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Bitcoin Revolution Scam Strikes Again with Singaporean Billionaire Becoming Its Latest Victim

  • Alex Dovbnya
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    Oil trading tycoon Lim Oon Kuin could have defrauded a bunch of gullible investors without suspecting anything 

Bitcoin Revolution Scam Strikes Again with Singaporean Billionaire Becoming Its Latest Victim
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According to The Straits Times, Singaporean billionaire Lim Oon Kuin, who spearheads oil trading firm Hin Leong, became the latest promoter of an infamous cryptocurrency scam. Thus, he joined a long list of politicians, businessmen, and celebrities who got “on its team.”

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“Bitcoin Revolution” is alive and kicking

Last year, U.Today reported that bad actors came up with an article about Norway investing a staggering $100 mln into an obscure Blockchain called “Bitcoin Revolution.” They copied CNN’s website design in order to make it seem legitimate. The effort turned out to be successful given the fake news spread like wildfire on social media with many social media users failing to smell a rat.

Fast forward to September 2019, “Bitcoin Revolution” is alive and kicking while using the same playbook to lure in new victims. This time, however, there’s a fake interview with Leong that never took place (as confirmed by a Hin Leong spokesman).

Bitcoin Revolution
image by straitstimes.com

Apart from shilling an obvious scam, the article also encouraged the readers to submit their sensitive data (including their credit card information).

Mr Lim Oon Kuin does not condone any of the alleged statements and representations set out in the article which are attributed to him," Hin Leong's spokesman told ST.

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Facebook takes swift actions

The report states that Facebook swiftly removed all ads that were related to “Bitcoin Revolution.” The social media giant was sued by multiple notable personalities, including Dutch billionaire John de Mol, for its reluctance to crack down on such scams.   

Facebook’s soon-to-be-launched coin Libra also birthed plenty of fakes on its own platform, which gives a good idea about the scope of this problem.

Cover image via news.u.today
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Crypto Crime: 21-Year-Old Australian Woman Faces 53 Charges for Laundering Stolen Funds with Cryptocurrency

  • Alex Dovbnya
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    Jasmine Vella-Arpaci, who was part of the major identity fraud ring, faces up to 53 charges after stealing millions of dollars

Crypto Crime: 21-Year-Old Australian Woman Faces 53 Charges for Laundering Stolen Funds with Cryptocurrency
Contents

On Sept. 17, Jasmine Vella-Arpaci, a 21-year-old woman from Australia, made her first court appearance after being accused of shipping millions of dollars with the help of crypto. The young mother has been charged with 53 counts of fraud and theft.

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A multi-million identity fraud

According to the Australian Securities and Investments Commission (ASIC),.the group of criminals, whose members referred to themselves as “Team Awesome,” would purchase stolen sensitive information on the dark web to open fake bank accounts in Australia. The funds were stolen from superannuation accounts and share-trading accounts of the gang’s unsuspecting victims.

The money was then transferred money to their accomplice in Hong Kong to trade expensive jewelry before sending it back home via cryptocurrencies.

Cybersecurity threats such as data breaches and financial system attacks are a major concern for ASIC and we will continue to pursue not only cyber-related market and superannuation offending but also the need for institutions to maintain their obligations to ensure they have adequate cyber resilience, says ASIC deputy chair Daniel Crennan

The investigation into the major crime syndicate continues with further arrests expected.

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Crypto scams on the rise

As reported by U.Today, cryptocurrencies scams have grown by more than 200 percent in Australia in 2018 with victims losing about $6.1 mln.

In 2019, this number could be easily topped. Back in July, an elderly couple lost a whopping 900,000 to an elaborate crypto scam, thus wasting all their retirement savings.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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