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U.S. Senator Rick Scott has urged Treasury Secretary Janet Yellen to take action on cryptocurrency scams, which he said have risen 1,000% in the past year and cost consumers at least $80 million. “This is an unregulated industry, and the alarming amount of criminal activity surrounding cryptocurrency demands action,” he told Yellen. Senator Scott Alerts … Read more
Uganda’s Financial Intelligence Authority (FIA) says it wants the country’s Finance Ministry to help formulate a regulatory framework for crypto service providers. According to the FIA, this call for the government’s intervention has prompted by the Ugandan crypto industry’s failure to comply with an earlier plea for industry players to register. Terrorism Concerns Furthermore, in … Read more
U.S. consumers have been receiving fake emails that attempt to impersonate a federal regulatory agency which has raised alarms among crypto community members. The U.S. Office of the Comptroller of the Currency (OCC) warned that such bogus messages ask people for their bitcoin wallet keys. Fictitious Message Contains Several Grammar Mistakes and Typos According to … Read more
According to reports, over 100,000 African youths have taken part in Binance’s crypto and blockchain education barely a year after the learning program was launched. Dubbed the Binance Masterclass, the education initiative is aimed at equipping newcomers with basic knowledge about cryptocurrencies. Also, as one report explains, the initiative seeks to stop young African traders … Read more
The U.S. Federal Trade Commission (FTC) says reports of cryptocurrency scams have skyrocketed. In particular, people have reported sending more than $2 million in cryptocurrency to Elon Musk impersonators within the past six months. Elon Musk Impersonators and Other Cryptocurrency Scams The FTC published “Consumer Protection Data Spotlight” Monday. FTC analyst Emma Fletcher wrote, “Reports … Read more
Famed entrepreneur Richard Branson is often featured in fake articles sent out by various investment schemes, many of which are related to cryptocurrency, U.K.’s National Cyber Security Centre (NCSC) revealed in a report. The agency, which has blocked over 285,000 such campaigns in only nine months, says it’s dealing with a global problem. Shady Sites … Read more
Nigeria’s Economic and Financial Crimes Commission (EFCC) has become the latest body to warn of risks associated with cryptocurrency investments. In a public warning, the law enforcement agency argues that investing in cryptos “is a high-risk activity as the terrain is largely unregulated and prone to fraud.” Proliferation of Scams According to a report that … Read more
With a population of over 200 million, Nigeria is widely regarded as one the biggest crypto markets in the world. Some in the crypto world believe Nigeria is one of the few countries better placed to see a greater acceptance of digital currencies. However, despite this optimism, the Nigerian crypto industry continues to be plagued … Read more
John McAfee’s bodyguard and executive advisor has pleaded not guilty to involvement in crypto scams that duped investors out of $13 million. Go to Source Powered by WPeMatico
The Texas securities commissioner has entered emergency cease and desist orders to stop three cryptocurrency investment platforms from duping investors in the state. One scheme operates under the name “Binance Assets.” The regulator has found that all three platforms are fraudulent. Texas Seeks to Stop 3 Crypto Platforms Operating in the State Texas Securities Commissioner … Read more
