General Overview - The document mentions recommendations that include both fictional and real fraudsters [1] Industry Focus - The industry focuses on highlighting stories or reports related to fraud, both in fictional narratives and real-world cases [1]

Legal & Regulatory - The Justice Department launches a mortgage fraud probe into Fed Governor Lisa Cook [1]

XRP Mining Platforms Overview - The industry notes that genuine XRP mining is impossible as all 100 billion XRP tokens were pre-mined [1] - The industry observes the emergence of platforms falsely advertising XRP cloud mining contracts with high returns [1] - These platforms are primarily marketing tactics, using XRP to fund Bitcoin cloud mining contracts with XRP payouts [2] Platform Functionality and Claims - Platforms allow users to deposit XRP to rent hash power for mining Bitcoin, promising daily payouts in XRP or Bitcoin [4] - XRP's low fees (around 02%) and fast settlement speeds (3-5 seconds) make it attractive for these platforms [5] - Platforms promise no technical setup, instant rewards, and signup bonuses (e g $12 from Le Mining, $15 from Rich Miner, $10 bonus for 5-day trial from PFM Crypto) [6] Risks and Red Flags - Advertised returns, such as PFM Crypto's 15% return in under a week (over 1,000% annualized ROI), are unsustainable [8] - Some platforms, like CJB Crypto, promise extremely high payouts (e g $50,000 per day), while others are clones of each other [9] - These platforms resemble pyramid schemes, attracting inexperienced crypto users or vulnerable individuals [10] - Counterparty risk is high due to the newness, lack of transparency, and unverifiable credentials of these platforms [13] - Unsustainable yields depend on new user deposits to fund payouts to older investors, characteristic of Ponzi schemes [14] - Contracts may include undisclosed management or withdrawal charges that erode net ROI [16] - Most platforms lack audits, real backing, and regulatory oversight, exposing users to custodial risk, platform failure, and fraud [16] Financial Impact of Crypto Mining Scams - Crypto mining scams cost investors approximately $500 million in 2024 alone [17] Recommendations - For safer yield options, explore lending via regulated exchanges or deploying wrapped XRP in DeFi [17] - If engaging with XRP mining contracts, start with small deposits to test withdrawals and contract maturity [18] - Look for verifiable feedback from other users and scrutinize fees [19] - Spread risk across multiple contracts, durations, and providers [19] - Consider XRP price appreciation or regulated crypto savings accounts (5-15% APY) as safer alternatives [20] - Only invest what one can afford to lose [20]

#ScamAlert ❗Fraudsters are posing as ESMA officials – don’t fall for it! If someone claims to work for #ESMA and offers to recover your lost funds, it’s a scam → https://t.co/5iwncX3G0Z.🛡️ Verify the email address or phone number.❌ Never share personal or financial data. ...

Judges in two courts have now found that the president of the United States took part in a yearslong fraud that deceived financial institutions about his net worth. They differed, however, on how much Trump should pay as a penalty.Read more: https://t.co/WLP5AsinYh https://t.co/aec9lAPKEw ...

Why Judges Cannot Agree On How Much Trump’s Fraud Should Cost Him https://t.co/7L8LsR4esP https://t.co/KNXn5B4qBm ...

The perpetrators allegedly acquired a list of gig workers and tricked them into sharing one-time passcodes, before buying gift cards, the FBI says.https://t.co/UQU38UtqsI ...

Legal Proceedings - Former FTX legal advisors seek lawsuit dismissal, asserting lack of fraud awareness [1]

Judges in two courts have now found that the president of the United States took part in a yearslong fraud that deceived financial institutions about his net worth. They differed, however, on how much Trump should pay as a penalty.Read more: https://t.co/WLP5AsinYh https://t.co/qSJ2h5OZAN ...

🚨 Community Alert:We’ve received feedback that a fake LBank website was recently used for fraud.✅ Always double-check you’re on the official site: https://t.co/91OIIkYMB5✅ Verify announcements only from @LBank_Exchange and our affiliate accounts listed under the official Affiliate section.Your safety comes first. Please stay vigilant and report suspicious links.#LBank #CryptoSafety ...