Author : Priyadharshini, Government Law College Villupuram, Tamil Nadu
To the point
The remote job seam that misleads job seekers indo creation of crypto deposits under wrong act. the false Scheme was ran from January 2023 to June 2024, it predominantly aim at Individuals to Seek remote work Chance and leveraged well-known cryptocurrency platform Such as , coinbase ,Gemini, and etc. who for thas Bo that the New york Attorney has filed the lawsuit recover $2.2 million cryptocurrency.
The analysis of scam:
1. fake Job offers
2. crypto Deporifts as Instalment Wonk Tasks
3. vision of Earnings
4. growth of Financial torses
5. Last stage.
Fake Job offers
The scammers Cheated the peoples like providing Job for the Job seekers with Work from home roles, providing simple task like reviewing products, registering downloading the application through whatsapp, Gmail, beaut Merages, these are the jobs provided by the Scammers to the people,cupto instalment as Work tasks.
Scammers urged to open the cryptocurrency Accounts to the victims and also instructed to purchase stable coins (such as USDC on Tether).
While creating cryptocurrency accounts the scammers can tere hack the details of the victims
Vision of Earning:
Scammers forged the account balances, to mo making victims trust that they were gaining commission but when the victim wants to withdraw the gaining commissions the
scammers locked the account of victims and instructed them to deposit some more money to the account to unlock the gaining Commissions.
Growth of Financial Loves
Many of the victims stopped borrowing money or using credit cards to depart larger amounts.
Last stage of scam
When the victims wanted their earning Commissions , they trying to withdraw their earning Commission, the scammers were blocked and forced to deposits more money unlock the earning Commission to the victims, on that time the victims were realised that they are Scammed by the Scammers and lost then no Amount through this remote job.
Abstract
In the case of the New york cryptocurrency scam, it was scammed by the scammers of $2. million in New york through providing remote jobs, work from home jobs, simple tasks etc through these jobs. The Scammers stole the $2 million crypto from the people. The Scammers were made the victims to ta beliefs about then job offers and deposited the money and Scammed by the scammers, The Ney New York Attorney general initiated the Lawsuit to recovery of $2.2 million funds to those who have been affected by these scams and penalties to the scammers. The FBI and the New York Attorney general were combined and instructed the victims to be aware of these jobs and report these types of scams to the office of New York Attorney general and FBI.
Use of Legal jargons
The New York attorney general office was in combination of Us confidential service, and perfectly froze Stolen cryptocurrency close to $2.2 million in stolen cryptocurrency .
the Lawsuit reeks to return the $2.2 million funds to victing and detain the fraudsters accountable, and impose penalties on the Scammers and protect them from Conducting.
Cryptocurrency-related activities in New york and Legal authorities push the public to be cautious of false full job offers, Specifically those who requiring cryptocurrency transactions.
The experts of the FBI and cybersecurity have alert about the rising trend of cryptocurrency – related employment fraud, work from home jobs, remote jobs, crypto Scam, on pig butchering Scams, etc. the scams were become increasingly common due to:
Namelessness of cryptocurrency transaction, Could not find tore stolen funds.
The Jumpup remote work with scammers make use of mislead the job seekers.
Shortage of regulation is the crypto space permitting fraudsters to operate across international borders.
The Authorities were forced the Job seeker to following precautions :
Investigate the company before sign in to the work from home job opportunity
Be doubtful about job offers: Because no legal Employer wants deposits in crypto.
keep away from volunteer Job offers through Whatsapp, text messages because Scammers using rais method for fake Jobs.
Disclose suspicious activity: if anybody suspects a Scam, disclose it to the New York Attorney general’s office, the FBI or the Federal trade commission. (FTC)
The proof
The New York Attorney General Letitia James filed filed suit regarding the $2.2 million cryptocurrency Scam in the following sources
To Insurance Journal
WBNG News
New york Attorney General’s official Website
Other News Reports
Insurance Journal:
Reports give on how the scammers tricked the Victims into depositing crypto, use of NFTs for serving legal Notices and legal actions taken.
WBNG News:
Given details on the scam’s operation, Including how the scammers satisfy victims that their crypto deposits were necessary for job verification.
New York Attorney General’s official website carries the statements from Letitia James regarding the lawsuit and Legal action taken regarding the freeze stolen funds .
Other News Reports
Some other Coverage is available from cybersecurity and financial News outlets that have reported regarding the case.
Case Laws
1. SEC V. Telegram Group Inc. and TON Issuer Inc. (2020)
The U.s securities & Exchange Commision (SEC) that $1.7 billion cryptocurrency offering, arguing it was an unregistered Securities sale. this Case was Important because it constitutes the regulatory scrutiny over crypto- transactions and Scams
2. SEC V. Trendon Shavers & Bitcoin savings and trust
In the case of the SEC. v. Trendon Shavers Bitcoin savings and trust, the SEC was sued by Trendon Shavers for maintaining a Ponzi scheme Through Bitcoins that cheated the investors.
The court held that the Bitcoin investments could be regarded as securities, , this case was setting a precedent for illegal cases involving Crypto.
3. U.S. V. Ruja ignatova
In the case of US .V. Ruja ignatova was considered was considered as the cryptoqueen,
This case Demonstrates that crypto – related financial fraud can lead to severe legal consequences, including International Law enforcement Cooperation.
4. U.S. v. Ho Wan Kwok (2023, Cryptocurrency Fraud)
Kwok allegedly scammed victims by soliciting cryptocurrency investments under false pretenses. Shows how federal authorities handle large-scale crypto fraud cases.
5. New York v. Coinseed Inc. (2021)
The New York Attorney General sued Coinseed for defrauding investors in a crypto trading app. Outcome: Coinseed was shut down, and the Attorney General recovered funds for victims.
Relevance: Demonstrates the New York AG’s willingness to take legal action in crypto fraud cases.
FAQS
What is a scam ?
A scam is a false full scheme or fraud designed to deceive people ,usually for financial gain.it is to steal money ,personal information ,or valuable assets from the people.it is known as scam.
Who is a scammer ?
A scammer is a person or group who deceives others to steal money,personal information .Scammers use lies,tricks , and manipulation to exploit victims , often through online fraud ,phone scams ,or fake business deals etc.
Are scams legal and illegal ?
Scams activities are illegal,they involve fraud,deception , and theft ,which violates the laws in most countries.
