💸 Is the mystery solved? A new HBO documentary, “Money Electric: The Bitcoin Mystery,” claims Canadian developer Peter Todd is the mystery man behind bitcoin. Todd, of course, has denied he’s the real Satoshi Nakamoto, and he’s now in hiding. If it’s true, though, he holds the keys to over a trillion dollars in crypto. Watch the trailer — it’s so good!
Starlink is powering a new wave of pig-butchering scams
Pig-butchering scams are getting more sophisticated — and more costly — by the day. One report found criminals have swindled an estimated $75 billion from victims. And just recently, a criminal organization in Asia was taken down, adding another $46 million to that tally.
I’m sad to say I’ve talked to lots of pig-butchering victims. One guy called my show because a woman DMed him on Facebook about a crypto investment. He gave her money and did not want to believe me when I told him he was being set up for “slaughter.”
No surprise, AI is making these crimes a lot easier to pull off. I’ve got the scoop on the latest tricks so you don’t fall for them.
The missing link
Pig-butchering scams rely on a formula. It starts all lovey-dovey with promises of quick riches over the course of months to “fatten you up.” Then, once they have your trust, they send you to “slaughter” with a crypto or other financial scam.
In the past, these scammers would say no to video chats so you didn’t know your new “girlfriend” or mysterious financial advisor is really a network of clever criminals. Now, they have deepfake software good enough to face-swap in real time. With just a click, the person on the other end of your video chat can change their appearance and “prove” they’re who they claim they are.
These scams, though, won’t work without a strong internet connection. That’s hard to come by in many of the countries where pig-butchering schemes originate. To solve that problem, crooks are buying Starlink satellite dishes.
The U.N. reports 80 Starlink satellite units were seized in Southeast Asia between April and June of this year. Thai police rounded up 58 devices in June alone. In another bust, law enforcement picked up 10 Starlink satellites and almost 5,000 preregistered SIM cards. Wow.
A real drain
“Crypto draining” is another scamming technique on the rise. The criminal sends a link to what looks and feels like a legitimate trading platform or service. You connect your crypto credentials, and, just like that, your money is redirected right into a criminal’s wallet.
Crypto drainers are all over social media, too. In one campaign that ran from March to December of 2023, they got away with $59 million from over 63,000 victims worldwide.
The chop shop
A small town in Texas will soon house the world’s biggest bitcoin mine
Corsicana, Texas is a small town an hour away from Dallas. They kicked off the oil boom in the South 130 years ago, turning their land into a money-making machine. Today, it’s the kind of dreary town you don’t stop in because there’s nothing memorable.
Hackers steal $285M in Bitcoin
$285 million in crypto — gone. Two hackers stole over 4,100 Bitcoin from a billionaire, but they didn’t get away with it. Plus, tips for using Perplexity AI, a shocking Titan submersible update, and a fantasy football fan caught sending fake threats.
🤠 A Texa-llent idea: Remember the winter storm that left millions of Texans without power? The state is now requiring all crypto miners, big or small, to register. Any unregistered mining outfit that consumes over 75 megawatts (that would be like charging 1,500 Teslas at once) is looking at fines ranging up to $25,000 per day. That’s one big mine!
$3 million
The value found within a bitcoin wallet that was unlocked after 11 years. Its owner had forgotten his password and contacted an ethical hacker to regain control of his crypto. Good thing, too — when he lost access to his wallet originally, its contents were only worth $3,000 to $4,000.
Ask Kim: 'Is my new online friend tricking me?'
I got a call from Jim in Sacramento about a new friend he met on Facebook. She messaged him out of the blue and they hit it off (just friends, he’s married). Now, she’s introduced him to her aunt, who happens to be great with crypto.
Wtach out for typos: Scammers are stealing a boatload through accidental crypto transactions caused by typosquatting. They make copycat URLs close to real sites and wallet addresses. Type it in and your money goes right to a scammer. You’ll never get it back. The shady practice pulls in $500 million a year. Stay safe: Always triple-check to make sure you’re sending money to the right place, crypto or otherwise.
🚨 No one wants to give you money for nothing: X rival Bluesky just hit over 20 million members. Big shocker (not), crypto scams are now everywhere on the platform. There’s an AI-generated pic of Mark Zuckerberg promoting a fake “MetaCoin.” Others are dangling “FREE Bitcoin & Ethereum.” Don’t take the bait; report the spam and move on.
🐺 I hope this isn’t true: Online sleuths say YouTuber MrBeast has raked in $23 million through a web of crypto wallets and shady schemes. It’s got all the drama: A long trail of insider trading, misleading investors, and using his influence to pump and dump. Their proof? Transactions, charts, messages and pics of him partying with crypto entrepreneurs. Here’s the full investigation. Great read, btw.
🚨 It’s not him: Elon Musk isn’t pitching crypto investments with obscene returns all over social and YouTube — they’re deepfake videos. A Michigan resident who lost $700,000 to scammers grew suspicious when, after he sent his money, he couldn’t find any info about the crypto company. Another victim in Nevada lost $220,000. Come on … you have to be smarter than to fall for this.
💸 Is the mystery solved? A new HBO documentary, “Money Electric: The Bitcoin Mystery,” claims Canadian developer Peter Todd is the mystery man behind bitcoin. Todd, of course, has denied he’s the real Satoshi Nakamoto, and he’s now in hiding. If it’s true, though, he holds the keys to over a trillion dollars in crypto. Check out the trailer — looks good!
69,370 bitcoins
Headed for the U.S. Treasury. It’s the stolen proceeds from the Dark Web drug marketplace Silk Road, valued at $4.6 billion at current prices. It took four years for the government to establish ownership. Crazy twist: The agent who secured the money is sitting in jail.
You can’t spell “crypto” without “C-R-Y”: The FBI created a fake cryptocurrency to nail pump-and-dump fraudsters. That’s where they inflate a crypto’s price with phony trades, convince others to buy, then cash out before the crash. The FBI set up a slick website, and shady companies took the bait. Now, 18 people and companies face fraud and market manipulation charges. But there are thousands more out there.
Born to be root, not reboot: That’s total geek humor. Stealthy malware has been infecting Linux systems since 2021. It secretly mines crypto and turns computers into spambots, hiding as common system processes. Extra sneaky: It stops when someone logs in. Telltale sign: Constantly high CPU usage. Make sure CVE-2023-33246 is patched.
Wyoming’s No. 1: It’s the first state with its own U.S. dollar-backed stablecoin. The goal? Faster, cheaper transactions and more revenue for the state. Next year, public audits will show how many tokens are in circulation and the exact amount in the bank. Translation: There’s a real dollar in the bank for every crypto coin.
Stay far, far away: Scammers use crypto ATMs to defraud U.S. victims out of millions every year. They’re less regulated and let you send money overseas instantaneously. A 77-year-old woman just got scammed out of $9,000. Once her money left the country, she was SOL. Listen up: No legitimate entity will ever ask you to send money in crypto or from an ATM.
Crypto scams to watch out for
Tempted by a too-good-to-be-true investment on social media? This July 4th, a crypto scam that fooled millions is exposed.
$161 million in bitcoin
Purchased by the state of Wisconsin. It’s the first state to invest in the newly approved bitcoin EFTs. I always say you shouldn’t invest in crypto unless you can afford to lose it. Hope that’s true for the Wisconsin state pension fund.
FBI’s latest headache? Investment scams, which stole $4.57 billion from folks in 2023. If you’re between the ages of 30 and 49, be careful — these scammers are targeting you via crypto, social media and dating platforms. Netcraft recently shut down thousands of phony investment sites. Don’t fall for those “once-in-a-lifetime” DMs.