Authorities found the couple’s bodies after a month-long search. Police reported that Novak and his wife were killed after a ransom request failed. This revelation alarmed crypto investors worldwide.

Details of the Dubai incident

Novak had a criminal record for fraud in Russia. After moving to Dubai, he established a new crypto fund promising high returns. Some media sources claimed he linked the project to Pavel Durov to gain investor trust. However, Telegram’s founder had no involvement in the incident.

Police reports indicate that Novak and his wife were lured into a vehicle. The kidnappers demanded ransom, but when the demand was not met, they killed the couple. Vehicle traces were tracked from Hatta toward Oman and Cape Town.

Investigation and international impact

UAE authorities detained several suspects connected to the case. Investigators are carefully analyzing blockchain-based fund flows. Russian officials reopened the couple’s fraud files. Cooperation between the two countries may reveal details of the international crypto scam network.

The incident attracted attention not only in Dubai but across global media. Experts warned that investors should exercise caution with high-yield projects.

Lessons from experts

• Investors should avoid projects with anonymous founders.

• The background of fund managers must be verified.

• Lack of regulations increases scam risks.

• This case could accelerate blockchain regulations and improve investor protection.

Overall, the incident serves as a serious warning for the crypto market. Additionally, the ransom claims and international dimension make this case unforgettable in the investment world.

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The post Dubai Crypto Scam: Roman Novak and Wife Killed appeared first on Coin Engineer.

Fake Crypto Warning Issued

The show’s site warned of fraudulent memecoins using its branding: “We support Bitcoin and no other memecoin.”

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After documentaries like Trust No One and the upcoming The Altruists (about SBF and Caroline Ellison), Netflix expands its crypto-themed content.

Are Crypto Influencers Being Targeted?

Streamer Amouranth revealed her home was invaded after sharing her $20M BTC holdings. Similar crypto-related attacks have surged in 2025.

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What is Unicoin and Why is it Targeted? 

Unicoin claimed to investors that its tokens were backed by an international portfolio of valuable real estate and raised funds with these promises. The company showcased real estate worth $1.4 billion in countries such as Argentina, Thailand, Antigua, and the Bahamas. However, the SEC alleges that Unicoin never purchased most of these properties and overstated their value. According to the SEC, the total value of the properties did not even reach $300 million, and most transactions were never completed. Additionally, while the company claimed its tokens were “asset-backed,” it did not grant investors any rights over these assets. 

Mark Cave, Deputy Director of the SEC’s Enforcement Division, stated: 

“We allege that Unicoin and its executives exploited thousands of investors with false promises that their tokens would be backed by real-world assets, including an international portfolio of valuable real estate. However, as we allege, the real estate assets were worth only a fraction of what the company claimed.” 

Furthermore, the SEC claims that Unicoin sold 37.9 million unregistered rights certificates, marketed with the expectation that they would be converted into tokens, misleading investors. 

US Wants Bitcoin Instead of Gold! New Survey Surprises 

CEO Alex Konanykhin, announced that he rejected the SEC’s settlement offer. Konanykhin claims the company operated entirely legally and that the tokens are backed by real assets, including real estate in the Bahamas and Thailand, copper mining rights in Argentina, and investments in various ventures. The lawsuit also notes Unicoin’s claim of promising investors returns exceeding 9,000,000%, which has reportedly been removed from the company’s website. 

The SEC states that Unicoin’s aggressive marketing campaigns in airports, New York taxis, social media, and TV advertisements attracted thousands of investors. Through these efforts, the company reportedly raised millions of dollars from over 5,000 investors. The SEC alleges in its lawsuit that Unicoin and its executives violated securities laws by making misleading statements to investors. Consequently, the lawsuit raises serious questions about the accuracy and transparency of the information Unicoin provided to investors. 

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The post SEC Accuses Unicoin of $100 Million Securities Fraud!  appeared first on Coin Engineer.

Seed Phrase Trap: Social Engineering at Its Worst

Ed Suman, a 67-year-old former fabricator for top artists like Jeff Koons, spent decades in the art world before shifting his focus to cryptocurrency investing. Over time, he amassed 17.5 Bitcoin (BTC) and 225 Ethereum (ETH) — the core of his retirement portfolio — stored safely in a Trezor Model One hardware wallet.

But in March, he received a text message that appeared to be from Coinbase, alerting him to suspicious account activity. He replied, and shortly afterward, a man calling himself “Brett Miller from Coinbase security” called him.

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The caller seemed legitimate, even referencing Suman’s use of a hardware wallet. Over the phone, he walked Suman through a supposed “security procedure,” which required him to enter his seed phrase into a site that perfectly mimicked Coinbase’s interface.

A second scam call came nine days later. After following the same process again, all of Suman’s crypto was gone.

Real Data Breach at Coinbase Raises Alarms

Coincidentally or not, Coinbase recently disclosed a data breach where attackers bribed Indian customer support contractors to access private user data — including names, account balances, and transaction histories.

Roughly 1% of monthly users were affected, including Sequoia Capital’s managing partner Roelof Botha. While no funds were confirmed stolen from him, the incident highlights growing concerns over third-party vulnerabilities.

Coinbase has since fired the compromised contractors and is planning to compensate affected users with a budget between $180 million and $400 million.

Hardware Wallets Are Not Foolproof

Suman’s tragic loss is a painful reminder: Seed phrases should never be entered into any website, regardless of how authentic it looks. The biggest threat in crypto isn’t always technology — it’s human manipulation.

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Masked Men Tried to Kidnap Crypto CEO’s Daughter

In a shocking attempt, masked assailants tried to kidnap the daughter of a French crypto CEO. However, thanks to the resistance of the mother and intervention from bystanders, the kidnapping was thwarted.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

While the girl is reportedly unharmed, her mother suffered severe blood loss and is currently receiving treatment. One of the attackers dropped his weapon, which a nearby citizen picked up and used to defend against the assailants — likely saving lives in the process.

Third Attack in France: Crypto Wealth Under Siege

This is now the third crypto-related kidnapping attempt in France within just a few months. Earlier this year, the CEO of Ledger, a leading hardware wallet company, was abducted and had his finger severed in a gruesome ransom plot.

Why Are Crypto Millionaires Always the Target?

Despite crypto billionaires not ranking high on global wealth lists, they are often in the spotlight due to their online presence and lifestyle. In contrast, traditional “old money” wealth tends to avoid attention, staying out of the public eye.

This visibility makes crypto figures prime targets for organized crime, especially since digital assets offer little physical protection. Experts warn that personal security should become a top priority for public crypto figures.

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The post Crypto Rich in Danger: Another Kidnapping Attempt Foiled in France appeared first on Coin Engineer.

Crypto Education Firm Known as “IML” Under Investigation

The company operated under multiple names, including IYOVIA, IM Mastery Academy, iMarketsLive, and IM Academy—collectively referred to as “IML.”

According to the FTC, IML offered educational programs in cryptocurrency, binary options, forex, and stock trading, but allegedly misrepresented the potential earnings from these ventures.

Why Are They Being Sued?

The complaint states that IML claimed its sales representatives could earn up to $750,000 per month. However, internal data reportedly showed that most salespeople either lost money or earned very little. In fact, those earning under $500 in 2022 made an average of just $77.51 for the year.

The company operated under a multi-level marketing (MLM) model, encouraging participants to promote IML’s financial training services to others. The FTC noted that IML particularly targeted young individuals interested in crypto, running ads on college social media platforms.

The agency says IML has defrauded consumers of around $1.2 billion since 2018.

Christopher Mufarrige, Director of the FTC’s Bureau of Consumer Protection, stated:

“The scale of this scam is astounding. From bogus income claims to so-called investment trainers who were really just salespeople, every part of this scheme caused serious harm to consumers—especially young people trying to make a living. We’re proud to partner with Nevada officials to put a stop to it.”

FBI Cracked Down on Crypto Fraud with Fake Token in 2024

In 2024, the FBI launched a sting operation using a fake token named NexFundAI (NexF) on the Ethereum blockchain to expose fraudulent crypto schemes. The operation led to the seizure of over $25 million in crypto assets from suspects.

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Two of these companies are even legally registered in the U.S., adding a layer of legitimacy. During the interview, applicants receive a fake error message while trying to record a video, leading them to copy-paste a fix that actually installs malware.

Malware Targets Wallet Keys and Clipboard Data

The campaign utilizes three malware strains: BeaverTail, InvisibleFerret, and Otter Cookie. While BeaverTail is designed for initial compromise and further payload delivery, Otter Cookie and InvisibleFerret focus on extracting crypto wallet keys and clipboard contents.

Silent Push also discovered that hackers are using AI-generated images and stolen real photos to create fake employee profiles for the companies, boosting credibility. Analyst Zach Edwards noted that some images were subtly altered using AI tools to resemble the original person but appear unique.

The campaign has been active since 2024, and at least two developers were directly affected—one of whom had their MetaMask wallet compromised. The FBI has since shut down BlockNovas, but SoftGlide and other parts of the operation remain online.

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The post North Korean Hackers Target Crypto Devs! appeared first on Coin Engineer.

Drainer Software Available for Rent Starting at $100

Recent research shows that such tools can be rented for just 100 to 300 USDT. In the past, stealing crypto assets required a solid grasp of coding and cybersecurity, but today, detailed manuals and user-friendly interfaces make it much easier for bad actors to get involved.

These services are promoted through online forums and Telegram groups, where newcomers are trained by seasoned scammers. Many who previously engaged in classic phishing methods are now shifting toward the crypto drainer scene.

Drainer Developers Now Show Up at Tech Fairs

Some of the actors behind these tools are now presenting themselves like legitimate software companies. Shockingly, certain groups are bold enough to open booths at tech events, benefiting from weak enforcement in specific regions. In countries where cybercrime laws are selectively applied, criminal activities are often ignored as long as local citizens are not targeted.

It’s a long-standing fact in the cybersecurity field that several malware programs are programmed to deactivate if the device is located in Russia or former Soviet countries. This built-in protection ensures local users are not affected, reducing the risk of legal repercussions for the developers.

Telegram: The New Hub of Cybercrime

While these operations were previously limited to darknet forums, Telegram has become a popular choice for drainer communities. These groups are typically small, with around 100–200 members, and serve as recruitment grounds for developers. In some chats, job offers are posted requesting custom scripts to empty wallets on specific blockchains like Hedera.

Such announcements, usually in Russian, are quickly deleted—but not before reaching the right audience. The use of semi-open developer chats demonstrates how coordinated and targeted these underground activities have become.

Nearly Half a Billion in Losses in 2024

In 2024 alone, these drainer programs caused an estimated $494 million in losses—a 67% increase compared to the previous year. As interest in drainer tools continues to surge, so does the number of related resources on darknet forums, jumping from 55 in 2022 to 129 in 2024.

This explosive growth highlights the urgent need for stronger crypto security measures for both individuals and organizations.

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The post Crypto Theft Tools Now Easier Than Ever to Access appeared first on Coin Engineer.

Bitcoin Transfer Details and New Wallets

On-chain tracking platform Arkham reported that on March 27, the US government moved 93.96 BTC (~$8M) to a new wallet, along with 884.33 ETH (~$1.77M).

Arkham announcement:

“The US government has transferred $8.46M in BTC from the Sae-Heng confiscated funds wallet.”

Despite this transfer, the US government still holds over $17 billion in crypto assets, with 198,000 BTC making up the majority of its reserves.

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Confiscated BTC and the ‘Pig Butchering’ Scam

The Sae-Heng wallet holds funds seized from a ‘pig butchering’ scam targeting US citizens. The assets were confiscated from Wanpadet Sae-Heng’s Binance account and initially transferred to a government-controlled storage wallet.

Total confiscated assets include:

• 97.33 BTC
• 2.56M DOGE
• 884.33 ETH
• 85M ADA

While some confiscated funds might be returned to scam victims, larger forfeitures could be allocated to the government’s crypto reserves.

US Bitcoin Strategy and Reserve Plans

On March 7, President Donald Trump signed an Executive Order to create a crypto reserve, using Bitcoin (BTC) already held by the US government. The Strategic Bitcoin Reserve Act is still under review in Congress, but if approved, the reserve’s primary source of BTC would come from confiscations.

The US now holds more Bitcoin than China’s 190K BTC, making it the largest state BTC holder. While previous plans considered liquidation, the government has now shifted to holding BTC as a strategic asset.

Some funds may be returned to victims of scams, while Silk Road BTC and similar holdings may remain part of the national crypto reserve.

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Hayden Davies Launches Wolf Memecoin: The Result? A Total Disaster!

Hayden Davies, known as the creator of Libra (LIBRA) and Official Melania Meme (MELANIA) tokens, has returned with a new Solana-based memecoin called Wolf (WOLF). On March 8, Davies launched Wolf, aiming to benefit from rumors that Jordan Belfort, known as the Wolf of Wall Street, was launching his own token.

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However, things didn’t go as planned. After its launch, Wolf reached a market cap of $42 million, but 82% of the token’s supply was controlled by a single entity. According to Bubblemaps, who shared data on March 15, this pointed to a pre-planned insider trading operation.

“The bubble map revealed WOLF had the same pattern as HOOD, another token launched by Hayden Davies. Was he behind this one too?” – Bubblemaps

Bubblemaps also reported that Davies transferred funds to 17 different addresses months before the token launches and routed them through two different blockchain networks.

Wolf Lost 99% of Its Value in Two Days!

According to Dexscreener data, Wolf’s market cap, which was $42.9 million as of March 8 at 04:00 UTC, dropped to just $570,000 within two days.

Davies’ move with Wolf came just weeks after the Libra token disaster. Back then, eight insider wallets withdrew $107 million in liquidity, causing a $4 billion market cap wipeout within hours.

Libra Scandal Turns Into a Political Crisis!

Argentine President Javier Milei was heavily criticized after endorsing the Libra token, which triggered impeachment threats. Argentine lawyer Gregorio Dalbon requested an Interpol Red Notice for Hayden Davies, claiming that if Davies remained free, he could escape the U.S. or go into hiding due to his access to large sums of money.

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