Connect with us

Blockchain

Hong Kong Cryptocurrency Crime on the Rise: Victims Lost Nearly $30M in 2021 So Far

Published

on

The scale of losses from digital asset scams in Hong Kong surged to record levels as the local police detected 496 such cases in the first six months of this year. Victims parted with over $27 million, with one individual losing nearly $16 million.

Crypto Scams in Hong Kong Are Booming

According to a recent report by South China Morning Post, crimes involving virtual currencies in Hong Kong rose significantly in the first six months of 2021 and reached a total of nearly $27 million. In comparison, the losses stood at less than $15 million across the whole of last year.

Lester Ip Cheuk-yu – Chief Inspector and head of the police’s cybersecurity and technology crime bureau – explained that the main reason behind the issue is the COVID-19 pandemic. He argued that people browse the Internet much more since they work from home, and thus hackers can target them easier:

“People have also been staying at home more, which means they spend longer on the internet, so scammers have more avenues to approach them online.”

The local authorities estimated that the total cases of such crimes between January and July 2021 were 496. Interestingly, more than half of the $27 million registered losses were conned out of a 30-year-old man who parted with almost $16 million after three people lured him into a shady Filecoin investment.

Inspector Cheuk-yu warned that many residents don’t understand cryptocurrencies or “overestimate their knowledge of it.” He sounded a note of caution that scammers target mainly youngsters as they are the ones who deal more with digital assets:


ADVERTISEMENT

“Younger people tend to fall victim to those scams because many of them purchase coins from cryptocurrency ATMs, whereas older people might not be technologically savvy enough to know how to use them.”

Crypto Scammers Also Love The UK

Crimes involving Bitcoin, Ethereum, and other digital assets are not only popular in Hong Kong. According to the Chief Executive of retail banking at NatWest – David Lindberg – the United Kingdom is a “paradise” for such scams. He went further, stating that he had “never seen a market worse” than the UK for scams.

Lindberg stressed that the issue might lead to devastating consequences for some individuals. He opined that the British government, the police, banks, and social media operators should join forces and combat the fraudsters:

“Fraud and scams are an industry. They’re intelligent, and they move fast, and it’s heartbreaking to see how they try to destroy lives.”

The top banker also warned that some of the bad actors create websites where people can invest in Bitcoin, Ethereum, and other cryptocurrencies, but instead, they are fake, and the money goes to the fraudsters’ pockets:

“They’re just facades and our customers sometimes think they’re invested in crypto. And all they’re really doing is sending money to a fraudster.”

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://cryptopotato.com/hong-kong-cryptocurrency-crime-on-the-rise-victims-lost-nearly-30m-in-2021-so-far/

Blockchain

Bitcoin Is Anti-Fragile, Says Morgan Stanley Executive

Published

on

The Head of Counterpoint Global at Morgan Stanley Investment Management – Dennis Lynch – believes bitcoin has the ability to gain in times of economic disruption and he referred to the asset as “anti-fragile.”

‘Bitcoin Is Like Kenny from South Park’

In a recent conference, the American businessman and executive at Morgan Stanley – Dennis Lynch, revealed his positive stance on bitcoin. He sees it as “anti-fragile,” meaning that it could resist market disorders and even prosper when other assets would collapse. As such, Lynch made an interesting comparison between the leading cryptocurrency and one of the main characters in the award-winning animated series “South Park:”

“I like to say that bitcoin is kind of like Kenny from South Park, you know, the guy dies every episode and he’s back again.”

Lynch admitted that he is a bitcoin owner as the asset represents a global trend that society follows. Morgan Stanley’s executive believes this is one of the factors when looking at innovation:

“Owing a little bit of something where things can go right, but also knowing that there are some things that go can go wrong is not unreasonable when you have a world that has such disruption occurring, and where these upside scenarios wind up being so large.”

However, the American sees some risks in the field, too, as governments might ban the asset class. If this is not the case, though, having bitcoin exposure could only bring profits to hodlers in the near future, he added.

Dennis Lynch
Dennis Lynch, Source: Investors.com

BTC’s Ability to Resurrect

Like Kenny from “South Park,” the primary cryptocurrency has been proclaimed “dead” more than 400 times already. Despite its price crashes throughout the years, it has always managed to overcome the difficulties, and now, 12 years after its creation, it stands as an asset with a market cap of almost $1 trillion.


ADVERTISEMENT

The swinging opinion from mainstream media is a valid example. Back in 2018, some of the most common headlines were: “Bitcoin is dead,” “It’s the end for Bitcoin,” “Bitcoin is a bubble,” or “Bitcoin is a Ponzi scheme.” It is worth noting that the asset’s USD value had crashed heavily, and not many people expected it to recover. But it did.

The cryptocurrency not only got back on its feet but continued towards unseen peaks just a few years later. Its merits grabbed the attention of many giant corporations (like Tesla and MicroStrategy) and billionaire investors (Paul Tudor Jones and Thomas Peterffy) who started diversifying their portfolios with BTC.

Arguably the most significant advantage of BTC is its ability to be a digital store of value as only 21 million coins will ever exist. Prominent names have even labeled it with the nickname “digital gold.”

While both assets have similarities, storing the precious metal could be an obstacle for investors because of its physical form. Allocating funds in BTC, on the other hand, requires a digital wallet and removes that hurdle. Names like Michael Saylor, Anthony Scaramucci, and Steve Wozniak all praised the cryptocurrency as superior to gold.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://cryptopotato.com/bitcoin-is-anti-fragile-says-morgan-stanley-executive/

Continue Reading

Blockchain

RippleX Grants $2 Million to Promote NFT Solutions on the XRP Ledger

Published

on

Ripple may not be the most beloved company in the crypto-verse, but its perseverance and desire to grow despite setbacks is something to be recognized. RippleX, Ripple’s branch focused on boosting the development of technologies around the XRP Ledger, has recently announced its first wave of XRPL grants, and it is embracing the NFT mania. 

According to an official announcement, RippleX distributed $2 million in total value among 25 chosen applicants from 10 different countries. 

NFTs Are The New Battlefront For Ripple’s XRP Army

The main focus of the applications was the development of open-source projects dealing with NFTs on the XRP Ledger or XRPL. 

XRPL encompasses everything we currently consider the XRP ecosystem and is an evolution of the former Ripple Consensus Ledger (RCL). Ripple’s former products, xRapid, xCurrent, and xVia, were, in turn, merged into what is now known as the RippleNet, quickly gathering over 200 customers by 2019.

Although Ripple’s focus point has for long been to offer a fast and cheap payment network, it seems that developers are looking for ways to squeeze the potential out of this blockchain and adapt it to the new times. NFTs are an odd use case for the XRP ecosystem, despite their popularity.


ADVERTISEMENT

RippleX mentions that it received over a hundred proposals but the most interesting ones focused on the following topics:

  1. The development of NFTs for multiple industries (retail, art, music, sports, digital advertising, and carbon capture).
  2. Learning tools and platforms to build on and interact with the XRPL
  3. Data visualization tools
  4. Payment and security solutions

In the case of implementing compatibility with NFTs, XRPL could considerably increase its user base and could even start serving certain enterprise customers in strategic areas such as identity digitization, advertising models, supply chain, etc.

The Chosen Ones

These were the chosen projects. Each one received a different amount of money:

Aquarelle: This project seeks to build a metaverse on the XRP Ledger. The project aims to create an open-source NFT library, a web-based NFT marketplace, and a WebGL 3D virtual gallery to showcase and interact with NFTs.

Aquarelle is based in Australia but hopes to interact with content creators primarily from India.

Anchain.AI – CISO™ Integration for the XRPL: This project focuses on using NFTs in cybersecurity to develop artificial intelligence used by governments for compliance solutions. AnChain is based in the United States.

Bithompt: An XRPL explorer and toolkit that will be updated to have compatibility with NFTs. Bithomp is located in Sweeden.

CarbonLand Trust ESG NFTs = CO2 Bonds + Forest Conservation: A project that seeks to create NFTs that represent rights on future carbon credits. It is based in the United States.

Clever.Gallery: An NFT gallery and marketplace with NFT explorer functionality. It is based in the USA.

CryptoIso20022 Interop: A startup that seeks to automate the transformation of fiat to crypto payments. It is located in Switzerland.

Cryptum / Blockforce: This project seeks to develop an API/SDK platform for integrating the XRP Ledger with apps. It is located in Brazil.

DART: A digital art platform compatible with NFT on the Ripple Net. It also uses the XRP token as a means of payment in transactions. It is located in Sweeden.

Galaxy: An advertising platform built on the XRPL. It is located in the UK.

Go4Zerps: A Golang SDK to create applications on the XRP Ledger. It is located in the UK.

Ledger City: A 3d visualization platform compatible with tokens on the XRP Ledger. Located in the USA.

Ledger: An initiative that seeks to create an XRP Ledger analysis tool for research, compliance, and risk management. Located in the Netherlands.

NFT Terrace: A platform that seeks to offer football clubs the ability to create NFTs on XRPL. Located in the UK.

Audiotarky: A Music streaming platform compatible with XRP. It will use the NFTs to distribute revenues. Located in the UK.

Peerkat: An NFT platform built on the XRP Ledger. Located in the UK.

Scratch2Hooks: An initiative of the University of Luxembourg to develop smart contracts for the XRP Ledger. Located in Luxembourg.

Trustline: A startup that uses the Flare Network to transfer products between different blockchains. Located in the USA.

Wallery.me: An NFT marketplace. Located in Switzerland.

Xchange Retail Payments: A DEX / XRP Ledger Gateway. Located in the UK.

xPay: A startup that facilitates XRP transactions through iMessage. Located in the USA.

Node-RED: A Visual programming tool focused on XRPL solutions. Located in the UK

XRPL Rosetta: An XRPL explorer. Located in Chile.

XRP Wallet Tools: a WebApp with support for the creation of NFTs in XRPL. Located in the Philippines.

ZerpCraft: A plugin that will allow the creation of NFTs to represent virtual Real Estate in Minecraft. Located in the USA

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://cryptopotato.com/ripplex-grants-2-million-to-promote-nft-solutions-on-the-xrp-ledger/

Continue Reading

Blockchain

EOS, BAT, Ethereum Classic Price Analysis: 25 September

Published

on

The last 24 hours saw buying pressure dip across the board. This contributed to major altcoins dipping on their respective charts.

While EOS was close to trading at its multi-month low, at press time, BAT also fell by 6.8% and saw chances of low price volatility. Finally, Ethereum Classic flashed bearishness and the chance of a price reversal. 

EOS

EOS, BAT and Ethereum Classic Price Analysis: 25 September

EOS/USD, TradingView

EOS declined by 7.2% over the last 24 hours and was trading at $3.99. The support line for the altcoin rested at $3.73, which also marked the multi-month low for EOS. On the four-hour chart, the price of EOS was below the 20-SMA line. 

The Relative Strength Index was below the 50-mark. This meant that selling strength preceded buying pressure in the market. Parabolic SAR’s dotted lines were above the candlesticks, with the same noting the beginning of a downtrend. Finally, the Chaikin Money Flow was above the midline and pointed to positive capital inflows. 

On the other hand, if the price rises, EOS can meet resistance at $4.37. Other additional price ceilings lay at $4.96 and at $5.68.

Basic Attention Token [BAT]

EOS, BAT and Ethereum Classic Price Analysis: 25 September

BAT/USD, TradingView

BAT saw devaluation over the last 24 hours, with the crypto falling by 6.8%. BAT’s technical indicators too pointed to negative price action. 

The Relative Strength Index was below the half-line as the crypto has been struggling to revive its buying pressure. MACD underwent a bearish crossover and flashed red histograms. Bollinger Bands showed slight convergence, with the price volatility likely to decline soon.

If BAT moves up north, the price of the altcoin can hover around the resistance level of $0.661. Additional price ceilings lay at $0.734 and at its one-week high of $0.846.

Ethereum Classic [ETC]

EOS, BAT and Ethereum Classic Price Analysis: 25 September

ETC/USD, TradingView

Ethereum Classic met with a sell-off and depreciated by 4.5% over the last 24 hours. It was priced at $47.25. It could encounter support from the $47.09-level. Ethereum Classic’s price action remained bearish as per the indicators. 

The Relative Strength Index was below the 50-mark and indicated declining buying pressure. MACD flashed red histograms. Awesome Oscillator displayed red histograms, although the last green bar suggested that the price could reverse itself. 

The price reversal could push ETC to test $50.11 and then revisit $54.87. The other additional price ceilings were at $58.09 and at $65.48, respectively. 

Where to Invest?

Subscribe to our newsletter

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://ambcrypto.com/eos-bat-ethereum-classic-price-analysis-25-september

Continue Reading
Uncategorized5 days ago

PetPals, One Of The First Play-To-Earn NFT Web-Based Games Is Out Now

News1 day ago

Axie Infinity: Pagbabago ng SLP at AXS Breeding Requirements

Blockchain5 days ago

Are you new to cryptocurrency? Let me take you through interesting trends in the space?

Uncategorized4 days ago

Cardano (ADA) boss gives his take on NFTs and why money launders flock to them

Uncategorized4 days ago

Snoop Dogg reveals himself as owner of CozomoMedici Twitter account

Blockchain1 day ago

QuadrigaCX Saga to Be Covered By Netflix Documentary

Uncategorized18 hours ago

Most expensive NFTs ever sold and the Non-Fungible Token’s expansion of expense.

News5 days ago

Opensea Insider Trading? The First NFT ‘Insider Trading’ Accusations Examined… | Live Cryptocurrency News | Global Crypto Press

Blockchain5 days ago

ABN AMRO Clearing Chicago Joins the Paxos Settlement Service

Uncategorized1 day ago

How to identify items in Diablo 2: Resurrected

Uncategorized3 days ago

Interacting with Ethereum Network in Python using Web3.py : Part 2

Blockchain5 days ago

What is the significance of 24 September for Bitcoin, Ethereum, before Q3 2021 ends

Uncategorized5 days ago

The IRS says it plans to award contract for crypto startup’s cross-chain tracing software

Uncategorized4 days ago

The rise of NFT scammers and how to protect yourself

Blockchain3 days ago

Making sense of the path Bitcoin’s price will take in the near future

Blockchain3 days ago

BlockCommerc Is a Blockchain E-Commerce Website That Is an Alternative to eBay and Amazon

Blockchain4 days ago

Assessing the odds of Solana dropping below $100 soon

Blockchain3 days ago

The NFT paradigm shift for DeFi

Blockchain3 days ago

The concerns that surround this ‘completely fictitious version of Bitcoin’

Blockchain5 days ago

P2P transactions gain traction in India, despite SBI disabling UPI for crypto merchants

Trending