Indian Authorities Arrest 4 Individuals Accused of Crypto Ponzi Scheme

The Criminal Investigation Department (CID) of India has arrested Vijay Prajapati, Dhiraj Patel, Kamruddin Syed, and Ashiq Shaikh, the alleged creators of the cryptocurrency KBC Coin, according to a report by The Times of India on July 4.

As per the report, the CID argues that KBC is a Ponzi Scheme. 

KBC reportedly launched 6 months ago,

Continue Reading …

U.S. Authorities Seek Extradition of Alleged Crypto Scammer

The United States Department of Justice (DoJ) has unsealed a fraud complaint against Swedish citizen Roger Nils-Jonas Karlsson and associated firm Eastern Metal Securities (EMS), according to a press release on June 19.

According to the DoJ Karlsson and EMS are charged with committing securities fraud, wire fraud and money laundering. Specifically,

Continue Reading …

Korean Authorities Investigate Alleged Crypto Scam That Promised Investors Shipwreck Gold

South Korean authorities are investigating a possible crypto investment scam involving the Seoul-based Shinil Group as the key figure, Korea JoongAng Daily reported July 31. Shinil Group (Shinil) allegedly promised to pay investors in gold from a sunken Russian shipwreck.

Earlier this month, Shinil announced it had found the Dmitrii Donskoi, a Russian armored cruiser that sank 113 years ago,

Continue Reading …

Korean Authorities to Legitimize Crypto Market as Soon as Possible to Prevent Hacks

The government of South Korea and local financial authorities are planning to pass the country’s first crypto and blockchain legislation as early as possible, to legitimize and strictly oversee the local cryptocurrency industry.

The newly drafted regulatory framework which covers a wide range of businesses and ventures from blockchain projects to crypto exchanges,

Continue Reading …