Social Media’s Role in Cryptocurrency Scams

The influence of social media and crypto has given rise to a new form of scamming and fraud known as cryptocurrency scams, which have increased in number and severity over the past few years. According to a recent report, nearly $1 billion was lost through cryptocurrency scams in 2021, with an estimated 9 in 10 victims falling prey to fraudsters on Facebook, Twitter, and Instagram. With cryptocurrencies headed for mainstream adoption and regulations toward the system unclear, those who lose finances as the result of cryptocurrency scams are hoping to…

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How A Morning Star Reversal Could Awaken The Bitcoin Bull Run

It is a stretch to say Bitcoin is bullish, but what if bulls were simply resting after a tough “evening” and are just about ready for a new “morning?” A potential, high timeframe bullish Japanese candlestick reversal pattern called a morning star could be predicting just that. Here is a closer look at the potential reversal signal and the conditions necessary for confirmation of bullish upside. A “Morning Star” Could Jump Start A Bullish Reversal Bitcoin has been in a brutal downtrend since November 2021. After a full month of…

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Is Your NFT Investment at Risk? Hong Kong’s Securities and Futures Commission Has Some Words of Warning

The Securities and Futures Commission (SFC) of Hong Kong, the financial regulator responsible for overseeing Hong Kong’s securities market, has issued an advisory warning to investors. The notice is about risks associated with purchasing and trading unregulated non-fungible tokens (NFTs). The advisory points out that NFTs do not have any legal protections to help ensure that they can be traded as freely and safely as other assets like stocks or bonds, despite their name suggesting they are similar to equity shares. As of such, the Securities and Futures Commission is…

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BNB Price Could Drop 40% Following SEC’s Investigation

On June 7, the price of Binance Coin (BNB) price fell 7.3% to drop below $275, hitting its lowest level in three weeks. In addition, the price of BNB could fall another 25-40% in 2022 as its parent company, Binance, faces allegations of breaching securities rules and laundering billions of dollars in illicit funds for criminals. Binance Is in Hot Water In 2017, Binance raised $15 million in 16 days as part of an initial coin offering (ICO) during which it issued Binance coin (BNB) for $0.15 each to the…

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BNB Price Could Drop 40% Folllowing SEC’s Investigation

On June 7, the price of Binance Coin (BNB) price fell 7.3% to drop below $275, hitting its lowest level in three weeks. In addition, the price of BNB could fall another 25-40% in 2022 as its parent company, Binance, faces allegations of breaching securities rules and laundering billions of dollars in illicit funds for criminals. Binance Is in Hot Water In 2017, Binance raised $15 million in 16 days as part of an initial coin offering (ICO) during which it issued Binance coin (BNB) for $0.15 each to the…

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LINK marines rejoice after Chainlink 2.0 brings a new roadmap and staking

Passive income opportunities are one of the biggest draws in the cryptocurrency ecosystem because it gives investors an easy opportunity to grow their portfolio size regardless of the day-to-day price action. The latest token to get a bump in its price after announcing the upcoming implementation of staking is Chainlink (LINK), the decentralized oracle network that provides important off-chain information needed for the proper functioning of smart contracts. Data from Cointelegraph Markets Pro and TradingView shows that since bouncing off a low of $6.67 on June 4, the price of…

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Crypto Thief Who Stole $3 Million Worth of Cryptocurrency Arrested

Cryptocurrency scams and thefts have been a frequent occurrence in recent times. In another case of cryptocurrency theft, a man, Zhang Tianzhe, who recently stole crypto assets worth $3 million in a robbery attempt, has been arrested. Zhang Tianzhe broke into a woman’s home in California, tied her up with duct tape, and threatened her to transfer millions from her account to his. In the robbery, the 31-year-old Zhang reportedly wore ski goggles, gloves, and a hood during the burglary. The woman was threatened, and instructions were passed to her…

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Chainalysis exec touts blockchain analysis to Senate homeland security committee

The collection and processing of information was a major theme at the United States Senate Committee on Homeland Security and Governmental Affairs (HSGAC) hearing titled, “Rising Threats: Ransomware Attacks and Ransom Payments Enabled by Cryptocurrency” on Tuesday. The committee hosted a panel of private-sector experts who discussed the problem of ransomware attacks and the challenges of collecting and using the information necessary to fight them.  Committee chair Gary Peters of Michigan, who introduced the Strengthening American Cybersecurity Act in February, said the government lacks sufficient data even to understand the…

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Bitcoin price recovers $31.5K, but traders say ‘scam’ price action will bring more downside

Bitcoin’s (BTC) short-term price action has been dominated by whipsaws that trigger around the $31,000 to $32,000 level and the June 6 reversal at this point triggered a quick sell-off that pushed the price down to $29,200. Surprisingly, on June 7, the price rapidly reversed course as Bitcoin rallied back to $31,500, but given the current rejection at this level, traders are likely to proceed cautiously, rather than expect a quick surge to $35,000. BTC/USDT 1-day chart. Source: TradingView Here’s what several analysts are saying about the short-term outlook for…

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TrueFi launches on Optimism, expanding access to on-chain credit

Unsecured lending protocol TrueFi has become the latest project to launch on Optimism, Ethereum’s popular layer-2 scaling solution, in a move that’s expected to boost demand from non-institutional lenders.  By launching on Optimism, TrueFi’s lender community will have access to a faster and cheaper user experience, as well as gain exposure to a wider pool of retail lenders. “TrueFi users can now lend, borrow and launch portfolios on Optimism to enjoy dramatically reduced transaction costs and network speeds,” Rafael Cosman, co-founder of TrustToken, told Cointelegraph in a written statement. He…

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