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Hundreds of thousands of people are being trafficked by organized criminal gangs and made to carry out crypto scams and online fraud, a United Nations (UN) report claims. According to the report, these same people are suffering myriad human rights abuses, including sexual violence and forced labor. As part of its findings, the organization recommends that governments in Southeast Asia enact a human rights response to the growing scale of online Scam -related trafficking. It calls for a “holistic approach” to the problem that includes banks and crypto exchanges cooperating in line with international human rights to stop traffickers from converting their illicit crypto into fiat.   Bloomberg detailed how these online scams rely on crypto, specifically Tether, as payment. Gangs reportedly sell slaves in exchange for the stablecoin while scammers are told to encourage their victims to deposit Tether as it is “untraceable.”   The online scams range from pig butchering and gamblin...

Crypto-related scams in Hong Kong reportedly accounted for more than 50% of the total $407 million stolen from city residents in tech crimes in 2022. Some countries around the world suffered bigger financial losses to cryptocurrency scams despite a massive bear market in 2022. Losses from crypto scams in Hong Kong amounted to 1.7 billion Hong Kong dollars ($216.6 million) last year, surging 106% from a year before, according to the local police. The number of crypto-related scams reported in Hong Kong in 2022 equaled 2,336 cases, surging 67% from 1,397 cases recorded by police in 2021, the South China Morning Post reported. Hong Kong scams involving crypto accounted for more than 50% of the total 3.2 billion HKD ($407 million) stolen from city residents in technology crimes, according to the official data from the Hong Kong Police CyberDefender website. In the previous four years, online scammers bagged a similar amount of money or about 3 billion HKD per year. The entire amount of ...

The fast-paced nature of the crypto markets means investors are under massive pressure to quickly verify whether a video message is authentic or not. Crypto investors have been urged to keep their eyes peeled for "deepfake" crypto scams to come, with the digital-doppelganger technology continuing to advance, making it harder for viewers to separate fact from fiction.  David Schwed, the COO of blockchain security firm Halborn told Cointelegraph that the crypto industry is more “susceptible” to deepfakes than ever because “time is of the essence in making decisions” which results in less time to verify the veracity of a video. Cast your vote now! Deepfakes use deep learning artificial intelligence (AI) to create highly realistic digital content by manipulating and altering original media, such as swapping faces in videos, photos, and audio, according to technical writer at OpenZeppelin Vlad Estoup. Estoup noted that crypto scammers often use deepfake technology to creat fake ...

YouTube boxer Logan Paul, who was spearheading the CryptoZoo NFT project, has accused Coffeezilla of publishing “defamation” about him and the project. YouTuber Logan Paul has threatened to sue fellow YouTuber and internet detective Coffeezilla for defamation after he accused Paul’s CryptoZoo nonfungible token (NFT) project of being a “scam.” The two have been battling back and forth on both social media and YouTube videos ever since Dec. 17, when Stephen Findeisen — also known as Coffeezilla — launched the first of a three-part video series attacking CryptoZoo and Paul, who was the face of the project. “CryptoZoo was supposed to be a fun Blockchain game that can earn you money [...] but millions of dollars of investor money later, things are still broken,” he said. In his most recent response, Logan Paul published a YouTube video on Jan. 4 accusing the internet detective of having “led the charge to drive and monetize a narrative telling millions of people that I’m a fraud or I tried...