In 2018, police showed up at a nondescript industrial warehouse in New York’s Brooklyn Navy Yard to investigate reported counterfeits. Federal agents were looking for knockoff military gear as part of an investigation into a distributor, called California Surplus, that had secured a $20 million contract to supply the U.S. military with specialized uniforms. They’d … Read more
More and more Americans are losing thousands of dollars to a scheme that takes fraudsters weeks or months to pull off. “Pig butchering” scams earned the name from the idea that scammers use flattery and fake bonding to “fatten up” their victims. The strategy has amassed billions in stolen funds—particularly in the form of cryptocurrencies. … Read more
Combination showing Former FTX CEO, Sam Bankman-Fried (L) and Zhao Changpeng (R), founder and chief executive officer of Binance. Mike Segar | Reuters | Benjamin Girette | Bloomberg | Getty Images An arch rivalry between one-time crypto titans was brought to a close at a federal courthouse in Seattle on Tuesday when Binance founder Changpeng … Read more
Illustration by Elham Ataeiazar Daryn Carr is no stranger to side hustles. After his mom died from Covid in 2020, he used funds from her pension to pay off some bills and buy a car. With the remaining money, he invested in crypto and started an ATM business. One day in 2022, while scrolling through … Read more
Las Vegas Review-journal | Tribune News Service | Getty Images Federal prosecutors have disrupted a so-called pig-butchering scheme that cost victims more than $80 million, the U.S. Department of Justice announced Thursday. Four men have been indicted and two arrests have been made in one of the most sweeping enforcement actions yet on a type … Read more
