Cointelegraph’s Post

Pig butchering scams are a huge issue, with the FBI estimating that U.S. victims lost an estimated $700M in 2022 – much of it in crypto. But what many don’t realize is that the people carrying out the scams are often victims themselves, kidnapped and trafficked to compounds where they’re forced to work grueling hours messaging potential victims under penalty of torture. We teamed up with the International Justice Mission to study this activity and highlight opportunities to leverage crypto’s transparency to expose their financial networks and freeze their assets. Read our blog for our analysis of pig butchering gang activity, including on-chain tracking of ransom payments from victims’ families and more. https://lnkd.in/g7az23Ms

Pig butchering is one of the most common cryptocurrency topics I discuss with law enforcement. The numbers in this blog post are "known" losses and real losses are likely much higher. The victimization is real and devastating from loss of life savings to human trafficking. If you get random messages through text or other services it's likely an attempt to "friend" you to eventually scam you. Please don't send money, pictures, or anything personal to someone you don't actually know. Reach out if you or someone you know may have have been a victim. #chainalysis #cryptocurrency #humantrafficking #pigbutchering #scam #victims

Crypto fraud is on the rise! Here are some tips to avoid becoming a victim.

Thanks to CNBC for the invitation to join this impressive lineup of speakers from Google Coinbase and Chainalysis to share our thoughts on the challenges around investigating and seizing crypto assets. Of course, a discussion on fraud involving crypto or pig butchering would be unthinkable without Erin West giving her insights. The sad reality is that in these sorts of victim cases, recovery prospects are currently very low despite some incredibly encouraging recent results. Asset Reality is proud to be supporting agencies around the world by making it easier to seize assets but there is a lot of work to be done globally. Education, awareness and prevention remains the most scalable solution to tackling these heinous crimes. Jacqueline Burns Koven Philip Martin Halimah DeLaine Prado https://lnkd.in/e7MQcWsR

“Nigerian Scammers” - Spot Them & Stop Them. The concept of the Nigerian scammer has to my utter disgust and chagrin, become an American reality. I remember in the late 2000s when a Partner at my old law firm Shearman & Sterling slipped up in a well intended warning email to associates to avoid cyberscams using the phrase “Nigerian scam” to reference cybercrime. All 5 of us Nigerian associates at the firm (Chinwuba, Adepetu, Azuike, Adadevoh and I) protested loudly and management apologized. The term has unfortunately not lost its sheen - in fact, it is stronger now than ever.  It is always wrong to label an entire people based on their minority criminal population. This goes the same for Italians, Russians, Chinese, Japanese, Irish and Americans. Look up the 9 biggest scams in history OF THE WORLD and you find FTX, Theranos, Ivan Boesky, Bernie Madoff, Wells Fargo and Enron https://lnkd.in/gxNRUX6H. Americans all - yet no one uses the phrase “American Scam”. Use your tongue to count your teeth. There are scammers in the Nigerian community like there are in every community or population. Look for these 9 traits to spot them and stop them online. Unsolicited cold contact/friend request on social media  Lots of Jesus references Bad grammar Early expressions of love and attraction Expressed desire to come and join you in America A sob story A sudden urgent & dire need A request for financial assistance A request that money be sent to someone else than them.

Another documentary, this time Canadian, exposes the #OrganizedCrime #CryptoScams that are stealing more money than any other consumer-facing #Cybercrime. #HumanTrafficking victims are lured to Asian #casinos where they believe they will have lucrative jobs. But the casinos were shuttered during #COVID and now serve as headquarters for Chinese organized crime groups operating in #Cambodia, #Thailand, and #Myanmar. In this documentary we meet one such #CyberSlave who was forced to recruit 15 potential victims per day and trick them through a long con into giving up their life savings, and more! Failure to meet quotas was punished with beatings and electric shocks. We’ll also meet some of his Canadian victims who, after losing everything, were willing to beg friends and family for loans, and even mortgage homes to get more capital to invest. Some are #RomanceScams while others are just bad investment scams. Both rely on building trust with total strangers one meets online. The media loves to call this #PigButchering, but this is a horrible term! Please call these Crypto Investment Scams. After all, who are you referring to as a “Pig” if you use the other term? The innocent victim who has fallen to a well-orchestrated psychological ploy developed and refined by a multi-billion dollar criminal enterprise! https://lnkd.in/ezHKg_Md

Great article. Sharing for awareness on #pigbutchering scams. If you believe you have fallen victim to #cybercrime, file a complaint or report. Your information is invaluable to helping the FBI and its partners bring cybercriminals to justice. Website here: https://www.ic3.gov #mondaythoughts #fraudawareness #crypto

Your Crypto Scam Recovery Attempt May Be Unsuccessful Without

🚨 🚫 Watch Out for Investment Scams! 🚫 🚨 In today's fast-paced financial world, investment scams are becoming increasingly sophisticated. Here’s how you can protect yourself from falling victim to these schemes: Common Types of Investment Scams: Ponzi Schemes: These scams promise high returns using money from new investors to pay earlier investors. Eventually, they collapse when there are no new investors. Pump and Dump: Scammers artificially inflate the price of a stock or cryptocurrency to lure in investors, then sell off their shares at the inflated price, leaving others with worthless assets. Pyramid Schemes: Participants earn money primarily by recruiting others rather than from sales of products or services. These schemes eventually collapse when it becomes impossible to recruit new participants. Phishing Scams: Fraudsters use fake emails, texts, or websites to steal personal and financial information by pretending to be legitimate institutions. Red Flags to Watch For: Unrealistic Promises: Claims of guaranteed high returns with little risk are often too good to be true. Always question such offers. High-Pressure Sales Tactics: Scammers create a sense of urgency, pushing you to make quick decisions. Take your time to evaluate the investment. Lack of Documentation: Legitimate investments come with clear documentation and information. Scammers often provide vague or incomplete details. Unsolicited Offers: Be cautious of unsolicited emails, phone calls, or social media messages promoting investment opportunities. Verify their legitimacy before engaging. How to Protect Yourself: Do Your Research: Verify the credentials of the investment and the people behind it. Use resources like the SEC’s EDGAR database or FINRA’s BrokerCheck. Consult Professionals: Speak with a certified financial advisor or investment professional before making any financial decisions. Report Suspicious Activity: If you suspect a scam, report it to the relevant authorities, your local consumer protection agency(call 1930). Educate Yourself: Stay informed about common scams and financial fraud. Knowledge is your best defense! Your financial safety is crucial. By staying informed and cautious, you can protect your hard-earned money from fraudsters. Share this post to help spread the word and keep our community safe! 💪🔒 #InvestmentScams #FinancialSafety #StayInformed #ProtectYourMoney #FraudAwareness #InvestSmartBank Check out the following file for further clarification(Source ICICI)

Crypto Trader Sam Bankman-Fried Found Guilty of Fraud: Lessons in Accountability and Consequences #accountability #consequences #cryptocurrencytrader #defenseteam #embezzlement #financialindustry #fraud #investmentfraud #investorfunds #juryverdict #marketvolatility #performancereports #personalexpenses #SamBankmanFried #securitiesfraud #tradingabilities #tradingrecords #transparency #wirefraud