Cryptocurrency Daily Thefoxposts.com

UK police have returned £8 million ($10 million) in bitcoin to a trader who was scammed six years ago, by a group that exploited a glitch in a crypto exchange to steal at least £22 million ($28 million) from users. On Saturday, the Lancashire Fraud and Cyber Crime unit reported it return ed the £8 million to the victim last week. Their funds were taken by a gang of Blackpool-based Crypto scammers that were sentenced earlier this year. The group reportedly stole untold millions from victims of the Australian crypto exchange CoinSpot in late 2017. Authorities say the gang used someone in Dubai to convert the stolen crypto into cash before the group laundered it through foreign online accounts. The gang struggled to spend all the money themselves and reportedly handed out £5,000 ($6,000) gift cards to strangers and bought cars for “people they met in the pub.” Delighted to report that earlier this week the Fraud and Cyber Teams worked together to return £8,000,000 of stolen bitc...

Over 1,000 Indian police officials have been caught up in a fake crypto scam that managed to dupe more than 250,000 victims out of an estimated Rs 2,000 crore ($240 million). According to India Today, the Ponzi-style scheme enticed investors with promises of hefty returns on investment in two fictitious cryptocurrencies, Korvio Coin (KRO) and DGT Coin. Victims, tempted by the promise of massive bitcoin-like gains, were fooled by fake websites displaying manipulated prices for the non-existent currencies. They were also encouraged to recruit more individuals with the money handed over by these new recruits used to pay older investors. Police officers from Himachal Pradesh’s Mandi district reportedly lost millions of rupees to the scammers but while many were content to recoup their losses, some also became promoters, using their standing in the local community to attract other unsuspecting victims . According to Tribune India, senior police sources say “It is a huge Sca...