Haru Invest Declared Bankrupt Amidst $1B Investor Fraud
After being linked to a $1 billion cryptocurrency scam, the Seoul Rehabilitation Court formally declared cryptocurrency yield platform Haru Invest bankrupt. Haru Invest, a cryptocurrency yield company that operates under Haru Management Limited, reportedly cheated investors of 1.4 trillion won, or $1 billion, in a “rug pull” scheme that left creditors reeling, according to investigations […]
Judge Sentences IcomTech Promoter to 8 Years for Crypto Fraud
IcomTech allegedly defrauded users of over $8 million between 2018 and 2019, and Rodriguez’s colleague is set for sentencing on November 22. Gustavo Rodriguez received an eight-year jail sentence for organizing a conspiracy to conduct wire fraud to promote the cryptocurrency mining and trading company IcomTech. Judge Jennifer Rochon stated that she had discovered “intentional […]
FTX Adviser AlixPartners Improves Crypto Tracing with Chainalysis
Crypto and DeFi fraud schemes resemble 1980s lending schemes and dot-com market manipulation, according to AlixPartners’ David White. Consulting firm AlixPartners, which is handling FTX’s bankruptcy proceedings, has joined forces with blockchain research company Chainalysis to enhance cryptocurrency tracing efforts. Announced on Oct. 31, the partnership aims to bolster digital asset tracing and forensic investigation […]
US Treasury Recovers $4B in Fraud Using AI
The U.S. Treasury used AI to recover $4 billion in fraud and improper payments in the 2024 fiscal year, a significant increase from $652.7 million recovered the previous year. The department began implementing machine learning AI in late 2022 to analyze large data sets and enhance fraud detection. In the 2024 fiscal year, the United […]
Revolut Prevents $14M in Fraudulent Crypto Transfers
Revolut claims to have stopped possible cryptocurrency fraud worth close to $13.5 million in the last three months. According to a press release, the fintech firm Revolut stopped $13.5 million in possibly fraudulent cryptocurrency transfers. Neobank, a financial company based in London, introduced “Revolut X,” a cryptocurrency exchange, early this year. Since then, it has […]