Showing posts with label crypto scams. Show all posts
Showing posts with label crypto scams. Show all posts

US Feds Say Over 7000 People Reported Crypto Scams Since October Last Year - A Relatively SMALL Portion Of Total Annual Scams...

There’s been a massive spike in scams linked to digital currency. Since October, nearly 7,000 people have reported losses of more than $80 million.

Global Crypto Press Editors Note:  If this sounds like a lot, it isn't.  Over 3 million scams are reported each year, costing over $3 billion.  Phone and postal mail scams still outweigh online scams. Most common for years has been 'imposter scams' where someone pretends to be calling from the government or a well-known business, a romantic interest, or a family member with an emergency.  Crypto is an extremely small portion of annual scams. 

Video courtesy of NBC News

Apple co-founder Steve Wozniak Sues YouTube After Bitcoin Scam Using His Image Remains Online For Weeks...

Apple co-founder Steve Wozniak filed a lawsuit against YouTube and Google due to a fake bitcoin scam that uses images and videos of Wozniak and other celebrities, including Elon Musk and Bill Gates.

The scam tells people send cryptocurrency to a certain address with the promise that they will receive double in return. When users transfer, nothing is returned. This is the same strategy used on during the massive hack into accounts of personalities and companies on Twitter last month.

Actual screen shot of the scam when it was live.
The new lawsuit focuses on the inaction of the social network to prevent the proliferation of fraudulent messages. It occurs at the same time that YouTube's legal team files a motion to dismiss the claims filed last April by Ripple and its CEO, Brad Garlinghouse, for this same problem of cryptocurrency scam videos. In this case using XRP.

"When Twitter was hit with a massive hack of 130 celebrity accounts, they were quick to shut down the Bitcoin scam in one day. In stark contrast, YouTube knowingly allows the Bitcoin scam to continue for months. You promote it and profit from selling targeted advertising" says Joe Cotchett of Cotchett, Pitre & McCarthy, the law firm representing Wozniac.

In their defense, YouTube cites the Communications Decency Act which they say affirms the platform is not responsible for user-posted scams because the messages are not produced or approved by the YouTube.

With the legal system backed up from Covid19, it could be late 2021 until we hear more, unless the issue is settled out of court.

Author: Oliver Redding
Seattle Newsdesk

Inside Crypto's Biggest SCAMS - Ross Davis On The Cryptonized Podcast...

Global Crypto Press Association Editor In Chief and investigative journalist Ross Davis is the guest on this episode of the Cryptonized Podcast!

With Host Mark Fidelman, Ross discusses some of the scams he's helped expose, confront, and take down.  Plus, some big ones on the horizon we should all be concerned with... 

Play the YouTube verion above or access the show on any of these: