Welcome to week 10 of the Crypto Alert of the Week series, dedicated to documenting interesting or high profile frauds/hacks etc that recently happened and have been reported into the AMLT Network and show how the AMLT Network can help track and prevent it in the future. In this series we’ve already documented multiple cases where Twitter has been a central point of unique types of identity theft, phishing, and various types of fraud. You can find our previous Alerts here. Reported to us by an AMLT Network Member, this one is particularly interesting as here is a new type of scam going on Twitter right now that is using “legitimate” Twitter ads coupled with major cryptocurrency brands such as Coinbase to use the legitimacy of these brands and gain more attention.
Above you can also see the payment gateway leading to the address to pay in. Obviously, your funds will not be returned. The Network Member who provided the data provided the address along with the above screenshots and appropriate flags in the AMLT Network Panel.
After being analyzed for correctness the data was implemented into the Coinfirm AML Platform, allowing any entity using the Platform to now see where the funds potentially entering their exchange or ecosystem come from and freeze or return them as necessary. Below you can see how the address is now reflected in the Coinfirm AML Risk Report with new identifiers, elevated risk rating and the appropriate flags (flags not visible). A global Network such as AMLT coupled with the Coinfirm AML Platform can not only prevent these actors from being able to use the funds but also help remove their initial incentive to do the action in the first place.
In case you don’t see the AML risk report below click here.
If you’re interested in partnering with Coinfirm or becoming an AMLT Network Member then contact us!
The Coinfirm Team
AMLT is the token for the AMLT Network and Coinfirm AML/KYC Platform. The first solution allowing the global economy to provide data to fight ransomware, hacking, malware and other online fraud and scams touching the cryptocurrency economy. In return for valid data provided, AMLT Network Members are rewarded in AMLT that can then be used in various ways. Created by Coinfirm, a global leader in regtech for blockchain and cryptocurrency, AMLT not only creates the first system where entities can report addresses and evidence tied to nefarious actors in the economy, but AMLT token can be used for discounted services on the Coinfirm AML/KYC Platform that is already servicing countless ICOs and over 100 companies in both the cryptocurrency and traditional spaces. Network Members also receive privileged access to Coinfirm products such as our tools and panels, the AMLT knowledge pool with exclusive content and materials as well as additional benefits and features, helping them limit exposure to risk and increase transparency for themselves, their clients and the entire digital economy.
Coinfirm: A Top Blockchain and Regtech Company