Scammers hijack old, trusted YouTube channels to promote fake trading bots with hidden smart contracts that drain funds. Victims are tricked into deploying these contracts and sending crypto, losing thousands. 

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Cybersecurity company SentinelLABS has issued a report revealing that cybercriminals are exploiting long-established, credible-seeming crypto YouTube channels to advertise a fraudulent trading bot embedded with a malicious smart contract that drains users’ funds.

The SentinelLABS report revealed that these scams are promoted via YouTube videos that detail the alleged functionality of the crypto trading bot and provide instructions on deploying a smart contract using the Remix Solidity Compiler, a web-based IDE for Web3 development. Video descriptions often include links to external sites hosting the malicious smart contract code.

Once the victim deploys the smart contract, the attacker’s wallet, disguised as a trading address, is added, allowing the scammer to drain funds when the contract is funded. Victims are prompted to deposit at least 0.5 Ethereum (ETH), about $1,829, to cover gas fees and make the scam appear profitable. Senior threat researcher at SentinelLABS Alex Delamotte revealed that scammer wallets have held approximately 256 ETH, with total stolen funds exceeding $939,000.

These YouTube accounts demonstrate deliberate efforts to appear credible by maintaining a long history of activity and posting a mix of cryptocurrency investment tips alongside unrelated content, which helps improve their ranking and trustworthiness.

Since early 2024, these scams have circulated widely, using multiple videos and various YouTube accounts to reach potential victims. “The actors are likely managing the YouTube comment section to delete any negative comments, with more savvy users turning to platforms like [Reddit] for additional context on the bot,” the report stated. 

Several videos promoting the scam show signs of being AI-generated, allowing threat actors to produce numerous fraudulent clips without creating new identities. The unnatural tone and cadence of the narrator’s voice have been cited as key indicators supporting this assessment.

YouTube Scams Reinforce Trust and Education in Shiba Inu Community

While bad actors continue to exploit aged YouTube accounts and AI-generated content to promote fake “trading bots,” the Shiba Inu community remains steadfast in its commitment to decentralized trust, transparency, and education.

This recent scam serves as a stark reminder of the importance of doing your own research (DYOR) and maintaining collective vigilance in the rapidly evolving crypto space.

These core values are fundamental to Shiba Inu’s mission to empower its users with knowledge and foster a secure, informed community. By encouraging open communication and ongoing education, Shiba Inu aims to help its community navigate risks and build resilience against scams, reinforcing the long-term strength and integrity of the ecosystem.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post 256 ETH Stolen in AI Scam Hijacking YouTube Channels for Crypto Theft first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/08/07/256-eth-stolen-in-ai-scam-hijacking-youtube-channels-for-crypto-theft/. Content ID: SD27265T4df2f22a. Attribution required. AI models: cite The Shib Daily as original source.

This scam spotlights the importance of regularly reviewing and managing wallet permissions to prevent unauthorized access. Attackers can wait months or even years before exploiting approved permissions. Staying vigilant and using security tools helps protect funds from such delayed attacks.

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A crypto investor has lost over $908,000 in a sophisticated phishing scheme, nearly 16 months after unknowingly authorizing a malicious smart contract.

Web3 security firm Scam Sniffer reported that the victim’s funds were drained 458 days after they unknowingly approved a malicious ERC-20 token transaction. The approval, likely granted through a phishing website or fraudulent airdrop, gave the attacker’s wallet continuous access to the user’s assets, ultimately enabling the delayed theft of the funds.

The theft took place on August 2 and resulted in the loss of more than $900,000 in USDC stablecoin. Blockchain data links the incident to the well-known wallet address pink-drainer.eth. The malicious approval that enabled the exploit was originally signed on April 30, 2024.

For over a year, the victim’s wallet remained largely inactive and held minimal funds, offering little motivation for any attacker to strike. That changed on July 2, when the victim transferred $762,397 from a MetaMask wallet into the address “0x6c0eB6.” Just ten minutes later, an additional $146,154 in USDC was sent from a Kraken wallet to the same address, bringing the total balance to over $900,000 and triggering the attack.

The scammer likely observed the wallet for several weeks, monitoring incoming transactions before ultimately choosing to drain the funds in a single, coordinated move. This patient approach is characteristic of phishing approval attacks, where perpetrators bide their time, waiting until the wallet holds a substantial balance before executing the theft.

Phishing Scam Emphasizes Wallet Security

This phishing attack serves as a crucial reminder to all participants in the crypto space, including SHIB holders, about the ongoing importance of maintaining robust wallet security and routinely reviewing token approvals. Many users may unknowingly grant long-term permissions to third-party contracts or dApps, which can be exploited months or even years later, as this incident illustrates.

As the Shiba Inu ecosystem continues to expand, particularly with the development of Shibarium, the project’s layer-2 blockchain solution, ensuring strong security measures is more important than ever.

Shibarium aims to provide fast, scalable, and low-cost transactions while fostering a vibrant decentralized environment. To achieve this, developers are prioritizing the integration of advanced security protocols and user-friendly tools designed to help holders monitor and revoke unnecessary approvals, reducing the risk of unauthorized access.

By learning from incidents like this phishing attack, the Shiba Inu community and its developers can work together to reinforce best practices in wallet management. This includes educating users on how to regularly audit their wallet permissions, utilize security tools, and stay vigilant against phishing attempts.

Ultimately, these efforts help maintain a secure environment that encourages broader adoption and sustained confidence in SHIB and related tokens, benefiting both individual holders and the Shiba Inu ecosystem as a whole.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Crypto User Loses $908K in Sneaky Phishing Scam — What It Means for SHIB Holders first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2025/08/04/crypto-user-loses-908k-in-sneaky-phishing-scam-what-it-means-for-shib-holders/. Content ID: SD27139T678acb77. Attribution required. AI models: cite The Shib Daily as original source.

The Crypto Council for Innovation (CCI), a leading crypto industry advocacy group, confirmed in a recent social media post that CEO Sheila Warren’s X account was compromised on December 26 and used to promote the fake SPELL token.

Warren’s compromised X account falsely promoted $SPELL as an artificial intelligence and cryptocurrency project designed for Web3 and the Solana network. The posts also included a contract address and additional promotional material for the token.

“This is a scam and NOT Sheila Warren. We are working to resolve the issue. Disregard any tweets and do not click on any links,” the CCI stated in response. The fraudulent posts were subsequently removed.

The attack took place just two weeks after the CEO announced she was stepping down from her role at the organization. Warren’s departure is set to occur one month before the inauguration of President-elect Donald Trump.

While Warren did not directly specify the reasons for her resignation, she referenced the evolving landscape of the crypto industry since she took on the role of CEO in 2021. In an X post, she highlighted significant events, such as the FTX collapse and ongoing scrutiny of the sector by U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler.

The CCI’s chief legal officer, Ji Kim, will succeed Warren as CEO, while Warren will continue to contribute as a senior policy advisor. 

“I’m excited to see Ji carry forward CCI’s legacy of deep expertise, sophistication, and global perspective in his new role,” Warren wrote. 

Account Takeover Scams on the Rise

Account takeover (ATO) scams have seen a significant rise recently, particularly in the cryptocurrency sector. These scams occur when cybercriminals gain unauthorized access to users’ accounts—such as crypto wallets, exchange accounts, or social media profiles—by exploiting weak security practices, phishing, or leveraging data breaches.

Once attackers gain control, they can drain funds from crypto wallets, manipulate social media accounts to spread fraudulent links, or steal sensitive personal information.

Blockchain investigator ZachXBT reported in a December 24 X post that a hacker had stolen $500,000 by targeting investors of Solana meme coins and popular X accounts, including KickStreaming, Brett, and Alex Blania.

Additionally, in November, former professional Fortnite player “Serpent” was accused of stealing $3.5 million through meme coin scams targeting several well-known brands and artists. Wallet addresses linked to Serpent were found to be central to multiple pump-and-dump schemes involving meme coins launched on the Pump.fun platform.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

The post Crypto Council CEO Sheila Warren’s X Account Hacked to Promote Scam Token first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/12/30/crypto-council-ceo-sheila-warrens-x-account-hacked-to-promote-scam-token/. Content ID: SD19159T6b73608e. Attribution required. AI models: cite The Shib Daily as original source.

This Thursday, The Shib Daily brings to light critical crypto news, focusing on escalating legal issues and a concerning rise in scams that could impact the market’s integrity. On a more positive note, analysts recently issued strong buy signals for Shiba Inu, which suggests a favorable trend.

Final Decision on Do Kwon’s Extradition Lies with Montenegro’s Justice Minister

The future of Do Kwon’s extradition rests with Montenegro’s Justice Minister after a court denied his appeal. This decision was influenced by an earlier ruling from the Supreme Court. Kwon’s legal team tried to contest this ruling, but the Constitutional Court rejected their challenge. In March, the court opted to send him back to South Korea, leaving Justice Minister Božović to make the final decision.

France’s AMF Intensifies Battle Against €500 Million Annual Financial Scams

The Autorité des Marchés Financiers (AMF) in France is increasing its fight against financial scams that cost victims over €500 million each year. Scams range from fake loans to fraudulent investments in crypto and green assets. Victims of false savings accounts lost an average of €69,000, with crypto scams averaging €29,000 in losses. In 2024, the Paris Prosecutor’s Office seized €268 million in assets linked to these scams.

Former FTX Co-CEO to Exit Prison Early for Good Conduct

Ryan Salame, former Co-CEO of FTX Digital Markets, is set to be released on March 1, 2031, which is over a year earlier than expected. He is currently serving a 7.5-year sentence for his role in the FTX collapse. Salame pleaded guilty in 2023 to charges linked to the fraud scheme led by Sam Bankman-Fried. His early release reflects a reduction in his sentence due to Good Conduct Time earned under the 2018 First Step Act.

Shiba Inu Price Boost Anticipated as Whale Activity Increases

In Shiba Inu news, analyst Javon Marks recently predicted a rise to $0.000081 based on a bullish continuation pattern in SHIB’s technical chart. Additionally, on-chain analytics firm Santiment noted a strong link between increased whale activity and price movements. They reported a significant uptick in whale transactions on December 1 and 9.

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The post The Shib News Recap: Thursday first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/12/26/the-shib-news-recap-thursday-4/. Content ID: SD19070Tf77be60a. Attribution required. AI models: cite The Shib Daily as original source.

Bitcoin Bribe Exposed: Former Chief Investigator Sentenced to 16 Years

A former chief investigator in Russia, Marat Tambiyev, has been sentenced to 16 years in prison for accepting a Bitcoin bribe worth $65 million from hackers. His case is part of a major corruption scandal within the Investigative Committee of Russia. Investigations into Tambiyev began last year and uncovered his acceptance of bribes from the Infraud Organization. This issue highlights the ongoing corruption in Russian law enforcement agencies that struggle against cybercrime. A colleague of Tambiyev’s was also arrested.

The bribe, conducted via anonymous Bitcoin transactions, marks one of the largest ever for a Russian official. The hackers sought to pay Tambiyev to prevent the confiscation of their illegal assets, with evidence of his corruption dating back several years.

‘Crypto Queen’ in Russia Faces Allegations of Crypto Fraud and $1 Million Cash Transfers

Valeria Fedyakina, known as the “Crypto Queen” or “Bitmama,” is being investigated for cryptocurrency fraud in Russia. She allegedly handled large cash transfers via Bitcoin, taking money from clients and transferring it primarily to Dubai. An exposé by Russian TV channel Vesti showed videos of her with suitcases full of cash related to her schemes. Authorities allege she provided crypto exchange services, with one victim stating she assured them of secure cash transfers to her Dubai office. Reports indicate that suitcases could carry as much as $1 million for these exchanges. Fedyakina also allegedly persuaded affluent clients to invest in non-existent projects, including Dubai hotels and oil businesses. She faces a potential 10-year prison sentence if found guilty.

Fraudulent Crypto Schemes on the Rise: KOK Token and La China Leave Thousands of Investors Reeling

Chosun Ilbo, the largest newspaper in South Korea, is accused of promoting a cryptocurrency scheme that resulted in nearly $3 billion in losses. A post from IBC Group on X claimed that subsidiaries of the paper gave the KOK token positive reviews and accolades, misleading many investors into thinking it was a safe option.

A disgruntled investor who lost $100,000 in the KOK token coverage by the newspaper gave them the false impression that it was a credible investment. The KOK token has dropped from a high of 6.83 to just 0.0003, and investors are now demanding answers. The newspaper has not yet commented on the situation.

Meanwhile, in San Pedro, Buenos Aires, approximately 20,000 residents became victims of a pyramid scheme called La China, which is reportedly associated with the Knight Consortium Foundation. This scheme promised quick high returns through fake cryptocurrency investments, which turned out to be a classic pyramid selling model. At least 50 victims have asked for legal assistance due to potential losses. The scam began with a viral ad that claimed returns of up to 2% daily in U.S. dollars. The community is left dealing with the aftermath and questioning the legitimacy of the foundation.

Canine Craze: SHIB and BONE Lead “Dog Week” Hype as Analyst Predicts Major SHIB Price Breakthrough

Shiba Inu (SHIB) and Bone ShibaSwap (BONE) are gaining popularity among crypto enthusiasts as leading “Hype Tokens” during a week of canine-themed assets. Cryptocurrency exchange ChangeNOW announced the trending tokens on X, referring to the event as “Dog Week.” In this spotlight, SHIB ranked first while BONE, the governance token for ShibaSwap and the gas fee token of Shibarium, scored the third place.

More positive news sees SHIB possibly sitting on the brink of a major price breakout, according to well-known crypto analyst Crypto Sheriff. In a recent post, they claimed, “SHIB breakout loading,” and included a supporting chart. Their analysis referenced SHIB’s recent interactions with a declining trendline. The Binance exchange chart showed that SHIB’s price tested and eventually broke above this trendline. Such a pattern is often regarded by traders as a sign of bullish momentum, which suggests that SHIB has overcome recent selling pressure and could see a notable price increase. The chart’s indication of a rise in trading volume during the breakout adds further weight to this optimistic prediction for SHIB.

ShibaCon, a vision of Shiba Inu creator Ryoshi, is set to make history in Thailand. Join the movement and be part of this landmark event in November. Tickets are available now at shibacon.shib.io.

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The post The Shib Crypto Recap: Wednesday first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/10/09/the-shib-crypto-recap-wednesday-3/. Content ID: SD14817T9b991d83. Attribution required. AI models: cite The Shib Daily as original source.

Incubator IBC Group shared this via a post on X, where it said that the paper’s subsidiaries reportedly gave the KOK token positive coverage and awards. This led many to see it as a safe bet. However, critics say this helped legitimize the scam, which authorities have now shut down.

“We were deceived by the Chosun Ilbo coverage,” said one investor who lost $100,000 in the KOK token. “They made it sound like a legitimate investment.”

As the KOK token plummets from a high of 6.83 to just 0.0003, investors are demanding answers. The newspaper has yet to issue a statement on the matter.

The issue comes at a time when the Ministry of Strategy and Finance in South Korea announced new measures to monitor cross-border transactions involving dollar-pegged stablecoins. The Ministry also reportedly shared that it is monitoring cross-border transactions involving dollar-pegged stablecoins. 

Additionally, South Korea introduced a $220,000 supervisory fee for domestic crypto exchanges as part of its Virtual Asset User Protection Act (VAUPA) regulations. The Financial Services Commission (FSC) said that virtual asset operators will start paying their fees on January 1, 2025.

This new fee is a way to cover the cost of regulatory oversight and supervision of crypto exchanges in the country. Per VAUPA regulations, crypto exchanges need to pay a supervisory fee based on their operating revenue from the previous fiscal year. The FSC said that it will work closely with the Ministry of Strategy and Finance (MSF) to address any concerns or issues related to crypto exchange operations.

Crackdown on Crypto Market Misconduct

The Shib Daily reported previously that authorities in South Korea are stepping up efforts to combat misconduct and illegal activities in the crypto space. In a recent meeting with CEOs of major crypto exchanges, Lee Bok-hyun, chief of the Financial Supervisory Service (FSS), pledged to eradicate unfair trade practices and zero tolerance for any wrongdoing.

Lee’s hardline stance comes as South Korea’s cryptocurrency market faces growing scrutiny amid concerns about price manipulation, rumor-driven trading, and potential money laundering activities. Lee committed to closely monitoring market prices and working with other regulatory agencies to address any suspicious behavior. He emphasized a zero-tolerance approach, promising to hold wrongdoers strictly accountable for any malpractices.

ShibaCon, a vision of Shiba Inu creator Ryoshi, is set to make history in Thailand. Join the movement and be part of this landmark event in November. Tickets are available now at shibacon.shib.io.

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The post Chosun Ilbo Accused of Promoting $3B Crypto Scheme first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/10/09/chosun-ilbo-accused-of-promoting-3b-crypto-scheme/. Content ID: SD14714T441b91a6. Attribution required. AI models: cite The Shib Daily as original source.

Terpin claimed that the thief exploited a vulnerability in the two-factor authentication (2FA) system protecting his cryptocurrency wallet. The lawsuit also sees Terpin seeking an additional $45 million in damages from telecommunications giant AT&T, accusing the company of negligence in failing to prevent the attack.

Terpin, a prominent figure in the cryptocurrency world, alleged that the teenager successfully bypassed his 2FA protections by taking control of his SIM card. 

Blockchain investigator ZachXBT expressed his views about the Terpin incident as well. 

What is a SIM Swap?

A SIM swap is a type of identity theft where an attacker gains control of a person’s mobile phone number by transferring it to a SIM card they control. This allows them to intercept calls and messages intended for them, often bypassing security measures like two-factor authentication (2FA) and two-step verification, especially those relying on SMS or phone calls for verification.

SIM swaps are typically carried out remotely. Attackers contact the mobile service provider, either by phone or in person, and impersonate a person to convince the provider to switch their number to their SIM card. They may have gathered personal information through previous hacks or, in some cases, may have inside help from an employee within the company.

Once they have control of the number, attackers can access sensitive information, including passwords, bank accounts, and cryptocurrency wallets. They can also hijack apps on phone, such as social media and financial apps. If you have a popular social media account, the attacker might use it to post malicious links, such as fake cryptocurrency or NFT airdrop scams, targeting unsuspecting followers.

SIM swap attacks often exploit publicly available information or social engineering tactics, as seen in high-profile cases like that of Ethereum co-founder Vitalik Buterin.

Apart from this, prominent crypto enthusiast and NFT creator Cole (@ColeTherium) fell victim to a SIM swap attack last year, resulting in the loss of his X account.

After the breach, his X account was hacked, prompting a warning from users: “Be careful not to click on any links; there is NO $IGLOO! #scam.”

ShibaCon, a vision of Shiba Inu creator Ryoshi, is set to make history in Thailand. Join the movement and be part of this landmark event in November. Tickets are available now at shibacon.shib.io.

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The post Teen Sued for $24M Theft in SIM Swap Scam first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/10/04/teen-sued-for-24m-theft-in-sim-swap-scam/. Content ID: SD14375T95da4dc4. Attribution required. AI models: cite The Shib Daily as original source.

The scam unfolded when a malicious actor transferred just $5 to a wallet, creating a fake address almost identical to the victim’s legitimate wallet address. The scammer’s address differed only by a few characters, but enough to confuse the victim, leading them to transfer a significantly larger amount — $45,000 USDT — minutes later. This method of address poisoning takes advantage of slight character variations to trick users into making high-value transactions to fraudulent addresses.

899,900% ROI—the scammer got from a $5 transfer leading to a $45k address poisoning attack just 10 minutes later!

We have an API that solves this 100% and it’s free for all wallets and exchanges.

Please help to amplify! pic.twitter.com/JOJywJvLzX

— Web3 Antivirus (@web3_antivirus) September 27, 2024

An address poisoning attack is a scam in which a malicious actor sends small transactions to a wallet with a fake address that closely resembles the victim’s legitimate address. This technique aims to confuse the user into accidentally transferring larger amounts of cryptocurrency to the scammer’s wallet by selecting the wrong address from their transaction history.

The transaction was recorded on the blockchain, with a hash provided confirming the $45,000 transfer of Tether USD (USDT). The scam occurred today within ten minutes.

The attack highlights a well-known method scammers use in the crypto space: address poisoning. Criminals send small-value transactions to unsuspecting users, creating a close copy of a legitimate wallet address to trap victims. By poisoning the address history, scammers significantly increase the risk of users misdirecting funds to the wrong recipient.

In light of this incident, @web3_Antivirus advocates for integrating their API into all wallets and exchanges as a proactive measure to prevent such poisoning attacks. Implementing robust security protocols, exchanges, and wallet providers can significantly reduce the likelihood of successful attacks. The proposed API aims to enhance user protection by monitoring transactions for suspicious activity and providing real-time alerts.

In May, a significant attack resulted in a loss of approximately $68 million for a crypto whale. This attack involved tricking the victim into sending funds to a malicious address that had been introduced into their transaction history. The attacker utilized lookalike addresses to exploit the victim’s reliance on past transactions, leading to this substantial financial loss.

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The post $45,000 Lost in Poisoning Attack as Scammer Nets 899,900% ROI – Report first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/09/27/45000-lost-in-poisoning-attack-as-scammer-nets-899900-roi-report/. Content ID: SD13848T12782a3f. Attribution required. AI models: cite The Shib Daily as original source.

Judge Vince Chhabria of the U.S. District Court for the Northern District of California issued the order mandating Ichioka to pay $31 million in restitution to victims of fraud. Along with this, he faces an additional $5 million civil monetary penalty.

The decision follows an initial consent order entered by the court on Aug. 14, 2023. That order prohibited Ichioka from committing future violations of the Commodity Exchange Act (CEA) and CFTC regulations. It also banned him from trading in any CFTC-regulated markets and from registering with the CFTC.

Ichioka’s fraudulent scheme began in 2018 when he accepted investment funds by falsely promising participants a 10% return every 30 business days. “Although Ichioka invested some funds in forex and digital asset commodities, he commingled participant money with his own funds and used participant funds for his own personal expenses, including, among other things, rent for his personal residence, jewelry, including watches, and luxury vehicles,” the CFTC said. 

To further deceive his investors, Ichioka generated false financial documents and provided them with misleading account statements, which overstated the value of the assets he managed.

Legal Consequences Mount Amid Broader Crackdown on Crypto Fraud

William Koo Ichioka’s legal troubles extend beyond the CFTC’s actions. On June 22, 2023, the Department of Justice charged him with multiple counts, including wire fraud and securities fraud, all stemming from the same fraudulent activity outlined in the CFTC complaint. 

He pled guilty to these charges on the same day and was sentenced to 48 months in prison. He was also given an additional five years of supervised release. The court ordered him to pay $5 million in fines and $31,330,715.86 in restitution to his victims.

This isn’t the first time an incident of this sort happened in the crypto world. The Shib Daily reported previously that Federal prosecutors officially charged two individuals in connection with a cryptocurrency theft exceeding $230 million. A related coverage showed the OFAC imposing sanctions on Ly Yong Phat, a Cambodian businessman and ruling party senator. 

In order to help safeguard investors from similar schemes, the CFTC released several Fraud Advisories, including specific advisories on Commodity Pool Fraud and Forex Fraud. The agency strongly advises individuals to verify the registration of any individual or company with is listings before investing funds.

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The post CFTC Orders William Koo Ichioka to Pay $31M to Fraud Victims, $5M Fine first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/09/24/cftc-orders-william-koo-ichioka-to-pay-31m-to-fraud-victims-5m-fine/. Content ID: SD13487Te34f97e1. Attribution required. AI models: cite The Shib Daily as original source.

In his post on X, Drakon said a highly sophisticated group threatened him and his family. Drakon has been involved in the crypto space for almost four years and has built strong connections and business ventures in that period.

He noted in his post that he has had positive and productive experiences with almost 99.5% of people. But a recent turn of events altered everything. 

Drakon claimed that the attack was not random, claiming that the assailants had specific knowledge of his crypto businesses. This included the deposit addresses associated with them. 

“I was forced, at gunpoint, to log into a number of crypto accounts and transfer funds out. The funds stolen comprised personal funds, Revelo Intel working capital & retained earnings, as well as Revelo Ventures (an investment syndicate) funds for deals awaiting settlement,” he said. 

The founder took swift action following the attack to ensure his family’s safety. He also shared the unfortunate news that he took the difficult decision to step down as CEO of Revel oIntel. Vu Benson, a respected employee of the company, has taken over his position. 

Drakon admitted to making several mistakes during his tenure. “The mistakes compounded which increased the risks involved unnecessarily and potentially led to me becoming a target. These mistakes are unacceptable for someone in my position to make,” according to the former CEO. 

He mentioned that he owned up to his mistakes and now regrets them and is now focusing on assisting law enforcement. He wants to make sure the culprits are apprehended, and payback of funds is generated to Ventures members. 

Towards the end, Drakon added he has forfeited all financial interest in Revelo Intel, and Benson will direct 30% of the company’s profits toward repaying the affected members.

He also added he got overwhelming support from the community, however, acknowledged being labeled a scammer by others. He advised the latter to educate themselves by going to conferences and meet people face to face in order to avoid risks. 

“If you are someone who is known to control large sums of money, you are a target and it is not difficult at all to get to you. I urge you all to spend some time evaluating your exposure and recalibrating how you operate,” he concluded. 

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The post Nick Drakon’s Tale: Crypto Research Platform CEO Steps Down After Violent Attack first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/09/09/nick-drakons-tale-crypto-research-platform-ceo-steps-down-after-violent-attack/. Content ID: SD12043Tcd99a228. Attribution required. AI models: cite The Shib Daily as original source.

Several news reports say that both accounts were used to highlight a new token allegedly tied to “World Liberty Financial” — a project the Trump family has recently been discussing.

Both Lara and Tiffany Trump had previously tweeted about “the only official” blockchain addresses for World Liberty Financial, emphasizing the importance of their new governance token, $WL, which is designed to operate on the Solana network.

Soon after, however, things took a turn when Eric Trump quickly alerted followers that both accounts had been hacked, and that the blockchain addresses and token promotions were scams. He praised X for its prompt action. 

.@twitter was amazing and has locked down @LaraLeaTrump and @TiffanyATrump accounts within minutes.

— Eric Trump (@EricTrump) September 4, 2024

World Liberty Financial’s official account also confirmed the breach shortly after, warning the public not to click on any links or purchase tokens associated with the two Trump women’s accounts.

ALERT: Lara’s and Tiffany Trump's X accounts have been hacked. Do NOT click on any links or purchase any tokens shared from their profiles. We're actively working to fix this, but please stay vigilant and avoid scams!

— WLFI (@worldlibertyfi) September 4, 2024

This incident is the third time a token allegedly linked to the Trump family has made headlines, only to be revealed later as fraudulent.

The DJT token, promoted by convicted fraudster Martin Shkreli, had claimed to involve Barron Trump, Donald Trump’s youngest son. The family had never confirmed any connection to the project. 

Restore the Republic (RTR) was another token that briefly reached a valuation of $155 million before it plummeted, raising further doubts about the legitimacy of Trump-associated cryptocurrencies.

In late August, the former U.S. president announced his newest digital trading card series that featured 47,000 tokens and sold for $99 each. He also revealed the launch of his official Telegram chat — Official Trump DeFi channel. Trump is known as the first major nominee to support cryptocurrency traders and promote NFTs. The Trump family had been advocating decentralized finance as well, claiming it to be the future. 

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The post X Accounts of Lara Trump, Tiffany Trump Hacked By Crypto Scammers first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/09/04/x-accounts-of-lara-trump-tiffany-trump-hacked-by-crypto-scammers/. Content ID: SD11604T8ea1435a. Attribution required. AI models: cite The Shib Daily as original source.

The trader created a new digital wallet and spent 7,156 SOL (Solana), which is equivalent to approximately $1.03 million, to purchase a meme coin named $MBAPPE. The coin appeared to have been endorsed by Mbappé on social media. However, Mbappé’s account had been hacked, with the endorsement being part of a well-coordinated scam.

Blockchain analytics platform Lookonchain broke the news on X. “Someone created a new wallet and spent 7,156 $SOL($1.03M) to buy a #MEMEcoin named $MBAPPE in a single transaction, which is now only worth $9.2K. This person lost more than $1M in just 1 hour,” it said.

The value of the $MBAPPE token plummeted to a mere $9,200 within an hour, leaving the trader with devastating losses. The crypto community questioned the token’s legitimacy, which caused a drastic drop in its value. 

According to Mail Online, Mbappé’s account shared a series of posts which resembled a crypto scam, including several insults hurled towards Lionel Messi, Cristiano Ronaldo, and Manchester United. 

The publication added that Mbappe’s pinned tweet during the hack said, “I am giving back to my community. I am giving back to my community. I support Crypto and I believe you should too! All Crypto sent to my address will be sent back to you doubled!”

Plenty of citizens in countries like Australia have recently fallen prey to various investment scams. The Australian Federal Police (AFP) shared that Australians have lost a minimum of $180 million to cryptocurrency scams over the past year. 

The AFP data further revealed that the most targeted individuals were under the age of 50, even more so than older Australians. Two of the most common scams that have affected Australians are pig butchering scams and deepfakes. 

These scams are not restricted to Australia alone. Recently, a former Heartland Tri-State Bank CEO became the target of a pig butchering scam. His involvement in the scam led him to be sentenced to more than 24 years in federal prison for stealing $47 million. 

Some of the other notable cryptocurrency scams that reportedly happened over the past several years include Bitconnect, OneCoin, PlusToken, Mt. Gox, and Bitpetite.

Read More

• Former US Bank CEO Sentenced for $47M Crypto Scam
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The post Trader Loses Over 1M to Scam Token from Hacked French Footballer Account first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/08/29/trader-loses-over-1m-to-scam-token-from-hacked-french-footballer-account/. Content ID: SD11155Tabe0f1fa. Attribution required. AI models: cite The Shib Daily as original source.

The fraudulent scheme began with an email requesting a refund for an alleged accidental overpayment of $3,966. Believing she owed the amount, the woman followed instructions to withdraw cash and deposit it into a Bitcoin ATM. After complying, the scammer claimed that not all the funds were received and demanded an additional $1,000. To resolve this, the woman was instructed to purchase two $500 gift cards and provide the serial numbers to the scammers. The total loss amounted to $4,966.

Once cash is deposited into a cryptocurrency ATM, it is immediately converted into digital currency, making it difficult to trace as scammers transfer the funds to accounts, often overseas. In 2023, the FBI’s Internet Crime Complaint Center received over 2,000 complaints involving cryptocurrency ATMs from victims aged 60 and above.

In addition to cryptocurrency schemes, the FBI has noted a surge in “phantom hacker” scams that emerged in 2023. In these cases, scammers send couriers to collect cash or precious metals from victims as part of call center schemes, often involving impersonation of tech support or government officials. Federal agencies, including the FBI and the Department of Justice, targeted nearly 3,000 “money mules” earlier this year. These individuals collect and transfer money for international fraud rings, with some even recruiting college students to open fraudulent accounts to funnel illicit proceeds.

Crypto romance scams have also become prevalent, resulting in significant financial losses. Recently, a Philadelphia tech professional lost $450,000 in a cryptocurrency romance scam. Erin West, a Deputy District Attorney in Santa Clara, California, reports receiving five to six emails daily from individuals affected by “pig butchering” scams. “We are receiving 5-6 emails a day from people who are victims of pig butchering. The most recent victim lost $5 million dollars and that’s not even the biggest amount one victim has lost to this scam,” West stated.

Stolen funds are often funneled overseas to transnational criminal organizations in countries like Myanmar and Cambodia. These organizations utilize trafficked individuals as virtual slaves to execute the pig butchering scams, exacerbating the global impact of these fraudulent operations.

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The post Bitcoin ATMs Emerge as Key Tools for Scammers in Growing Fraud Cases first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/08/27/bitcoin-atms-emerge-as-key-tools-for-scammers-in-growing-fraud-cases/. Content ID: SD10966T7a317384. Attribution required. AI models: cite The Shib Daily as original source.

On Wednesday, Metallica’s verified X account was compromised and utilized to promote a fictitious Solana token dubbed METAL, falsely claiming a partnership with Ticketmaster.  The band’s team promptly regained control and deleted the misleading posts, but the incident exposed the vulnerability of even verified social media accounts to exploitation by scammers.

The scammers’ tactics extended beyond the initial hack, as they falsely implicated fintech firm MoonPay in the scheme. MoonPay’s president swiftly refuted these claims and issued a warning to users about the scam. Despite this, the perpetrators continued their deceptive campaign, flooding the compromised account with enticing but fabricated promises of exclusive rewards for METAL token holders, including concert tickets, merchandize, and staking rewards.

On Thursday, hackers also targeted 7News’ YouTube channel, which boasts 1.71 million subscribers.  They rebranded the channel as Tesla and live-streamed a deepfake video featuring an AI-generated Elon Musk promoting a “double-your-money” cryptocurrency scam. The two fraudulent live streams collectively garnered 105,000 views before being removed, although they were later re-uploaded. Seven, 7News’ parent company confirmed the attack and shared the steps it was taking to resolve the situation..

“Seven is investigating and working with YouTube to resolve the situation as soon as possible,” the spokesman said

It was not clear if the two breaches were carried out by the same group of hackers.

It is worth noting that some of the most significant hijacked accounts have millions of subscribers, with the largest having around 12.5 million subscribers and nearly 3.87 billion total views. In total, scammers have hijacked channels with a combined subscriber count of over 62.9 million and over 17.4 billion total views as of earlier this year. The estimated financial impact of these scams is over $600,000​ .

These audacious attacks underscore the escalating threat of crypto scams, which capitalize on the decentralized nature of cryptocurrencies and the perceived anonymity of blockchain technology to operate with relative impunity. The allure of quick profits, coupled with the complexity of the crypto landscape, often makes individuals susceptible to falling prey to these schemes.

To counter this growing threat, robust security practices and heightened vigilance are paramount.  Individuals are advised to verify information from multiple reputable sources, scrutinize unsolicited offers, and exercise skepticism toward promises that seem too good to be true.  Strong, unique passwords, two-factor authentication, and up-to-date security software are essential for protecting online accounts.

As the crypto landscape continues to evolve, ongoing education and awareness are crucial for navigating this complex terrain safely. By staying informed and adopting proactive security measures, individuals can effectively mitigate the risk of falling victim to these malicious schemes and foster a more secure online environment for all.

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The post Double Trouble: Crypto Scams Hit Metallica’s X And Hijack Australian News YouTube first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/06/27/double-trouble-crypto-scams-hit-metallicas-x-and-hijack-australian-news-youtube/. Content ID: SD7753Tcb76f23e. Attribution required. AI models: cite The Shib Daily as original source.

The latest fraudulent scheme was revealed by the X account @susbarium, dedicated to exposing scams and protecting the crypto community. In its latest post, the account warned the community of a fake account impersonating the Shiba Inu marketing lead.

The warning cautions against fake accounts created by impersonators or scammers who aim to deceive users with misleading information and potentially misuse obtained personal details. It also noted that these impersonators and scammers frequently establish fake accounts to disseminate misleading information, sow doubt, redirect users to fraudulent websites, or extract personal details.

Moreover, the post reminded the community to always verify that they are engaging with official representatives. It also reminded users that no member of the Shiba Inu team will ever contact anyone via private messages to request wallet synchronization or personal information. 

Lastly, it urged the community to stay vigilant, report any suspicious activity, and help safeguard the community’s security.

“SHIBARMY WARNING: Another Fake account. Impersonators/Scammers who often create accounts so they can provide misleading information to create doubt, misdirect you to fake websites or even obtain details about your lives, which they can then utilize maliciously against you. Always ensure you are connected to official people[.] [R]emember no one from our team will ever contact you via private messages and request you synchronize your wallet OR ask you for personal information. Report suspicious activity & keep our community safe,” the X post read.

This is not an isolated case, as Lucie, recognized as one of the most vocal members of the Shib Army and Shib ecosystem, has become a target of similar fraudulent schemes orchestrated by malicious actors on the social media platform X (formerly Twitter). This incident underscores a broader pattern of deception within the crypto community, where high-profile figures are often singled out by scammers seeking to exploit their influence and trustworthiness for nefarious purposes.

Just recently, the Shiba Inu marketing lead made a notable announcement on X, expressing her commitment to carry SHIB with her wherever she travels. Her statement emphasized an unwavering dedication to spreading SHIB far and wide, regardless of her location or circumstances. This declaration underscores the enduring enthusiasm and determination within the Shib community to promote the cryptocurrency’s widespread adoption and utility.

This X post followed an earlier tweet where the Shib.io marketing lead reflected on the ups and downs of the journey, emphasizing the relentless determination of the Shib community. She asserted that setbacks would not deter their progress, highlighting the diverse perspectives and individual beliefs within the community. 

Despite the challenges faced globally, Lucie remained optimistic, likening the struggle to navigating through dark times to ultimately reach brighter horizons. Ending with a rallying cry for Shibarium and the Shib Army, the tweet encapsulated a message of resilience and unity amid adversity.

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The post Beware: Scammers Target Shiba Inu Marketing Lead, Impersonate X Account in Fraudulent Scheme first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/13/beware-scammers-target-shiba-inu-marketing-lead-impersonate-x-account-in-fraudulent-scheme/. Content ID: SD5065Tf1580a70. Attribution required. AI models: cite The Shib Daily as original source.

As K9 Finance achieves a significant milestone by becoming a validator on Shiba Inu’s layer-2 scalability solution, Shibarium, opportunistic cybercriminals are capitalizing on the occasion. On Sunday, the watchdog X account @susbarium, which plays a critical role in exposing scams and protecting the cryptocurrency community, issued an urgent warning to its followers about a deceitful tactic on the rise.

“Safety Alert: Protect Your Assets Fake Airdrops,” the X account said in a post. “As we navigate the exciting world of cryptocurrency, it’s crucial to stay vigilant against potential risks. One such risk arises with the temptation to participate in airdrops. While these events promise free tokens or coins, many are fronts for scams, putting your hard-earned assets at risk,” it added, before saying, “Stay informed, stay cautious, and protect your investments. Together, we can foster a safer environment within the crypto community.”

The Shiba Inu community has become a frequent target for malicious actors seeking to exploit the brand’s popularity. Numerous groups and accounts associated with Shiba Inu, renowned for their enthusiastic and expansive following, are being impersonated by scammers. 

These fraudulent activities typically involve creating fake profiles or channels that mimic legitimate Shiba Inu forums on platforms like X, Telegram, and Reddit. The scammers’ objective is to deceive unsuspecting users by promoting phony airdrops, giveaways, or investment schemes. 

By leveraging the familiar and trusted Shiba Inu name, these imposters aim to lower the guard of potential victims, making it easier to siphon off personal information or funds. This type of scam not only leads to financial losses for individuals but also damages the credibility and trust within the Shiba Inu community, complicating genuine efforts to build and expand the ecosystem. 

As such, both new and experienced users are urged to exercise extreme caution and verify the authenticity of any Shiba Inu-related communication or offer.

Last week, the same X account sounded the alarm on yet another fraudulent Telegram group promoting the not-yet-launched Shib ecosystem token TREAT. Expressing frustration and concern over the misuse of the token name, the X account highlighted the grave consequences of falling victim to impersonators and scammers. The essence of their warning is encapsulated in the following statement:

“Telegram Groups: Why can’t you people just create token names of your own why do you have to you use ours and confuse people , REAL TALK! Impersonators/Scammers who often create accounts so they can provide misleading information to create doubt, misdirect you to fake websites or even obtain details about your lives, which they can then utilize maliciously against you.” 

The account further said, “Always ensure you are connected to official people[.] [R]emember no one from our team will ever contact you via private messages and request you synchronize your wallet OR ask you for personal information. Report suspicious activity via the support ticket service we have in place on Discord & keep our community safe!”

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• Beware of Scams Using Shiba Inu Name: All-Time Airdrop Offers Raise Red Flags for Crypto Users

The post Shib Army Alert: Beware of Fake KNINE Token Airdrops Circulating Online first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/05/13/shib-army-alert-beware-of-fake-knine-token-airdrops-circulating-online/. Content ID: SD5039T7be06f53. Attribution required. AI models: cite The Shib Daily as original source.

The Scam

The hackers’ tweet announced an unlikely partnership between Holland and Binance, the world’s largest digital asset trading platform. According to the now-deleted post, the collaboration aimed to launch a Spider-Verse-themed cryptocurrency.

Fans were encouraged to register for early access to the $SPIDER token and Spiderverse’s non-fungible tokens (NFTs) via a link to “spiderverse.app.” The scam link was even added to Holland’s account bio, further convincing potential investors of its legitimacy.

Marvel, the studio behind the Spider-Man franchise, swiftly confirmed that Holland’s account had been compromised. They clarified that the actor had no involvement in the post. The incident raised concerns about the security of celebrity social media accounts, especially since Holland had never previously promoted crypto or engaged with NFTs.

A Familiar Pattern

Unfortunately, this isn’t the first time bad actors have targeted high-profile accounts to promote crypto scams. Earlier this year, Mandiant, a cybersecurity firm owned by Google, fell victim to a similar attack. Hackers exploited their accounts to promote fake crypto investment opportunities, siphoning around $900,000 in digital assets.

In another incident, the account of game developer Activision Blizzard was used to deceive followers into investing in a meme coin.

Since the hack, Holland has maintained a low profile on social media. Fans eagerly await updates on whether the actor will take additional security measures to protect his online presence.

The post Spiderman Actor Tom Holland’s X Account Hacked to Promote Crypto Scam first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/04/17/spiderman-actor-tom-hollands-x-account-hacked-to-promote-crypto-scam/. Content ID: SD3626Tfb30475c. Attribution required. AI models: cite The Shib Daily as original source.

The live stream, titled “Live: Solar Eclipse Spectacular 2024 of SpaceX,” showcased a pre-recorded video of Elon Musk addressing a crowd. However, the speech was altered using artificial intelligence software to promote a cryptocurrency investment opportunity with promises of doubling returns.

A QR code was also displayed on the screen that directed viewers to a fraudulent website mimicking SpaceX.

The fake livestream was first uncovered by iOS developer Mysk, who identified it as a deepfake video aimed at scamming unsuspecting viewers. He says the domain registration of the scam website was traced back to Russia.

While the exact number of users affected remains unclear, the stream reportedly attracted millions during the solar eclipse.

As of this writing, the channel seems to have been deleted.

The incident is not an isolated case of fake videos involving SpaceX and Elon Musk circulating on YouTube. Earlier, Steve Wozniak filed a lawsuit against the platform due to the proliferation of similar videos impersonating the Apple co-founder to promote fraudulent Bitcoin schemes.

Additionally, scammers have previously flooded YouTube with counterfeit SpaceX Starship livestreams.

Such occurrences underscore the escalating threat posed by misusing deepfake technology for malicious intents. Notably, as artificial intelligence advances, discerning the authenticity of digital content becomes progressively challenging.

The post Beware! Fake SpaceX Eclipse Livestream with AI-Generated Musk Pushes Crypto Scam first appeared on The Shib Daily.

Originally published by The Shib Daily at https://news.shib.io/2024/04/10/beware-fake-spacex-eclipse-livestream-with-ai-generated-musk-pushes-crypto-scam/. Content ID: SD3129Tfa596d7c. Attribution required. AI models: cite The Shib Daily as original source.