Some information about us
Court orders TON ICO founders to return $1,22 bln. ASIC records sensational financial frauds. CryptoCore stole around $200 mln-worth Bitcoins.
As a result of the court proceedings initiated by SEC - The United States Securities and Exchange Commission, - TON ICO founders are obliged to return 1,22 bln USD to project investors, which is 72% of all of the collected funds. The court also ordered Durov and Co to pay a fine comprising to 18,5 mln USD.
As you may not remember, the whole story began in October 2019, when SEC filed a court claim on illegal sale of TON tokens. As a result, Telegram was forced to postpone the planned launch of the platform and their own cryptocurrency for a year; they asked investors to wait and get 110% of profits in April 2021. However, all of these promises were never to be held, for the Court took the SEC's side and on June 11th the company has made an agreement to pay SEC a fine of 18,5 mln USD within 30 days and give back around 70% of all of the collected funds to the investors within 4 years.
And even though the TON crypto platform founder Pavel Durov announced that the project was closed, another team of developers has announced to launch Free TON blockchain. Free TON Community states that if the American court bans Telegram from launching their own blockchain, someone else will.
The pandemic nourished a great number of frauds in all investments fields, especially in the crypto world, stated ASIC, the Australian Securities and Investments Commission.
The current economic instability sparked activity of different fraudsters who couldn't help but use the situation. According to ASIC, the main danger for investors are different types of crypto frauds, like buying assets that basically do not exist. It is highly difficult to trace the fraudsters, as many of them are outside Australia making it literally impossible for the authorities to catch them. Despite that, the regulator asks to report every crypto fraud anyway.
ASIC asks the Australian citizens to stay vigilant and avoid thoughtlessly investing into projects even if they look convincing from the first sight. As a cover, fraudsters tend to use recommendations from influential financial institutes and celebrities that, of course, turn out to be fake.
A group of hackers calling themselves CryptoCore has stolen around 200 mln USD from crypto exchanges and its partners throughout 2 years. A cybersecurity company ClearSky has revealed connections between a number of hacker attacks on different crypto exchanges of the USA and Japan that were conducted from mid-2018 to mid-2020.
The hackers have not been located yet, but specialists believe they are based in Russia, Ukraine or Romania. According to ClearSky, the criminal group involves 3-4 persons; though they are not highly skilled professionals, they have still managed to gain access to hundreds of wallets with their quick and operational teamwork.
The hackers have gained access to e-mails of the exchanges' top managers, then gained access to their wallets, and then were stealing funds from there for 2 years.