Crypto Scams Trigger Global Alert; FBI Warns as India and Australia Intensify Efforts
In the wake of increased cryptocurrency fraud, India's Enforcement Directorate (ED) conducted raids in Leh, Jammu, and Sonipat on August 2nd
In the wake of increased cryptocurrency fraud, India’s Enforcement Directorate (ED) conducted raids in Leh, Jammu, and Sonipat on August 2nd, uncovering about Rs 1 crore in connection with a cryptocurrency scam.
The scam involved the fictitious “Emollient Coin,” which falsely promised to double investors’ money in just ten months. The mastermind, Naresh Gulia from Sonipat, used Emollient Coin Ltd to promote this scheme broadly. The ED’s investigation, initiated by a complaint filed under the Prevention of Money Laundering Act (PMLA) by the Jammu & Kashmir Police, showcases the growing threat within the crypto environment.
Australia’s Operation Spincaster Targets Crypto Scams
Simultaneously, the Australian Federal Police (AFP) has launched Operation Spincaster in partnership with the blockchain analytics firm Chainalysis to tackle “approval phishing” scams that have siphoned off more than $4 billion globally since 2021. This collaborative operation has already pinpointed over 2,000 compromised Australian crypto wallets.
Join us on 8 August at 17:00 CET for a panel discussion on enhancing security and trust in the crypto ecosystem featuring Vasily Vidmanov, COO at AMLBot, will cover:
– The most important security rules in crypto
– How to avoid scams and "rug pulls" and why they're increasing
-… pic.twitter.com/heMelo3jrT— AMLBot (@AMLBotHQ) August 6, 2024
Detective Superintendent Tim Stainton from AFP highlighted the operation’s success in unveiling novel fraudulent tactics, stating, “Our joint efforts have significantly illuminated the sophisticated methods employed by cybercriminals preying on Australians.” Phil Larratt, Director of Investigations at Chainalysis, further emphasized the critical nature of global cooperation in mitigating cyber threats, acknowledging the challenges yet to be addressed in combating such extensive fraud networks.
FBI Issues a Critical Crypto Scam Alert
With Bitcoin prices dipping below $53,000, the FBI recently intensified its caution regarding potential scams targeting cryptocurrency users, especially during periods of market turbulence. These warnings come at a time when fluctuating prices make investors vulnerable to rash decisions, thereby increasing their risk of falling victim to sophisticated scams and cyberattacks.
🚨🚨 SCAM ALERT 🚨🚨
Beware of fraudulent crypto platforms requesting tax, bank code fees, security fees, or deposit fees for withdrawals. These requests are scams. Do not pay any fees.#kingcapitalmarket pic.twitter.com/QzR2Nkncin— Ybirbenli (@Y_Birbenli) August 6, 2024
Despite these dangers, cryptocurrency’s global user base shows no signs of slowing down. A recent study by the Boston Consulting Group forecasts that crypto users could reach one billion by 2030, signaling a robust future for crypto adoption despite ongoing challenges.
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