#fraud
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Social Engineering in Crypto: Top 5 Fraud Schemes
A recent hacking incident has highlighted that while fraudsters' tactics may vary technically, their underlying principles are remarkably consistent. In today’s digital landscape, recognizing emerging scam tactics is an essential skill for any crypto users. 
Arkham Intelligence: The All-Seeing Eye in Crypto Surveillance
As the demand for anonymous transactions continues to grow, users also crave verification of information and additional measures against fraud. This is where the Arkham platform steps in. It provides reliable information about the real entities and individuals behind anonymous crypto addresses. 
PleasrDAO, an organization engaged in collecting art and philanthropy, has filed a lawsuit against Martin Shkreli, who was previously convicted of securities fraud, for using a Wu-Tang Clan album during a live broadcast. PleasrDAO asserts that this action inflicted significant harm on their organization. 
A federal court in Brooklyn has sentenced former investment banker Rashawn Russell to 41 months in prison for his involvement in a cryptocurrency fraud scheme and identity theft. Investors suffered losses of approximately $1.5 million, which Russell must now repay. 
U.S. authorities have indicted trader Avraham Eisenberg for orchestrating a fraud and market manipulation scheme on the decentralized exchange Mango Markets. The reports indicate that in late 2022, he intentionally drove up the price of the MNGO token by 1300%, leveraging it as collateral to secure a $110 million loan he failed to return. 
Blockchain researcher ZachXBT revealed details of a $243 million fraud operation. This led to the arrest of several suspects and the freezing of funds' portion. The victim was a lone creditor from the Genesis platform, and the main culprits were Greavys (Malone Iam), Wiz (Veer Chetal), and Box (Jeandiel Serrano). 
North Carolina authorities recovered nearly $5 million in cryptocurrency that was stolen in the “Pig Butchering” scam. This fraud technique involves gradually "fattening up" the victim, allowing them to earn small amounts initially, which encourages further investments. 
A U.S. court has convicted Chinese businessman Miles Guo (real name Guo Wengui) of racketeering conspiracy and a $1 billion fraud. Simultaneously, the U.S. Securities and Exchange Commission (SEC) has also charged him with cryptocurrency fraud linked to his H-Coin project, which raised about $500 million. 
In the second quarter of 2024, crypto projects lost $572 million to fraud and hacks, more than doubling the $265 million in the same period last year. The two biggest victims were centralized exchanges: Japan’s DMM Bitcoin ($305 million) and Turkey’s BtcTurk ($55 million). 
U.S. authorities have brought charges against three British nationals, the creators of the NFT project Evolved Apes, for conspiracy to commit fraud and money laundering. Investigators claim that Mohamed-Amin Atcha, Mohamed Rilaz Waleedh, and Daood Hassan promised to develop a video game but disappeared just two weeks after the fundraising. 50 People Fall for a Honeypot Scam in South Korea
The Gwangju Police Agency Cyber Crime Investigation Unit has arrested 28 individuals involved in a cryptocurrency investment fraud scheme under Article 345 of the Criminal Code of the Republic of Korea. The group duped their victims out of more than $13 million. 
American authorities have charged Charles Parks III with fraud and money laundering related to his operation of illegally mining cryptocurrencies using cloud services. From January to August 2021, the suspect orchestrated a cryptojacking scheme, exploiting third-party computing resources and equipment to mine cryptocurrencies. 