Scam

Encrypted users report new scam emails impersonating Coinbase and Gemini

ChainCatcher news, according to Cointelegraph, recently, multiple cryptocurrency users have reported an increase in phishing emails impersonating cryptocurrency exchanges Coinbase and Gemini. These emails attempt to lure users into setting up new wallets using pre-generated recovery phrases controlled by the scammers, thereby stealing user assets. In several examples posted on the X platform, the phishing emails claim to be from Coinbase, urging users to transition to self-custody wallets and providing instructions to download the legitimate Coinbase wallet, while setting April 1 as the deadline for the transition. The emails also include pre-generated recovery phrases. Once users open new wallets and transfer funds using these phrases, all assets will fall into the hands of the scammers, who may directly empty the wallets.The emails also mention a class-action lawsuit against Coinbase, falsely claiming that it was ordered by the court to have users manage their own wallets due to the sale of unregistered securities. The fraudulent emails state: "Coinbase will operate as a registered broker, allowing purchases, but all assets must be transferred to the Coinbase wallet." In fact, the U.S. Securities and Exchange Commission (SEC) dismissed the lawsuit against Coinbase for being an unregistered broker and selling unregistered securities on February 27. Coinbase responded by stating that they are aware of this scam and issued a reminder to users on March 14 via the X platform: "We will never send you recovery phrases, and you should not enter recovery phrases provided by others." Additionally, the cryptocurrency exchange Gemini has also encountered similar phishing emails. The scammers use the same strategy, claiming that users need to set up new wallets due to a recent court ruling.Gemini was previously sued by the SEC for allegedly offering unregistered securities through its Earn program, but the regulatory agency chose to terminate legal action on February 26.

The North Dakota Securities Department issues a warning about "fake investment education" cryptocurrency scams

ChainCatcher news, according to News.bitcoin, the North Dakota Securities Department has issued a warning that some "investment education foundations" claim to teach investors about cryptocurrency and stock knowledge, but are actually scams. These scams use deceptive tactics, including "risk-free" trials and fake loans, to persuade victims to invest and pay excessive commissions.These scams often start with social media ads that lead potential victims to WhatsApp groups operated by fake founders and automated bots. In these groups, the so-called founders offer investment courses and then introduce a fraudulent cryptocurrency exchange. Investors initially receive "free" tokens to test an AI trading bot, which falsely generates profits.Encouraged by the illusion of success, people deposit real money, and if they are short on funds, the scammers direct them to fake loan providers on Telegram. These loans are directly credited to the fraudulent exchange, but victims soon discover that they cannot withdraw any funds unless they repay the loans or pay fake commissions. The scam freezes accounts under the pretext of regulatory issues, and then the scammers shut down the business and rebrand under a different name. To gain credibility, the scammers may present real government documents claiming registration with the U.S. Securities and Exchange Commission (SEC) and the U.S. Department of the Treasury, and publish misleading articles online.

Canadian regulators: Beware of cryptocurrency scams that attract victims through fake news articles and exploit trade war panic

ChainCatcher news, according to Cointelegraph, securities regulators in Alberta and New Brunswick, Canada, have warned that crypto scammers are exploiting trade war panic by using fake news articles and images of government figures to profit.The Alberta Securities Commission stated in a warning on March 7 that a crypto investment scam named "CanCap" has been impersonating news articles from the Canadian Broadcasting Corporation (CBC) and falsely claiming endorsement from then-Prime Minister Justin Trudeau. The regulator said, "The false articles claim that the Prime Minister is responding to U.S. tariffs and supports an investment plan involving digital currency."The New Brunswick Financial and Consumer Services Commission also warned on March 5 that CanCap used fake news articles claiming that New Brunswick Premier Susan Holt supports the platform, including fabricated interview records with Holt and altered photos with CBC.Regulators noted that scammers are increasingly exploiting current events to prey on the fears of potential victims and are using artificial intelligence to forge endorsements and generate content to make the scams appear legitimate.They added that scammers can quickly change the names and appearances of their schemes, having already used names like "CanCentra" and "Immediate Flectinium," linking them to at least six other different domain websites.

Singapore's largest money laundering case criminal Wang Shuiming may be extradited back to China, and his accomplice is the mastermind behind the Hong Kong crypto platform scam AAX

ChainCatcher news, according to NetEase Qingliu Studio, Wang Shuiming, a native of Anxi, Fujian, who was arrested in connection with Singapore's largest money laundering case, has been captured in Montenegro and will be extradited back to China. Wang Shuiming's partner, Su Weiyi, has been confirmed as the mastermind behind the Hong Kong cryptocurrency platform scam AAX, and was arrested by Hong Kong police in July 2024.In November 2022, Atom Asset Exchange suddenly became unable to process withdrawals and subsequently collapsed, with Su Weiyi absconding with 16.74 million Hong Kong dollars (approximately 15.675 million RMB). In July 2024, Su Weiyi was arrested by Hong Kong police. It is worth mentioning that Su Weiyi co-owns other companies with other partners, who are linked to the convicted former Filipino mayor Alice Guo (Guo Huaping).On August 15, 2023, over 400 Singaporean police launched a raid, successfully cracking down on the largest money laundering case in Singapore's history, involving an amount of 3 billion Singapore dollars (approximately 16 billion RMB). The Singapore police arrested 10 suspects on the spot. These suspects, aged between 31 and 44, are all originally from Fujian and are referred to by outsiders as the "Fujian Gang." They held passports from multiple countries and used forged documents, shell companies, and cryptocurrencies to "clean" the proceeds from illegal gambling and fraud in Southeast Asia, investing in high-end assets in Singapore and overseas.According to the investigation results of the Singapore police, Wang Shuiming also possesses substantial assets outside of Singapore. Domestically, Wang Shuiming's company has an investment amount of up to 32 million RMB; he owns a factory worth several million RMB; he has two apartments in Xiamen worth a total of 20 million RMB; and there is a bank account in Hong Kong under Wang Shuiming with a deposit of 2 million Hong Kong dollars and cryptocurrencies valued at 110,000 USD.
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