Crypto Fraud

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SEC Charges Bitclout Founder With Multi-Million-Dollar Crypto Fraud

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The U.S. Securities and Exchange Commission (SEC) has charged Nader Al-Naji, founder of Bitclout (now Decentralized Social), with running a multi-million-dollar fraudulent crypto scheme. Al-Naji allegedly raised over $257 million through unregistered sales of Bitclout tokens (BTCLT) and used the funds for personal expenses. He attempted to evade regulatory scrutiny by portraying Bitclout as decentralized … Read more

El Paso Man Fined $31M for Forex and Crypto Fraud

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A federal court has ordered Abner Alejandro Tinoco and his company, Kikit & Mess Investments LLC, to pay over $31 million for forex and cryptocurrency fraud. The order includes $6.2 million in restitution, $6.3 million in disgorgement, and an $18.8 million civil penalty. Tinoco and his firm defrauded 199 victims by misusing over $7.2 million … Read more

Washington Regulator Warns of Miami Equity Fund 005 Crypto Fraud

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The Washington State Department of Financial Institutions (DFI), Securities Division, has warned about crypto investment fraud following a complaint from a resident regarding their investment in the Miami Foundation Equity Fund 005 (or Miami Equity Fund Institute 005). The investor had deposited funds on the now-inaccessible Vims.one platform through a Whatsapp group led by “Mark” … Read more

Delhi Police Arrest 7 in Crypto Fraud

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Delhi police have arrested seven individuals, including a contractual bank employee, for allegedly defrauding a man of ₹91 lakh ($111,000) by promising high returns in stock and cryptocurrency trading. The suspects, identified as Ajay, Mohit, Shankar, Partyaksh Koshar, Manish Jawla, Shrayance Pandit, and Dinesh, created fictitious bank accounts and sold them to other fraudsters. Deputy … Read more

Nigeria’s Self-Proclaimed Crypto Billionaire Released From Police Custody

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The recently detained Nigerian self-proclaimed cryptocurrency billionaire, Linus Williams, has been released on bail. According to a controversial Instagram celebrity, Verydarkman, the crypto billionaire begged for release but is expected to answer for his alleged crimes soon. Self-Proclaimed Billionaire Begged to Be Released Nigeria’s self-proclaimed cryptocurrency billionaire, Linus Williams, recently arrested on charges of fraud … Read more

Man Pleads Guilty in Meijer Loyalty Program Fraud Case, Forfeits Crypto

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Nicholas Mui, 22, from Grand Haven, Michigan, has pleaded guilty in the 17th Circuit Court in Kent County to conducting a criminal enterprise, involving the theft and sale of Mperks account access information. Mui is required to forfeit his computer tower and approximately $630,000 in frozen cryptocurrency and cash. He compromised Mperks, a loyalty program … Read more

Nigeria Police Arrest Self-Proclaimed Crypto Billionaire on Charges of Cryptocurrency Fraud and Terrorism Funding

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On July 16, the Nigeria Police Force confirmed the arrest of Linus Williams, a self-proclaimed crypto billionaire also known as Blord. Williams faces charges related to internet fraud, terrorism funding, and violations of the Central Bank of Nigeria (CBN) Act. According to a police spokesman, some of Williams’ alleged crimes involve the use of cryptocurrency … Read more

Australian Court Convicts Bitconnect Promoter for Providing Unlicensed Advice

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John Bigatton, the Australian promoter of Bitconnect, has been convicted by the Sydney District Court for providing unlicensed financial advice, violating section 911B(1) of the Corporations Act 2001, the Australian Securities and Investments Commission (ASIC) announced Monday. Between August 2017 and January 2018, Bigatton promoted Bitconnect through seminars and social media, claiming significant returns on … Read more