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News

Crypto Scam Group Steals Tens Of Millions Of Dollars Across Many DeFi Platforms

April 14, 2024 - Around 2 mins mins to read

Key Points:

  • A crypto scam group behind multimillion-dollar scams launches a new scheme, Leaper Finance on Blast, using $1 million from previous fraud.
  • Google previously filed a lawsuit against crypto scammers accused of defrauding over 100,000 individuals worldwide via fraudulent apps on Google Play.
  • Despite the decrease in crypto-related crime in 2023, the battle against scams intensifies.
ZachXBTA crypto scam group responsible for siphoning tens of millions of dollars from platforms like Magnate, Kokomo, Lendora, and Solfire has resurfaced with a new scheme, as reported by ZachXBT.
Crypto Scam Group Steals Tens Of Millions Of Dollars Across Many DeFi Platforms

New Crypto Scam Group Emerges

Dubbed “Leaper Finance on Blast,” the group injected approximately $1 million, garnered through previous fraudulent activities, into liquidity pools. Their modus operandi involves letting Total Value Locked (TVL) soar into seven figures before absconding with users’ deposited funds, aided by falsified KYC documents and low-tier audit firms.

Expanding their reach, the crypto scam group has launched scams across various blockchain platforms, including Base, Solana, Scroll, Optimism, Arbitrum, Ethereum, and Avalanche. These scams, akin to traditional fraud, target unsuspecting investors, coercing them to divulge personal information or transfer digital assets to the scammers’ accounts.

Combatting Crypto Fraud: Initiatives and Challenges

In response to the escalating threat of crypto scams, tech giant Google has taken unprecedented legal action. Google filed a lawsuit against a group of crypto scammers accused of defrauding over 100,000 individuals worldwide through fraudulent investment and crypto exchange apps on Google Play.

The lawsuit alleges that the defendants misrepresented their identities, locations, and the nature of their applications to deceive Google.

This legal move by Google comes amidst findings from a Chainalysis report indicating a decrease in crypto-related crime in 2023 compared to the previous year, with $24.2 billion worth of crypto-assets traced to illicit addresses, constituting a mere 0.34% of total on-chain transaction volume.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Blast

crypto

crypto scam

Leaper Finance

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Crypto Scam Group Steals Tens Of Millions Of Dollars Across Many DeFi Platforms

Key Points:

  • A crypto scam group behind multimillion-dollar scams launches a new scheme, Leaper Finance on Blast, using $1 million from previous fraud.
  • Google previously filed a lawsuit against crypto scammers accused of defrauding over 100,000 individuals worldwide via fraudulent apps on Google Play.
  • Despite the decrease in crypto-related crime in 2023, the battle against scams intensifies.
ZachXBTA crypto scam group responsible for siphoning tens of millions of dollars from platforms like Magnate, Kokomo, Lendora, and Solfire has resurfaced with a new scheme, as reported by ZachXBT.
Crypto Scam Group Steals Tens Of Millions Of Dollars Across Many DeFi Platforms

New Crypto Scam Group Emerges

Dubbed “Leaper Finance on Blast,” the group injected approximately $1 million, garnered through previous fraudulent activities, into liquidity pools. Their modus operandi involves letting Total Value Locked (TVL) soar into seven figures before absconding with users’ deposited funds, aided by falsified KYC documents and low-tier audit firms.

Expanding their reach, the crypto scam group has launched scams across various blockchain platforms, including Base, Solana, Scroll, Optimism, Arbitrum, Ethereum, and Avalanche. These scams, akin to traditional fraud, target unsuspecting investors, coercing them to divulge personal information or transfer digital assets to the scammers’ accounts.

Combatting Crypto Fraud: Initiatives and Challenges

In response to the escalating threat of crypto scams, tech giant Google has taken unprecedented legal action. Google filed a lawsuit against a group of crypto scammers accused of defrauding over 100,000 individuals worldwide through fraudulent investment and crypto exchange apps on Google Play.

The lawsuit alleges that the defendants misrepresented their identities, locations, and the nature of their applications to deceive Google.

This legal move by Google comes amidst findings from a Chainalysis report indicating a decrease in crypto-related crime in 2023 compared to the previous year, with $24.2 billion worth of crypto-assets traced to illicit addresses, constituting a mere 0.34% of total on-chain transaction volume.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.