Latest news with #cryptoscams
Bloomberg
06-07-2025
- Business
- Bloomberg
Asian Nations Chase US Trade Deals as Bessent Signals Extension
Good morning. Countries rush to reach trade agreements ahead of an imminent deadline. The Secret Service leads a global push to crack down on crypto scams. And Asia is getting squeezed by tight butter supplies. Listen to the day's top stories. Asian nations hustled over the weekend to secure trade deals with Washington, or lobby for extra time, ahead of a July 9 deadline. Treasury Secretary Scott Bessent told CNN that several big pacts are close while others remain elusive, adding that some will have an option of a three-week extension. China's tensions with the EU worsened, after Beijing said it would exclude EU-based firms from Chinese government procurement for some medical devices in retaliation for a similar move by the bloc.
Yahoo
19-06-2025
- Yahoo
Feds seize $225 million in crypto from crooks who ran giant ‘pig butchering' operation
The Department of Justice on Wednesday asked a court to let the agency seize $225 million from a so-called 'pig butchering' operation—a term that describes scams where con men build up the trust of a victim over time, and then trick them into handing over large amounts of money. The funds, which the crooks held in USDT stablecoins, were laundered through the crypto exchange OKX, according to Justice Department. This is the U.S.'s largest ever seizure of funds tied to crypto confidence schemes, said the agency. While prosecutors didn't name one perpetrator in the complaint, they did say the funds were linked to a 'scam compound' in the Philippines. These locales usually house scores of workers who labor in shifts to lure victims into parting ways with their crypto, like Bitcoin, or cash. Many of these workers are employed by transnational criminal rings and forced to work against their will, according to the United Nations. The DOJ was able to identify more than 430 victims tied to the 144 OKX accounts through which victims' funds were laundered. One of these victims was Shan Hanes, the former CEO of Heartland Tri-State Bank in Kansas. In August 2024, Hanes was sentenced to 24 years in prison for stealing $47 million of his bank's funds to invest in what he thought was a cryptocurrency investment opportunity that turned out to be a scam. 'These schemes harm American victims, costing them billions of dollars every year,' Matthew Galeotti, head of the DOJ's criminal division, said in a statement. Losses from cryptocurrency scams have accelerated in the U.S. over the past five years, according to the most recent annual report on internet crime from the Federal Bureau of Investigation. From 2023 to 2024, the money Americans lost skyrocketed 66% to $9.3 billion and the number of complaints the agency received more than doubled to nearly 150,000, said the government agency. The most common crime linked to cryptocurrencies was extortion, or when bad actors manipulate photos or videos to create explicit content and lure victims into sending crypto. The second most common type was investment fraud, or when criminals promise victims outsized returns if they send them money. This latter category includes Hanes, the former bank CEO. 'He was the pig that was butchered,' wrote his lawyer at the time of his sentencing. 'Mr. Hanes's vulnerability to the Pig Butcher scheme caused him to make some very bad decisions, for which he is truly sorry for causing damage to the bank and loss to the Stockholders.' This story was originally featured on
Forbes
18-06-2025
- Forbes
Do Not Use Any Website That's On This List—They're All Traps
All these websites are dangerous getty Sometimes it's hard to resist a click — and attackers know it. And with thousands of domains registered daily, it's all too easy to combine relevant keywords into something that seems legitimate but is not. They're all traps and you need to steer clear. So it is with the latest warning from BforeAI. In the immediate aftermath of the feud between President Donald Trump and Elon Musk, 'threat actors are attempting to capitalize on this new, high-profile rivalry to register and weaponize a broad array of malicious domains.' These domains lead users into a maze of 'crypto scams, phishing, fake betting sites, impersonation schemes, and engagement farming.' While malicious domains listed by BforeAI include gaming, betting and merchandise, it's the crypto-themed websites that stand out. Crypto became synonymous with the relationship between Trump and Musk and the flurry of crypto-related activity in the early days of the regime. Crypto lures will be all too believable to many. These are the domains you need to avoid: Website: (June 18, 2025) @UKZak The researchers point out that the attacks use 'a wide range of typical TLDs [top-level domains],' including .com domains that are more believable than the more standout .xyz, .site and even .wtf. Security researchers have repeatedly warned users to watch for less common TLDs, but clearly that's much harder when a .com is hijacked. While these lures focus on Trump versus Musk, that's not the warning here. It could be anything. Be wary of any domains using current event keywords to solicit a click. The team says the 'Elon vs. Trump feud' became 'a fertile ground for opportunistic threat actors' in much the same way as we've seen with other events, especially disasters and conflicts, such as the California wildfires or Ukraine war. This latest warning is similar to the list of Android apps hijacked to trick users into giving up their crypto wallet login details. For whatever reason, users seem more likely to shop around and take chances. Don't.
TechCrunch
29-05-2025
- Politics
- TechCrunch
US government sanctions tech company involved in cyber scams
The U.S. government imposed sanctions on FUNNULL, a company accused of providing infrastructure for cybercriminals running so-called 'pig butchering' crypto scams that have led to $200 million in losses for Americans victims. On Thursday, the Treasury's Office of Foreign Assets Control announced the sanctions, saying FUNNULL is 'linked to the majority of virtual currency investment scam websites reported to the FBI.' The press release said that the $200 million in losses results in an average loss of $150,000 per victim, but that the numbers 'likely underestimate the total losses, as many victims of scams do not report the crime.' Pig butchering scams involve criminals approaching victims online, often pretending to be interested in a romantic relationship, with the goal of tricking the victims into sending them money to invest in non-existent crypto projects. According to the Treasury, FUNNULL is based in the Philippines and run by Chinese-national Liu Lizhi, who was also sanctioned on Thursday. FUNNULL, according to the Treasury, generated domain names for websites on IP addresses it owns, and provided 'web design templates to cybercriminals.' 'These services not only make it easier for cybercriminals to impersonate trusted brands when creating scam websites, but also allow them to quickly change to different domain names and IP addresses when legitimate providers attempt to take the websites down,' the Treasury said. The FBI released an alert including more information about these activities. Techcrunch event Save now through June 4 for TechCrunch Sessions: AI Save $300 on your ticket to TC Sessions: AI—and get 50% off a second. Hear from leaders at OpenAI, Anthropic, Khosla Ventures, and more during a full day of expert insights, hands-on workshops, and high-impact networking. These low-rate deals disappear when the doors open on June 5. Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Berkeley, CA | REGISTER NOW The Treasury referred to the Polyfill supply chain attack in its press release, saying FUNNULL 'purchased a repository of code used by web developers and maliciously altered the code to redirect visitors of legitimate websites to scam websites and online gambling sites, some of which are linked to Chinese criminal money laundering operations.' Those activities are exactly what researchers from cybersecurity firm Silent Push accused FUNNULL of carrying out last year. Researchers found that FUNNULL was responsible for the Polyfill supply chain attack, which was launched to push malware to whoever visited websites that used Polyfill's code. The goal was to redirect users to a malicious network of casino and online gambling sites, the researchers found. Contact Us Do you have more information FUNNULL, or other companies facilitating scams? From a non-work device and network, you can contact Lorenzo Franceschi-Bicchierai securely on Signal at +1 917 257 1382, or via Telegram and Keybase @lorenzofb, or Do you have more information FUNNULL, or other companies facilitating scams? From a non-work device and network, you can contact Lorenzo Franceschi-Bicchierai securely on Signal at +1 917 257 1382, or via Telegram and Keybase @lorenzofb, or email . Zach Edwards, a researcher at Silent Push who worked on the FUNNULL report last year, told TechCrunch that he was 'really glad to see the facts aligned with our suspicions.' 'It's encouraging that the Treasury has taken actions against the largest pig butchering and money laundering network that exists targeting people in the U.S., but we know that more needs to be done,' said Edwards. 'This effort from FUNNULL is the tip of the iceberg for what is actually going on right now out of China with financial schemes targeting Americans.' 'Global threat actors that are targeting Americans with financial scams need to be held accountable, and doxing the companies they work with and the individuals who run those companies, is an important first step,' he added.
