Říj 06

Bitcoin Fraudsters Set to be Deported from Philippines

Two Asian nationals are set to be deported from the Philippines to their respective countries. Their respective countries want the two individuals accused of economic crimes which include Bitcoin fraud.

PH Government Ridding the Country of Bitcoin Con Artists

According to the Manila Bulletin, the Philippines Bureau of Immigration (BI) plans to deport a Chinese and a South Korean national. Their governments want both men for their participation in illicit financial activities.

Commenting on the deportation order, Jamie Morente, the BI Commissioner, said:

We reiterate our warning to all foreign criminals who are hiding in the country that the long arm of the law will eventually catch you and we will send you back to your homelands.

The South Korean national, Go Yongsung was arrested on suspicion of his involvement in large-scale fraudulent activities. According to South Korean officials, between December 2015 and June 2016, Go used a Ponzi scheme to steal $33 million from unsuspecting investors.

Go, allegedly worked with five other co-conspirators to deceive people into investing in fake Bitcoin (BTC) 00 schemes. His arrest occurred in late September at his residence in Las Piñas City.

The other deportee, Lian Lilong, is a 36-year-old Chinese native accused of economic crimes. Lian, along with four other Chinese nationals stands accused of financial crimes. The Philippine National Police (PNP) arrested Lian on October 1 in the capital, Manila. Lian’s cohorts are still at large, but the PNP says there is already a standing deportation order on them.

Manila at night.

The Scourge of Bitcoin and Cryptocurrency Scams

The Philippines, like other countries in Southeast Asia, has seen an increase in the occurrence of Bitcoin scams. With cryptocurrency becoming increasingly popular, con artists looking to defraud are people conjure elaborate scams to steal from unsuspecting people.

The exact nature of the scams isn’t always known, with Bitcoin and other cryptocurrencies being used as the conduit for false investment claims. Earlier in the year, the PNP arrested a couple who ran an elaborate Bitcoin Ponzi scheme that siphoned more than $17 million from victims.

Elsewhere, Indian authorities recently arrested a couple of high-profile Bitcoin scammers, the latest in a series of arrests related to cryptocurrency crimes following a similar arrest of Divyesh Darji, a Bitconnect kingpin. State officials in many countries continue to warn investors to be wary of cryptocurrency scams.

What do you think about the spate of cryptocurrency scams in many countries around the world? Let us know your thoughts in the comment section below.

Images courtesy of Shutterstock.

Čvc 31

Floridian Thieves use Local Bitcoin Exchange to Rob Customers

Source: bitcoin

Floridian Thieves use Local Bitcoin Exchange to Rob Customers

With all the coverage surrounding massive Crypto Theft and Scams recently, whether it’s The DAO, OneCoin, or questionable ETC ownership policies on major exchanges, it’s easy to ignore the more mundane events in this arena. Luckily, Steve Manos, A man in Lake Worth Florida, was brave enough to ignore best practices and common sense to bring us this gem of an example of how not to buy Bitcoin.

Read Also: New Polaris GPUs Shake Up GPU Mining


Thieves Ill-Informed as Their Victim


Manos apparently needed several thousand dollars in Bitcoin, and quickly. Instead of waiting a few days on the verification process integral to services like Circle or CoinBase, he tried to source his Crypto locally, and all in one place. This unfolded with disastrous results according to the original article at the Sun Sentinel:

Andre Allen, Arrested for Theft of Manos’ 28K

“The exchange took place outside the restaurant at 2024 Military Trail. One of the men got into the front passenger seat of Manos’ car, while the second man sat behind Manos, according to the report.

Manos handed over 28 bundles of $1,000 in a gift bag. The front seat passenger took out a laptop to finish the exchange, but he also pulled out a knife. He pressed it to Manos’ chest; Manos told deputies.

Manos told the men to just take the money and leave. But a struggle ensued as the backseat passenger tried to grab Manos’ gun out of the driver’s door pocket.

The two robbers ran with the money. Manos chased them, but couldn’t keep up, the report said. The suspects got into an Acura, and sped off.”

Luckily, Manos was able to provide Law Enforcement with the would be Thieves’ Contact info, Resulting in their arrest when he later picked them from a lineup. Had he not had the presence of mind to do so, they would have got away with 28,000 dollars of Manos’ Cash.

So what can we learn from this misadventure, brought to us by a woefully ill-informed Cryptocurrency enthusiast? Surely local and decentralized bitcoin exchanges aren’t to blame! Well, of course they aren’t. By that logic, Pokemon Go is responsible for human stupidity, and Harambe was accountable Zoo Safety Oversight. Your main takeaway should be to go with reputable sellers, use multiple sources to limit your risk, and use multisig/escrow where possible. Had Manos done any of this, he likely wouldn’t be a contributor to the “Florida Man” Twitter account.

Thoughts on the risk thieves present to decentralized exchanges or Bad security? Leave them in the comments!


Images courtesy of Palm Beach County Sheriff’s Office

The post Floridian Thieves use Local Bitcoin Exchange to Rob Customers appeared first on Bitcoinist.net.

Floridian Thieves use Local Bitcoin Exchange to Rob Customers