• Surging cryptocurrency frauds in France prompt intensified action by authorities

    The emergence of cryptocurrency has transformed into a fertile ground for financial fraud in France, contributing to an increase in deceptive practices that have prompted officials to take action to safeguard consumers.

    The Paris Public Prosecutor’s Office, in conjunction with regulatory agencies such as the AMF and ACPR, is particularly alarmed by the escalating number of operations involving counterfeit cryptocurrency investments.
    Proliferation of frauds

    The ACPR disclosed that fraudulent savings accounts cost victims an average of €69,000 during the first three quarters of 2024, while fraudulent loans led to average losses of €19,000. Cryptocurrency scams, which have surged notably since mid-2023, have resulted in an average loss of €29,000, as reported by the AMF.

    A survey conducted by BVA Xsight for the AMF unveiled that 3. 2% of French adults fell prey to financial deceptions in 2024, nearly tripling from 1. 2% in 2021. Young males under 35 comprise the most targeted group, enticed by social media advertisements and promises of swift profits.

    Fraudsters are increasingly masquerading as public officials and financial institutions. One-third of identity theft scams reported to the AMF involved the fraudulent utilization of the regulator’s identity. Scammers also take advantage of AI-generated materials, including deepfake videos and fabricated news articles, to endorse nonexistent investment opportunities.

    A newer strategy, referred to as “square fraud,” entails scammers posing as public officials to reach out to victims of prior scams, proposing to recover lost funds for an upfront fee.
    Crackdown

    Authorities are responding with a dual strategy focusing on prevention and enforcement. Public awareness initiatives aim to inform consumers regarding the hazards of cryptocurrency scams and the significance of verifying platforms and offerings.

    The AMF and ACPR are actively compiling lists of unauthorized cryptocurrency entities and collaborating with law enforcement to prosecute scammers.

    The Paris Public Prosecutor’s Office has reiterated its dedication to combatting cryptocurrency fraud and safeguarding consumers in the ever-evolving digital landscape. Consumers are urged to exercise considerable caution when contemplating cryptocurrency investments.

    Comprehensive research, platform verification through official channels, and the protection of private keys and personal data are critical safeguards. As always, if an investment opportunity appears excessively favorable, it likely is not genuine.

    French authorities are amplifying endeavors to mitigate the rise of cryptocurrency scams and fraudulent schemes that exploit consumer trust.

  • Cryptocurrency holders may lose $145 million

    The death of Gerald Cotten, the Chief Executive Officer of Digital-asset exchange Quadriga CX has left one question unanswered, how do the company’s customers recover their combined C$190 million ($145 million)?

    This is a multi-million dollar question that only the late Cotten can answer, unfortunately for Quadriga CX’s customers. According to reports, Cotten died with the password that unlocks Quadriga CX’s digital “wallets” that houses the C$190 million. The “wallets” is an application that stores the keys to send and receive cryptocurrencies.

    Buying and selling cryptocurrency is one of the more recent financial instruments people are using to diversify their investments, and there is very little stopping you from doing the same. But before diving headfirst into this world, there are some important guidelines you should make every effort to know, but who would have known this bizarre event could happen.

    Cotten had died last year, December 9, 2018, in India from complications of Crohn’s disease, without transferring the passwords. This has prevented the online startup from retrieving about C$190 million ($145 million) in Bitcoin, Litecoin, Ether and other digital tokens held for its customers, according to court documents filed January 31 in Halifax, Nova Scotia.

    Why is it so difficult to retrieve?
    According to an affidavit from his widow, Jennifer Robertson, Cotten, who died at the age of 30, was described as a conscious person when it comes to security, prompting the encryption of the laptop, email addresses and messaging system he used to run the 5-year-old business.

    Home

  • Cryptocurrency exchange has sacked 27% of workforce

    As this cryptocurrency exchange-turned-investment platform attempts to weather a bout of market volatility and declining asset values, it is laying off nearly a third of its workers.

    As a part of cost-cutting measures announced in response to the shaky market climate, Peter Thiel-backed Bitpanda GmbH would trim headcount from over 1,000 to roughly 730. The largest cryptocurrency, Bitcoin, has lost roughly 70% of its value since hitting an all-time high in November.

    “We need to make fundamental changes in how we operate and sharpen our focus by getting back to the basics,” Bitpanda said in a letter to employees posted on its website. The company said it will focus on “safety and compliance, user experience, education and community, while deprioritizing everything else.”

    The employment cuts follow similar ones made across the industry, notably at BlockFi Inc., Gemini Trust Co., and Coinbase Global Inc. When the Vienna-based business raised $263 million in August, it included funding from Thiel’s Valar Ventures, billionaire investor Alan Howard, and REDO Ventures, valuing it at $4.1 billion.

    In light of the hazy future, Bitpanda stated that it was attempting to maintain its financial stability and wanted to continue being self-funded.

    “There’s lots of uncertainty in the financial markets right now and, while we do know that the industry is cyclical, nobody knows when the market sentiment will change.”

    According to a blog post published this week, Indian cryptocurrency exchange CoinDCX has banned crypto deposits and withdrawals for a number of users due to compliance, risk, and monitoring needs.

    CoinDCX has been bolstering its compliance and risk structure in response to stricter criteria for offering seamless rupee deposits and withdrawals.

    “This was done in a series of steps, including improving KYC coverage, enhancing the risk framework for crypto deposit & withdrawal, and integrating with compliance and monitoring tools like Coinfirm, Solidus Labs, Signzy, Digilocker, etc., over the last six months. Over the past month, we have been gradually restricting crypto deposits & withdrawals for multiple users,” it added.

    Every user must complete their KYC on CoinDCX’s platform, according to the company’s explanation. Cryptocurrency withdrawals & deposits are still by default disabled for everyone. To enable crypto deposits and withdrawals, one must adhere to an enhanced due diligence procedure. The same policy will be made public in the upcoming 14 days.

    The worldwide crypto market slump has left the Indian web3 industry on edge, and businesses are becoming cautious when it comes to hiring. While local cryptocurrency exchanges insist they won’t be laying off employees, unlike US-based cryptocurrency exchange Coinbase, at least four top executives indicated the sector is reevaluating its employment plans for the year.

    Executives claim that cryptocurrency companies keep a sizable portion of their treasury in cryptocurrencies, which have lost value as a result of the market slump. Additionally, businesses that rely on venture capital will need to think about their runways during the downturn.

    (With agency inputs)

  • Belarus clamp down on millions dollars in crypto

    In Belarus, the government has received help from various companies with the aim of seizing cryptocurrencies.

    Now, authorities in that country have mastered the art of seizing crypto, resulting in the seizure of millions of dollars in crypto.

    in the month of March, the Belarusian government indicated that it would love to follow China’s example.

  • 4 takeaways from recent crypto crash

    Here are four things for crypto markets after the crash.

    1, There’s panic among crypto investors till the 23rd of May 2022

    2. Now, stablecoins stability scams have been exposed. We now know that they too can crash

    3. Investors of crypto have experienced a meltdown and they don’t see a way out soon

    4. Governments are tightening their grip on food supplies. Will that help matters?

  • Nigeria’s crypto experts congratulate new SEC regulation on digital assets

    The Security & Exchange Commission (SEC) just released its statement on regulating the digital virtual assets like Bitcoin and NFTs.

    The document is titled: New Rules on Issuance, Offering Platforms, and Custody of Digital Assets…

    Experts in the industry are saying they believe that SEC’s latest move is the best, seeing the industry is extremely volatile.

    Others welcome this new era in the development of cryptocurrency in Nigeria.

    Although the regulation didn’t cover everything that crypto experts expected, it is still seen as a good place to start.

  • Central Bank of Chile considers CBDC issuance

    The bank is studying how to issue a national digital currency called the digital peso.

    The bank has issued a report to this effect.

    The report explores the possibility of the creation of a central bank digital currency (CBDC) in the future.

    Experts are also studying the mechanism it may use, and how it will consult all sectors of the economy regarding this issue.

    Chile hopes to increase the digitization of payments, and also drive an increase in technological progress.

    There will also be the incorporation of new instruments, and other players in the payment market.

  • Top crypto movers 17th May 2022

     

    Top Movers – Crypto.com

    https://crypto.com/price

    51 rows · Explore top cryptocurrencies with Crypto.com, where you can find real-time price, …

    • #NAMEPRICE24H CHANGE
      1B Bitcoin BTC$36,102.36 $36,102.36 -0.09%-0.09%
      2E Ethereum ETH$2,690.42 $2,690.42 -1.38%-1.38%
      3U Tether USDT$1.01 $1.01 -0.00%-0.00%
      4B BNB BNB$377.90 $377.90 +1.15%+1.15%
  • Crypto crash: Dogecoin prepares for recovery

    Elon Musk said that Dogecoin can actually become a currency…

    Today, it is clear that Dogecoin is making its way back to recovery. meanwhile the CEO of Tesla, Elon Musk has uttered many positive reviews on the cryptocurrency.

    Musk was replying to the Dogecoin founder’s tweet when he said that the crypto can become a currency because it has potential.

    The tweet has received favorable comments in the Dogecoin community on social media, with more investors cultivating confidence in the currency.

    DOGE has made a good recovery of four percent gain, which investors believe is a good sign. They believe that the coin is on its way to bouncing back.

    Whales and investors are holding a large amount of Dogecoin, and this is another reason why the coin remains on a bullish track.

  • Ethereum harshrate perform better during Bitcoin crash week

    Bitcoin has had a bad time these two weeks but investors have had a good run with Ethereum harshrate that has performed better among its peers.

    Ethereum tapped an all-time high on the 13th of May.

    The reason appears to be that cryptocurrency miners continued to dedicate large quantities of processing power toward the Ether.

    On May 13th, Ether maintained a block height of 14,770,231.

    It appears this is really good news for investors who have been looking for positive news from the crypto world.