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  • About $4.4B Silk Road sale…

    The United States Supreme Court has denied hearing a case involving “stolen” BTC from the formerly prosperous Silk Road marketplace. The decision permits the state to sell the coins valued at around $4 billion USD, but this news and that of a ‘Satoshi reveal’ on HBO still aren’t stopping crypto OGs from ceaselessly developing P2P (peer-to-peer) use cases for bitcoin.

     

    Right off the bat it should be noted: “Bitcoin” for the purposes of this article means the definition written down in Satoshi Nakamoto’s whitepaper. Namely, “A purely peer-to-peer version of electronic cash [that allows] online payments to be sent directly from one party to another without going through a financial institution.” A very punk rock concept, if one will.

    “Purely peer-to-peer” is what started this whole disruption called bitcoin that we love, and what enabled the Silk Road to grow so massively in the first place. Suffice it to say for now that massive onchain fees alienating average users, custodial second layers, and government-backed ETFs will not be considered “bitcoin” for the purposes of this article. So if bitcoin cash triggers you, please change the channel.

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  • Washington: 2 Crypto Platforms Allegedly Defrauding Investors

    The Washington State Department of Financial Institutions’ Securities Division on Oct. 2, 2024, addressed fraud allegations against cryptocurrency platforms Nasdaqkk.cc and Sequoia-Platform. Both platforms are purported to have misrepresented their affiliations and lured investors into cryptocurrency investment schemes, promising substantial returns but blocking withdrawals.

    In the case of Nasdaqkk.cc, an investor was approached via Facebook and subsequently invested $64,000. When attempting to withdraw funds, the investor received a “safety reserve alert” requiring an additional 15% fee to unfreeze their account. The investor refused to pay the fee and was left unable to access their money.

    DFI noted:

    This appears to be what is commonly called ‘advance fee fraud.’ It also appears to be a common type of cryptocurrency investment scheme that uses social media groups.

    The platform falsely claimed an affiliation with the Nasdaq Stock Exchange, which DFI confirmed is not involved in cryptocurrency trading.

    adminAiden

  • Former Crypto Exchange Boss Gets 11,000-Year Sentence

    Faruk Fatih Ozer, who ran crypto exchange Thodex until it imploded in 2021, was sentenced to 11,196 years in prison by a Turkish court for crimes including fraud.

    Delivering its verdict late Thursday, the court in Istanbul sentenced Ozer and his two siblings to similar-length jail terms, finding them guilty of aggravated fraud, leading a criminal organization and money laundering.

    More…

    adminAiden

  • Hacked Reckful YouTube: Scammers defraud others

    A dead YouTuber called Reckful, (real name Byron Bernstein) who committed suicide in 2020 has had his account hacked in 2022.

    His YouTube account now has cryptocurrency content, and old videos of the richest man on earth, Elon Musk, talking favorably about crypto investments.

    This claims people can get back in double whatever crypto they invest.

    As seen on the YouTube account, it seems people are already falling victim to this scam. One person invested $3000 already.

    Reckful’s fans are angry at the actions taken by the hackers. One described it as being equal to when people destroy tombstones.

    Cryptocurrency scams have been growing over time on YouTube. Just typing Tesla live on the search bar brings up several of the scams in one breath.

    adminAiden

  • India wants a global framework to regulate crypto

     

    The country has identified the use of cryptocurrencies in money laundry and terror financing as a big risk for all countries no matter where they are on earth.

    India believes that only a global framework can stem the tide of crypto crimes because no single country can handle it. Regulation can come only when all countries come together.

    For the global framework to succeed, technology is the only answer. Such technology has to be across the board if it should succeed, according to the finance minister, who also said that India has introduced a 30 percent tax on crypto transactions in order to identify those behind the transactions.

    adminAiden

  • NK hackers exposed in $615m crypto heist

    The United States of America has revealed information regarding a massive cryptocurrency heist worth $615m from gamers.

    The game allows players to earn crypto through playing or trading their avatars.

    This new hack is suggested to be the biggest so far in the crypto world.

    US officials have exposed the NK group behind the attack, calling them “Lazarus”.

    The hacker group is supposed to be controlled by North Korea’s primary intelligence bureau.

    The group has been around for a while, and they gained popularity in 2014 when they were accused of hacking Sony Pictures.

    The US also claims that North Korea has been involved in illicit activities in order to generate revenue for its weapons of mass destruction.

    A blockchain analysis company said in a report that North Korean hackers stole up to $400m worth of digital assets in some seven attacks on cryptocurrency platforms in 2021.

    adminAiden