Crypto News 

South Africa investigates $80 million bitcoin scam

“Local technology news website mybroadband.co.za had reported in March that more than $50 million was lost by investors in BTC Global” writes Midwest Communications Inc for 95kqds.com. “Members of the public are believed to have been targeted as part of the scam and encouraged by agents of BTC Global,” the police said in a statement.JOHANNESBURG (Reuters) – South African authorities are investigating an alleged cryptocurrency scam that defrauded investors of 1 billion rand ($80 million) with promises of huge returns that never materialized, police said on Friday.The investigation follows a…

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How John Carreyrou Exposed The Theranos Scam

“Did I necessarily articulate in my mind that it was a company-ending story and that it would be a huge cautionary tale for Silicon Valley?” writes May Edt for theringer.com. Do you think Theranos was uniquely bad in creating a company culture of intimidation, or was it an extreme version of a broader Silicon Valley ethos?.  Source: theringer.com Share This:

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Crypto News 

Crypto Comprises Only AU$2.1 Million of AU$340 Million Australian ‘Scam Economy’

“However, the AU$2.1 million is not even a full percentage point of the AU$340 million total that was stolen by scammers throughout 2017” reports financemagnates.com. Of the AU$340 million, the largest chunk (AU$64 million) was lost to investment scams; online dating-related scams followed at AU$42 million.Help us to make Finance Magnates better! “Some scams are becoming very sophisticated and hard to spot.The Australian Competition and Consumer Commission (ACCC) published a report revealing that more than a thousand Australians were victims of specifically cryptocurrency-related scams in the year 2017, losing a…

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Crypto News 

Losses due to binary options, cryptocurrency scams grow in 2017, Australian consumer body warns

“Binary options scams appear to have peaked in 2016 and reduced in number of reports and in reported losses in 2017, the ACCC report indicates” reports financefeeds.com. Investment scam losses reported to the ACCC increased from $23.6 million in 2016 to $31.3 million in 2017, marking a 33% increase.Losses to investment scams reported to ACORN and the ACCC exceeded $64 million in 2017.Analysis of investment scam reports did not reveal any particularly new techniques used by investment scammers suggesting the same tricks used in previous years remain effective. Source: financefeeds.com Share…

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Crypto News 

SEC Tries to Scam ICO Investors to Show Them How Easy It Is

“A hot new initial coin offering gives investors the chance of a lifetime to make money from sun-soaked beaches and crystal-clear waters” writes Matt Robinson for bloomberg.com. The Securities and Exchange Commission is pitching a fake initial coin offering to educate investors on the pitfalls of too-good-to-be-true ventures.The SEC has previously used gimmicks to warn unsophisticated investors about the dangers of fraud.The agency has said it considers the vast majority to be securities, which require SEC registration under federal law.Earlier Wednesday, one of the lead enforcers at the SEC told…

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Crypto News 

A cryptocurrency CEO bragged that he ran off with $50 million — but after a journalist tracked him down in Egypt, he said it was just a joke

“First, Selene alerted the police in Frankfurt that Hankir had seemingly vanished with $50 million of his investors’ money” writes Zo Bernard for businessinsider.com. But one reporter, Adam Selene, who writes for the cryptocurrency site Crypto Briefing, decided to take action and investigate.”This is not monopoly money,” Selene said.  “[Savedroid’s investors] are real people.The community has lost faith in Savedroid. [Hankir] has betrayed his investors. Source: businessinsider.com Share This:

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Widow of Forex fraudster has to pay more than $800,000 because of his scam

“Mr Karroum further misled investors by providing materially false or misleading account statements purporting to show profits from Forex trading” reports financefeeds.com. From December 2007 through May 2014, Mr Karroum solicited approximately $4 million from 18 investors for himself and on behalf of his company to be used for Forex trading. Source: financefeeds.com Share This:

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