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SEC postponing decision on VanEck/SolidX Bitcoin ETF

The decision on a Bitcoin exchange-traded fund has been postponed again by the United States Securities and Exchange Commision (SEC) according to an official document published on the 6th of December. Setting the new deadline for the 27th of February, 2019, the US top regulator extended the review period for the third time this year. […]

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The decision on a Bitcoin exchange-traded fund has been postponed again by the United States Securities and Exchange Commision (SEC) according to an official document published on the 6th of December.

Setting the new deadline for the 27th of February, 2019, the US top regulator extended the review period for the third time this year. The proposal was initially filed by Cboe in collaboration with money management company VanEck and blockchain company SolidX last summer.

According to SEC rules, a decision on the proposal can’t be delayed any further, meaning the next notice must either approve or reject the ETF.

SolidX was the second company to file for a bitcoin exchange-traded product with the U.S. regulators. Some had argued that proposal from New York-based VanEck, the ninth biggest ETF provider, was more likely to gain approval thanks to plans for a high minimum share price that would discourage retail investors.

Previous ETF proposals of ProShares, GraniteShares and Direxion were rejected by the SEC. The reason that the VanEck/SolidX proposal differs from the others is that its value is dependent on bitcoin itself, rather than futures markets like the rejected nine proposals.

The SEC explained:

“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change,”

The securities regulator said that it had received more than 1,600 comments on the proposed rule change as of December 6.

Source: https://bitrazzi.com/sec-postponing-decision-on-vaneck-solidx-bitcoin-etf/

Blockchain

Crypto Investors Lost Over $80 Million to Scams in 6 Months, According to FTC Data

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The Federal Trade Commission (FTC), an agency which seeks to protect U.S. consumers against fraud, revealed that investors have lost over $80 million to cryptocurrency investment scams between October 2020 and March 2021.

Crypto Scam Reports Skyrocket

According to a report published by the FTC on Monday (May 17, 2021), the agency noted that it has witnessed an increase in crypto-related scams since October 2020. The FTS data revealed that it received close to 7,000 reports from consumers between Q4 2020 and Q1 2021, with investors losing $80 million within the period.

Meanwhile, between Q4 2019 and Q1 2020, the agency got 570 reports related to crypto scams, which totaled $7.5 million in losses. Comparing both periods, the number of reported cases increased 12-fold, while reported losses skyrocket almost 1000%.

Furthermore, FTC stated that individuals between the ages of 20 to 49 “were over five times more likely to report losing money on cryptocurrency investment scams than older age groups.” The report added:

“In contrast, people 50 and older were far less likely to report losing money on cryptocurrency investment scams. But when this group did lose money on these scams, their reported individual losses were higher, with a median reported loss of $3,250.”

The U.S. agency further detailed the types of scams that rogue actors used to lure their victims. One of them was “giveaway scams” by impersonators online. According to the FTC, investors sent over $2 million worth of crypto to Elon Musk impersonators in the period of six months.


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Indeed, scammers have been known to leverage on the popularity of celebrities to get people to send their money. Back in July 2020, hackers managed to hack Twitter accounts belonging to several personalities and fooled people into sending their bitcoin to be doubled.

The fraudsters managed to get about $120,000 in profit. As reported by CryptoPotato in February, scammers also tried to trick fans of popular K-pop boy band BTS, into participating in cryptocurrency giveaways.

Investors Should be Wary of Bogus Crypto Investment Schemes

Other methods used by fraudsters include romance scams, where one person believed to be in a long-distance relationship, was lured into sending their crypto to a scammer. The FTC noted that of all the ways to get people to part with their crypto, investment scams were the most popular method.

Recently, members of the WallStreetBets (WSB) Reddit forum were targets of a likely crypto scam. An account called “WallStreetBets – Crypto Pumps”, not affiliated with the subreddit group told users to send ETH or BNB to receive a token call WSB finance. While the tokens were never delivered, the crypto over 3,451 BNB was withdrawn from the wallet, which was worth over $2.1 million at the time.

With bitcoin and crypto growing both in price and adoption, scammers continue to seek ways to steal from unsuspecting individuals. The onus is on the investor to DYOR (Do Your Own Research) before jumping on any crypto investment scheme.

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Source: https://cryptopotato.com/crypto-investors-lost-over-80-million-to-scams-in-6-months-according-to-ftc-data/

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Blockchain

VANCAT (VANCAT) NFT Marketplace Has Been Listed on BitMart Exchange

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[PRESS RELEASE – Please Read Disclaimer]

BitMart, a premier global digital asset trading platform, has listed VANCAT (VANCAT) on May 4, 2021. For all BitMart users, the VANCAT/USDT trading pair is now available for trading.

VANCAT is an innovative platform that allows users to easily deposit BEP20 tokens into NFTs. The VANCAT token is the governance token of the platform. On VANCAT, an NFT can be transformed into a basket holding a number of other tokens.

The platform releases the first decentralized application (DApp) on top of the VanCatToken Protocol, focusing on art and collectible NFTs. The app works as a marketplace that allows users to mint or create their own NFTs or purchase NFTs created by other users.

VANCAT also creates a new way of minting NFTs: “VANCAT Fertilization”. To perform fertilization, a user must have both VANCAT Sperm Token (VCSPERM) and VANCAT Egg Token (VCEGG). For every fertilization, 10 million VCSPERM and 1 VCEGG are burnt to create two transaction hashes. With these two hashes, Artificial Intelligence (A.I.) technology will be used to generate a code (DNA) for creating unique NFTs.

“The VANCAT platform undoubtedly infuses new life into the NFT world,” Sheldon Xia, Founder and CEO at BitMart, commented, “The platform provides more opportunities for NFT artists and we believe the listing of VANCAT on BitMart will carry the development of the NFT marketplace forward.”

“NFTs are the future of art,” Bill Musk, the Marketing Manager at VANCAT, commented, “BSC is the cheapest way to create NFTs and VANCAT is the best platform to mint, buy and sell NFTs.”

About BitMart

BitMart Exchange is a premier global digital assets trading platform with over 5 million users worldwide and ranked among the top crypto exchanges on CoinGecko. BitMart currently offers 400+ trading pairs with one of the lowest trading fees in the market. To learn more about BitMart, visit their website, follow their Twitter, or join their Telegram for more updated news and promotions. Download BitMart App to trade anytime, anywhere.

About VANCAT

VANCAT is a new protocol layer that enables a new world of NFTs. The project releases the first decentralized application (DApp) on top of the VanCatToken Protocol, focusing on art and collectible NFTs. VanCatToken allows users to easily deposit BEP-20 tokens into NFTs. To learn more about VANCAT, please visit their website and join their Telegram.

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Source: https://cryptopotato.com/vancat-vancat-nft-marketplace-has-been-listed-on-bitmart-exchange/

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Blockchain

FOX Partners with Rick and Morty Co-Creator to Launch NFT Marketplace

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Fox Broadcasting Company partnered up with Dan Harmon – co-creator of Rick and Morty – to develop animated series based on blockchain technology. The comedy series, dubbed ‘Krapopolis,’ will introduce the sale of non-fungible tokens illustrating the characters and artwork featured in the show.

Fox Enters The Crypto Community

The American commercial broadcast TV network Fox announced its partnership with ‘Rick and Morty’ co-creator Dan Harmon. The collaboration will aim to develop ”the very first animated series organized entirely on the blockchain.”

The popular comedy series, called ‘Krapopolis,’ will launch NFTs depicting Rick, Morty, and the other main characters of the animation. The show also plans to reward its most devoted fans with tokens that grant ”exclusive social experiences.” However, details are scarce about when exactly the project is set to start.

Furthermore, Fox revealed it will launch the new NFT company ”Blockchain Creative labs”, which is expected to connect with ”Krapopolis” and other shows in the near future.

Charlie Collier – Fox Entertainment CEO – outlined the company’s inovation and revealed his intention to add advertising partners to it:


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”Not to go too far today, but as an adviser-centric, artist-first, and animation-obsessed company, Fox will lead advertisers into the world of blockchain-powered tokens, including the NFTs.”

The Rise of NFTs

The mass craze around non-fungible tokens has been a hot topic lately. Many celebrities and famous sportsmen such as Tyson Fury, Floyd Mayweather, and Eminem launched their own NFT collections. Moreover, the seven-time Super Bowl champion Tom Brady revealed his intentions to launch his own NFT platform, called Autograph.

One of the most iconic sci-fi movies, Star Wars, also joined the NFT bandwagon. As CryptoPotato reported at the beginning of May, the fans of the franchise will have the chance to interact with more than 800 collectibles built as NFTs called StarColls.

The project aimed to commemorate the legendary series and outlined a ”new era for Star Wars memorabilia collecting when two forces like Star Wars collectibles and blockchain technology merge.”

Somewhat expectedly, the early registration for the Star Wars NFTs started on May the 4th. The fans of George Lucas’ iconic invention know the significance of this date, as it became the ”informal commemorative day” celebrating the saga.

Featured Image Courtesy of HighSnobiety

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Source: https://cryptopotato.com/fox-partners-with-rick-and-morty-co-creator-to-launch-nft-marketplace/

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