Daily fraud update: 16th April

Chris Lee
Currecny symbols in front of Forex Prices

Currency exchange firm launches anti-fraud analytics tool

A leading currency exchange company has announced it will use a new tool designed to root out scam blockchain transactions.

Huobi Group has said that the new tool, which is called Star Atlas, was designed to keep a close eye on the blockchain to find and root out fraudulent transactions.

It is understood that the monitoring will take place in real time rather than retrospectively, and that it will have the capacity to alert staff members at the firm.

These staff members will then be able to follow up using sophisticated path monitoring techniques.

A wide range of features will be available as part of the new service.

These will include the capacity to analyse events for correlation, as well as tools for verifying the identity of actors on the blockchain.

The tool will also have the ability to flag up addresses being used for malicious purposes.

According to a statement from the company, the new tool is an opportunity to tackle “nefarious uses” of crypto.

“The launch of Star Atlas underscores Huobi’s efforts to expand its security measures beyond local requirements and contribute to the fight against nefarious uses of cryptocurrencies on a global scale”, it said.

A key part of the new system is believed to be tagging.

It is understood that this function will be what powers the library of allegedly fraudulent addresses that the system is intended to develop.

In a further statement, Ciara Sun – who is the vice president of Global Business at Huobi Group – described the new service.

“It’s estimated that only a small percentage of cryptocurrency transactions are illicit, but any incident—regardless of size—is a stain on the entire industry”, she said.

“As one of the most active crypto exchanges on the market, we see it as our responsibility to take a leading role in preventing the minority of bad actors from ruining it for the vast majority that follows the rules”, she added.

Scottish town suffers bitcoin extortion cases

Bitcoin logo made of small lights

Police in a town in Scotland have revealed that there have been two bitcoin extortion cases there in recent days.

According to Neil MacLeod, who is the communities officer in the town of Cumbernauld in between Glasgow and Edinburgh, two people in the town said they have received emails which threatened to expose information unless they transferred crypto.

“These emails threaten to expose the recipients via social media”, Macleod explained.

“However, they [are] being quite vague about what they will expose them for. The request is made that the recipient transfer £2000 via Bitcoin transfer.”

According to a report in the local press, neither of the alleged victims went ahead with any transfers of money.

It is understood that both individuals got in touch with police over the same weekend.

The police request that any other people who received such emails come forward to them with the information.


Chris Lee

Latest news

Forex vs Crypto: What’s Better For Beginner Traders?
The crypto and forex markets are two of the world’s most popular among investors and traders. Read more
Three Great Technical Analysis Tools for Forex Trading
You don’t have to be very technical minded to make use of technical analysis in your forex trading. Read more

Safest Forex Brokers 2024

Broker Info Best In Customer Satisfaction Score
#1 Blackbull LogoYour capital is at risk Founded: 2014 Global Forex Broker
Number One Broker
BEST SPREADS Visit broker
4.8
#2 AvaTrade LogoYour capital is at risk Founded: 2006 Globally regulated broker
Number One Broker
BEST CUSTOMER SUPPORT Visit broker
4.9
#3 * 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Founded: 2008 Global CFD Provider
Number One Broker
Best Trading App Visit broker
5
#4 Between 74-89 % of retail investor accounts lose money when trading CFDs Founded: 2010 Global Forex Broker
Number One Broker
Low minimum deposit Visit broker
4.9
#5 Forex Broker eToro Logo76% of CFD traders lose money Founded: 2007 Global CFD & FX Broker
Number One Broker
ALL-INCLUSIVE TRADING PLATFORM Visit broker
4.9
#6 XM LogoYour capital is at risk Founded: 2009, 2015 and 2017 Global Forex Broker
Number One Broker
Low minimum deposit Visit broker
5
#7 FxPro LogoYour capital is at risk Founded: 2006 CFD and Cryptocurrency Broker
Number One Broker
CFD and Cryptocurrency Visit broker
5

    Forex Fraud Certified Brokers

    AvaTrade logo
    BlackBull Logo Small
    FXTM Logo
    eToro Logo
    XM Logo
    FxPro logo
    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.