Introduction- News Related to Crypto Scammers

In the history of the crypto market, billions of dollars have been lost due to crypto scams. Approximately $9-$10 million is being lost every day in crypto scams. The scammers here guarantee the profit and end up taking all the amount invested by the investors.

As we all know that the potential return of crypto can be both high as well as low. Many of these scams have been taking advantage if the investors desired to invest in crypto. No doubt there exists various reputed reliable firms that offer a favourable return, the advantage of which is taken by the scammers. They pretend to be the real ones and convince the investors to invest with them. Later on, resulting in fraud.

News Related to Crypto Scammers of Different Countries

Since the number of scams increases every day, the courts and law enforcement agencies take the power to resolve the issues and return the money back to their rightful owner. Various News Related to Crypto Scammers has been reported in different countries such as – United States, Europe, South America, Asia, and Australia. Let’s have a look at some major crypto scams in these countries.

  1. In the United States, a Bulgarian bitcoin exchange named RG Coin’s owners was sentenced to 121 months in federal prison by the U.S. District Court in New York. It was stated that he was involved in a transnational online auction fraud and cheated over 900 Americans out of more than $7 million.

  • In Europe, a €30 million online cryptocurrency investment scam had taken place. The 6 suspects were arrested in connection to it. The fraud had targeted hundreds of people across the country. Apart from this, various reputed firms such as the Algorithms Group, Nimbus, Kuailian, and Arbistar were also involved in scamming through a Ponzi scheme and money laundering. Finiko, a financial firm was also suspected of running a Ponzi scheme and have scammed the crypto equivalent of $95 million from their victims. After which the three of its founders were arrested by the Russian police and the rest two were put on the most wanted list.
  • In South America, the president of the cryptocurrency brokerage named Bitcoin Banking Group was arrested by Brazilian police following a three-year-long investigation. The firm claimed to be hacked but the investigation suggested transferring the missing coins into their personal wallet. It was stated that the president has allegedly scammed over some 20,000 victims for the bitcoins worth about $250 million. Several other charges were also added such as bankruptcy violations, money laundering, operating a criminal organization, etc.

  • In Asia and Australia, the vast Interpol operation was made public that involved 1400 criminal complaints. Out of this 892 complaints were resolved and 585 individuals were arrested.


It is clear from the above-mentioned news that the authorized and law enforcement agencies are continuously working to get back the lost funds of the victim along with taking strict necessary measures against the scammers and fraudsters. No matter how well-strategized a scammer is, the legal authorities and agencies are always a step ahead of them. Their expert knowledge is way beyond in order to serve the victims and helping them.  And so, we can say that these scammers cannot hide for a long period of time.

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