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A single Chinese company has managed to rake in more than $100 million in USDT from so-called ‘pig-butchering’ romance Scam s in under two years, according to research from blockchain analytics firm Chainalysis. As reported by the Financial Times, Chainalysis and anti-slavery group International Justice Mission (IJM) tracked massive amounts of victims’ crypto that had been deposited into just two wallets. It also traced numerous ransom payments made to a compound in Myanmar by the families of trafficked workers. An IJM spokesperson said, “Everyone has known for a long time that these kinds of Scam s are blockchain-based, but this is the first time we’ve been able to tie it to a specific location and a known compound.” Jackie Koven, head of cyber threat intelligence at Chainalysis, added, “This case is so illustrative of what’s happening, it’s just a vignette of what’s taking place on a [larger] scale. “Once criminals realized it was traceable we thought they would stop using it,...

A recent revelation by a developer has shed light on a sophisticated game download scam highlighting the new tactics of fraudsters targeting web3 games.  The scam began with a direct message from a now-deactivated X account, @ameliachicel, proposing a job opportunity. The job involved a Solidity position for a web3 game named MythIsland, with details hosted on a seemingly legitimate website, mythisland[.]io. The website, with impressive graphics and functioning links, displayed a detailed presentation of the game, including its in-game economy and NFT aspects. The team members appeared to be doxxed, lending an air of credibility to the project.  It started a few days ago when @ameliachicel (who has me blocked now) approached me in a DM, offering a job opportunity related to a Solidity position for a Web3 game that involved NFTs, in-game economies, etc. 2/12 — 0xMario (@0xM4R10) January 14, 2024 The tweet was shared by 0xMario, a freelance developer who fell victim to the ...

Five foreign nationals have been arrested in Thailand in connection with a 2.7 billion baht ($76 million) Crypto Scam that duped more than 3,000 victims into supposedly invest ing in gold and Tether (USDT) before stealing their money.  On Sunday, an announcement from Thailand’s Cyber Crime Investigation Bureau (CCBI) revealed that an investigation into BCH Global Limited began when victims revealed their losses to the police in November of last year.   According to the CCBI, a number of investors lost their life savings, with some being forced to take out a second mortgage on their homes.  An investigation carried out by international law enforcement, including Homeland Security, led to four Chinese nationals and a Lao citizen being arrested and charged with planning to carry out transnational crime, money laundering, public fraud, and falsifying computer documents . On August 10, Thailand’s Office of the Attorney General planned to prosecute the five suspects. By September 4, ...

After falling victim to an apparent scam, Bryan Lawrence, CEO of crypto startup Glow Token, has sued major crypto exchange Crypto.com. Glow Token LLC has taken legal action in a Florida court against Crypto.com, accusing the exchange of breach of contract and claiming over $250,000 in damages. The lawsuit acknowledges that Crypto.com might not have been directly involved in the fraudulent scheme. Court documents reveal that earlier this year, Lawrence was approached by individuals claiming to be Crypto.com employees, who engaged him in negotiations to list Glow’s cryptocurrency on the exchange. After months of discussions and document exchanges, Lawrence transferred $250,000 plus one Bitcoin valued at $23,000 to an account he believed belonged to Crypto.com. However, in March, officials from the real Crypto.com informed Lawrence that imposters had scammed him. The exchange denied any record of a listing agreement with Glow Token and instructed Lawrence to cease asserting s...