FBI, local police, and Indian authorities dismantled three scam call centers in India. These centers had been impersonating U.S. Social Security Administration (SSA) employee
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Interpol-led "Operation Jackal IV" arrests 58 people across 22 countries for West African cyber-crime, seizing $2.67 million and blocking 257 bank accounts in South Africa alone
The global policing agency Interpol coordinated "Operation Jackal IV" between November 2025 and June 2026, targeting organised West African cyber-crime groups behind romance and investment scams, incl
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AI helps Southeast Asia-based scammers cut costs, leading to wider spread of cross-border crimes
The use of artificial intelligence is facilitating the spread of fraud and other cross-border crimes in Southeast Asia. US-driven clampdowns are prompting these fraud groups to relocate from countries
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EU's MiCA regulations deadline sparks new scam wave, with fraudsters impersonating regulators and licensed crypto exchanges
European regulators, including France's AMF, ESMA, the Netherlands' AFM, and Austria's FMA, report a rise in scams since the July 1 MiCA deadline. Fraudsters exploit the migration of up to 10 million
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SEC Charges Andrew Spaventa and Three Entities with Allegedly Defrauding Retail Investors in $74 Million Pre-IPO Investment Scam
The U.S. Securities and Exchange Commission (SEC) has charged New York resident Andrew Spaventa and three entities he owned and controlled with fraud and other violations. They are accused of conducti
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Upbit reminds users to be vigilant against virtual asset tax phishing emails impersonating the Korea National Tax Service
Upbit reminds users to be vigilant against virtual asset tax phishing emails impersonating the Korea National Tax Service
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Florida man charged by CFTC over $397 million crypto Ponzi scheme
The Commodity Futures Trading Commission (CFTC) has filed new charges against a Florida man, alleging he misappropriated $48 million of customers' money within the scheme.
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NYPD investigates gold bar scam that has stolen over $100 million from retirees
The New York Police Department's investigation, which began in May 2024, involves the Department of Homeland Security, the IRS, and other state law enforcement agencies, as authorities believe the sch
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EU Watchdogs Warn of Impersonation Scams Amid MiCA Licensing Shakeout, With Criminals Using Fake Websites and Falsified Documents to Target Customers
EU Watchdogs Warn of Impersonation Scams Amid MiCA Licensing Shakeout, With Criminals Using Fake Websites and Falsified Documents to Target Customers
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Hong Kong 'Lonely Heart' Scammed for $3.3M in Crypto Romance Investment Fraud; Malaysian Authorities Express Displeasure Over Blockchain Week After-Party's OnlyFans Scandal
A Hong Kong resident was scammed out of $3.3 million in a crypto romance investment fraud. Separately, Malaysian authorities have expressed strong disapproval regarding an OnlyFans-related scandal at
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Minnesota's Crypto ATM Ban Takes Effect Following Reported $1M Scam Losses
Minnesota's ban on crypto ATMs has officially gone into effect. State officials reported that residents, primarily senior citizens, lost approximately $1 million to scams linked to crypto kiosks betwe
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Binance Founder CZ Warns Against "Scammer," Advises "Stay SAFU!"
Binance founder Changpeng Zhao (CZ) issued a warning on X, stating that "The guy is a basically scammer" and advising users to "Stay SAFU!" (Stay Safe).
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IRS warns crypto holders about fraudsters sending fake letters
The U.S. Internal Revenue Service (IRS) has warned cryptocurrency holders about a scam involving fake letters designed to steal digital assets or data. This warning comes as IRS correspondence regardi
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Fake Staking Site Drains $8.5M in XRP from Investors; Seoul Police Detain Two
Seoul police reported that a fake Flare Network staking site defrauded 71 investors of 3.4 million XRP, worth approximately $8.5 million, last year. Two alleged scammers have been detained on aggravat
-
China Business Journal Warns of Bitcoin Extortion Scam
China Business Journal has warned of an extortion scam where fraudsters impersonate the publication, demanding Bitcoin to suppress fabricated investigative reports targeting companies.
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ZachXBT Calls on Telegram Users to Support Channel Upgrade: Seeks to Disable Ads Due to Frequent Scam Ads
Svmuu News: “On-chain detective” ZachXBT posted on his personal channel, stating that Telegram continues to allow its channels to display scam ads to subscribers, which affects the user experience and
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EBpay Virtual Currency Platform Analysis and Risk Warning: Lack of Official Customer Service Phone Number
EBpay is a platform that claims to offer virtual currency trading and management services. Its core products include the fiat-pegged "EB" stablecoin and support for mainstream cryptocurrencies such as Bitcoin and Ethereum. However, multiple sources strongly indicate that EBpay and similar platforms are frequently used for illegal activities such as online gambling and money laundering. Users face severe risks, including judicial freezing of bank cards, misappropriation of account assets, and information leakage. No official customer service phone number for EBpay has been found in public records, and the platform lacks regulation and legal oversight, fundamentally differing from regulated cryptocurrency exchanges.
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How to choose a virtual currency trading platform? Beware of fraud risks impersonating "Xiaomi Exchange"
Facing numerous virtual currency trading platforms, choosing a safe and reliable one is crucial. This article will reveal the truth about "Xiaomi Exchange" and provide key standards for selecting legitimate trading platforms, while also listing some mainstream platforms with good compliance records currently on the market, to help readers identify risks and make informed choices.
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Is 150,000 RMB worth of Bitcoin a scam? Beware of trading traps far below market price
Regarding the question "Is 150,000 RMB for Bitcoin a scam?", given that the market price of Bitcoin as of August 10, 2026, is significantly higher than this, any offer to sell one Bitcoin for 150,000 RMB is highly likely to be a scam. This article will delve into the nature of Bitcoin, its legal status globally and in mainland China, and analyze the controversy surrounding its "Ponzi scheme" allegations. Concurrently, the article will reveal common types of cryptocurrency scams and provide practical prevention advice to help readers identify risks and avoid falling into traps.
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Is ARI Coin Worth Holding for the Long Term? Distinguishing Between Different Projects and Potential Risks
When considering the long-term holding value of “ARI tokens,” it is important to distinguish between two main projects: AriChain (ARI) and ARI10 (ARI). The AriChain project shut down in June 2026 and has been accused of being a scam; its token has no holding value. ARI10, on the other hand, is an active project. As of July 19, 2026, its market capitalization was approximately $123,790, with a price of about $0.000268. Although ARI10 is still trading, its market capitalization is small and future price forecasts vary significantly. Investors should be fully aware of its high volatility and potential risks and conduct thorough due diligence.
-
“AKBitcoin” vs. the CXC Ponzi Scheme: Beware of Risk Traps in the Cryptocurrency Space
“AK Bitcoin” and the CXC Ponzi scheme are two different types of risks in the cryptocurrency space, but both are associated with fraud and potential financial losses. CXC is a typical Ponzi scheme that lures investors with high returns and a referral-based model, only to eventually collapse.Meanwhile, “Bitcoin” may refer to a scam exploiting the extremely low probability of a private key collision on Bitcoin, or it may be related to the marketing tactics of Ponzi schemes. This article will delve into these two concepts and caution investors to be vigilant against such risks.
-
What is USE? Is it reliable?
Specific information about “USE Coin” is unclear in the cryptocurrency space; this may be because the name overlaps with multiple concepts, or it may refer to a rare or defunct project. In the cryptocurrency world, there was an application called “Token” designed to reduce credit card fraud by generating virtual credit card numbers, but that service ceased operations in late 2019. Additionally, “Token” refers to an authentication mechanism in blockchain and cybersecurity, such as the TokenReview API in Kubernetes. Given the prevalence of scam projects in the cryptocurrency market, investors must conduct thorough due diligence when encountering a token named “USE Coin.”
Fraud
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