The News / Hottest

The Polish police has arrested 11 individuals, on suspicion of running a forex scam scheme, defrauding investors in Poland and other EU countries.

According to police sources the gang is responsible for the theft of at least 520 000 USD in Poland alone, part of which are recovered during the police rides.

The people arrested were working with other scammers based in Cyprus and are reported to be of the senior management of the organization, not just call center employees, who usually make the contact with the clients, who are latter scammed.

Source

The International Monetary Fund on Tuesday slashed the global growth forecast for this year, citing the trade tensions, weaker business confidence, tighter financial conditions and higher policy uncertainty. The Washington-based global lender cut the growth forecast for this year to 3.3 percent in its latest World Economic Outlook, or WEO, which is released twice a year.

more...

The Cyprus Securities and Exchange Commission (‘CySEC’) officially warned investors that CryptoCapitalFX is not licensed to provide investment services in the country. CySEC stated that this broker illegally uses the details of an authorized Cypriot Investment Firm, with which it is not associated and is essentially its illegal clone.

more...

The Brazilian police have arrested 10 individuals in connection to a crypro pyramid scam that has defrauded Brazilian investors with over 850 million Brazilian Reals or roughly 210 million USD.

The arrests were made after a massive police operation, involving the tax authorities.

In the focuse of the police investigation are 13 people and 5 legal entities in connection to the fraudulent scheme, called “Indeal”.

more...

CoinCheck, the Japanese cryptocurrency exchange that was hacked back in 2018 for over 530 million USD may have been attacked by Russian hackers.

Originally it was believed that the attack from January 2018, which costed the crypto currency exchange some 534 million USD in NEM, had came from North Korea. The latest evidence however show that computer viruses, linked to Russian hackers have been found in Coincheck employees’ computers.

more...

The founder and CEO of now defunct QuadrigaCX Gerald Cotton used clients’ funds for private ends, reported the firm’s bankruptcy trustee Ernst & Young Inc. More specifically, Cotton, who died in mysterious circumstances last year, used customers’ funds to trade for his own account on other cryptocurrency exchanges.

QuadrigaCX, which was Canada's biggest cryptocurrency exchange, ceased operations this year. The company filed for protection from creditors in January, and was declared bankrupt in mid-April, owing customers $190 million worth of cryptocurrency and fiat.

Source

Largely mirroring Federal Reserve Chairman Jerome Powell's remarks in Congressional testimony earlier in the day, the minutes of the central bank's June meeting released Wednesday afternoon said many participants believe the case for lowering interest rates has strengthened.

more...

Poland’s second-largest crypto exchange Bitmarket closed up shop on Tuesday, without any prior warning. According to a message posted a day earlier on the Bitmarket’s website, the exchange was forced to cease operations due to loss of liquidity. However, some of its clients suspect that the exchange might have been hacked.

more...

A criminal group in Gold Coast, Australia were arrested for allegedly scamming over 100 Australians with A$2.7 million in cryptocurrency investment. Queensland Police charged five members of the group with fraud and money laundering after a complex and lengthy investigation known as Operation Quebec Walnut.

more...

The International Monetary Fund cautioned that monetary policy easing are unlikely to lead to currency devaluations that are adequate enough to cause a sustained improvement in a country's trade balance. Trade wars and currency devaluation concerns are set to be intensively discussed later this week when global central bankers will gather in Jackson Hole, Wyoming.

more...