#Cryptocurrency Scams

[lycanretrieve]

Lycan Retrieve: Expert Asset Recovery Services

Lycan Retrieve is a solutions-driven company that specializes in recovering lost funds from cryptocurrency fraud, investment fraud, forex scams, and binary options scams. Using advanced technology and a thorough process, we review cases, gather evidence, confront responsible entities, and work tirelessly to recover stolen assets. Our expertise extends to scam broker reviews, providing vital insights to prevent future losses. Whether you are a victim of cryptocurrency theft, fraudulent investments, or fraudulent trading platforms, Lycan Retrieve is committed to assisting individuals and organizations in regaining financial stability and peace of mind. Trust us to handle your recovery process with precision and care.

[lawcrustglobal]

What are some ways to recover money that was lost in a cryptocurrency scam? Is there any legal recourse available in India for such scams?

If you've been scammed in a cryptocurrency deal, don't lose hope—taking quick and decisive action can improve your chances of recovery. Here’s a simplified guide.

1. Report the Scam to Cybercrime Authorities How: Report on the National Cyber Crime Reporting Portal or call the helpline at 155260. Provide all transaction and communication details.

Why: Early reporting enables authorities to start investigating, which can sometimes prevent further misuse of funds.

Example: In 2022, a coordinated response by victims who reported early helped the police trace a scam involving ₹300 crore, leading to partial asset recovery.

2. Inform Your Exchange What to Do: Contact your cryptocurrency exchange (e.g., WazirX, Binance) to flag the fraudulent transaction. Many exchanges have internal protocols to track and possibly freeze suspicious accounts.

Why: Exchanges may assist in tracing the scammer’s account and alert authorities.

3. Take Legal Action How: Consult with a lawyer to file complaints under Section 66D of the IT Act and Section 420 of the IPC for fraud and cheating.

Example: In 2023, a Ponzi scheme involving fake tokens was busted, and victims who took legal action helped authorities seize ₹150 crore in assets from the scammers.

4. Notify Financial Regulators (RBI & SEBI) Why: These bodies can investigate unregistered or fraudulent schemes, particularly if the scam involves unauthorized financial activities.

5. Engage Cybersecurity Experts When: For larger amounts, hire cybersecurity specialists to trace the blockchain transactions.

Example: In 2024, victims who worked with cybersecurity firms successfully traced their stolen funds across international borders, with some recovery achieved through international law enforcement.

Future Steps India is advancing towards more robust crypto regulations, which could lead to stronger recovery mechanisms. Collaborations through treaties like the Mutual Legal Assistance Treaty (MLAT) are helping track funds internationally, offering more hope to scam victims.

Final Tip Act quickly, report to all relevant authorities, and remember: your report may prevent future scams and improve recovery efforts for others.

For expert legal assistance in handling cryptocurrency scams, LawCrust Legal Consulting is your trusted partner. Offering premium legal services, their team provides the best resolutions to navigate through these challenges. For more information, visit https://lawcrust.com/. To get immediate legal help, call us at +91 8097842911.

[shillingnft]

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[coinvirally]

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[pwrn51]

We Need to Stop Blaming the Victim

  In today’s episode of Scam DamNation, host Lillian Cauldwell provides the listeners with recommendations and suggestions to stop blaming the victim of scams, and instead help them fight back on what just happened to them and their bank accounts.   From people who “donate” money to a supposedly dethroned prince of Nigeria to buying a shady cryptocurrency based on an internet meme, our society…

[streetfinancenews]

What is Cryptocurrency and How It Works?

Cryptocurrency has emerged as a revolutionary financial technology, captivating individuals and institutions alike. But what exactly is cryptocurrency, and how does it function? This article aims to provide a clear understanding of cryptocurrency and its underlying mechanisms.

What is Cryptocurrency?

Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. Unlike traditional currencies issued by governments (like the US dollar or euro), cryptocurrencies operate on decentralized networks based on blockchain technology. This decentralization means that no single authority, such as a central bank, controls the currency, making it resistant to government interference and manipulation.

Key Features of Cryptocurrency

Decentralization: Most cryptocurrencies operate on a technology called blockchain, which is a distributed ledger maintained by a network of computers (nodes). This decentralization enhances security and transparency.

Security: Cryptography ensures that transactions are secure and that the creation of new units of cryptocurrency is controlled. This makes counterfeiting nearly impossible.

Anonymity and Pseudonymity: While transactions are recorded on a public ledger, users��� identities can remain anonymous or pseudonymous, depending on the cryptocurrency.

Limited Supply: Many cryptocurrencies have a fixed supply (like Bitcoin, which has a maximum of 21 million coins), which can create scarcity and potentially increase value over time.

Global Accessibility: Cryptocurrencies can be accessed and used globally, making them particularly appealing in regions with unstable currencies or limited banking infrastructure.

How Cryptocurrency Works

1. Blockchain Technology

At the heart of most cryptocurrencies is blockchain technology. A blockchain is a continuous chain of blocks, each containing a list of transactions. Here’s how it works:

Transaction Initiation: When a user initiates a transaction (e.g., sending Bitcoin to someone), it is broadcast to the network of nodes.

Validation: Nodes on the network validate the transaction by checking its authenticity. This often involves solving complex mathematical problems (proof of work) or reaching a consensus (proof of stake).

Block Creation: Once validated, the transaction is grouped with others into a block. This block is then added to the existing blockchain.

Immutability: Once a block is added to the blockchain, it cannot be altered without altering all subsequent blocks, ensuring the integrity of the data.

2. Mining and Consensus Mechanisms

Mining: In some cryptocurrencies like Bitcoin, mining is the process of validating transactions and adding them to the blockchain. Miners use powerful computers to solve cryptographic puzzles. Successfully solving a puzzle allows the miner to add a new block to the blockchain and earn cryptocurrency as a reward.

Consensus Mechanisms: Different cryptocurrencies use various methods to achieve consensus among network participants. Common methods include:

Proof of Work (PoW): Miners compete to solve cryptographic puzzles, which consumes significant computational power and energy.

Proof of Stake (PoS): Participants validate transactions based on the number of coins they hold and are willing to “stake” as collateral, reducing energy consumption.

3. Wallets

To store and manage cryptocurrencies, users employ digital wallets. These wallets can be:

Hot Wallets: Connected to the internet, allowing for easy access and transactions but are more vulnerable to hacking.

Cold Wallets: Offline storage, providing greater security but less convenience for quick transactions.

4. Exchanges

Cryptocurrency exchanges are platforms where users can buy, sell, or trade cryptocurrencies. Some well-known exchanges include Coinbase, Binance, and Kraken. These exchanges play a crucial role in establishing market prices and facilitating liquidity.

Conclusion

Cryptocurrency represents a significant shift in how we think about money and transactions. By leveraging blockchain technology and cryptographic security, cryptocurrencies offer a decentralized, secure, and accessible alternative to traditional financial systems. While the cryptocurrency landscape is still evolving and can be volatile, its potential to disrupt conventional finance continues to draw interest from a diverse range of users worldwide. Whether you’re a seasoned investor or just curious about the technology, understanding cryptocurrency is increasingly important in our digital age.

[thecrankiestofgremlins]

Look normally I'm violently against reblogging ads but just...look at the absolute absurdity of this one. It's trying to convince you that backing a cryptocurrency with...what appears to include commemorative coins of King Charles' coronation but they say (in the weird video) also includes god bars and "treasures" is both a) groundbreaking and b) 100% a good idea because *of course* that shit can't be faked. Then it's trying to convince you that this (remember: King Charles III commemorative coins) somehow translated to luxury.

Hell of a way to drop a new rugpull shitcoin but I think it's even more stupid than the Youtubers' rugpull coins?

(Or it's just phishing obviously I'm tempted to go with that).

House of Emirates® in London is the first ever brand in the world to tokenize ancient coins and treasures and list them on the blockchain.

#houseofemirates #luxury #RWAs #blockchain #Tokens #shares #InvestmentOpportunities #Investments #trade #Stocks #StocksToBuy #StocksToTrade #London #DubaiLuxury #AbuDhabi #UAE #News #Silver #Gold #jewels #diamonds

[moneysource99]

Cryptocurrency Investing Tips: Top Essential Factors to Understand in 2023

Cryptocurrency investing tips for beginners Cryptocurrency, also known as crypto-currency or crypto, is any type of digital or virtual currency that employs cryptography to secure transactions. Crypto currencies lack a central issuing or regulating authority and instead rely on a decentralized system to keep track of transactions and issue new units. There is no denying that crypto currencies…

[mfi-miami]

Social Media Scams Have Cost Americans $2.7 Billion

Americans Have Lost $2.7 Billion To Social Media Scams Since 2021. Experts say Clicking On Internet Ads Is A Costly Mistake. Federal Trade Commission data shows social media scams have cost Americans billions of dollars. The FTC says victims have lost $2.7 billion to fraudsters on social media since 2021. Scammers are increasingly targeting victims through fake advertisements for online shops.…

[infosearched-verified]

However, it is important to note that creating a cryptocurrency is not a guarantee of success, and it requires a lot of effort and dedication to make it a viable option in the market. It is also important to comply with legal regulations and ensure that the coin is not used for illegal activities. Overall, the creation of a cryptocurrency is an exciting and innovative way to enter the world of digital currency. With the right platform and knowledge, anyone can create their own coin and potentially reap the benefits of this growing industry.

[mostlysignssomeportents]

“Carbon neutral” Bitcoin operation founded by coal plant operator wasn’t actually carbon neutral

I'm at DEFCON! TODAY (Aug 9), I'm emceeing the EFF POKER TOURNAMENT (noon at the Horseshoe Poker Room), and appearing on the BRICKED AND ABANDONED panel (5PM, LVCC - L1 - HW1–11–01). TOMORROW (Aug 10), I'm giving a keynote called "DISENSHITTIFY OR DIE! How hackers can seize the means of computation and build a new, good internet that is hardened against our asshole bosses' insatiable horniness for enshittification" (noon, LVCC - L1 - HW1–11–01).

Water is wet, and a Bitcoin thing turned out to be a scam. Why am I writing about a Bitcoin scam? Two reasons:

I. It's also a climate scam; and

II. The journalists who uncovered it have a unique business-model.

Here's the scam. Terawulf is a publicly traded company that purports to do "green" Bitcoin mining. Now, cryptocurrency mining is one of the most gratuitously climate-wrecking activities we have. Mining Bitcoin is an environmental crime on par with opening a brunch place that only serves Spotted Owl omelets.

Despite Terawulf's claim to be carbon-neutral, it is not. It plugs into the NY power grid and sucks up farcical quantities of energy produced from fossil fuel sources. The company doesn't buy even buy carbon credits (carbon credits are a scam, but buying carbon credits would at least make its crimes nonfraudulent):

https://pluralistic.net/2023/10/31/carbon-upsets/#big-tradeoff

Terawulf is a scam from top to bottom. Its NY state permit application promises not to pursue cryptocurrency mining, a thing it was actively trumpeting its plan to do even as it filed that application.

The company has its roots in the very dirtiest kinds of Bitcoin mining. Its top execs (including CEO Paul Prager) were involved with Beowulf Energy LLC, a company that convinced struggling coal plant operators to keep operating in order to fuel Bitcoin mining rigs. There's evidence that top execs at Terawulf, the "carbon neutral" Bitcoin mining op, are also running Beowulf, the coal Bitcoin mining op.

This is a very profitable scam. Prager owns a "small village" in Maryland, with more that 20 structures, including a private gas station for his Ferrari collection (he also has a five bedroom place on Fifth Ave). More than a third of Terawulf's earnings were funneled to Beowulf. Terawulf also leases its facilities from a company that Prager owns 99.9% of, and Terawulf has *showered * that company in its stock.

So here we are, a typical Bitcoin story: scammers lying like hell, wrecking the planet, and getting indecently rich. The guy's even spending his money like an asshole. So far, so normal.

But what's interesting about this story is where it came from: Hunterbrook Media, an investigative news outlet that's funded by a short seller – an investment firm that makes bets that companies' share prices are likely to decline. They stand to make a ton of money if the journalists they hire find fraud in the companies they investigate:

https://hntrbrk.com/terawulf/

It's an amazing source of class disunity among the investment class:

https://pluralistic.net/2024/04/08/money-talks/#bullshit-walks

As the icing on the cake, Prager and Terawulf are pivoting to AI training. Because of course they are.

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2024/08/09/terawulf/#hunterbrook

[lawcrustglobal]

What is the process for reporting a cryptocurrency scam in India? Is it possible to recover funds if the scam is reported successfully?

Reporting a cryptocurrency scam in India is a structured process, and while recovering lost funds can be difficult, taking swift action is key. Here’s how to go about it: 1. Report the Scam to Authorities National Cyber Crime Reporting Portal: Start by filing a complaint on cybercrime.gov.in or by calling the cybercrime helpline at 155260. This step creates an official record and puts the scam on authorities' radar. Financial Authorities: Notify the Enforcement Directorate (ED) and the Reserve Bank of India (RBI). These institutions can launch further investigations and take action against fraud. 2. Seek Legal and Cybersecurity Assistance Hire Cybersecurity Experts: These professionals can trace the flow of stolen funds across blockchain networks. If substantial amounts are involved, this can aid authorities in tracking and blocking fraudulent transactions. Legal Action: Consult a lawyer who can help you file a civil lawsuit to recover losses or initiate criminal charges if the scammer is identified. Sections like Section 420 of the IPC (cheating) and Section 66D of the IT Act (cyber fraud) might be relevant depending on the case specifics. 3. International Cooperation Since many scams operate cross-border, Mutual Legal Assistance Treaty (MLAT) agreements enable India to work with foreign law enforcement to track scammers operating outside the country. 4. Example of Action in 2023 In a recent case, the Economic Offences Wing (EOW) uncovered a ₹1,000 crore cryptocurrency scam involving the STA Token. Over 2 lakh investors were defrauded in a pyramid scheme. Authorities arrested two officials, seized accounts with over ₹15 crore in suspicious deposits, and began proceedings to prevent further losses. This case highlights the importance of quick reporting and legal action. 5. Preventive Measures for the Future Verify Platforms and Offers: Before investing, double-check the legitimacy of exchanges. Stick to KYC-compliant platforms and enable two-factor authentication. Stay Informed: Familiarize yourself with common scams and avoid schemes that promise too-good-to-be-true returns. Final Note Although crypto scams are challenging to resolve due to the decentralized nature of digital assets, each of these steps increases the chance of recovery. As India’s regulatory frameworks evolve, we may see stronger protections against crypto fraud, creating a safer future for investors. Until then, stay alert, stay informed, and protect yourself from becoming a target. For specialized assistance in tackling cryptocurrency scams and recovering lost funds, LawCrust Legal Consulting offers expert legal solutions tailored for complex financial fraud cases in India. With their deep expertise in cyber and financial law, LawCrust can guide you through every step of the legal process. For premium legal services, visit https://lawcrust.com/ or call us at +91 8097842911.

[river-taxbird]

SCAM ALERT: Cryptocurrency related but can affect trans people buying HRT. I was probably 10 seconds away from having money stolen and I know what I'm doing. (Crypto Clipper)

Today I was helping a trans friend order some DIY HRT. A lot of DIY HRT places only accept cryptocurrency for security reasons. I am not looking to promote cryptocurrency or anything associated with it, but if you may be forced to use it for HRT or other reasons, you need to know this.

In general if you are forced to use crypto, you should use the cheapest coin your supplier will accept. If it is cheap, that means there is not a lot of activity on the chain and energy use will be less. I used one called Zcash as it was the cheapest one the site accepted but that's not really relevant.

I used an old coinbase account I had used for similar situations in the past. I was doing it on her PC. I got the instructions to pay on the HRT site, and I pasted the wallet address into Coinbase and just before I hit send I noticed the wallet address I had pasted didn't match the wallet address I had copied.

I looked it up and found this is from a form of malware called a Crypto Clipper, that detects when you have copied a crypto address, and makes you paste a different one so it can steal your money. I am lucky I noticed. To remedy it, I installed the free trial of Malwarebytes on her PC to remove malware, and completed the crypto transaction on my PC, and confirmed that the wallet address matched what the HRT site had given me.

I managed to avoid falling for it but it's such an easy thing to fall for, especially if you have avoided crypto thus far for extremely understandable reasons. Be careful out there! It could happen to anyone.

[bitchesgetriches]

Investing in Cryptocurrency is Bad and Stupid

I know what you’re thinking: How could we say something so controversial, yet so brave?

Did we just help you out? Tip us!

[pwrn51]

How To Avoid Falling Prey To Scammers

  In this episode of “Lest We Forget Historical” with host Lillian Cauldwell, the conversation continues about the prevalent scams in 2024 within the United States and abroad. The most prominent among these are Text Scams, Zelle Scams, Cryptocurrency Scams, and Romance Scams. Ms. Cauldwell offers ‘red flag’ warnings and advice on how to avoid falling prey to these scammers, thus ensuring your…