Uncategorized Archives - Page 38 of 158

WednesdaySep 18, 2024 9:00 am

Crypto Worth 5.6B Stolen from Americans in 2023, FBI Report Says

In 2023, crypto scams resulted in a staggering $5.6 billion in losses for people across the United States, with older adults bearing the brunt of these frauds, according to an FBI report. The report, released last week, highlighted that more than 69,000 individuals reported falling victim to scams involving digital currencies, often facilitated through easily accessible cryptocurrency ATMs. A significant portion of the complaints came from individuals aged 60 years of age and older. More than 16,000 complaints were filed by this group, reporting a combined loss of more than $1.6 billion — far surpassing any other age category. In…

MondaySep 16, 2024 9:00 am

Crypto Expert Calls for Congressional Action to Steer Industry Forward

For years, the U.S. financial markets have thrived as some of the most innovative globally, due in part to balanced and clear legal systems. These include regulations for capital markets, enforced by bodies such as the U.S. Securities and Exchange Commission (SEC). Historically, the SEC has enabled new financial innovations, including exchange-traded funds (ETFs), money market funds and equity-linked derivatives, by applying clear, well-defined rules. These regulations have allowed American capital markets to remain leaders in global financial innovation. However, crypto represents a significant departure from traditional assets. Most cryptocurrency tokens differ greatly from conventional securities, as they often don’t…

FridaySep 13, 2024 9:00 am

Binance on the Spot for Seizing Crypto Funds from Palestinians

Crypto exchange Binance has reportedly come under fire for allegedly freezing crypto from Palestinians at the behest of Israeli authorities. On Aug. 26, 2024, Ray Youssef, CEO of the Noones P2P network and cofounder of Paxful, stated on X (formerly Twitter) that Binance had frozen Palestinian funds after receiving a request from the Israeli Defense Forces (IDF). Youssef revealed that Binance had declined to restore the money and that the impacted Palestinians’ pleas had been turned down on all counts. He cited a letter from Israeli authorities as proof of what transpired. He also voiced worry that people in other…

WednesdaySep 11, 2024 9:00 am

Trump’s New Cryptocurrency Business Likely to Trigger Issues If He Wins

Donald Trump has made a bold pledge to position the United States as the leading hub for cryptocurrency if he is re-elected president. While this commitment could significantly benefit the country’s crypto landscape, it may also yield personal financial gains for Trump himself. Trump recently unveiled a new crypto-trading initiative, which he has been actively promoting through the same social media platforms used for his political efforts. His sons, Eric and Donald Jr., along with his daughter-in-law Lara Trump, are also endorsing the new platform, which they have named World Liberty Financial. The former president has a long-standing habit of…

MondaySep 09, 2024 9:00 am

Largest Bank in Russia to Start Offering CBDC Next Year

Russia’s leading bank, Sberbank, is gearing up to introduce operations with the nation’s central bank digital currency (CBDC), commonly referred to as the digital ruble, for its clients. The bank is looking to have the operations in place by the beginning of 2025, according to the bank’s deputy CEO Anatoly Popov. Sberbank is one of several Russian banks that are set to participate in the second phase of testing the CBDC, alongside roughly 20 other institutions. The digital ruble prototype was designed by Russia’s central bank in December 2021 and testing started in 2022. Test transactions involving employees and customers…

FridaySep 06, 2024 9:00 am

Traders Lose Millions as Hackers Use Mbappe Account to Publicize Scam

Crypto traders reportedly lost millions after the X account of soccer player Kylian Mbappé was hacked on late last night. According to multiple reports, the hacker took control of the player’s account to promote a phony crypto token with promises to double any tokens sent to a particular address. As a result, the market capitalization of the Kylian Mbappé (MBAPPE) coin skyrocketed to $460 million. But this value later dropped sharply to below $100,000. One particular trader reportedly lost more than $1 million in the scheme. According to information released by on-chain intelligence company Lookonchain, the person purchased the phony…

WednesdaySep 04, 2024 9:00 am

Report Shows Russia Plan to Begin Crypto Payment Pilot Project

Russia is preparing to initiate trials for crypto exchanges and the use of digital tokens in cross-border payments, with the trials scheduled to begin on Sept. 1, 2024, according to Bloomberg. The trials are intended to help Russian businesses overcome payment challenges caused by international sanctions. The trials will utilize the National Payment Card System to enable the conversion between crypto and rubles, as well as evaluate exchange and payment platforms. The Russian central bank set up the system in 2014, and it presently controls the Mir card network and monitors domestic interbank transfers. Before now, the central bank has…

FridayAug 30, 2024 9:00 am

How Futures, Spot Crypto ETFs Differ

The U.S. Securities and Exchange Commission (SEC) approved 12 and 9 Bitcoin and Ether spot exchange-traded funds (ETFs), respectively, this year. Understanding the distinctions between futures and spot cryptocurrency exchange-traded products (ETPs) is crucial for investors to navigate the ever-evolving world of crypto investments. In traditional finance, often called “tradefi,” a crypto spot ETF is designed to directly hold the underlying digital currency, such as Ether or Bitcoin. When investors buy shares in a spot ETF, they are essentially purchasing a stake in the actual cryptocurrency. This framework replicates the real-time pricing of the crypto without requiring investors to handle…

WednesdayAug 28, 2024 9:00 am

Why Cryptocurrency Market Rallied After Powell’s Speech

Bitcoin experienced a nearly 5% boost as last week ended, reflecting a broader rally in the cryptocurrency market. The surge follows remarks from the Federal Reserve chair, Jerome Powell, on Friday, where hints of potential interest rate cuts sparked excitement among investors. In his address, Powell highlighted that the job market has begun to show signs of easing, remarking that the conditions are currently less tight than they were prior to the pandemic. He added that the shift indicates it’s time for a policy adjustment. Historically, lower interest rates have been favorable for Bitcoin and the broader crypto market. For…

MondayAug 26, 2024 12:45 pm

AI Innovations at Blockchain Futurist Conference: Experts Discuss the Future of Artificial Intelligence

The Blockchain Futurist Conference, held August 13-14 in Toronto, is Canada’s largest crypto, Web3 and blockchain conference. This year’s highlights included: 10,000+ attendees 250+ speakers 300+ sponsors and partners 130+ press and media 78 events for CanadaCryptoWeek 2 hackathons Key to the event are panel discussions, which spotlight areas of interest and allow attendees to hear and meet with topic experts. These moderated discussions offer ideas and answers from business and technology leaders who are directly involved in rapidly developing subjects of vital interest. In particular, this year’s conference offered interested attendees a special panel discussion centering around one of…