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Researchers have published a new report that alleges MrBeast, YouTube’s biggest star, profited $23 million in crypto “from a multitude of scams, shady deals, and his network.” However, the heavily-hedged report also shows signs of being less than 100% credible. Indeed, its closing credits, which thank the pseudonymous researchers who boast fewer than 4,000 followers apiece on X (formerly Twitter) as of publication time, read more like job applications than credible biographies. Not only this, the lead researcher’s website — a default SquareSpace template barely filled with enough content to function — offers no information about the company, location, or legal details of operations. On top of this, the document hedges most of its claims about MrBeast’s crypto profitability , often relying on phrases like “we believe,” “a strong indicator,” “they may have had insider information,” and “highly likely to have lost their money.” MrBeast’s $23 million: More f...

A memecoin drawing its name from the Grok AI project plummeted after allegations its social media account was recycled from that of a former scam token. The price of a memecoin drawing its namesake from Elon Musk’s artificial intelligence project “Grok” plummeted over 70% after blockchain sleuth ZachXBT alleged the token’s social media account was recycled from a scam token project . In a Nov. 13 X (formerly Twitter) post, ZachXBT shared screenshots showing various social media accounts and websites tied to the Grok (GROK) token were repurposed from old project s — including an abandoned memecoin project called ANDY — which has significantly declined from its all-time high. Not that people in this space will care but @GROKERC20 $GROK was created by a scammer. Same exact X/Twitter account has been reused for at least one other scam. X/Twitter ID: 1690060301465714692 pic.twitter.com/iKu7zb6YeS — ZachXBT (@zachxbt) November 13, 2023 In the five hours following ZachXBT’s post, ...

A recent press release issued by Britain’s Lloyds Bank shares that crypto scams that have surged 23% over the course of the year. Young investors between the ages of 25 and 34 years old are said to be the most prevalent target for these attacks. Social media home base The press release goes on to report victims of crypto investment scams are facing an average loss of £10,741, marking an increase from the previous year’s £7,010.  Additional data goes on to state that 66% of all investment scams originate on social media platforms, with Instagram and Facebook emerging as the primary sources. You might also like: Kraken helps UK police in recovering $2m in stolen crypto Crypto investors were then said to make an average of three payments before realizing they were involved in a scam, meaning that it would often take 100 days from the date of the first transaction before a report was issued to the bank. Unfortunately, by the time it was, Lloyds s...

A former OpenSea employee has been accused of assisting the infamous AnubisDAO rug pull in 2021; however, some commentators have raised doubts. Nonfungible token (NFT) platform OpenSea says it is unaware of any evidence pointing to a former employee being involved in the infamous AnubisDAO rug pull in 2021 following new accusations on social media.  In an Oct. 6 thread on X, the anonymous account NFT Ethics tagged OpenSea asking them to respond to its accusations that their former head of ventures Kevin Pawlak is linked to the pseudonymous identity “0xSisyphus" and was involved in "various dubious business dealings." 1/ Dear @OpenSea, what do you think of the fact that your Head of Ventures, Kevin Pawlak, has been involved in various very dubious business dealings (e.g. Anubis) and pump & dump schemes under his pseudonymous identity @0xSisyphus (& 0xMagellan)? pic.twitter.com/GzIVLJirLE — NFT Ethics (@NFTethics) October 6, 2023 Both NFT Ethics and blockchain...

Fraudsters have reportedly been leaving fake crypto paper wallets in public places as part of a scam to dupe Australians out of their crypto. Australians have been warned to stay away from suspicious-looking fake Bitcoin (BTC) paper wallets, which work by luring victims into accessing a lucrative crypto wallet but will ultimately drain them of their own crypto holdings. According to a Nov. 22 post on the Facebook page of the NSW Police Force, the scam starts as a paper cryptocurrency wallet with a QR code, which is made to appear like a legitimate Bitcoin paper wallet. These are strewn by scammers in public locations such as streets or parks. An example of the scam crypto paper wallets. Source: NSW Police Force  An individual that locates the paper wallet and scans the QR code is directed to click on a link to access a crypto wallet with up to $16,000 Australian dollars ($10,000). The person is then asked to pay a withdrawal fee and provide their own wallet credentials that will ...

Illicit activities related to crypto increased across the sector in 2022 despite an overall market downturn. According to a report published by blockchain intelligence firm TRM Labs on June 28, a combined $7.8 billion was paid to crypto currency pyramid and Ponzi schemes worldwide in 2022. In addition, another $1.5 billion in crypto was alleged by TRM to have been spent on darknets for illicit activities, while another $3.7 billion in crypto was lost in hacks or exploits. In total, $9.04 billion in crypto were sent to all types of financial fraud schemes , as alleged by TRM Labs. Despite a collapse in crypto currency prices from the ongoing bear market, it appears that there has been no corresponding slowdown in crypto -related crime. The firm wrote: "Investment fraud centers on the solicitation of funds for fraudulent investments or projects; these often involve fake initial coin offerings (ICOs), unregistered securities or fraudulent investment platforms. Investment fraud...

The group of scammers have recently taken over accounts belonging to the founder of Pudgy Penguins, the CTO of OpenAI and even crypto hater Peter Schiff. Over the past few weeks, a group of scammers has hijacked more than eight Twitter accounts belonging to prominent figures in the crypto space to promote phishing scams. The group has stolen almost $1 million worth of crypto so far, according to blockchain sleuth ZachXBT. In a June 9 Twitter thread, ZachXBT outlined that he had uncovered several wallets “linked on chain” that are connected to phishing scams promoted by the recently hacked accounts . “While the majority of these attacks were the result of a SIM Swap it seems other accounts were potentially stolen with a [Twitter admin] panel,” ZachXBT noted. Over the past few weeks we have seen 8+ account takeovers connected to the same group of scammers as evident by how their addresses are linked on-chain. I hope @TwitterSafety investigates each attack closely as they have resulted...

Within two days, the token’s price plummeted from an all-time high of $0.00067279 to an all-time low of $0.00004827. A moderator of the popular trading sub Reddit r/WallStreetBets has dumped a large portion of the WSB Coin (WSB), a token project that claims to be the official memecoin of Wall Street Bets. On May 2, WSB was launched by people involved in moderating the WallStreetBets Reddit forum. The sub Reddit gained notoriety for the GameStop short squeeze, sending hedge funds to their knees in January 2021. The creators of the WSB token claimed that there would be no allocation for the team and that 10% of the coins would be reserved for the subreddit. The website writes: “It’s the fairest launch memecoin you will find with no team allocation and no presale. Just a free airdrop and some coins for the community. 10% of the $WSB supply is reserved as a treasury for the r/wallstreetbets sub to do with as they please.” However, just days later, one of the token’s team members started ...