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Weekly Update #28: Crypto Football Club

Crypto Football Club - blockchain24.coThe new week has begun – so as usual, it is time to summarize the last seven days in the blockchain industry. The previous week was pretty successful for the blockchain industry: the Bitcoin’s price reached $10,000, and we witnessed the historical milestone of half a billionth transaction. Australia: National blockchain roadmap This week, we …

Artykuł Weekly Update #28: Crypto Football Club pochodzi z serwisu Blockchain24.co | portal with cryptocurrency bitcoin & blockchain news.

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The new week has begun – so as usual, it is time to summarize the last seven days in the blockchain industry.

The previous week was pretty successful for the blockchain industry: the Bitcoin’s price reached $10,000, and we witnessed the historical milestone of half a billionth transaction.

Australia: National blockchain roadmap

This week, we have two interesting news from the smallest continent on Earth. The first one concerns the local government’s approach to the blockchain technology. The Australian Ministry for Industry, Science, Energy, and Resources has prepared a roadmap of national, blockchain-related goals for the country.

The strategy focus on three different aspects: regulations, technological development, and international investments and cooperations. As one of the potential utilization for the blockchain, Karen Andrews, Minister for Industry, Science and Technology, pointed on the ability to track national goods thanks to the global supply chain management systems.

How much for your football club?

The other Australian news goes for more specific blockchain implementation. Perth Glory, an Australian top league football club, is going to be sold to the London Football Exchange – an organization that aims to use blockchain to create “football stock exchange,” which will gather various football clubs. The chairman of Perth Glory, Tony Sage, claimed that the deal will soon be finalized. He also stated that the purchase won’t change anything in the operations of the club, besides integrating LFEC token into payment systems at the club.

Securities based on Stellar in a German bank

Bank von der Heydt, two and half-century-old banking institution based in Munich, apparently goes with the times. The institution announced the cooperation with Bitbond, blockchain financial services provider, aimed to develop a platform allowing to tokenize securities on Stellar blockchain. Bank’s client will be able to invest in securities via custody solution, already approved by German financial regulator BaFin.

North Korean Monero mining

Due to sanctions imposed on the Democratic People’s Republic of Korea, the regime of Kim Jong-un is looking for potential options to circumvent them. And apparently, many possible solutions are related to the blockchain industry. Not so long ago, Virgil Griffith got accused of helping North Korea in that process. Now, the American cybersecurity firm Recorded Future said in a report that North Korean Monero mining operations increased at least tenfold

This cryptocurrency is widely known for an anonymous character, which makes tracking its uses much harder than in the case of other decentralized currencies. Because of that, Monero is, unfortunately, a popular currency to pay for various illicit services. For Kim Jong-un’s regime, it is not unusual to use this coin – yet for the first time, the scale of North Korean operations in Monero is so significant.

Cryptocurrencies discussion in the American Senate

The topic of cryptocurrencies in the United States is a complicated matter. As we wrote in a recent article, this country, despite being the leader in new technologies, has significant problems with the utilization of decentralized money. Most of the concerns are related to regulatory issues – and this subject has once again came back in the US Senate recently. During debate on the 2021 budget, Secretary of the Treasury Steven Mnuchin stated that although the technology should move forward, the government needs to take care for cryptocurrencies not to be “the equivalent of old Swiss secret number bank accounts.”

Ukraine won’t regulate mining

In the times when most governments are at least considering various regulations, a new announcement coming from Ukraine might seem to be strange. A local Ministry of Digital Transformation has published a document that lists the main goals for the country in the field of digitalization. The government’s approach toward mining is rather surprising: it states that mining operations are already regulating themselves; thus, authority’s interference is not needed in that case. 

Bitcoin price update

Last but not least, let’s check the situation of the Bitcoin price over the previous seven days. Most of the week was favorable for the cryptocurrency. The Bitcoin keeps a good trend of earlier days and almost reaches the price of $10,500. Only on Saturday, the day after Valentine’s Day, the leading cryptocurrency has noted a $300 downfall. However, this slip does not necessarily mean the end of the bullish trend – Bitcoin keeps the price just beneath the $10,000, and it soon may increase once more.

What the new week will bring for both Bitcoin and the entire blockchain industry – we don’t know. But you can be assured that you will learn it in the next episode of the Weekly Update on BlockChain24.co.

If you want to comment this article, visit our Blockchain24.co forum!

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Source: https://www.blockchain24.co/weekly-update-28-crypto-football-club/

Blockchain

Members of WallStreetBets Forum Alleged in Telegram Crypto Scam Stealing $2M in BNB and ETH

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Members of the popular WallStreetBets Reddit forum were suspected of a presumable cryptocurrency fraud that could have caused losses of no less than $2 million. By creating a designated Telegram group, they duped investors by guaranteeing remarkable returns through capitalizing on the recent crypto market rally.

The Core of the Hoax

Per a report by Bloomberg, alleged members of the WallStreetBets Reddit Forum used the Telegram messaging service to execute a blatant scam. A particular account by the name of ”WallStreetBets – Crypto Pumps” presented users the chance to purchase a new token certified as WSB Finance before it was listed on crypto exchanges. The operation is known as a pre-mine sale.

The essence of the fraud was connected to the recent cryptocurrency boom as bitcoin and most altcoins skyrocketed in value lately. With some of the digital assets reaching 1,000% gains, the targeted WSB members conned investors into sending money without asking questions and with the potential of netting huge profits.

The notorious account also urged users to transfer popular cryptocurrencies such as Binance Coin (BNB) and Ethereum (ETH) to a designated crypto wallet and then to reach its ”token bot” to gain WSB Finance coins.

However, the perpetrators never dispatched those coins. Furthermore, another message on Telegram revealed that the people who had already issued a payment had to send an equivalent amount again or they would risk losing their initial investment.


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The Aftermath

After executing the hoax, more than 3,451 Binance Coins were withdrawn on Tuesday (May, 4th) from the wallet inside the Crypto Pumps messages.

Since the price of BNB at that point was approximately $625, the fraud caused losses of more than $2.1 million. Following the scam, thousands of people expressed their frustration and tried to expose the individuals behind the account. Moreover, the quantity of the other cryptocurrency – ether – still remains a mystery.

Two weeks ago WSB admins warned about offers that might try to take advantage of the forum’s name in order to allure the crypto audience. The ”WallStreetBets – Crypto Pumps” account has been removed from Telegram but whoever managed it left a message that might stun the affected victims:

”Buying Lambo now.”

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Source: https://cryptopotato.com/members-of-wallstreetbets-forum-alleged-in-telegram-crypto-scam-stealing-2m-in-bnb-and-eth/

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Blockchain

South Korean Crypto Exchange Accused Of $1.5 Billion Scam

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The South Korean cryptocurrency exchange platform V Global was accused of luring 40,000 people into illicit multi-level deceit. The entire scheme amounts to more than 1.7 million won, which equals $1.5 billion.

The Investigation

As reported by the Korean officials, the police raided many places in the country related to a virtual cryptocurrency exchange, and its notorious CEO – known as LEE – alleged to fundraising without regulatory permission. The authorities blocked the exchange’s cash deposits as a part of the investigation.

In total, the Gyeonggy Nambu Police Agency reported that it searched the exchange’s headquarters in southern Seoul along with 21 other places and froze more than $214 million left in the account.

Another report from today shed more light on the developments. According to Yonhap News, the name of the organization is V Global. The Korean police are examining the accusations against them for fraud under the Certain Economic Crimes Weighted Penalty Act, the Similar Receiving Act, and the door-to-door sales business.

The main accusation against the exchange is gaining a deposit of 1.7 trillion won ($1.5 billion) from 40,000 members in the period between August 2020 and January 2021. The announcement revealed that most of the people were elderly or housewives with no experience in cryptocurrency trading.


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Too Good To Be True

The investigation revealed that the exchange urged investors to entrust their funds to an account and lured the members that the expected return would be three times higher than the initial investment. According to the authorities, there was a pyramid element in the scam as the exchange promised to grant an introduction fee of 1.2 million won ($1,065) for every newly recruited member.

The report affirmed that the trading venue paid some members in the form of a block. Therefore, people who signed up earlier received funds from individuals who entered the exchange later.

Moreover, the Korean police seem confident to deal with the fraud case as it revealed its intention to confiscate 240 billion won ($214 million) left in the V Global account as of the 15th last month, even before the prosecution process.

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Source: https://cryptopotato.com/south-korean-crypto-exchange-accused-of-1-5-billion-scam/

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Blockchain

Georgia’s central bank is exploring ‘Digital Gel’ CBDC

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The National Bank of Georgia said that it is considering launching a central bank digital currency.

In an announcement today, the central bank hinted at the issuance of a central bank digital currency, or CBDC, in an effort “to enhance efficiencies of the domestic payment system and financial inclusion.” The National Bank of Georgia, or NBG, said it would be inviting fintech firms and other financial institutions to participate in the project, named Digital Gel after the symbol for the country’s fiat currency, the lari.

“CBDC holds the promise to unlock the tremendous value of innovative business models for the benefit of society,” said the announcement. “The introduction of CBDC could increase financial intermediation efficiency, help introduce new financial technologies, facilitate financial inclusion, and reach previously unbanked populations.”

However, the bank mentioned the possibility of risks in the launch of a CBDC in the Republic of Georgia given the “new and potentially disruptive technology.” The NBG said it may conduct extensive testing of the CBDC in a controlled environment to ensure a smooth rollout, but did not provide any details regarding a timeline for launch.

With a population of roughly 4 million and a gross domestic product of approximately $15 billion, a nation like Georgia falls at the smaller end of countries exploring CBDCs. The Bahamas officially rolled out its Sand Dollar central bank digital currency in October, while China has been piloting its digital yuan in select cities prior to a full-scale launch. In the United States, Fortune 500 company Accenture announced this week it would be partnering with the Digital Dollar Foundation to conduct CBDC trials.

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Source: https://cointelegraph.com/news/georgia-s-central-bank-is-exploring-digital-gel-cbdc

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