Wednesday, June 29, 2022

Interpol announces major effort against gangs involved in internet fraud in Operation First Light

 In September 2020, a North Korean hacking group known as Lazarus broke into a small Slovakian crypto exchange and stole virtual currency worth some $5.4 million. It was one of a string of cyber heists by Lazarus that Washington said were aimed at funding North Korea’s nuclear weapons programme.

How crypto giant Binance became a hub for hackers, fraudsters and drug traffickers


Defendant Allegedly Traded on Inside Information About NFTs That Were Scheduled to be Featured on The Homepage of The Largest NFT Marketplace 

Damian Williams, the United States Attorney for the Southern District of New York, and Michael J. Driscoll, Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), announced today the unsealing of an Indictment charging NATHANIEL CHASTAIN, a former product manager at Ozone Networks, Inc. d/b/a OpenSea (“OpenSea”), with wire fraud and money laundering in connection with a scheme to commit insider trading in Non-Fungible Tokens, or “NFTs,” by using confidential information about what NFTs were going to be featured on OpenSea’s homepage for his personal financial gain.  CHASTAIN was arrested this morning in New York, New York and will be presented today in the United States District Court for the Southern District of New York.

Former Employee Of NFT Marketplace Charged In First Ever Digital Asset Insider Trading Scheme


Status-seeking in women is more tolerated than is power-seeking.



The top 1 percent of earners, who make more than $804,000 a year, contributed 41 percent of the city’s personal income taxes in 2019.

About one-third of the people who left moved from Manhattan, and had an average income of $214,300. No other large American county had a similar exodus of wealth.

Here is more from the NYT.


New York Times, The Flight of New York City’s Wealthy Was a Once-in-a-Century Shock:

When roughly 300,000 New York City residents left during the early part of the pandemic, officials described the exodus as a once-in-a-century shock to the city’s population.


 Visual graphic on the migration of millionaires



 CTY cancelled this year, a big step backwards for talent!


If we could preserve only one sentence…


Sam Enright on optimal Covid policy


India’s next street food craze?


Interpol announces major effort against gangs involved in internet fraud in Operation First Light
  • 2000 arrested
  • 76 countries involved
  • Major efforts against BEC and romance scams
 Police in Netherlands and Belgium bust operation that sent emails pretending to be their banks; when victims logged into the sites the scammers captured that information and used it to log in the victims' bank accounts and steal their money; several million euros stolen; 9 arrested in the Netherlands
 
Thought of the week: Theft of government benefits:  Fraud gangs around the world got rich applying for unemployment benefits and small business loans during the pandemic. I’m sure they learned a lot, and doubtless they would like to expand this to stealing other types of government benefits.  All agencies will need to up their antifraud efforts
 


Need an expert witness for consumer protection or fraud issues?  Let me know.
 
Fraud Studies. Here are links to the studies I’ve written for the Better Business Bureau: puppy fraudromance fraudBEC fraudsweepstakes/lottery fraud,  tech support fraudromance fraud money mulescrooked moversgovernment impostersonline vehicle sale scamsrental fraudgift cards,  job scams,  online shopping fraud, and crypto scams
 
Fraud News Around the world
Humor FTC and CFPB  Virus Benefit TheftSocial mediaRansomware  Data Breaches Bitcoin and cryptocurrencyIRS and tax frauds ATM skimmingJamaica and Lottery FraudRomance Fraud and Sextortion