Financial markets are never free from fraudulent activities. Scammers use various tactics to lure investors and trick them into losing their money. One of its examples is the widely debated Infinox scam.

Apparently, Infinox Forex broker is a firm authorised and regulated by the FCA. However, it still faces allegations of running a scheme that made people lose large sums of money. So, what's the truth behind it?

## A prologue to the Infinox scam 

The Infinox scam story goes back to Christmas of 2019, when an Instagram influencer and self-proclaimed Forex trader was accused of scamming hundreds of investors. According to a [documentary by BBC journalist Mobeen Azhar](https://www.bbc.co.uk/bbcthree/article/1bee6bdc-9cc6-4415-84fc-6536ec31d46c), the scammer was a former biosciences student at the University of Plymouth.

The student, who was in his early twenties, was identified as Mr. Gurvz. He offered copy trading services on his Instagram account, with more than one million followers. He maintained a lavish lifestyle on social media and is known for roaming around Plymouth in his rose-gold Maserati.

Allegedly Mr. Gurvz promoted the Bahamas-based Infinox Forex broker to his followers. However, the firm crashed towards the end of 2019, and investors lost millions in GBP. 

## Who is Mr. Gurvz, and how is he connected to the Infinox scam?

The real name of [Mr. Gurvz](https://www.instagram.com/mr.gurvz/?hl=en) is Gurvin Singh Dyal, a resident of Plymouth. Gurvin shares his knowledge on Forex trading and other online money-making ways on the Instagram platform.

Gurvin also keeps his followers posted about his luxurious lifestyle. He regularly shares pictures of his fancy cars, stays at lavish hotels, branded accessories, and travel vlogs.

![scam.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/scam_6614cc5eb0.png)
 
[Source](https://www.instagram.com/p/Cf4VtrGo4_O/?igshid=YmMyMTA2M2Y%3D)

Mr. Gurvz belongs to a modest family and spent his childhood in Ilford, London. He dreamed of becoming a doctor, but because of his low A-level grades, he opted for biomedical science.

According to several Instagram posts, he struggled financially during his early years at university. That's why he took a course on online earning at the University of Plymouth. This started his journey towards becoming a Forex trader and later an affiliate marketer and drop shipping expert.

Gurvin Singh also launched his company, "GS3 Trades", through which he offered Forex copy trading services. He is also the CEO of the "Academy 2 Earn" platform, as per his Instagram bio. Through this platform, he offered various courses for online earnings, like affiliate marketing and dropshipping. 

Allegedly investors lost around £4 million in the Infinox scam
Allegedly, Mr. Gurvz also worked with the Bahamas-based Infinox broker and promoted its services through GS3 Trades. He encouraged his followers to invest in the platform and earn lucrative profits. His marketing prompted hundreds of people, including his close friends and family, to invest in the platform.

Initially, investors made great profits, but the platform suddenly halted withdrawals.

As per the BBC documentary, Jonathan, an investor who lost his funds, explained that Gurvin and his company restricted investors from withdrawing the money. 

He said, “Gurvin and his administrators were like, 'If you withdraw, we'll kick you off the system. It will close all the trades. It will make everything go south.'." This was communicated to investors via a WhatsApp group.

At the end of 2019, the Forex broker finally crashed. An estimate of the total losses of investors’ assets is around £4 million. 

## Is Infinox regulated by the FCA?

Gurvin maintained to his followers that the platform is regulated by the FCA (Financial Conduct Authority) in the UK. The FCA is [one of the strictest financial regulators](/news/article/uk-fca-explains-low-crypto-approval) in the world. However, the Infinox broker he promoted was in the Bahamas. That means people cannot claim compensation for their losses from the Financial Services Compensation Scheme or the Financial Ombudsman Services.

Following the allegations, the UK regulator also issued a [warning against Mr. Gurvz](https://metro.co.uk/2020/01/01/student-made-100000-month-investigation-scammer-11984016/) and his GS3 Trades. The FCA mentioned that the firm is unlicensed and that consumers should deal with it cautiously.

## Response from Mr. Gurvz to the scam allegations

After the FCA warning, the BBC published a four-part documentary named [Scam Land: Money, Mayhem, and Maseratis](https://www.bbc.co.uk/programmes/p09hbmxw). The documentary, released on BBC1, was based on Mobeen Azhar’s investigation. It accused Gurvin Singh Dyal of duping investors and covering the losses. 

Gurvin Singh responded to the FCA warning and the BBC documentary in a post on Instagram. He posted a lengthy note on his account with the caption, "you've seen the fabricated version; now here are the facts".
 
![.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/png_6549cb1c72)

[Source: Mr. Gurvz](https://www.instagram.com/p/CPbhx0JjRaS/?igshid=YmMyMTA2M2Y%3D)

Mr. Gurvz mentioned in the post that he was always willing to cooperate with the FCA over the issue and even contacted the regulators back on 9 January, 2020. 

On the Infinox scam matter, Gurvin said he was working as an affiliate marketer for the firm. He stated that he "identified affiliate marketing as a way to earn an income". He maintained that he was young at that time and wanted to support his education.

In addition, Mr, Gurvz also explained how he started working with the Infinox Forex broker. He disclosed that an Infinox employee (Tristan Jones) and an affiliate marketer (Mirko Notturno) contacted him to promote the firm. According to Mr. Gurvz, Infinox contacted him because of his financial background.  

Furthermore, Gurvin Singh maintained that he believed the firm was registered with the UK regulators. He stated that he attended meetings in the company's central London office, which was its registered address. This helped Infinox seem like a genuine and legitimate broker. 

Moreover, Mr. Gurvz upheld in his Instagram post that he “did not act dishonestly” toward his clients. According to him, he did take instructions from Infinox, but he did not handle clients’ funds. 
Gurvin Singh revealed that investors signed a direct contract with the Infinox brokerage. The agreement clearly outlined all the details regarding how and who would manage their assets.

Last year, Gurvin Singh Dyal also appeared in the [Anything Goes with James English](https://www.youtube.com/watch?v=M7xIdX1yBF8) podcast. He further clarified his stance on the Infinox scam scandal in the podcast. 

He mentioned in the podcast that several other affiliate marketers were promoting the company. But the company used his name as a scapegoat. He also shared how he rebuilt his reputation and what he has been doing to make money. 

## Infinox.com vs. Infinox.bs

Gurvin assured customers they would be dealing with the FCA-approved Forex broker, Infinox Capital. The right domain for the original site is Infinox.com. However, the link provided to the investors was related to a Bahamas offshore company with a Infinox.bs link.

After the crash, many investors asked questions from the UK-based brokerage. However, it has dismissed the allegations by saying that the firm is a ‘separate legal company’.

Anthony Stubbs, the CEO of the Bahamas Infinox Forex broker, holds Mr. Gurvz responsible for clients’ losses. However, he admitted that his firm was responsible for handling [copy trades](/news/article/best-tools-for-trading-crypto) for clients. 

Jay K. Mawji, the managing director of the UK-based firm, dismissed the allegations of the firm’s affiliation with either Mr. Gurvz or the Bahamanian brokerage. Mawji said that the Bahamian firm is a separate company and is not a part of his firm.

## Who's to blame for the £4 million loss?

This scam story is quite complicated, where all the parties have distanced themselves from the matter. However, [Metro.co.uk](https://metro.co.uk/2021/05/16/forex-broker-infinox-accused-of-helping-gurvin-singh-dupe-hundreds-out-of-4m-14587738/) reported that some victims noticed that the contract emails they received were sent by Infinox Capital. It also mentioned that investors would be engaging with both firms.

Moreover, the victims revealed that when Gurvin restricted clients from withdrawing the funds and dealt harshly with the ones who questioned the policy, Infinox employees did not intervene. It indicates that they were supporting Gurvin’s actions.

In addition, an affiliate marketer who worked for the firm in the same capacity as Mr. Gurvz alleged that Infinox was using the Bahamas firm to run illegal schemes. He said the company forced everyone to open accounts on the "Bahamas server". This would allow the company to exploit the Caribbean's lax trading policies and tax havens.

In the Bahamas, traders can use strategies that are 16x riskier than what is allowed in Britain. It also allows traders to make more profit. 
However, Infinox leveraged the Bahamas regulations, allowing them to continue trades even when clients lost their assets. If the company were operated in the UK under the FCA regulations, they would have to close the trades immediately after 50% losses.

Another thing that indicates the involvement of the UK-based company in the Infinox scam is the source of the company’s revenue. According to a [Metro.co.uk](https://metro.co.uk/2021/05/16/forex-broker-infinox-accused-of-helping-gurvin-singh-dupe-hundreds-out-of-4m-14587738/) report, the company generated £9 million in revenue in 2019, of which £1 million was earned through the Caribbean market.

## Bottom line

Infinox Capital is a British Forex broker that is authorised by FCA. In 2019, its name made headlines when investors lost around £4 million because of a scam. The company was allegedly running a dubious scheme through a Bahamas-based offshoot besides running an affiliate marketing program, which Infinox Capital has denied.

Affiliate marketers used their Instagram profiles to portray lavish lifestyles and promote the company's services. Meanwhile, relaxed Bahamian regulations allowed the firm to continue its illegal scheme.


Infinox logo over image of red scam warning

Infinox Forex Broker Scam Uncovered 

A network of crypto investment scammers operating in Israel is targeting Australians, investigations have revealed. It is an organised network that works as a call centre. The scammers used social media ads, showing lucrative profits to target potential victims.
 
## Authorities uncovered Israel crypto scammers

Authorities from four countries were involved in an investigation to uncover a global network of [cryptocurrency scammers](/news/article/crypto-scams-failing). The countries involved include Germany, Serbia, Bulgaria, and Cyprus. 
 
![Screenshot 2023-02-24 at 09.32.58.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Screenshot_2023_02_24_at_09_32_58_0494957298.png)

[Source](https://twitter.com/australian/status/1628877400556834816)

According to a The Australian report, the authorities raided four call centres in [Serbia](/news/article/do-kwon-hiding-in-serbia). In addition, they searched around 11 residential addresses, arrested 15 suspects, and officers recovered around $1.46 million worth of digital assets. The country is trying to strengthen its [crypto regulations](/news/article/australia-crypto-regulation). 

Further investigation revealed that the network was operating through Israel and the main targets for this network were Australians.
Inadequate investigations allowed scammers to target Aussies
The Australian report also disclosed that inadequate investigative measures for online fraud in the country have allowed scammers to target their citizens.

Australia is a wealthy country with no federal authority to prevent such scams, which gives an open chance of fraud and those intent on scamming victims.

IFW Global’s Senior Investigator, Mark Solomon, explained that, in general, Australians are "open-minded" and "friendly" people. That's why they are more open to online relationships. Hence, if bad actors use the right strategy, they can easily be persuaded.

Solomons also said Israeli crypto fraudsters spend the stolen money on their lavish lifestyles. He mentioned that these individuals are flying private jets, own fancy cars, and have investments in real estate.
Meanwhile, they maintain their lifestyle by "sucking" savings out of the Australian economy.

## Investment scams in Australia

In 2021, ACCC reported that citizens lost more than $2 billion through investment scams. According to [Scamwatch](https://www.scamwatch.gov.au/scam-statistics?scamid=all&date=2023), the country lost over $568.6 million through such scams. 


Israel Crypto Scamming Network Targets Aussies 

Dingo crypto has been marked as a scam [cryptocurrency](/news/article/what-is-future-of-cryptocurrency) by top cybersecurity firm [Check Point Research](https://cointelegraph.com/news/dingo-crypto-token-flagged-as-scam-over-99-transaction-fee-backdoor) after it found that a smart contract function which it identified as "setTaxFeePercent” can alter the buy and sell fees of a contract.
 
setTaxFeePercent is an essential part of the code behind the project's smart contract and can manipulate transaction fees, which could see owners of Dingo [crypto](/news/article/crypto-hacked-blockchain-bandit-active-again) withdraw up to 99% of transactions associated with the cryptocurrency when a buy or sell order is placed. 

A red alert has been triggered by Check Point Research because the project’s whitepaper clearly states that only a 10% fee will be charged for every transaction. 

According to the cybersecurity firm, an example of the use of the setTaxFeePercent was evident in the purchase of $26.89 worth of DINGO by one trader, which should have seen the person's wallet credited with 427 million tokens.

With the 99% withdrawal feature in place, the trader received 1% of the tokens, resulting in a total of $0.27 worth of Dingo tokens.

Like many shady projects, there is not much information about the development team behind the soaring crypto token. As of 6 February, the new token has spiked more than 70% since 30 January. It reached an all-time high (ATH) of [$0.000000006993](https://coinmarketcap.com/currencies/dingo-token-new/) on 5 February.

## Dingo token has negative reviews on CoinMarketCap
 
CoinMarketCap is one of the most patronized crypto tracking portals in the decentralized finance space. Many crypto stakeholders have highlighted the potential dangers of engaging with the token.

One user who goes by the name mile80 warned potential investors, "For those who have not seen the research on this so-called token, it is a scam. You buy and, without knowing, they take 99% of your money as per contract and give you only 1% worth of this scam token."

Another trader with the name akhilbasnotra24 had problems with the tokens swapping ability. He pointed out that potential traders and investors should "stay away from this shitcoin. 

Once bought, you won't be able to swap it back to another coin". 

There are many scam cryptocurrencies on the market today, so do your own due diligence before throwing money behind a digital currency in 2023.


green image of dingo crypto logo on green background

Dingo Crypto is a Scam Cybersecurity Firm Says 

According to a report by blockchain analysis firm Chainalysis, North Korea hackers stole $1.7 billion worth of crypto to fund the country's nuclear programme.

The [cryptocurrency](/news/article/what-is-future-of-cryptocurrency) industry faced a challenging year in 2022 because of harsh market conditions and a surge in crypto hacks. The Chainalysis reports says that two significant spikes in hacking activities were recorded in March and October, with losses of $732.4 million and $775.7 million, respectively. The latter became the biggest single month in history for crypto hacking, with 32 separate attacks.

## Record-breaking year for North Korean hackers

[Chainalysis](https://blog.chainalysis.com/reports/2022-biggest-year-ever-for-crypto-hacking/) reported that [North Korea](/news/article/north-korea-crypto-hacks-worth-1.2bn)-linked hackers stole an estimated $1.7 billion worth of cryptocurrency in 2022. Of this total, $1.1 billion was taken from DeFi protocols, marking a significant increase from the previous record of $429 million in 2021. The report reveals that North Korea, facing heavy sanctions, relies on crypto theft to fund its nuclear plans. The illicit funds represent a "sizeable chunk" of North Korea's economy, which generated $142 million in total exports in 2020.

Use of decentralized finance protocols and coin mixers
The Chainalysis report also highlighted that North Korea hackers often send stolen funds to other DeFi protocols, usually decentralized exchanges (DEXs), to swap for more liquid assets. These hacks often result in the theft of illiquid tokens not listed on centralized exchanges.

The firm has also noted that these hackers use coin mixers to launder stolen funds at a higher rate than other individuals or groups. [Tornado Cash](/news/article/tornado-cash-developer-detention) was a frequently used mixer, but following OFAC sanctions, the hackers have diversified their mixer usage, particularly in Q4 2022.

According to other experts, North Korea also launders stolen crypto via brokers in China and NFTs.

A new Bitcoin mixer, Sindbad, has recently emerged as a tool to launder stolen funds. North Korea-linked hackers were detected on the platform in December 2022, and from that period to January 2023, they sent 1,429.6 Bitcoin worth almost $24.2 million to the mixer.


red image of north korea with hands on laptop

North Korea Hackers Stole $1.7B of Crypto

A former Oxford University student has admitted crypto theft charges after stealing more than £2 million in cryptocurrency.

Wybo Wiersma, a 40-year-old computer genius who dropped out of a Ph.D. class at Oxford University, will serve [four and a half years in jail](https://serocu.police.uk/man-jailed-for-2m-cryptocurrency-theft/) after admitting he stole more than £2.1 million in cryptocurrency in a scam that affected over 100 people. The Dutchman created a bogus website – iotaseed.io – that would generate an 81-character 'seed' password for people interested in an online currency called Iota.

## Inserted a malicious code

A ‘seed’ refers to a private key consisting of 81 random characters that allow only the user to access their [crypto wallet](/news/article/best-crypto-wallet-uk-top-picks). However, Wiersma inserted a malicious code so that instead of random seeds, the system delivered predetermined ones that enabled him to access his victims' Iota crypto and unlawfully transfer them to his web of personal trading accounts. Wiersma programmed the site to appear on top of Google searches when victims searched for the phrase 'Iota seed generator'.

Prosecutor Julian Christopher KC revealed that the accused created the [scam](/news/article/crypto-scams-failing) iotaseed.io website between 2017 and 2018 and started transferring his victims’ cryptocurrency in early 2018. He would later set up four accounts with Bitfinex cryptocurrency exchange, where he would keep the stolen crypto funds. Bitfinex would become suspicious of the account’s activities and froze them, despite Wiersma working hard to convince them otherwise.

## Crypto theft due to greed and deception

Judge Michael Gledhill KC of Oxford Crown Court sent Wiersma to jail, noting that he abused his skills to steal, terming it dishonesty at the highest level and adding that he committed the offense of crypto theft due to greed and deception. The accused was due to stand trial in early March but pleaded guilty on the day the jury was supposed to be sworn in. Wiersma was first arrested in January 2019 but fled to his native Netherlands after being released on bail. He was extradited to England in April 2021 to face the law at Oxford Crown Court.

Noting that the investigation covering the crypto theft was complex as it involved more than 100 victims from different parts of the world, Detective Inspector Rob Bryant of the South East Regional Organized Crime Unit (SEROCU) stated that as Wiersma cools his heels in jail, SEROCU would try and ensure as much of the money they seized from his wallets is returned to the owners.


red image of Wybo Wiersma oxford student hacker

Oxford Ph.D. student jailed in £2M crypto theft scam

Ruja Ignatova, the infamous name placed on the FBI's Ten Most Wanted Fugitives List, has reappeared due to the listing of a luxury London penthouse flat bought by the crypto scammer, a [BBC](https://www.bbc.com/news/uk-england-london-64407723) report disclosed. 

Details of the £12.5 million listing were revealed as part of new transparency rules in the UK, which require owners of properties to be publicly displayed.

The "Crypto Queen" and her associates made off with around £3.2 billion (around $4 billion) from her [cryptocurrency](/news/article/what-is-future-of-cryptocurrency), OneCoin. The BBC estimates that investors from the UK alone lost more than £100 million.

UK authorities believe she is trying to facilitate the sale of her property from the shadows. The reappearance of the name Ruja Ignativa - who did so much harm to stakeholders in her fake cryptocurrency - has reignited hope that some lost funds could be recouped.

A former investor in OneCoin, Layla Begum, said her family lost more than £54,000 after she was persuaded by a friend to risk money on the emerging crypto project. She said that UK authorities could help British investors who lost money in OneCoin since the purchase of the London flat undoubtedly came from proceeds in the crypto scam.

## Reward for information on Ruja Ignatova

While UK prosecutors are trying to avoid proceeds of the sale going back to the coffers of the scammers, the FBI has placed an £80,600 ($100,000) bounty on the head of Ruja Ingatova. 

In 2019, a federal jury in New York found [Mark Scott](https://www.bbc.com/news/technology-50509299), a former lawyer with links to OneCoin, guilty of conspiracy to commit bank fraud and money laundering after helping route more than £300 million out of the US.

The brother of the Crypto Queen, Konstantin Ignatova, also pled guilty to the same charges.

The latest guilty plea came from [Sebastian Greenwood](/news/article/onecoin-scam-co-founder-admits-fraud), co-founder of the worthless cryptocurrency, in December when he admitted engaging in fraud and money laundering.


red image of ruja ignatova in front of onecoin logos

Has Ruja Ignatova, Crypto Queen, Reappeared? 

A prolific hacker famously known as the 'Blockchain Bandit' is believed to be on the move again after hacked crypto was moved.

Blockchain Bandit first gained popularity in 2015-16 after using a technique called "Ethercombing" to steal more than £70m in crypto from thousands of holders.

Six years after the infamous incident, the hacker has awakened. The huge amount of crypto hacked back then was moved from the Bandit's wallet last week.

This crypto hacking scandal was considered a programmatic theft because of the sheer amount of money involved. The hacker stole 51,000 ETH and 470 BTC, valued at £73 million today. The hacker is suspected to be moving his funds due to the recent rise in crypto prices.

The Blockchain Bandit got their name after successfully stealing ETH from thousands of holders with weak private keys using Ethercombing. The hacker's attempt emptied more than 10,000 wallets from holders worldwide.

In 2019, the [Blockchain Bandit gained 45,000 ETH](https://cointelegraph.com/news/blockchain-bandit-has-stolen-45-000-eth-by-guessing-weak-private-keys-report-claims) by simply guessing the weak private keys. The now infamous thief heavily relied on the process of being able to guess an address's public key if you are aware of the private key. The hacker seems to have come up with an automated system that helped him scan and identify these weak keys. He exploited this to no extent and was able to steal millions in funds from thousands of crypto holders.

![hacked.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/hacked_008b7d1142.png)
 
Chainanalysis came up with a diagram to portray the shifting of funds. However, they did not mention any specific targets. Chainanalysis advises crypto holders to use well-known and reliable wallets to do transactions and use hardware wallets to move large amounts of funds to avoid getting their crypto hacked.

## Why is the hacker on the move?

After over half a decade of inactivity, the hacker's wallet was seen to be active as he was moving the crypto hacked previously. Crypto experts believe this sudden activity and the moving of funds is due to the recent hike in crypto prices.

The hacker is suspected of moving millions in stolen funds to a more secure location. There have been no updates since his last activity, but his moves are being heavily monitored.

The news comes only days after the [FTX reported more than £342m in stolen funds through hacking](/news/article/ftx-us-reports-415-million-hacked).


red image of hacker stealing crypto with bitcoins falling

Crypto Hacked: Blockchain Bandit Active Again

According to a South Korean intelligence agency statement, state-backed North Korea hackers have stolen an estimated $1.2 billion in crypto assets over the last five years.

Analysts and experts have confirmed that North Korea is supporting a number of fraudulent activities and cybercrimes in order to gain access to foreign currency to help its failing economy, which has been harmed by [UN sanctions](https://www.armscontrol.org/factsheets/UN-Security-Council-Resolutions-on-North-Korea) and the aftereffects of COVID-19.

South Korea's National Intelligence Service confirmed that North Korean hackers are among the best at stealing crypto assets, owing to the country's focus on cybercrime as an alternative way to aid its failing economy since the height of United Nations economic sanctions in 2017.

In 2017, the United Nations imposed harsh sanctions on North Korean exports such as textiles and coal. The UN, along with its member states, repatriates North Korean workers abroad. The country's economy was unable to withstand harsh sanctions and the aftermath of the COVID pandemic.

According to South Korea's National Intelligence Service, North Korea crypto hackers are responsible for hacking $1.2 billion in crypto assets in the last five years, with more than $626 million in 2022 alone. It was also confirmed that approximately $78 million of the stolen funds originated in [South Korea](/news/article/south-korea-crypto).

## More attacks expected

According to intelligence obtained by the South Korean Government, North Korean hackers will most likely undertake additional cyberattacks this year to gain access to South Korean technologies and private information on national security and weaponry.

Official state diplomats from South Korea, the United States, and Japan joined forces earlier this month to intensify efforts to combat the cybercrime carried out by North Korea. 

According to UN experts, the country will step up its efforts to steal hundreds of millions of dollars from crypto platforms and other financial institutions.

Despite the fact that North Korea's economic situation remains dire, the government conducted a record number of missile tests in 2022. Experts and analysts believe it has a way to gain leverage and improve its weaponry to negotiate with world powers.


red image of hacker with cryptocurrency and North Korean statues falling

North Korea Crypto Hacks Worth $1.2 Billion 

If it sounds like a pyramid scheme, you are right. If it sounds like artificial inflation, you are right. Pump and dump schemes made headlines before [Bitcoin](/coins/btc) was created. Recently, several news stories have pointed to many scams attempting to manipulate cryptocurrency prices through this scheme.

While digital currencies are relatively new, they are prone to old scams. The novel blockchain technology that backs cryptocurrencies can be used to create an artificial financial mania. Like the popular [Tulip mania](https://en.wikipedia.org/wiki/Tulip_mania) that occurred in the Dutch Republic between 1634 and 1637, what this scheme banks on is the ability to create an illusory surge of public interest in a particular asset such that easy and massive wealth seems to be within reach of the average investor. The cryptocurrency's price soars past its fundamental value, and everyone is buying to avoid missing out.

Eventually, an inflection point is reached once the price is fully "pumped." The people behind the scam begin to sell the cryptocurrency for a higher price. Dumping the coin and pocketing the profit while innocent investors watch the price plummet. 

## What are pump and dump schemes?

Pump and dump schemes, which fraudulently manipulate prices by disseminating false information, have existed in economic contexts since at least the 1700s. With the advent of new technology related to cryptocurrency trading, the issue has a wider scope.

This scam takes advantage of individual investors while earning huge profits for con artists. They may include social media influencers who are compensated for encouraging people to purchase a particular digital coin in order to increase its value.

![pd.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/pd_3be9ce84f2.png)
 
### *The three phases of a pump and dump operation*

This type of scam targets new and small-cap coins. These types of coins do not require a lot of money to manipulate, so they are easy picks. Rarely will you hear of a Bitcoin pump because it will require a lot of money. Many small-cap coins do not have any real use cases. The scammers simply create the illusion of importance by roping in celebrities and industry thought leaders to make the cryptocurrency look more interesting.

The number of pump and dump scams has steadily increased. In a 2018 [report](https://www.wsj.com/graphics/cryptocurrency-schemes-generate-big-coin/?mod=article_inline?) by the Wall Street Journal, crypto pump and dump schemes accounted for $825 million in trading activity in six months, causing hundreds of millions of dollars in losses. In that year, from January to July, there were 125 pump-and-dump scams that manipulated the price of 121 different coins.

According to [Chainalysis data](https://www.coindesk.com/markets/2021/12/17/defi-rug-pull-scams-pulled-in-28b-this-year-chainalysis/), they made up 1% of total illicit revenue in 2020. In 2021, they accounted for a whopping 37%.

## How does this scam operate? 

A pump and dump scheme operates on two levels:

1.	Insiders of the token promote and stir the price while they sell slowly.

2.	Scammers target a particular token and rally the token community to buy, triggering a soar in price. Whoever buys last is left with an empty bag.

Whichever one operates, there's a team of tech-enabled, motivated, and organized players at the centre. This team often includes internal investors who provide funding to buy the token and raise demand.

While the investors fund the artificial demand for the token, another team fuels the disinformation campaign, trumpeting non-existent use cases or completely false details about the token. With social media and instant messaging apps, marketing the good word about the token is easier. Platforms like Telegram, Twitter, Facebook, and YouTube have become breeding grounds for these marketers.

These marketers use famous people to help sell the tokens because they want to get people interested. Fear of missing out (FOMO) is what makes this scam work, so outside investors and traders rush to buy the token. The price crashes as investors realize too late that they invested in a scam.

## How to spot crypto pump and dump 

Generally, the first step to spot a bad investment is to do your own research. Look up the token, read the white paper, check the exchanges on which it is listed, the order book, and the token timeline. If it's too good to be true and has no clear purpose or utility, it's most likely a scam.

Second, an investor should understand that scams are modelled by psychological tricks. It's important to understand if FOMO is contributing to your decision on whether to invest or not. Always be self-aware. Are you investing because you don't want to miss out? Well, you may end up holding an empty bag.

Last year, some anonymous developers launched the SQUID token, riding on the success of the Netflix hit show Squid Game. Before the pump, SQUID was worth about two cents. Soon after the marketing ploy hit, the coin went from $0.01 to $38 within a week. The perpetrators rode on the FOMO and [made off with $12 million](https://www.yahoo.com/video/biggest-pump-dump-scheme-ever-123048530.html). Invest in various tokens. Only invest your money after you have carefully evaluated a project. If it crashes, take your money out while there's still time.

Another psychological trick these fraudsters use to ensnare you is the idea that everyone in a pump group is an insider. The truth is, as [Coffeezilla puts it](https://www.newyorker.com/news/letter-from-the-southwest/coffeezilla-the-youtuber-exposing-crypto-scams), “there is an insider within an insider club in all of these pump and dumps."
"Only true insiders are aware of the pump and dump signals before others."

If you're not a founding member of the token community, your investment will only amount to zero.
Why is a fashion influencer suddenly talking about some cryptocurrency? Your answer: it's most likely a scam. Influencers and celebrities are a major part of legitimizing a scam token. Their reputation (though paid for) is staked as a reason to buy.

A sudden spike in the price of a relatively unknown coin points to the "pump phase" of the coin. You can see on the price chart a sharp price hike. This is a red flag.

## Bottom line

The unregulated crypto industry opens the door for fraudulent players in the market. The high and fast profits from these pump and dump schemes entice scammers to take advantage of unsuspecting investors.

A vigilant investor knows to always be on the lookout for these scam schemes. You don't invest more than you're willing to lose while spreading your investment across different tokens. Only invest your money after you have carefully evaluated a project. If it crashes, take your money out while there's still time.


How to Spot a Pump and Dump

Karl Sebastian Greenwood, the co-founder of the fraudulent cryptocurrency OneCoin scam, has pleaded guilty to charges brought by the United States Department of Justice (DoJ).

[He faces a maximum of 60 years in prison](https://cointelegraph.com/news/4b-onecoin-scam-co-founder-pleads-guilty-faces-60-years-jail) if convicted of all charges. The DoJ said on 16 December that Greenwood had entered a guilty plea in a federal court in Manhattan to charges of money laundering conspiracy, money laundering conspiracy, and wire fraud conspiracy. Each charge carries a maximum potential sentence of 20 years in prison.

With the OneCoin scam, Greenwood is alleged to have operated "one of the greatest worldwide fraud schemes ever committed", according to US Attorney Damian Williams. 

## OneCoin Scam Promoted as a 'Bitcoin Killer'

Williams further asserts that Greenwood promoted the OneCoin sam as a "Bitcoin killer" despite the tokens being "totally worthless". Greenwood and "Cryptoqueen" Ruja Ignatova were the founders of OneCoin. It was a Bulgarian company that sold a cryptocurrency with the same name, and Greenwood was the CEO of the OneCoin scam.

According to emails that the DoJ collected between the two parties before the company's establishment in 2014, the individuals referred to it as a "trashy currency". Outwardly, it appeared to be a multi-level marketing company, with members earning commissions for allegedly selling cryptocurrency bundles containing OneCoin and the capacity to mine more cryptocurrency. This was the company's stated intention.

OneCoin could only be converted into fiat currency through the Xcoinx exchange, a private platform. It was a [combination of a pyramid and a Ponzi scheme](/news/article/bitcoin-motion-trading-bot-scam) since investors could bring in new members without a tangible product on offer. Later investors were compensated with the money from the initial investors. 

According to the DoJ, Greenwood's position as the "global master distributor" of the fake cryptocurrency enterprise resulted in him collecting around $21.2 million (€20 million) monthly. On 5 April, 2023, Greenwood is scheduled to appear in front of District Judge Edgardo Ramos to receive his punishment.


red onecoin store boarded up with karl sebastian greenwood in foreground

OneCoin Scam Co-Founder Admits Fraud

Crypto is a bewildering world. New tokens and projects emerge daily, which makes [spotting the right ones](/news/article/congress-crypto-protection) more difficult. Besides, with new projects, new [crypto scams](/news/article/crypto-hacks-peaking-october) and rug pull incidents are also emerging. This further adds to the difficulties of the investors.

In the notorious rug pull scam, fraudsters portray the project to have a high potential and then vanish after taking investors’ funds. Disguising as a lucrative DeFi or DEX is the most common strategy for this scam. 

Here we have discussed rug pulling with some tips on detecting one to avoid it.

## What does ‘pull the rug’ mean?

The phrase 'pull the rug' literally means to draw out the floor under someone's feet so they fall. But, figuratively, it means leaving someone defenceless by deception.

In finance, it is a common terminology that refers to a company's stocks that promise a lot to gain investment. Then the company shuts down, selling its shares at a high price, leaving investors with valueless shares. 

## Rug pulling in crypto

The same goes for the crypto world too. Here, tricksters use [DeFi projects](/news/article/globex-crypto-scam) to target investors in an organised way. They propose a strong roadmap, alluring investors and pumping up the price of their tokens. Once the token’s price starts gaining momentum, they dump the project, taking all the funds.

Based on its nature, a rug pull can be of three types:

1.	Stealing liquidity.

2.	Limitations on sell orders.

3.	Pumping and dumping.

## Five ways to detect rug pulling schemes

Here's how you can detect one to protect yourself.

1.	Background of project developers
The background of the founding members of a project can reveal a lot about it. That’s why you must check the track record of developers and founding members in the crypto industry. 

The anonymity of the developers often turns out to be a strategy to hide their illegal doings. A similar kind of scam happened with [Wonderland TIME](https://wonderland.money/), where the CFO was a [convicted felon](/news/article/wonderland-time-crypto) who allegedly exited with a rug pull. 

2.	Sell order limits
Another red flag indicating the potential rug pull attempt is the limitation on sales. The scammers write a code that restricts the token holders from selling it. This can be one of the most prominent signs of a scam. That’s why you must diligently review the code before investing.  

3.	Total locked liquidity
Locked liquidity endorses the project’s security. However, when the founders intend to rob the investors, they often do not lock liquidity in smart contracts. It allows them to swindle out all the liquidity from a DeFi. 

Also, checking the project's total value locked (TVL) is advisable. Ideally, the TVL should at least be 80%.

4.	Pumping and shilling
Fake hype for any financial product is one of the easiest ways scammers trick investors. Through paid campaigns on social media, the founding team of a blockchain creates buzz around a cryptocurrency. Though it’s not illegal to advertise a coin, propagating false news about it is unethical. 

After gaining popularity, the criminals dump these projects, leaving investors clueless. That’s why you should avoid investing in shiny-looking tokens. 

5.	No third-party code audits
Third-party code audits are another way of gauging the authenticity of a cryptocurrency. Since developers can easily exploit the code, validation from an external source becomes necessary. Also, an audit from a trusted firm like [Hacken](https://hacken.io/) or [Certick](https://www.certik.com/) is a mandatory procedure to assure the audience about their funds’ security.

However, fraudulent cryptocurrencies often evade third-party audits. Therefore, it is one of the ways to detect a shady token. 

## Bottom line

Rug pull is a prevalent [scamming strategy](/news/article/bitcoin-doubler-scam) in the crypto world. In this, the criminals strategically create false hype for a cryptocurrency to lure investors. They pump its price by generating fake positive news. As its price goes suspiciously high, they pull the rug on investors by taking all the liquidity and shutting the project.

Therefore, it is advisable to know the indicators that allow you to detect rug-pulling ventures. For this, the founders’ background, locked liquidity, advertisement campaigns, and code — require careful research.


Rug Pull: What Is It?

The [US Feds](/news/article/us-fed-crypto-rates-hike) announced Monday that it had [seized approximately $3.36 billion worth of Bitcoin stolen](https://www.nbcnews.com/now/video/feds-announce-seizure-of-3-36-billion-in-stolen-bitcoin-152877125774) during an unannounced 2021 raid on James Zhong's home.

Zhong pled guilty on Friday to one count of wire fraud, with a maximum prison sentence of 20 years.

According to the Feds, on November 9, 2021, US authorities seized approximately 50,676 Bitcoin, valued at more than $3.36 billion, from Zhong during a search of his house in Gainesville, Georgia. It is the Feds' second-largest financial seizure to date, following its February announcement of $3.6 billion in allegedly stolen [cryptocurrency](/news/article/impact-of-cryptocurrency-on-society) linked to the 2016 hack of the [crypto](/news/article/crypto-hacks-peak-hacktober) exchange Bitfinex.

The raid was part of an investigation led by the United States Attorney's Office in Manhattan into the whereabouts of thousands of missing coins linked to Silk Road founder Ross Ulbricht. 

[Bitcoin](/news/article/bitcoin-prime-review) was trading more than $60,000 at the time of seizure, boosting the worth of the loot for investigators by billions of dollars. The digital currency is currently worth around $21,000. As per current data, the seizure is worth just 1 billion dollars. 

## How much Bitcoin, other crypto and cash was stolen? 

Zhong began his criminal behaviour in 2012 when he defrauded Silk Road, a website known for trading drugs and cryptocurrencies, out of more than 53,000 Bitcoin. According to court documents, he set up a series of Silk Road accounts to mask his identity. He carried out 140 transactions quickly to trick the platform into releasing Bitcoin into those accounts. Zhong then transferred the [digital currency](/news/article/cbdc-uk) into other accounts under his control.

Prosecutors claim that 50,000 Bitcoin were found in an underground safe and a single-board computer in a popcorn tin beneath a pile of blankets in Zhong's bathroom cabinet. He has since surrendered over 1,000 more coins and agreed to assist prosecutors in accessing the remaining coins and providing technical assistance.

Zhong agreed to sign over his 80% business ownership to the government as part of his plea deal for the Silk Road fraud. According to the forfeiture order, prosecutors also seized 25 Casascius coins worth 174 Bitcoin and $661,900 in cash. On Friday, Zhong was set free after posting a $310,000 bond.





Feds seize $3.36B Bitcoin stolen in crypto scam

According to the most recent statistics, October has broken all records for crypto exploits and the number of digital assets stolen, living up to its new name of "Hacktober."

PeckShield, a blockchain security company, [tweeted](https://twitter.com/PeckShieldAlert/status/1587112410082512897) some alarming data on October 31. The company stated that $2.98 billion in digital assets had been stolen, almost twice the $1.55 billion lost in 2021.

According to the report, October 2022 saw 44 exploits affecting 53 protocols. In just one-month, malicious actors stole $760M. However, $100M was refunded. 

March has been the second-highest month for hacked funds after October, with $710M stolen. Most of this came from the Ronin bridge exploit, which resulted in the theft of $625M in crypto assets.

According to PeckShield, the top October exploit was the [BNB Chain](/news/article/bnb-chain-security-system), which lost $586M. The second major exploit of the month was the Mango Markets DeFi protocol, despite an agreement with the exploiter to return some funds and [fix the crypto hack](/news/article/bankman-fried-crypto-hack-fix).

## DeFiYield's Rekt crypto hack data

According to [DeFiYield's Rekt Database](https://defiyield.app/rekt-database), there were several other notable exploits in October. These include the $60 million rug pull of the [Freeway crypto](/news/article/freeway-crypto-halts) yield platform, [Transit Swap](/news/article/crypto-hacker-transit-swap), which lost $29 million, Team Finance, which lost $13 million; and Moola Market, which lost $9 million.
 
On November 1, DeFiYield published its [report](https://blog.defiyield.app/report-over-1b-lost-in-october-in-crypto-scams-d27d03c15efd) outlining the dire circumstances surrounding the hackfest that took place the previous month.
 
The report states that over $1 billion was lost to crypto scams, including rug pulls, Ponzi schemes, and direct protocol exploits. DeFiYield reported 35 incidents, 15 of which were rug pulls.
 
On a more upbeat note, the report noted that in 2022, nearly $890 million in cryptocurrency funds had been recovered.

Chainalysis declared Hacktober "the biggest month" for crypto hacks.

Chainalysis, a leading blockchain analytics firm, has previously declared [October "the biggest month" for cryptocurrency hacks](/news/article/crypto-hacks-peaking-october). According to the data released by the firm, the total value hacked reached $718 million by the middle of the month.
 
 
 



Crypto hacks peak in "Hacktober"

[BitMiner](https://bitminer.io/) is claimed to be a Bitcoin mining pool that provides its services for free. It claims to have mined more than 3,109 Bitcoins since its initial launch, which is quite an impressive feat in [Bitcoin mining](/news/article/free-bitcoin-mining). The platform claims itself as the "ultimate mining pool". In addition to the free version, it offers four different premium memberships.

The platform is listed under [“not recommended websites” by newsonlineincome.com](https://newsonlineincome.com/what-is-bitminer-is-bitminer-a-scam-noi/). This free [Bitcoin mining pool](/news/article/norway-bitcoin-mining) is the sister site of StartMiner, which itself is considered as a Ponzi scheme.

## Popularity

The affiliated websites that advertise the platform cause the site's popularity. 

Affiliate websites like [startminer.com](https://www.startminer.com/) and btcprominer.life run by the same business, BitMiner Cloud Eu LTD, bring in about 12.5% of visitor traffic. The majority of the other traffic comes from shady YouTube channels or false reviews with affiliate links that can be found on Google.

## Red flags

BitMiner generates a plethora of warning signs. The company's inability to pay its financial obligations and the fact that the site was created by the same scammer who developed StartMiner are obvious red flags. 

Enter "BitMiner reviews" into any search engine to find more alarming warning signs. You'll find many forum posts and articles alleging that investors haven't been able to withdraw their money.

## Conclusion

As per my research, BitMiner is probably considered a [scam](/news/article/bitcoin-doubler-scam). The website refuses to process withdrawal requests while the company behind the website is in financial distress. According to research, when the platform was first launched, it served as a legitimate [mining](/news/article/best-crypto-miner) pool operation. Several complaints were reported within a few months, mainly about the lack of withdrawals.

Withdrawal requests were initially dispersed when the site was first developed due to a steady stream of new depositors. However, as the stream of new depositors slowed, so did withdrawal request acceptance. So, it can be said, Bitminer is likely to be a ponzi scheme.




BitMiner: A Ponzi Scheme?

Ruja Ignatova, aka Cryptoqueen, the founder of OneCoin, has been on the run since 2017. She is allegedly involved in a multibillion-dollar [Ponzi scheme](/news/article/crypto-hacks-peaking-october).

Now, three of her associates have been presented to the German court. The charges against them include money laundering, fraud, and embezzlement.

On 18 October, a lawyer from Munich and a couple who allegedly worked for Cryptoqueen appeared in court. [Reportedly](https://www.bloomberg.com/news/articles/2022-10-18/onecoin-s-cryptoqueen-associates-face-german-fraud-trial#xj4y7vzkg), the lawyer helped Ignatova in purchasing two apartments in London. For this, it is claimed, he transferred $19.7 million (€20 million) from the Cayman Islands.

The couple was allegedly involved in payment handling for [OneCoin](https://www.investopedia.com/terms/o/onecoin.asp). Within a year, they are said to have dealt with $315.4 million (€320 million).

## Charges of $4 billion against Cryptoqueen’s OneCoin

Ruja Ignatova founded the OneCoin platform in 2014. She falsely claimed that it is a cryptocurrency and trade platform. However, after the US’s Federal Bureau of Investigation ([FBI](https://www.fbi.gov/)) investigated, it turned out to be a multi-level marketing [Ponzi scheme](/news/tag/scam). 

The platform allured investors through false claims. It claimed to run a token mining program, but in truth, there was not any. As per the investigation by the FBI, Cryptoqueen's company scammed more than three million investors. The total amount fraudulently obtained is roughly $4 billion.

Ruja Ignatova disappeared in 2017. Reportedly, she was last seen in Athens, Greece. The FBI also added her to the top ten most wanted criminals list. The bureau also announced a $100,000 reward for anyone who could share information about her whereabouts.

The OneCoin company also allegedly bribed the presidents of Bulgaria and Serbia. An economist, Angelina Lazar, claimed this in an [interview](https://cointelegraph.com/news/angelina-lazar-presidents-of-serbia-bulgaria-took-bribes-from-onecoin-my-war-against-onecoin-part-2). 

Previously, some other actors who were part of the company also faced charges. Christopher Hamilton was one of them. He faced [money laundering](/news/article/crypto-aml) charges involving around $105 million in embezzlement. 

Ruja’s brother, Konstantin Ignatov, was also accused of money laundering and pleaded guilty in 2019.



cryptoqueen ruja ignatova and crypto fraud

Cryptoqueen Associates Face Fraud Trial

Token hash values are random strings generated every time a password is saved on your computer, smartphone, or anywhere on the internet. [Token](/news/article/crypto-coin-vs-token) hash values are usually encrypted, but sometimes they can be easily decoded, and all the sensitive information is sent to any hacker who cares to listen. With token sniffing, all you need to hack into accounts is a sniffer, a database of stolen tokens, and a [database of leaked passwords](/news/article/celsius-data-breach), along with their corresponding token hashes.

## Dangers of Public WiFi

A token sniffer steals user data by monitoring and collecting the encrypted data that passes between your computer and a network. This information can include usernames, passwords, and other sensitive information.

This attack can happen when surfing the web on public WiFi networks, like at your local coffee shop or airport lounge. Hackers can use special tools to monitor the traffic passing through their device's WiFi card and steal any data transmitted over the network.

The dangers of public WiFi include the fact that anyone can use it within range to access your data. [A VPN will also protect your](/news/article/reddit-using-vpn-for-crypto) login details from hackers while on public networks such as airports or coffee shops where lots of people gather together in one place.

## How Can You Safeguard Your Information?

Token sniffer attacks are a common way to compromise an organization's network. In addition to collecting information about a user's account, this attack allows someone to access their network connection and remotely log into their system as if they were using it themselves.

There are ways for you to safeguard your information from token sniffers.

First, you should ensure that you're using [two-factor authentication](https://www.investopedia.com/terms/t/twofactor-authentication-2fa.asp) whenever possible. You'll need more than just your password when you log into a site. You'll also need a code sent to your phone or email address to verify that it's you trying to get into the account.

Second, if you don't already have a strong password for each account, consider creating one now. A strong password comprises letters and numbers (no symbols), and it should be at least 12 characters long - more if possible!

Third, don't use public computers or public WiFi networks when signing into sensitive sites like banking accounts or social media platforms because these connections can leave your information vulnerable to sniffing attacks.
 


Token Sniffer Threats and You

[Sam Bankman-Fried](/news/tag/sbf), the cryptocurrency billionaire, has [proposed a framework for reducing the damage caused by the hacks and vulnerabilities](https://www.msn.com/en-us/money/other/billionaire-bankman-fried-tries-to-fix-crypto-s-hacking-problem/ar-AA13axks) affecting the sector. It includes setting the highest reward for attackers at $5 million.

Recently, crypto attacks have increased, with more than $3 billion looted from the crypto sector so far in 2022. This year is anticipated to set a hacking record.

The involvement of the FTX crypto exchange founder and CEO comes days after a hacker was allowed to keep $50 million of the approximately $100 million taken from the Mango decentralised finance programme. This was as part of a settlement with the platform following the heist.

In crypto, some white-hat hackers aim to reveal flaws in exchange for a reward rather than for nefarious purposes.
A white-hat hacker is a person who uses hacking techniques to find security flaws in the blockchain ledger in exchange for rewards. However, sometimes these rewards could be too costly to be justifiable.

As seen in the above case, the hacker was given 50% of the total value, accounting for $50 million of the $100 million funds. Such numbers must be addressed. They cause outrage and are unsustainable for the company and the community. For that reason, people like Bankman-Fried are seeking solutions to crypto hacking.

[Bankman-Fried](/news/article/ftx-acquires-bithumb) claims that implementing his [5-5 strategy](https://www.ftxpolicy.com/posts/possible-digital-asset-industry-standards) can reduce hacker effect by more than 98%, but he is still unsure about what should be the industry norm.

## Is DeFi an easy target?

DeFi protocols provide software-based algorithms that let cryptocurrency traders, borrowers, and lenders transact, borrow, and lend on digital ledgers without needing a central mediator. According to blockchain expert Chainalysis Inc. data, DeFi has been the primary target of most flaws and breaches this year. DeFi is hailed as crucial for the widespread adoption of digital tokens, which also suffered from this year's plunge in coin prices. 

The recent attacks are placing pressure on crypto players to find answers.



Bankman-Fried Floats Crypto Hack Fix

[Chainalysis](https://www.chainalysis.com/), a leading name in blockchain analytics, has declared October as 'the biggest month' for crypto hacks. Although we have yet to reach the month's midpoint, the firm has predicted that hacking activities will be peaking this month. The total value hacked in October 2022 has already reached [$718 million](https://twitter.com/chainalysis/status/1580312145451180032). 

Besides, 2022 will also be the biggest year so far for crypto [hacks](/news/article/binance-hack), according to Chainalysis. Previously, 2021 saw the highest rate of [cyber-attacking activities](/news/article/crypto-youtube-pennywise) on blockchains. However, at the rate these incidents are happening currently, they will likely surpass the total number of hacked amounts in 2021. 

## Crypto hacks in October, so far

The month has already seen some major hacking incidents. In total, there have been 11 instances where cryptocurrencies have been exploited. Meanwhile, on October 11 alone, there were four cyberattacks on blockchains and DeFi platforms. 

These incidents have drained more than $122 million worth of cryptocurrencies. The platforms affected by these cyberattacks include [Rabby Wallet](https://rabby.io/), Ethereum bridge of [QANplatform](https://www.qanplatform.com/), [TempleDAO](https://templedao.link/), and Solana Mango Markets. 

## 2022 is to be a record year for crypto hackers

This year is also going to be a record 12 months for hackers. Last year, cybercriminals exploited around $3 billion. The ongoing year has already seen over 125 blockchain hacking incidents. As per Chainalysis, the last 12-month amount will likely be surpassed if this trend persists.
 
Though the market is going through a [severe downturn](/news/article/bitcoin-price-crash-celsius), cybercriminals continually make more hacking attempts. Meanwhile, there has been a shift in projects they are targeting in the market. 

Previously, centralised exchanges were the main target of hackers. However, later they started focussing more on the DeFi protocols. This year, 90% of the hacking incidents were also on the DeFi protocols. On the other hand, these incidents are affecting the investors' confidence in DeFi projects. 

Besides, multichain bridging has also gained the attention of blockchain cyber attackers. In October, three cross-chain bridges were breached, making up around 82% of the amount exhausted this month.
 
 
 
 
 
 



Latest Moni

Crypto Scam News

Read the latest Crypto Scam news.

Infinox Forex Broker Scam Uncovered

Israel Crypto Scamming Network Targets Aussies

Dingo Crypto is a Scam Cybersecurity Firm Says

North Korea Hackers Stole $1.7B of Crypto

Oxford Ph.D. student jailed in £2M crypto theft scam

Has Ruja Ignatova, Crypto Queen, Reappeared?

Hotbit Exchange: How to Get Started

Infinox Forex Broker Scam Uncovered

Coinbase vs Coinmama: Which is Better for You?