industry

Bitcoin fraud: Warning over new cryptocurrency scam as two arrested


Staff from the American Securities Exchange Commission (SEC) have discovered investment scams where fraudsters tout huge profits from cryptocurrency trades or ‘mining’ – where new electronic cash is created using large scale computing – to unsuspecting victims. The announcement came after cops in the US state of Oregon arrested Onwuemerie Ogor Gift and Kelvin Usifoh over alleged wire fraud and money laundering. The men are accused of attempting to solicit investments of Bitcoin through websites promising investors a 20-50 per cent return, with ‘zero’ risk and instant withdrawals. It is claimed the men told victims to deposit more bitcoin in order to receive the proceeds of their investments but never returned any funds to the victims.

The indictment alleges that in just over six months, they stole 10.88 bitcoins worth approximately £45,000 from the three victims

British investors lose an estimated £1.2billion to fraud and online scams are a growing threat.

Last month the NPCC National Cyber Crime Programme announced that every police force in England and Wales has a dedicated Cyber Crime Unit in place.

Chief Constable Peter Goodman said: “I am absolutely delighted to announce this significant step forward in improving the overall response to cyber crime in England and Wales.”



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