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Scam News

John McAfee: Twitter Never Responds To Crypto Scam Tweets

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John McAfee- Twitter Never Responds To Crypto Scam Tweets

John McAfee: Twitter Never Responds To Crypto Scam Tweets

 

In recent days it has been brought to light, a series of misadventures of an insidious scammer pretending to be none other than John McAfee.

MCAFEE: TWITTER NEVER EVEN RESPONDS TO MY CRYPTO SCAM REPORTS

Mr. John McAfee responded by sharing his frustration with an issue that continues to plague the crypto community at large: Twitter bitcoin scams.

McAfee said:

“This happens three or four times a day where people pretending to be me on various platforms, attempt to scam people using a variety of scams.”

 

“On my Twitter account everyone of my tweets are peppered with comments from people pretending to be me and attempting to get people to send Bitcoin or Ethereum in exchange for a larger amount. I no longer bother to report them to Twitter because I never get a response.”

Twitter has the paradoxical reputation of being both incredibly resourceful and annoyingly frustrating. Influencers find it increasingly difficult to wade through the information swamp only to interact with their genuine followers.

CALLS GROW LOUDER FOR AN END TO TWITTER BITCOIN SCAMS

Bitcoin giveaway scams have plagued accounts belonging to everyone from Elon Musk to Pope Francis. 

Popular tweets have a long history of scammy responders. By now you’d think they’d have nipped the issue in the bud. It’s been more than a year since CEO Jack Dorsey promised to tackle the problem quickly.

If anything, the situation has actually become worse. CNBC Crypto Trader host Ran Neuner recently echoed McAfee’s sentiment by calling Dorsey out for wasting resources developing a controversial new user interfacewhile these scams continue to exploit novice crypto users.

Ran NeuNer@cryptomanran

Hey @jack , instead of giving us a new UI that is worse than the previous one, can you not use the resources to fix this very simple problem?

View image on TwitterView image on Twitter

For now, Twitter holds the crown as the undisputed king of short-form content. But what if a serious scam-resistant contender ever comes along? Well, it won’t take much for major influencers like Mr. Renegade himself to jump ship.

Altcoin News

Rumor That Russia Will Investigate an Allegedly Fraudulent TON Offering in UK

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Rumor That Russia Will Investigate an Allegedly Fraudulent TON Offering in UK
Rumor That Russia Will Investigate an Allegedly Fraudulent TON Offering in UK

Shortly after lifting the country’s Telegram ban, Russian authorities began investigating potentially fraudulent offerings involving the company’s unlaunched token, Gram. The token was at one time meant to serve a new blockchain ecosystem known as the Telegram Open Network, or TON. Reports indicate that Russian prosecutors are set to investigate a British firm that allegedly sold fraudulent tokens related to Telegram’s terminated blockchain project. The news was reported on July 3 by the local news agency, Baza.io. 

According to the report, the action was brought to a local investigative committee by “several Russian entrepreneurs” that claimed to have purchased $11.7 million in Gram tokens. Telegram CEO Pavel Durov officially announced closure of the TON project on May 12. At that time, the Russian investors reportedly attempted to terminate their contract with the British company. Allegedly having Russian roots itself, the unnamed British firm reportedly wrote off $1.5 million in commissions, having returned just $10.2 million to investors, according to Baza.

This news comes soon after Telegram apparently settled its long-running legal battle with American authorities over the company’s $1.7 billion initial coin offering, or ICO. The ICO involved roughly $400 million in investments from United States citizens. On June 26, the U.S. court’s final judgment required Telegram to return $1.2 billion to investors. Telegram purportedly has already repaid the amount, with some U.S. investors confirming that they received a 72% refund. This amount is in line with Telegram’s original reimbursement scheme.

Russia’s interest in Gram comes against the backdrop of some meaningful regulatory changes. After two years of unsuccessful efforts to block Telegram messenger in the country, Russian authorities suddenly decided to lift the ban on June 18. The decision came just a few weeks before Russia conducted a seven-day long constitutional vote — the results of which could potentially allow President Vladimir Putin to extend his 20-year rule until 2036.

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Blockchain News

What Does What Happened To Wirecard Mean For Blockchain

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What Does What Happened To Wirecard Mean For Blockchain
What Does What Happened To Wirecard Mean For Blockchain

Some of the most impactful frauds in modern history, from the Enron scandal to the Bernie Madoff investment scheme, were carried out by malignant actors inside or at the helm of corporate entities who manipulated the tangled, esoteric financial records. This is precisely the kind of behavior blockchain technology is designed to obliterate. The rapid demise of the German financial technology company Wirecard, which established itself in the blockchain community as a major crypto debit card issuer, seemingly belongs to the same category of events. In the long term, it might contribute to the growing public demand for increased transparency of corporate financial records and money flows.

The power to issue cryptocurrency debit cards connected to the Visa and Mastercard systems is an enviable one. Businesses that find themselves in this position serve as a gateway between the realm of digital cash and the world where it can be exchanged for goods and services as handily as fiat money. This middleman job is also quite lucrative, as companies that absorb both the volatility risks and trouble of compliance are entitled to hefty fees on every step of the process. 

The regulatory burden, however, is so onerous that there is usually no more than one major principal provider issuing the bulk of Visa and Mastercard cryptocurrency cards at a time. A company called WaveCrest was once backing a handful of the most popular products in this space — such as Cryptopay, Bitwala and TenX — until it fell out of grace with Gibraltar regulators and was shown the door by Visa in early 2018. A German payments group, Wirecard, then stepped in to fill the void, eventually onboarding crypto card providers Crypto.com and Wirex, as well as WaveCrest’s orphans, TenX and Cryptopay. A rare European fintech success story, Wirecard rose to prominence as a global payments processor and triumphantly entered DAX, Germany’s premier stock market index. Wirecard was big in the fintech field long before the term came to be associated with the convergence of finance and blockchain technology. Seamus Donoghue, the vice president of sales and business development at Metaco — a provider of digital asset technology solutions — observed:

“Wirecard AG began processing payments for gambling and pornographic websites 20 years ago and has grown to become a bluechip DAX listed German tech darling. With a peak market capitalization of 25 billion dollars, it counts Olympus, Getty Images, Orange and KLM among its customers. As a payment service provider, merchants use it to accept payment through credit cards, PayPal, Apple Pay and others.”

Operating on a truly sizable scale within the traditional financial system, Wirecard “does not appear to have branched out to service crypto firms in any meaningful way,” said Jeff Truitt, the chief legal officer of Securrency — a firm providing technology infrastructure to the regulatory technology and financial technology industries. Truitt also noted that few of the mainstream press articles covering Wirecard’s meltdown mentioned its affiliation with crypto at all.

Foreshadowing Wirecard’s present collapse was a chain of incidents where the group’s various units were suspected of fishy accounting practices. The Financial Times even ran a specialized series, “House of Wirecard,” looking into various instances where the company’s financial reporting raised questions. Last year, Wirecard emerged largely unscathed from a scandal that uncovered a pattern of systematic book-padding across the firm’s Asian operations. The latest round of controversy began to unfold on June 18, when Ernst & Young auditors reported that they were unable to locate more than $2 billion that was supposed to be sitting in Wirecard’s Philippines-based accounts. 

A few days later, the payment processor’s board admitted that the funds likely did not exist. From there, things escalated quickly with CEO Markus Braun’s arrest on June 23 and Wirecard’s insolvency filing on June 25, followed by the United Kingdom’s financial regulator suspending the firm’s subsidiary that issues Visa crypto debit cards. Fortunately for cardholders, the ban proved to be short-lived, as it was lifted after just three days. Against the backdrop of law enforcement officers searching its Munich headquarters, Wirecard is now going into administration. As the Financial Times reported, potential buyers are already lining up for its various units. Expectedly, in a matter of a few days, the value of the company’s stock all but evaporated. Despite EY claiming that its “robust and extended audit procedures” could do little to detect the complex fraud scheme, disgruntled investors are taking legal action against the auditor for failing to report the abuse soon enough.

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Regulation News

A New Study Reveals Indonesia Was Hit Hard By Crypto-Centric Attacks

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A New Study Reveals Indonesia Was Hit Hard By Crypto-Centric Attacks
A New Study Reveals Indonesia Was Hit Hard By Crypto-Centric Attacks

Research from Microsoft reveals that Indonesia had the highest malware encounter rate across the Asia Pacific region in 2019. They conclude that this indicates a surge in cryptojacking and ransomware attacks. The report shows that the region continues to experience a “higher-than-average” encounter rate for ransomware and other malware attacks, posting figures 1.6 and 1.7 times higher than the rest of the world, respectively.

Indonesia had a 10.68% malware attack rate during 2019. While this does represent a 39% decrease, the figures remain two times higher than the regional average, Microsoft says. Regarding ransomware attacks, Indonesia is now ranked in second place in terms of encounter rate at 14%. This is 2.8 times higher than the average registered across other countries in the region. Cryptojacking encounter rates stood at 10% in 2019, two times higher than the regional and even global average. They had the highest encounter rate across the Asia Pacific region and ranked #4 globally. Haris Izmee, president director of Microsoft Indonesia, commented:

“While recent fluctuations in cryptocurrency value and the increased time required to generate cryptocurrency have resulted in attackers refocusing their efforts, they continue to exploit markets with low cyber awareness​ and low adoption of cyber hygiene practices.”

Microsoft Intelligence Protection researchers raised concerns about the increase of COVID-19 themed attacks across every country in the world. They note that there has been at least one incident per country, with the number of successful attacks in high-outbreak countries on the rise. Most COVID-19 related cyberattacks are delivered via malicious email attachments or URLs. Hackers often impersonate global entities with key roles in the pandemic like the World Health Organization, or WHO, Centers for Disease Control and Prevention, or CDC, and the U.S. Department of Health.

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