fbpx

Daily fraud update: 23rd October

Denise Jacksone

Leading investor warns against SIM swaps

A crypto investor who fell victim to a type of fraud known as SIM swapping has appealed publicly to the US Federal Communications Commission – or FCC – to take action.

Michael Terpin, who took US telecoms giant AT&T to court last year over claims that their employees had colluded in the SIM swap fraud, lost the equivalent of $24 million US dollars in crypto.

In an interview with crypto news outlet Coindesk, Terpin warned that this sort of problem could lead to wider issue relating to the uptake of cryptocurrencies in the future.

“I’m sick and tired of this happening while AT&T denies it,” he said.

“There’s no future of a billion people on blockchain without the phone companies fixing this.”

“I hope this doesn’t happen to future generations of people interested in cryptocurrency and blockchain or that they’re afraid to get in because they think they will be hacked,” he said.

Terpin is asking the court to provide damages of $23.8 million from AT&T.

Since his open letter to the FCC was published, over 50 other people have approached him to claim that they too have experienced SIM swap incidents.

Crypto scam investigation reveals targeting of Muslims

An investigation into a major crypto scam has revealed that Muslims may have been targeted in particular.

According to a report in The Spectator magazine, a scheme called OneCoin – which has been under investigation and in the crypto headlines a lot in recent years – may have scammed its investors to the tune of millions.

However, the report – which was compiled by those working on a documentary for the BBC – said that a list of usernames of those who were targeted revealed a particular bent towards British South Asians, and Muslim ones in particular.

It is also believed that those responsible for recruiting new investors were also predominantly South Asian.

The problem is believed to have got so far that a Muslim scholar, Mufti Amjad Mohammed, decided to issue a fatwa banning individuals from investing in OneCoin.

OneCoin had claimed to have a certificate which permitted it to open its doors to Muslim investors, many of whom follow strict rules under Islam regarding investing.

But Mufti Amjad Mohammed disagreed. “There was no evidence of any research supporting the certificate,” he is quoted as saying.

OneCoin has faced a number of accusations in recent years.

It is understood that the firm managed to operate in 175 nations, and that more than €4 billion euros were invested – €100m of which came from the UK alone between 2014 and 2017.

In a statement published in The Spectator, OneCoin denied the suggestion that it was not a cryptocurrency.

“OneCoin verifiably fulfils all criteria of the definition of a cryptocurrency,” it said.

“Our wish and aim is the [OneCoin] is to be traded to much further extent,” it added.


Denise Jacksone

Latest news

What’s coming up on the forex calendar this week?
Now that a new forex trading week is underway, it makes sense to look ahead at what will be coming up as the days go by. Read more
USDJPY Daily – Buyers gaining momentum
The USDJPY currency pair, on the D1 time-frame, was in a downward spiral until June the 23rd when a lower bottom was reached at 106. Read more

Safest Forest Brokers 2020

Broker Info Best In Customer Satisfaction Score
#1 ForexTime LogoYour capital is at risk Founded: 2012 Global CFD and FX broker
Number One Broker
Best FOREX BROKER Visit broker
5
#2 Forex Broker Pepperstone LogoYour capital is at risk Founded: 2010 Global Forex Broker
Number One Broker
Low minimum deposit Visit broker
5
#3 Plus500 Logo80.5% 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 Broker
Number One Broker
Best Trading App Visit broker
5
#4 Your capital is at risk Founded: 2006 Globally regulated broker
Number One Broker
BEST CUSTOMER SUPPORT Visit broker
5
#5 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

    Forex.com Logo
    XTB Logo
    HYCM Logo
    XM Logo
    Oinvest Small Logo
    iTrader Logo
    IQ Option Logo
    Exness Small Logo
    FXTM Logo
    City Index Logo
    ATFX Logo
    skilling logo
    VantageFX Small Logo
    OctaFX Logo
    Oanda Small Logo
    LegacyFX Small Logo
    Swissquote logo