Cryptocurrencies
South Korean cryptocurrency mogul Do Kwon pleaded guilty on Tuesday to two fraud charges arising from the $40 billion collapse of a cryptocurrency ecosystem. Kwon, 33, co-founded Terraform Labs in 2018 and was extradited to the United States on December 31 from Montenegro after his arrest in Europe. As part
Entrepreneurs
Do Kwon, the former CEO of Terraform Labs and creator of the TerraUSD (UST) stablecoin, has pleaded guilty to two felony counts of securities fraud, wire fraud, and commodities fraud in a major development in the aftermath of the catastrophic collapse of the TerraUSD stablecoin in 2022. The $40 billion
Fraud
Sang Phuoc Do Le, a 39-year-old man from Oceanside, California, was charged in federal court for allegedly defrauding investors out of $2 million through a Ponzi-like scheme. Le, also known as "Andy Le," convinced investors that their money would be used to fund Apple reseller businesses, but instead
Fraud
Nathan Reis, a 47-year-old founder of the lender service provider Blueacorn, has pleaded guilty to conspiracy to commit wire fraud in connection with a scheme to fraudulently obtain COVID-19 relief money through the Paycheck Protection Program (PPP). During the national emergency, Reis exploited the taxpayer-funded program, submitting false and fraudulent
Fraud
In a significant development, the founder of Blueacorn, a lender service provider, pleaded guilty to a scheme to fraudulently obtain COVID-19 relief money guaranteed by the Small Business Administration (SBA) through the Paycheck Protection Program (PPP). Nathan Reis, 47, of Rio Grande, Puerto Rico, and previously of Arizona, co-founded Blueacorn
Fraud
During the height of the COVID-19 pandemic, relief programs were established to support small businesses and the economy. Unfortunately, some individuals exploited these programs for personal gain, stealing from taxpayers and legitimate business owners who genuinely needed help. The United States Attorney's Office, in conjunction with the Federal
Fraud
Guhaad Hashi, 49, pleaded guilty to conspiracy to commit wire fraud and conspiracy to commit money laundering for his role in a massive fraud scheme that exploited a federally funded child nutrition program during the COVID-19 pandemic. Hashi's scheme, which operated under the name Advance Youth Athletic Development,
Cryptocurrencies
South Korean cryptocurrency mogul Do Kwon, 33, also known as the "cryptocurrency king," pleaded guilty on Tuesday to two fraud charges stemming from the $40 billion collapse of Terraform Labs' cryptocurrency ecosystem. Kwon entered the plea in Manhattan federal court, where he is set to be sentenced
Fraud
Bahrain's financial institutions and citizens face growing risks from cybercriminals exploiting advances in machine learning to infiltrate search engines and generate convincing content. LexisNexis Risk Solutions director Rob Woods warned that fraudsters are using deepfakes to bypass traditional security measures, tricking customers into participating in the fraud. Woods
Fraud
Two Estonian nationals, Sergei Potapenko and Ivan Turõgin, have been sentenced to 16 months in prison for orchestrating a massive cryptocurrency Ponzi scheme that defrauded hundreds of thousands of victims worldwide, including in the United States. The men have already served 16 months in custody and were ordered to pay
Fraud
Google's 1.8 billion account holders are being warned about a new artificial intelligence-driven scam that exploits the company's own Gemini AI assistant, which is designed as a chatbot. Hackers are using Gemini to trick users into revealing their passwords without their knowledge. This scam is
Fraud
A fake website, claiming to offer cash grants through Safaricom's M-Pesa service, has been circulating on social media, drawing in unsuspecting users with promises of Sh5,000 rewards. However, upon closer inspection, the site displays several red flags, including pressure tactics and a suspicious URL. The website'
