Global #cryptocurrency fraud

David Carmona, the founder of IcomTech, has been sentenced to 121 months in prison for his role in a significant cryptocurrency fraud scheme that defrauded investors of $8.4 million. Alongside his prison term, he will also face three years of supervised release. Damian

In a significant crackdown on cryptocurrency fraud, authorities have seized over $6 million in digital assets linked to Southeast Asian scammers who targeted U.S. citizens with deceptive investment schemes.

For four months, a malicious wallet app masqueraded as WalletConnect, one of the leading Web3 protocols designed to ensure secure communication between cryptocurrency wallets and decentralized applications (dApps).

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has taken a significant step in addressing human trafficking and cryptocurrency fraud by sanctioning Cambodian businessman and Senator Ly Yong Phat, along with his associated conglomerates, L.Y.P Group and O-Smash Resort.

South Korean authorities have made significant strides in tackling a major cryptocurrency Ponzi scheme, resulting in the arrest and indictment of Byun Young-oh, CEO of tech firm Wacon, and his accomplice, Vice Chairman Yim Mo-Soo.

The U.S. Securities and Exchange Commission (SEC) has intensified its crackdown on cryptocurrency fraud with a recent complaint against NovaTech, a company operated by Cynthia and Eddy Petion.

The Wisconsin Department of Financial Institutions (DFI) has launched an innovative tool to combat investment scams, particularly in the realm of cryptocurrencies, aiming to protect consumers from financial fraud.