Artificial intelligence tools, including sophisticated chatbots, advanced deepfake software, and realistic fake ID generators, are now playing a pivotal role in enabling criminals to automate and significantly expand the scope of crypto scams and other related illicit activities. This alarming trend is highlighted in ‘The state of crypto scams 2025’ report, published by Elliptic, a…
Five members of a criminal gang have been apprehended in central Delhi’s Karol Bagh for allegedly defrauding a man of Rs 57 lakh under the guise of a USDT cryptocurrency transaction. The accused had lured the victim to an office, posing as legitimate crypto traders, where they collected the substantial cash sum but vanished without…
Jerry and Mindy Dunaway, an Atlanta-area couple, had meticulously planned for a retirement filled with travel, golf, and time with their grandchildren. However, their carefully laid financial future now lies in ruins after they fell victim to a sophisticated cryptocurrency scam that cost them a staggering US$800,000 of their retirement savings. This devastating loss underscores…
African investors have been left reeling after falling victim to CryptoBridge Exchange (CBEX), an elaborate crypto-trading platform that has been preying on individuals across the continent. Lured by promises of guaranteed monthly returns powered by AI trading systems and lucrative referral bonuses—classic hallmarks of Ponzi schemes, investors like Edwin, a Kenyan government worker, lost significant…
In a coordinated international crackdown, Spanish authorities have arrested five members of a transnational criminal network accused of orchestrating a massive cryptocurrency investment scam that defrauded over 5,000 victims worldwide. The elaborate operation, which laundered an estimated €460 million in criminal proceeds, marks one of Europe’s largest crypto-related fraud busts to date. The arrests were…
A sweeping investigation led by the US Secret Service, with key support from crypto exchange Coinbase, has culminated in the recovery of USD 225 million in tether (USDT) connected to widespread “pig butchering” scams. The operation marks the largest cryptocurrency seizure by US authorities to date tied to online investment fraud, underscoring both the scale…
A man at the heart of one of the largest crypto Ponzi schemes of the last decade will spend nearly eight years in federal prison after being sentenced Friday in Brooklyn. Dwayne Golden, 57, was handed a 97-month prison term for wire fraud and money laundering tied to a sprawling web of fake crypto investment…
Telegram‘s recent shutdown of Huione Guarantee, once the largest illicit marketplace in history with over $27 billion in transactions, has paradoxically strengthened the crypto dark market. According to blockchain analytics firm Elliptic, rival platforms experienced a staggering 400% volume surge, quickly absorbing the displaced criminal user base within weeks. This ‘Hydra effect’ highlights the profound…
Apple is facing a class action lawsuit over a cryptocurrency scam app that reportedly defrauded users of tens of thousands of dollars, raising new questions about the tech giant’s longstanding claims of App Store security. The app, known as Swiftcrypt, is at the centre of the case, which accuses Apple of negligence for allowing the…
A sprawling $50 million over-the-counter (OTC) crypto scam has been exposed, implicating prominent tokens like SUI, NEAR, Axelar, and over 30 others in what insiders are calling one of the largest retail-focused frauds in recent memory. The scheme, which ran quietly on invite-only Telegram channels from late 2024 through mid-2025, deceived a network of traders,…
