FBIs – Earlybirds Invest https://earlybirdsinvest.com Latest Crypto News Mon, 28 Apr 2025 01:23:25 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.7 https://i0.wp.com/earlybirdsinvest.com/wp-content/uploads/2024/12/cropped-New-Project-2024-12-17T235703.455.png?fit=32%2C32&ssl=1 FBIs – Earlybirds Invest https://earlybirdsinvest.com 32 32 240146708 Older Americans Hit Hard by Crypto Scams, FBI’s IC3 Reports $2.8 Billion Losses https://earlybirdsinvest.com/older-americans-hit-hard-by-crypto-scams-fbis-ic3-reports-2-8-billion-losses/ https://earlybirdsinvest.com/older-americans-hit-hard-by-crypto-scams-fbis-ic3-reports-2-8-billion-losses/#respond Mon, 28 Apr 2025 01:23:24 +0000 https://earlybirdsinvest.com/older-americans-hit-hard-by-crypto-scams-fbis-ic3-reports-2-8-billion-losses/

In its 2024 annual report, the FBI’s Internet Crime Complaint Center (IC3) revealed a sharp rise in the number and severity of cryptocurrency-related fraud cases.

Over the course of the year, the IC3 recorded over 140,000 complaints linked to cryptocurrency, which led to staggering financial losses of $9.3 billion.

Alarming Trend

A significant portion of these losses came from individuals aged 60 and above, who filed roughly 33,000 complaints and suffered a combined total of $2.8 billion in losses. This age group also saw the largest increase in both reported complaints and financial harm.

The IC3’s report also noted a dramatic year-over-year increase in losses – 66% higher than in 2023, when total losses amounted to $5.6 billion. Investment scams involving cryptocurrency were the primary source of these losses, but the report also highlighted other schemes such as sextortion, where criminals manipulate personal content to coerce victims into sending money, and fraud involving crypto ATMs.

Additionally, ransomware attacks, which had been a recurring issue, showed a 9% rise in 2024, thereby posing a growing threat to critical infrastructure. Overall, fraud and crypto scams were the most significant contributors to the rise in reported cybercrimes, with older individuals particularly vulnerable to these high-stakes digital fraud schemes.

On the other hand, pig butchering scams, which were once mainly targeted at older adults, are now increasingly affecting younger individuals, particularly those aged 30 to 49. A recent study by Cyvers examined 150 major crypto platforms, revealing over 200,000 scam incidents and $5.5 billion in losses in 2024.

The research focused on Ethereum-based scams and uncovered significant fraud across various platforms, including major exchanges, a crypto-friendly bank, and institutional trading platforms. The scale of impact varied, but the trend is clear: younger people are becoming the prime victims.

Operation Level Up

‘Operation Level Up’ was thus initiated with the assistance of FBI agents and the US Secret Service to address the growing issue of cryptocurrency investment fraud. Pig butchering involves fraudsters building online relationships with victims and convincing them to invest in a fraudulent cryptocurrency platform.

As a result of this operation, a total of 4,323 individuals affected by cryptocurrency investment fraud were informed of the scam. Of these victims, 76% were unaware they had fallen victim to fraud. The estimated financial savings for these victims amounted to $285.6 million. Additionally, 42 victims were referred to an FBI victim specialist for support regarding potential suicidal thoughts.

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]]> https://earlybirdsinvest.com/older-americans-hit-hard-by-crypto-scams-fbis-ic3-reports-2-8-billion-losses/feed/ 0 33181 $428,000 Fine for CLS Global After Falling for FBI’s Crypto Decoy https://earlybirdsinvest.com/428000-fine-for-cls-global-after-falling-for-fbis-crypto-decoy/ https://earlybirdsinvest.com/428000-fine-for-cls-global-after-falling-for-fbis-crypto-decoy/#respond Thu, 03 Apr 2025 16:14:25 +0000 https://earlybirdsinvest.com/428000-fine-for-cls-global-after-falling-for-fbis-crypto-decoy/

CLS Global, a company that helps provide liquidity in crypto markets, has been fined over $428,000 after admitting to faking trades.

The firm agreed to give up cryptocurrency and pay financial penalties after pleading guilty in a Boston court. CLS Global will also be banned from operating in US crypto markets for the next three years.

Prosecutors say the case began with an undercover investigation designed to catch fake trading activity, known as wash trading.

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As part of the sting, federal agents created a made-up crypto project called NexFundAI. The project, along with its token, was listed on the decentralized exchange Uniswap
UNI


$5.77

.

CLS Global agreed to provide trading support for it, not knowing that it was part of a law enforcement operation.

An employee from the company later admitted in a video call that they used an automated tool to trade the token between wallets controlled by the firm. The employee also said, “I know that it’s wash trading and I know people might not be happy about it”.

The company pleaded guilty to charges of conspiracy to manipulate markets and commit wire fraud. A second charge of wire fraud was also accepted in court in January 2025. The US Attorney’s Office for Massachusetts confirmed the guilty plea and noted that another person tied to the case has not yet been found guilty.

Recently, members of the Islamic Revolutionary Guard Corps (IRGC) have been accused of taking over $21 million in crypto during a probe into the defunct exchange Cryptoland. How did the case unfold? Read the full story.

Aaron S. Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

]]> https://earlybirdsinvest.com/428000-fine-for-cls-global-after-falling-for-fbis-crypto-decoy/feed/ 0 28800 FBI’s Most Wanted: $10 Million Bounty on Ex-Olympian Turned Drug Kingpin https://earlybirdsinvest.com/fbis-most-wanted-10-million-bounty-on-ex-olympian-turned-drug-kingpin/ https://earlybirdsinvest.com/fbis-most-wanted-10-million-bounty-on-ex-olympian-turned-drug-kingpin/#respond Sat, 08 Mar 2025 09:03:01 +0000 https://earlybirdsinvest.com/fbis-most-wanted-10-million-bounty-on-ex-olympian-turned-drug-kingpin/

US authorities are offering a $10 million bounty for information leading to the capture of Ryan Wedding, a former Canadian Olympic snowboarder.

According to a March 6 announcement from the Federal Bureau of Investigation (FBI), Wedding is accused of running a large drug trafficking operation, moving cocaine and fentanyl into North America, and using USDT
USDT


$0.9984

to launder money.

The FBI has also placed him on its Ten Most Wanted Fugitives list, adding a $50,000 reward for tips that directly lead to his arrest.

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In October 2024, the Department of Justice (DOJ) charged Wedding and 15 others with drug trafficking and violent crimes. His alleged partner, Andrew Clark, has been arrested in Mexico, but Wedding remains a fugitive. Authorities believe he is still in Mexico and may be under the protection of the Sinaloa cartel.

If convicted, Wedding and Clark could face a mandatory life sentence for running a criminal enterprise. The murder charges carry a minimum of 20 years, while drug trafficking convictions could result in 10 to 15 years in prison.

Akil Davis, assistant director of the FBI’s Los Angeles Field Office, said:

Wedding went from shredding powder on the slopes at the Olympics to distributing powder cocaine on the streets of US cities and in his native Canada.

Recently, the Australian Securities and Investments Commission (ASIC) charged Brendan Gunn, the brother of Olympic breakdancer Rachael “Raygun” Gunn. Why? Read the full story.

Aaron S. Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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