FBI Creates Fake Cryptocurrency to Expose Widespread Crypto Market Manipulation
FBI Creates Fake Cryptocurrency to Expose Widespread Crypto Market Manipulation
U.S. DoJ charges 18 in a $25M cryptocurrency fraud operation, uncovering market manipulation through an FBI-led sting.
NexFundAI, as per information on the website, was marketed as redefining the "intersection between finance and artificial intelligence" and that its aim was to "create a cryptocurrency token that not only serves as a secure store of value but also acts as a catalyst for positive change in the world of AI."
Dude...hook, line, and sinker. FBI knows their target audience lol
They just peeled off some of the low-hanging fruit. That's all.
Buzzword bingo
I had "AI native" on my bingo card and they missed that one. Maybe it'll come up on the next turn.
Someone got paid by Uncle Sam to make this and I’m extremely envious.
Reminds me of the time that the FBI created 'secure' phones for illicit criminal activities
There's a great Search Engine episode on it https://player.fm/series/search-engine-3326982/whats-the-best-phone-to-do-crimes-on
COX: Drug traffickers love gizmos. They love gadgets. And if they have something like, ooh, the app is hidden behind a calculator, they think that's amazing, and they want to buy it.
TIL drug traffickers have the mindset of a teenage boy looking for ways to hide porn.
They're like regular people who don't know our entire tech stack is fully sodomized by glowies. Basically every electronic object in your house is permasnitching your business to the state should and their vampite friends
For every teenage boy you catch looking at porn, there are a hundred you missed.
Yeah I just assume everything that I own is completely hacked already.
Now if only they could do the same with the stock market. But the conspiracy theorist in me believes that all this manipulation is being done hand in hand with certain arms of the government in order to maintain the government's appearance of solvency and to control inflation in the face of what appears to be nearly unlimited spending. Just keep moving around fake money using a million different utterly opaque methods.
They can't put all of congress in jail!
They can if enough of us are willing to help
That's the SEC's domain, and I'm sure the FBI helps with catching insider trading and whatnot as well.
Don't steal the government does not tolerate competition
People get convicted of fraud charges all the time. Archegos being probably the biggest non-Trump non-Crypto related cases of late.
It's just that if it's a fraud conviction that's not related to either Trump or crypto (and maybe soon Trump will be convicted of crypto related fraud!) it's not big news.
nearly unlimited spending
The great thing about currency is that it can change hands an infinite number of times and function the same as it did on day one.
Just keep moving around fake money
Laughing at my credit card company
How can I owe you dollars when they're all worthless?! Idiots!
Haha, I'll give you 100 CocoCoins if you can define what makes a cryptocurrency "fake" rather than real.
This headline should probably say "FBI create a cryptocurrency to expose..."
That said there are only a few cryptocurrencies I would call worthy of note or respect.
DOGE and..?
Lol at all the people deleting their comments or getting downvoted heavily. You are the target audience. This is either a warning to get your shit straight or nuke your hard drive. Dealers choice... Take a hint boys.
Now do the real securities market!
And upset their bosses?
That's above their pay grade
NexFundAI, as per information on the website, was marketed as redefining the "intersection between finance and artificial intelligence" and that its aim was to "create a cryptocurrency token that not only serves as a secure store of value but also acts as a catalyst for positive change in the world of AI."
Even though it's not obvious it was a government run "scam"/operation this website screams scam.
Every cryptocurrency website scream scam
Just like the "Nigerian prince scams". Yes, they are obviously a scam to most of us. But to the few ignorant/naive people who don't, they're the victims worth pursuing by the scammers. We are not the audience.
Yeah! Heil government!
I'm glad it's just a bunch of rich assholes who went down, and not* people only doing this to survive. They get what they fucking deserve.
Focus on cryptocurrency but ignore the blatant connivance on Wall Street. Sounds about right.
Wash trading is also illegal on wall street
COX: Drug traffickers love gizmos. They love gadgets. And if they have something like, ooh, the app is hidden behind a calculator, they think that's amazing, and they want to buy it.
TIL drug traffickers have the mindset of a teenage boy looking for ways to hide porn.
I don't know what is worse Dogecoin and all that BS, or FBI that is on purpose to become a bad actor...
It's called a honeypot. They even ran CP servers in the past (after taking them over from the actual admins, in order to unmask the users).
Why does the government keep trying to regular fake Internet money? The whole point of it was that it was a free for all. Who the fuck cares if crypto bros get fucked, if you want real securities you go to a real bank and open a real investment account.
Yeeeaaaah, because nothing says "I'm doing my job, and certainly not getting yelled at by any other agencies" like letting a free for all happen on your watch. You know the FBI is supposed to be PREVENTING fraud, right?
🤦
Why? Because of this of course:
Because then the fraudsters end up with all the money, buy an e-news paper, or get a game show, and end up running for president. It's not an excellent idea to let fraud run rampant on your society.
Scammers beg the goverment for a "free for all" so their central organization can defraud people.
P2P crypto users achieve a free for all by avoiding central organizations.
We are not the same.