Frank Schneider, the former advisor of OneCoin scam mastermind Ruja Ignatova, has reportedly disappeared while under house arrest in France just before his extradition to the US to face charges of fraud and money laundering.

Chinese police have arrested 27 suspects and frozen their bank accounts in a crackdown on a digital RMB scam that defrauded over 10,000 victims. The fraudsters created a fraudulent app called "Digital Credit," claiming it was equivalent to digital RMB and offering credit lines of between 100,000 and 5 million yuan to citizens without interest. Victims were required to pay a certification fee ranging from 10 yuan to 500 yuan to activate the credit.

During a speech at the Piper Sandler Global Exchange & Fintech Conference, SEC Chair Gary Gensler compared the current crypto market to the 1920s U.S. stock market, citing the prevalence of scams and fraud. Gensler argued that applying securities laws to the crypto market could help clean it up, just as Congress did for the stock market in the past.

Charles Hoskinson, the founder of Cardano, has issued a warning about the increasing use of generative AI to facilitate fraud. In a Twitter broadcast, he urged investors to be cautious as AI technology rapidly develops. Hoskinson highlighted the rise of AI-generated fraud, which could be used to deceive investors and spread misinformation. He also spoke about the potential for AI-generated deep fakes to make it difficult to determine the authenticity of information. Additionally, Hoskinson has commented on Bitcoin Ordinals, stating that they "could look better" and that they would be better on the Cardano network. The Cardano DeFi ecosystem has been expanding, with Minswap dominating the landscape, accounting for 35.83% of the TVL.

According to the FBI's 2022 Elder Fraud Report, there has been an 84% increase in fraud against elderly victims compared to the previous year. The most common scams are tech and customer support frauds, followed by investment fraud and cryptocurrency scams. Ohio is ranked sixth in the US for senior scams, with over 3,000 victims reporting losses to the FBI. To protect oneself, it is important to be aware of how scammers operate, avoid sending personal information or money to anyone, and keep anti-virus and malware protection up to date. For more information on scams, individuals can contact their county senior services unit or attend monthly talks hosted by Elder Scam Prevention Outreach Specialist, Dave Long. The National Elder Fraud Hotline is also available for victims of financial fraud aged 60 or older.

Christy Goldsmith Romero, a commissioner at the Commodity Futures Trading Commission (CFTC), has stated that there is too much cryptocurrency fraud for the agency to police all of it. She added that cryptocurrency cases account for around 20% of the CFTC's portfolio, including recent civil cases against Binance and FTX exchanges. While Goldsmith Romero denied any "turf war" between the CFTC and the Securities and Exchange Commission over regulating crypto, she acknowledged that the agencies are still figuring out how to regulate the industry's new products. She also warned crypto companies not to view the CFTC as a "light touch regulator."

A panel of UK lawmakers has recommended that cryptocurrencies like Bitcoin and Ethereum be regulated as gambling due to the potential for fraud and risks to consumers. The report from parliament's treasury committee also noted that these cryptoassets are not backed by any currency or asset, leading to volatility in prices and the potential for all invested money to be lost. Regulating retail trading and investment in unbacked cryptocurrencies as gambling could create a false sense of security for consumers. The Financial Conduct Authority has previously warned consumers about the risks of investing in cryptocurrencies.

The memecoin craze has led to the creation of numerous scam tokens, with at least 10 memecoin scams observed by blockchain security firm PeckShield. Scammers are also targeting PEPE investors, with fake accounts infiltrating the official community Telegram group and posting links to fraudulent websites. Despite being hailed by Elon Musk, the memecoin has drawn controversy, with US crypto giant Coinbase describing the PEPE meme as a "hate symbol" co-opted by alt-right groups in an email newsletter to its customers. However, the newsletter has since been edited and Coinbase's chief legal officer has apologized for the mishap.

This action is the largest fraudulent scheme involving Bitcoin charged in any US Commodity Futures Trading Commission(CFTC) case.

The charges in the indictment are allegations. If convicted, he faces a maximum sentence of 20 years in prison.