Fun

NY authorities announce charges related to ‘sham’ crypto recovery firm

News Feed - 2024-08-02 01:08:11

Turner Wright7 hours agoNY authorities announce charges related to ‘sham’ crypto recovery firmThe New York County District Attorney seized roughly $14,000 that Coin Dispute Network operators allegedly stole from users.468 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onManhattan District Attorney Alvin Bragg announced criminal charges against an individual for using a “sham cryptocurrency asset recovery business” to defraud customers.


In an Aug. 1 notice, the New York Country District Attorney’s (DA) office said it had charged Michael Lauchlan with three counts of grand larceny and two counts of scheme to defraud for his role in stealing from Coin Dispute Network users. According to the DA, the “sham” platform claimed to be able to trace and recover lost crypto assets, but instead, it bilked customers out of fees and stole Ether (ETH) from at least three users.


“Michael Lauchlan allegedly exploited his customers’ lack of experience with the cryptocurrency industry and in turn fleeced them out of thousands of dollars in sham services and stolen assets,” said Homeland Security Investigations New York Special Agent in Charge Ivan Arvelo.Source: Alvin Bragg


Coin Dispute Network offered blockchain analysis and tracing and assistance in recovering crypto transactions between July 2022 and June 2023. Bragg’s office seized the firm’s website in June 2023. Authorities arrested Lauchlan, who also goes by the alias Max Handler, in Las Vegas on July 9. 


Related:UK police authorized to seize criminal crypto holdings without arrests


The New York County DA seized roughly $14,000 in user funds transferred to CoinEx by Coin Dispute Network. According to the complaint, more than 175 people were affected by alleged false claims from Coin Dispute Network being able to recover lost crypto.


Federal and state authorities in New York have taken several actions against crypto firms operating outside regulatory guidelines and individuals allegedly associated with illicit practices. Former FTX CEO Sam Bankman-Fried was charged, tried, convicted and sentenced in a New York courtroom. New York Attorney General Letitia James has also filed lawsuits for residents who lost money to certain crypto firms.


Magazine:Meet the hackers who can help get your crypto life savings back# Cryptocurrencies# New York# Crimes# Scams# Recovery Seed# RegulationAdd reaction

News Feed

Martin Young4 hours agoBitcoin on $3K discount at Binance.US, but there’s a catchBitcoin is selling for just over $27,500 on Binance.US, a nearly $3,000 discount from global spot prices.5060 Total views1 Total sharesLi
Prashant Jha10 hours agoBitfinex Securities announces tokenized bondPaolo Ardoino, Bitfinex chief technology officer and incoming Tether CEO, said the “exciting” initiative marks the beginning of a new era in capital
Robert Kiyosaki Says ‘We Are in Biggest Bubble in World History’ — Warns Government Will Seize All Cryptocurrencies
Robert Kiyosaki Says "We Are in Biggest Bubble in World History" — Warns Government Will Seize All Cryptocurrencies The famous author of the best-selling book Rich Dad Poor Dad,
Blockchain Firm Labs Group Taps Enjin to Tokenize Real Estate Assets
Blockchain Firm Labs Group Taps Enjin to Tokenize Real Estate Assets The year has started with a batch of announcements regarding tokenization in various sectors
CoinDCX crypto exchange acquires BitOasis, expands into MENA region
Josh O"Sullivan12 hours agoCoinDCX crypto exchange acquires BitOasis, expands into MENA regionCoinDCX’s acquisition of BitOasis opens new opportunities in the Middle East and ensures regulated and secure trading.1593 T
Crypto Exchanges Still Available to Russians Despite Latest EU Sanctions, Report Unveils
Crypto Exchanges Still Available to Russians Despite Latest EU Sanctions, Report Unveils A list of crypto exchanges, including global platforms, have not introduced new restriction
Biggest Movers: DOGE Hits 8-Week High as Meme Coins Rally on Tuesday
Biggest Movers: DOGE Hits 8-Week High as Meme Coins Rally on Tuesday Dogecoin climbed to an eight-week high on Jan. 31, as prices broke out of a key resistance level on Tuesday. Th
Rocket Fuel For Shiba Inu Price: Kusama Says 99% SHIB Supply Burn Possible
Este artículo también está disponible en español. Shiba Inu lead developer Shytoshi Kusama has addressed inquiries regarding the ambitious goal to burn 99% of the circula
3 reasons why Bitcoin (BTC) price is down today
Marcel Pechman4 hours ago3 reasons why Bitcoin (BTC) price is down todayStrong macroeconomic data, fear of an artificial intelligence bubble and an ongoing court case could be factors in Bitcoin’s multiday correction.2
Bitcoin Hashrate Nears All-Time High Captured in May — BTC Mining Rigs Produced in 2016 Still Profitable
Bitcoin Hashrate Nears All-Time High Captured in May — BTC Mining Rigs Produced in 2016 Still Profitable While bitcoin’s value has remained well above the $60K range, the
Belgian MP to Receive Entire Salary in Bitcoin — Says Crypto Adoption Will Be ‘Exponential’
Belgian MP to Receive Entire Salary in Bitcoin — Says Crypto Adoption Will Be "Exponential" A member of the Brussels Parliament, Christophe De Beukelaer, says he will receive his
Stablecoin Implosion — LUNA and UST Lose Significant Value, Downturn Ripples Across the Crypto Economy
Stablecoin Implosion — LUNA and UST Lose Significant Value, Downturn Ripples Across the Crypto Economy During the last few days, the crypto economy has been tumultuous as billion