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6 Fraudulent Crypto Exchanges In Ukraine

6 Fraudulent Crypto Exchanges In Ukraine

4 Ukrainian citizens suspected of operating at least 6 fraudulent cryptocurrency exchanges have been arrested on June 16. The men created platforms that imitated legitimate cryptocurrency exchanges, thus offering scam trading services. The victims were investors interested in buying tokens, who were asked to transfer money into digital wallets registered under forged identification documents through the fake trading sites, according to the press release. The uncovered crime group consisting of skilled programmers set up their own CMS-system to manage their networks. After police were informed of the fraudulent activity, all devices, including computers, mobile phones, hard drives and bank cards, used by the swindlers, were confiscated for a further investigation.

The police have opened criminal proceedings against them under Section 3 of Article 190 (Fraud) of Ukraine’s Criminal Code, but the total amount stolen still isn’t established.

 

 

State of India Adopting Blockchain Technology for Governmental Operations

State of India Adopting Blockchain Technology for Governmental Operations

As a blockchain innovation trailblazer in the subcontinent, the Indian state of Telangana has signed MoUs (Memorandum of Understanding) with diverse blockchain-based startups and experts to enlarge the use of the prospering technology in administrative operations.

Making State Administration See-Through

Telangana's I.T. and Industries head Jayesh Ranjan mentioned the implementation of blockchain in "six or seven" government applications. Previously, the state had tested blockchain-based land registry and pension platforms to increase transparency and decrease the risk of frauds in two spheres dominated by intermediaries. read more

Scam App Mimicking Ether Appears on Google Play Store

Scam App Mimicking Ether Appears on Google Play Store

Lukas Stefanko, a malware specialist from Slovakia, spotted a fraudulent "Ethereum" application on Google Play and shared his discovery on Twitter August 20.

Not What It Seems

In the tweet, the specialist noticed that purchasing the application is "not the same" as buying Ethereum, meaning that the app is a crypto scam made to defraud users by imitating the actual altcoin currently worth around $290.

The app had been allegedly offered at cost of €335 (around $388), as indicated by The Next Web.

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