cryptofraud

📅 January 7 | Asia
For years, crypto scams known as “pig-butchering” have operated in the shadows, fueled by promises of love, impossible investments, and fake platforms that drained billions of dollars from victims worldwide. Now, one of the most powerful names allegedly linked to this global network has been arrested.

📖The Cambodian Ministry of Information confirmed that Chen Zhi, chairman and founder of the Prince Group, was arrested this week and subsequently deported to China at Beijing's request, following a joint investigation between the two countries. Cambodian authorities did not clarify whether Chen Zhi will face formal charges in China, but his transfer marks a key turning point in a case that has been shaking governments and regulators for months.
According to US prosecutors, Chen Zhi allegedly ran a vast network of forced labor scam centers in Cambodia, from where cryptocurrency investment and romance frauds were executed. These operations, known as “pig-butchering scams”, have allegedly generated billions of dollars by exploiting international victims through messaging apps and fake trading platforms.
In October, the U.S. Department of Justice announced its largest forfeiture action ever, seeking the seizure of approximately $15 billion in bitcoin, in addition to hundreds of millions in real estate and other assets allegedly linked to the criminal network. The scale of the amount made the case one of the largest in the history of cryptocurrency-related financial crime.
Cambodian authorities noted that Chen Zhi's citizenship was revoked at the end of 2025, an unusual move that suggests a significant political rift between the businessman and the state. However, the case has been further complicated by a narrative clash between the United States and China regarding the origin and custody of some of the seized bitcoins.

Topic Opinion:
The alleged $15 billion scam not only highlights the industrial scale these frauds have reached, but also the inability of the international system to deliver clear justice when money is digital and power is geopolitical.
💬 Who will ultimately control the $15 billion in BTC?

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#bitcoin #Cryptoscam #CryptoFraud #BTC #CryptoNews $BTC

Scammers using Bitcoin ATMs stole over $333 million from Americans between January and November 2025, according to a recent report from the Federal Bureau of Investigation (FBI).

Sharp Rise Compared to Last Year
This figure marks a significant jump from the roughly $250 million lost to similar schemes in 2024. The FBI notes that scams involving crypto kiosks are “not slowing down” and continue to intensify.

A Perfect Tool for Criminals
One of the main factors behind the surge is the speed and irreversibility of transactions carried out via Bitcoin ATMs. These kiosks allow users to deposit cash and instantly convert it into cryptocurrency, sending it directly to digital wallets—something scammers exploit with ease.
Fraudsters commonly pose as government agents or banks, pressuring victims to make urgent payments to avoid penalties or legal consequences. Once the money is deposited and transferred via the ATM, it’s nearly impossible to recover, according to the FBI.

More ATMs, More Scams
As of now, there are more than 45,000 Bitcoin ATMs installed across the United States. While these machines offer convenience to crypto users, they also present growing opportunities for criminals, who constantly evolve their techniques to appear more convincing and harder to detect.

A Clear Warning to the Public
The FBI urges the public to never send cryptocurrency through a kiosk in response to unsolicited requests, threats, or pressure tactics—regardless of whether the caller claims to be from the police, IRS, or a financial institution. Any demand for immediate payment should raise red flags.

Fast transactions, zero recourse – a deadly combo criminals have mastered.
Want to stay safe? Never send crypto based on a phone call or email that pressures you. In crypto, once it's gone, it's gone for good.

#bitcoin , #Cryptoscam , #FBI , #CryptoFraud , #CryptoNews

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Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Seized Notebooks Revealed Sophisticated Scams
Hong Kong police uncovered a sophisticated fraud scheme that used artificial intelligence to deceive victims. The investigation led to the seizure of over HK$34 million (approximately USD 3.37 million). Notebooks confiscated by law enforcement revealed the criminals' methods, including the use of deepfake technology to appear more convincing.
How the Fraudsters Lured Their Victims
The fraudsters pretended to be wealthy single women, crafting stories about interests such as learning Japanese, playing golf, or tasting luxury wines worth over HK$100,000 (USD 12,850) per bottle. These methods were documented in the notebooks seized during the operation.
The investigation resulted in the arrest of 31 individuals connected to a criminal syndicate. This group used artificial intelligence to create realistic images of attractive women, which were then used to lure victims into romantic and investment scams.
The Problem of Deepfake Scams
Byron Boston, a former police officer and CEO of Crypto Track, warned that the combination of deepfake technology and social engineering presents significant challenges for investigators and law enforcement. AI-generated images make criminals more convincing and enable them to execute more complex scams.
Boston highlighted an incident from November 2022, where a fake video impersonating FTX founder Sam Bankman-Fried was used in a phishing attack targeting FTX users. This incident demonstrates how deepfake technologies can be exploited to steal cryptocurrency assets from victims.
Scams Targeting Young People
Confiscated materials revealed that the fraudsters specifically targeted young people seeking quick earnings. Victims were often convinced they were communicating with ideal women from Taiwan, Singapore, and Malaysia.
Challenges in Combating These Crimes
Boston emphasized that effective collaboration and swift action are key to fighting these sophisticated scams. However, he noted that many local law enforcement agencies, particularly in the U.S., lack the necessary tools and expertise to track stolen cryptocurrency or cooperate with international exchanges.
Criminals leveraging technologies like deepfake and social engineering remain a significant challenge for security forces worldwide.

#Deepfake , #CryptoFraud , #CryptoScams , #cybercrime , #CryptoNewss

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Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Federal Court Confirms the Extent of SBF’s Forfeited Assets
The U.S. government has officially finalized the confiscation of Sam Bankman-Fried's (SBF) assets, the former CEO of the collapsed FTX exchange. Among the most notable items on the nearly $1 billion forfeiture list are $606 million from the sale of Robinhood shares and two private jets.
Court documents detail dozens of pages of assets that SBF owned before his conviction for fraud, including vast cryptocurrency holdings, bank accounts, investments, and political contributions.
💰 The Largest Asset: $606 Million in Robinhood Shares
The most valuable forfeited asset was $606 million from the sale of Robinhood shares, held by Emergent Fidelity Technologies, one of SBF’s firms.
Other seized financial assets include:
✅ $119 million in Tether (USDT) on Binance for Alameda Research
✅ $21 million in Marex, held for Emergent Fidelity Technologies
✅ $50 million in Moonstone Bank, designated for FTX Digital Markets
✅ $101 million in Silvergate, also for FTX Digital Markets
✅ $7 million in Flagstar Bank, held under SBF and another individual
✈️ Two Private Jets Among the Seized Assets
Luxury items seized in the case include two private jets:
2009 Bombardier Global 50002006 Embraer Legacy
These jets were part of Bankman-Fried’s extravagant lifestyle, despite his public image as a modest billionaire.
🔗 Alameda’s Crypto Portfolio – Millions in Digital Assets
Alongside traditional assets, the government seized a significant cryptocurrency portfolio belonging to Alameda Research, the trading firm co-founded by SBF.
📌 According to records, assets on Binance included:
$56 million in XRP (Ripple)$3.6 million in TRX (Tron)$3.4 million in ADA (Cardano)$2.3 million in BTC (Bitcoin)Numerous other smaller cryptocurrency holdings
💸 Political Donations Totaling Hundreds of Millions
Court filings also exposed a vast network of political contributions, with over 250 individual donations.
🔹 FTX and SBF played a major role in financing U.S. politics, with one in three members of Congress reportedly receiving funds from Bankman-Fried or other FTX executives.
🔹 Donations were distributed among various campaigns and organizations, spanning both federal and state-level political entities.
🔹 Documents suggest that some FTX executives made donations on behalf of SBF, possibly to bypass political funding limits.
⚖️ FTX Begins First Payouts to Creditors
Alongside the asset forfeiture ruling, FTX has begun its first round of repayments to creditors.
✅ A total of $1.2 billion has been distributed to those with smaller claims.
✅ These creditors received approximately 119% of their original holdings, based on the value they had at the time of FTX’s collapse in 2022.
✅ However, they missed out on the significant crypto market recovery that could have yielded even greater returns.
🔮 What’s Next?
🔹 More rounds of FTX creditor repayments are expected – the key question remains whether all victims will receive fair compensation.
🔹 Investigations into SBF’s political funding could lead to further legal consequences.
🔹 The fate of luxury assets, including the private jets, will likely be decided through government auctions.
👉 What do you think about the fate of Sam Bankman-Fried’s seized assets? Should the government redistribute the funds to affected investors? Share your thoughts! ⚖️🚀

#SamBankman-Fried , #FTX , #CryptoNewss , #CryptoFraud , #FTXScamAlert

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Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Date: May 7, 2025
Location: New York, USA

Alexander Mashinsky, the founder and former CEO of the now-defunct cryptocurrency lending platform Celsius Network, is facing a potential 20-year prison sentence. Federal prosecutors have accused him of orchestrating a deliberate and calculated fraud scheme that led to nearly $7 billion in customer losses. Mashinsky pleaded guilty in December 2024 to commodities fraud and securities fraud charges, admitting to manipulating the price of Celsius's proprietary token, CEL, and misleading investors about the company's financial health. He profited approximately $48 million by selling his CEL holdings at inflated prices before the company's collapse in July 2022.

Defense attorneys are seeking a more lenient sentence of no more than 366 days, arguing that Mashinsky's actions were not predatory and attributing the company's downfall to a broader market downturn. Sentencing is scheduled for May 8, 2025, in a Manhattan federal court.

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*Alexander Mashinsky, founder and former CEO of Celsius Network, leaves Manhattan federal court on July 13, 2023. *

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For more details, you can read the full article here:
🔗 Prosecutors seek 20-year prison term for founder of failed crypto platform Celsius
#celsiusNetwork

Commission Uncovers Massive Cryptocurrency Scam
Nigeria’s Economic and Financial Crimes Commission (EFCC) conducted a raid resulting in the arrest of 792 suspects involved in schemes known as crypto romance scams. The fraudsters convinced victims to invest in fake cryptocurrency projects, leading to significant financial losses.
Links to International Groups
EFCC spokesperson Wilson Uwujaren revealed that among those arrested were 148 Chinese nationals and 40 Filipino citizens. The scammers operated from a luxury building in Lagos, Nigeria’s commercial hub. Most of the victims were citizens of the United States and Europe.
During the raid, agents seized computers, mobile phones, and vehicles. Uwujaren stated that Nigerian fraudsters were recruited by international groups to target victims online using phishing techniques. Once the victims’ trust was gained, their information was handed over to foreign counterparts, who carried out the fraud.
Collaboration with International Partners
The EFCC announced it is working with international partners to identify potential links to organized crime. This collaboration aims to strengthen actions against similar fraudulent activities.
Another Case: Nigerian Scammer Defrauds Australians of $5 Million
The arrests follow a separate case involving Osang Otukpa, who allegedly defrauded 139 Australians of $5.04 million (8 million AUD) through a fraudulent cryptocurrency platform called Liquid Asset Group.
Otukpa reportedly used five different aliases and lured victims through social media. EFCC agents apprehended Otukpa on December 6, shortly after he landed at Murtala Mohammed International Airport in Lagos. According to reports, he will be charged once the investigation is complete.
Conclusion
The EFCC continues to intensify its efforts to combat cryptocurrency fraud, working closely with global partners to curb these illegal activities. The crackdown on 792 suspects and cases like Otukpa’s highlight Nigeria’s strengthened fight against financial crimes.

#hackers , #Cryptoscam , #cryptofraud , #CryptoSecurity , #CryptoNewss

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“