New statistics from Kaspersky Labs show that phishing schemes exploiting ICOs to target potential investors have generated more than $2.3 million in the second quarter of 2018 alone. According to a recent survey of UK organizations, one in three respondents had been impacted by cryptojacking malware in the past month. In a recently filed lawsuit, fraudsters allegedly impersonated a victim in communications to a multinational telecommunications company to access the victim's crypto wallets and steal $24 million in cryptocurrencies. According to another recent report, a wealthy investor was flown to Macau by a Thai group in a scheme that resulted in the theft of more than 5,500 bitcoins.
On Aug. 11, alleged stablecoin provider Tether issued new Tether tokens worth $50 million after losing roughly $300 million in market capitalization over the past 30 days. Tether has been the source of criticism for its failure to submit to a public audit to prove its claims of Tether being backed by the dollar on a one-to-one basis.
In a speech last week, FinCEN director Kenneth A. Blanco delivered a clear, stern message to crypto exchanges on their AML and CFT obligations, stating that compliance programs must be implemented long before they receive notice of an examination. Mr. Blanco stated that FinCEN's goal is to ensure that all virtual currency money transmitters undergo such compliance examinations regularly. And in an Aug. 14 press release, the SEC announced that it had obtained permanent officer-and-director and penny stock bars against the founder of a company who perpetrated a fraudulent ICO.
For further reading:
- Kaspersky: Cryptocurrency Scammers Stole $2.3 Million in Q2
- Report: Over $2 Million Lost to Crypto Scams in Second Quarter of 2018
- Kaspersky: Cryptocurrency Scammers Stole $2.3 Million in Q2
- AT&T Sued for $224 Million After Phone Hackers Rob Crypto Investor
- Crypto Millionaire Lost 5,500 Bitcoins in Alleged Investment Scam
- Iranian Hackers Turn to Ransomware, Bitcoin as Economy Stalls
- Controversial Stablecoin Tether Issues New Batch of USDT Tokens Worth $50 Million
- The Mystery Behind Tether, the Crypto World's Digital Dollar
- Prepared Remarks of FinCEN Director Kenneth A. Blanco, delivered at the 2018 Chicago-Kent Block (Legal) Tech Conference
- Financial fraud enforcer rips crypto culture for letting compliance slide
- SEC Bars Perpetrator of Initial Coin Offering Fraud
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
