Lưu trữ cho từ khóa: CryptoCurrency

DeFi

U.S. Federal Trade Commission warns of crypto romance scams

Để lại phản hồi

The United States Federal Trade Commission (FTC) has warned the public of the rise in romance scams that often involve cryptocurrencies.

In a Monday notice, the FTC advised Americans on how they can handle the situation if their online romantic interest is offering them investment advice.

“No one thinks their online love interest is going to scam them, but scammers are good at what they do,” the FTC noted.

Romance scams, often dubbed as pig butchering scams, involve attackers befriending victims under the guise of their potential love interest. Ultimately, the victims are tricked into making fraudulent cryptocurrency investments, and the scammers disappear.

Such scams have become a norm in the cryptocurrency sector. A recent study by the University of Texas revealed that over billion was lost to these schemes in between January 2020 and February 2024.

As such, the advisory, authored by Colleen Tressler of the Division of Consumer and Business Education, delved into the detective tactics employed by bad actors to execute these scams.

According to the FTC, the attackers “establish an emotional connection” to convince victims into believing that they are “experts in cryptocurrency.”

The commission noted these scammers often promise high returns that are possibly risk-free. However, it added that all such investments carry risks and the guarantees on profits are false.

Further, the FTC stressed that these scammers usually do a background check on the victims. This helps them convince the victim and allows them to “say the right things” to gain their trust, “and before you know it, your new friend is talking money,” the FTC added.

The regulator also advised against transferring any funds, be it fiat or crypto, if requested by such parties, “if you think someone you met on social media is a scammer, cut off contact.”

The notice also urged users to file a report with the FTC if affected by such a scam.

Romance scams have made the headlines on several occasions. 

Back in February 2024, a Philadelphia woman lost 0,000 in cryptocurrency to these bad actors. Scammers befriended the woman and pitched a fraudulent crypto trading app, ultimately convincing her to drain her savings.

The growing prominence of these attacks has prompted regulatory intervention from the likes of the Federal Bureau of Investigation (FBI) and the Commodity Futures Trading Commission (CFTC).

The CFTC charged crypto exchange Debiex on Jan. 20, alleging the firm’s insiders of duping its customers by establishing amicable and “intimate” relationships. These individuals were then tricked into opening trading accounts with the exchange.

Debiex allegedly solicited .3 million from five customers.

Meanwhile, the FBI had also issued a warning before the 2023 Valentine’s day about the surge in romance scams. 

In April 2024, the Brooklyn District Attorney’s Office managed to crack down on a similar scam that duped several individuals across the United States. 

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

AKT gains 9% as Akash Network unveils future roadmap at decentralized AI event

Để lại phản hồi

Akash Network, a leading player in the decentralized cloud computing sector, has seen its native token, AKT, emerge as one of the top gainers among the top 100 cryptocurrencies,

At the time of writing, AKT is still up 9% in the last 24 hours, trading at around .48 per coin. In the same time frame, the token experienced a daily trading volume of .7 million, up 495%. The crypto asset’s market cap has also climbed to .07 billion, making it the 76th-largest cryptocurrency.

AKT 24-hour price chart | Source: CoinMarketCap

Despite the recent price rally, AKT is still down by 40% from its all-time high of .41 reached on April 8, 2021.

AKT’s price surge comes as Akash Network hosted its inaugural full-day summit, Akash Accelerate, focusing on the expansion of permissionless computing and decentralized AI (DeAI).

The event, held in Austin, TX, gathered hundreds of participants from across the decentralized computing space, spotlighting the network’s growth and its evolving ecosystem of projects, companies, and protocols.

The summit featured key collaborations and presentations that highlighted the capabilities and advantages of using Akash’s Supercloud for high-performance computing.

Prominent institutions like the University of Texas at Austin and leading AI companies such as Nous Research, Brev.dev, and Morpheus participated in the summit, discussing the practical applications of decentralized infrastructures.

The University of Texas at Austin, for example, is leveraging Akash’s decentralized infrastructure to provide researchers with access to high-performance GPUs, which are essential for cutting-edge research in AI, without the limitations and high costs associated with traditional cloud providers.

Further, the event unveiled a roadmap for Akash’s development over the coming years, presented by CEO Greg Osuri.

His keynote addressed the strategic direction and anticipated enhancements to Akash’s platform, which are expected to further improve its infrastructure and solidify its position in the decentralized cloud market.

This announcement has likely contributed to the renewed investor interest and optimism surrounding AKT, as it showcases Akash’s commitment to scaling and improving its services.

AKT’s surge comes at a time when the global cryptocurrency market is experiencing a downturn, with a 3% drop bringing its market cap to .45 trillion.

Bitcoin, the pioneering cryptocurrency, has also experienced a similar drop, currently exchanging hands at ,206.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

NOT plunges 15% while the contract owner revoked privileges 

Để lại phản hồi

The TON-based meme coin and clicker game on Telegram, Notcoin (NOT), has emerged as the top loser among the leading 100 cryptocurrencies despite its bullish announcement.

NOT is down by 15% in the past 24 hours and is trading at .016 at the time of writing. The asset’s market cap is currently hovering at .64 billion, making it the 58th-largest cryptocurrency.

NOT price, open interest, funding rate and RSI – June 11 | Source: Santiment

Moreover, Notcoin’s daily trading volume also declined by 14%, reaching the 0 million mark. 

According to an official announcement on X, the owner of the Notcoin smart contract has revoked their ownership. Many users have shown bullish sentiment in the same X thread, calling NOT a “community token.”

At this point, per the X post, no one can add any Notcoins to its circulating and total supply — locking the total supply at 102,701,033,769 NOT.

According to data provided by Santiment, the NOT total open interest dropped from .6 million to .4 million over the past 24 hours. The decline in the asset’s open interest comes as it witnessed over million in liquidations, per Coinglass data. 

Moreover, the total funding rate aggregated by NOT has been sitting close to 0.01% over the past two days. The indicator shows that long-position holders are still slightly dominating short-positioned traders despite the price downturn.

Data from the market intelligence platform shows that the NOT relative strength index (RSI) plunged from 96 on June 2 — when the token reached an all-time high of .028 — to 74 at the reporting time. 

The indicator shows that the heat around NOT has been constantly declining while the token is still overbought. 

Thanks to the declining open interest and RSI, lower price volatility would be expected for Notcoin.

On June 10, the TON-based token recorded a 12% rally after announcing new incentives and a surge in its user base. 

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Bitcoin

Australia implements sweeping ban on credit and crypto for online betting

Để lại phản hồi

The Australian government is banning the use of credit cards and cryptocurrencies for online betting in its latest bid to mitigate gambling problems troubling the nation.

According to a local report on June 11, the ban extends to credit cards linked to digital wallets, cryptocurrencies like Bitcoin, and any other novel forms of credit. This means Australians can no longer place bets through borrowed funds or anonymous digital currencies.

The latest regulation for online betting aligns with that of physical casinos, which have also banned the use of credit cards. However, the regulations do not apply to online lotteries, which still allow credit card payments.

Kai Cantwell, CEO of Responsible Wagering Australia, is urging the government to expand this ban to include forms of gambling that are currently exempted.

“This is an important measure to protect customers, making it easier for people to stay in control of their own gambling behavior,” said Cantwell.

Last year, lawmakers voted to approve the amendment to the Interactive Gambling Act 2001. The act prohibits gambling providers from offering certain online services to people in Australia.

Following this, gambling service providers were given a six-month transition period to comply with the changing regulations. Companies that fail to comply with the ban risk fines of up to AU4,750 (around 5,000).

The communications regulator has also been granted greater authority to enforce these restrictions.

Additionally, the federal government is mulling over a proposal that will see the elimination of gambling advertisements over three years. This suggestion was one of 31 recommendations floated during a parliamentary inquiry on gambling issues plaguing the nation.

Communications Minister Michelle Rowland mentioned that the government would announce more rules it plans to implement to prevent gambling in the future.

“Australians should not be gambling with money they do not have,” she said.

In the past, Australia had a flourishing market for online casinos accepting payments via digital currencies like Bitcoin. The fast and anonymous transactions offered by these cryptocurrencies were appealing to gamblers.

One study even revealed that in 2019, a substantial 30.7% of Australian gamblers engaged in online gaming using cryptocurrencies.

Recently, tax officials from the land Down Under have been targeting millions of crypto investors, seeking their personal information and details from crypto exchanges.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Bitcoin

Spot BTC ETFs record first day of outflows in 4 weeks

Để lại phản hồi

The constant inflows of the spot Bitcoin (BTC) exchange-traded funds (ETFs) in the U.S. have come to an end after four weeks.

According to data provided by Farside Investors, spot BTC ETFs in the U.S. recorded .9 million in net outflows on June 10 — ending their four-week winning streak. The majority of the outflows belong to Grayscale Bitcoin Trust (GBTC) — registering .5 million in outflows.

The Invesco Galaxy Bitcoin ETF (BTCO), Valkyrie Bitcoin Fund (BRRR) and Fidelity Wise Origin Bitcoin Fund (FBTC) each saw .5 million, .8 million and million in outflows, respectively. 

On the other hand, only Bitwise Bitcoin ETF (BITB) and iShares Bitcoin Trust (IBIT) recorded inflows of .6 million and .3 million, respectively. 

It’s important to note that the total net inflows of spot BTC ETFs in the U.S. have surpassed the .6 billion mark, thanks to the four weeks of constant inflows — recorded over billion in net inflows between May 13 and June 7.

The bearish sentiment comes as investors take a cautious approach ahead of the U.S. CPI data release, scheduled for June 12. Last month, the CPI came at 3.4%, as expected, which eventually brought market-wide bullish sentiment.

Consequently, the global crypto market capitalization declined by 2.8% in the past 24 hours and is hovering at .59 trillion, according to data from CoinGecko.

Bitcoin plunged to ,600 and Ethereum (ETH) is closing down to the ,500 mark. At this point, 94 of the leading 100 cryptocurrencies are wandering in the red zone.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

Mantra (OM) hits all-time high amid strategic expansion in UAE

Để lại phản hồi

OM, the native token of defi solutions platform Mantra, has risen as the top gainer among the leading 100 cryptocurrencies as it attained its all-time high of .0924.

At the time of writing, OM is still up 13% in the last 24 hours, exchanging hands at a price of .06. The token also experienced a 234% surge in its trading volume, bringing it to 8 million within the same timeframe.

OM 24-hour price chart | Source: CoinMarketCap

Moreover, the token’s market cap also surpassed 0 million, marking it as the 90th largest cryptocurrency at the time of reporting.

Mantra’s OM token serves two main purposes within the blockchain platform, which is focused on real-world assets:

OM holders can use their tokens to engage in various defi activities on the Mantra platform, including lending, borrowing, and earning rewards. Additionally, they have the right to vote on proposals that influence the platform’s future direction.

The latest OM surge comes after Mantra has signed a Memorandum of Understanding (MOU) with UAE-based bank Zand.

Under this agreement, both entities will work closely together to frame clear rules for RWA tokenization to ensure compliance with Dubai’s Virtual Asset Regulatory Authority (VARA).

The strategic initiative will promote the seamless tokenization of real-world assets in the UAE, hence improving the efficiency and transparency of asset management procedures.

Michael Chan, CEO of Zand, disclosed that the collaboration marks a crucial step in their journey to integrate blockchain technology with their robust financial offerings.

Through the integration, the bank aims to provide its clients with greater control over their investments, enhanced security, and clearer insights into the lifecycle of their transactions.

“We aim to simplify operations, reinforce trust and authenticity in the assets’ legality, and broaden access to the wider market,” added Chan.

Earlier in March, Mantra completed an m funding round led by Shorooq Partners. The round also saw participation from strategic investors such as Three Point Capital, Forte Securities, and Virtuzone.

The funds will be used to double down on Mantra’s efforts to promote large-scale RWA tokenization.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

South Korea to classify some NFTs as Virtual Assets ahead of new crypto regulations

Để lại phản hồi

South Korea’s Financial Services Commission (FSC) is changing its stance regarding nonfungible tokens (NFTs), looking to classify some of them as Virtual assets.

NFTs are primarily unique assets that cannot be replicated, traits that differentiate them from cryptocurrencies would be treated as virtual assets, a June 10 report by South Korea’s FSC noted.

Specifically, the report that NFTs are divisible, can be produced in masses, or can be used as a means of payment, all of which are now classified under South Korea’s newest framework.

Businesses that issue NFTs classified as virtual assets are now obliged to report it to the South Korean watchdog.

The new directive comes ahead of the nation’s first crypto regulatory framework set to be implemented on July 19.

According to Jeon Yo-seop, the FSC’s Financial Innovation Planning head,  NFT collections minted in huge quantities are most likely to be used as payment.

As an example, the official stated that if one million NFTs were issued in a collection, they could be traded and used as payment, just like cryptocurrencies.

He suggested that there wouldn’t be one single standard to classify NFTs as virtual assets. Rather, the FSC will make the distinction via a case-by-case review approach.

Further, if an NFT possesses characteristics of financial security as detailed in the country’s Capital Markets Act, they may be classified as securities.

With the implementation of the new guidelines, some NFTs may even be eligible to receive interest when deposited in an exchange. This is per a notice from the FSC, issued late last year, that mandates virtual assets deposited on crypto exchanges to be eligible for interest generation.

However, regular NFTs and CBDCs are excluded from this benefit.

The new framework is a part of South Korea’s crypto legislation dubbed the Virtual Asset User Protection Act. Set to come into force a week later, it seeks to criminalize malpractices such as using undisclosed information for crypto investments, manipulating market prices, and engaging in fraudulent transactions.

The bill was passed in 2023 by the nation’s National Assembly. Cryptocurrency-focused entities were subsequently given a one-year grace period to comply with the regulations.

To complement these efforts, South Korean regulators have also launched a crypto crimes unit. Dubbed the Joint Virtual Asset Crime Investigation Unit, the entity comprised 30 experts from seven national agencies. 

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

Notcoin (NOT) price jumps 12% amid user surge and new incentives

Để lại phản hồi

Notcoin (NOT), a TON-based clicker game on Telegram, has seen its price climb by 12% in the past 24 hours to reach .01957.

At the time of writing, NOT has a 24-hour trading volume of 3 million per data from CoinMarketCap. The crypto asset has also witnessed a 12% rise in its total market cap to push it past the billion mark.

NOT 24-hour price chart | Source: CoinMarketCap

Notcoin’s recent surge follows on the heels of an announcement from the Notcoin team, which outlined a major surge in user adoption and new incentives offered to further boost their user engagement.

In a June 9 X thread, the Notcoin team shared their feat of attaining 40 million users across the globe.

The team also noted that users referred to as “Explorers”, have earned over .5 million USD from 20 campaigns. Notcoin introduced the new mission type, “Explore,” in May, allowing players to passively earn crypto token rewards. These “earning missions” differ from previous tasks, as they enable players to earn NOT tokens passively rather than receiving a one-time reward.

While the Explore feature is still in its beta phase, the Notcoin team expects a tenfold rise in campaigns and Notcoins earned per month once automated campaigns are launched.

Further elaborating on their future plans, Notcoin announced several additional features and incentives. These include the introduction of levels for new users and a referral system where users earn a percentage of their referred friends’ earnings.

Gold and Platinum users will also gain exclusive access to top-tier token launches. The highest level, Platinum, provides the most NOT tokens as rewards.

Additionally, the automation of “Explore campaigns” will allow projects to launch their own campaigns. This, in turn, would lead to an overall surge in user engagement and rewards.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Bitcoin

Crypto market plunges $96b following strong US jobs report

Để lại phản hồi

In the last 24 hours, the crypto market lost more than billion as major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), faced corrections.

Bitcoin, the leading cryptocurrency, saw a sharp drop to an intraday low of ,507. At the time of going to press, the cryptocurrency was priced at ,321 — a 2.57% dip from the previous 24 hours.

Additionally, Bitcoin’s 24-hour trading volume went down by more than 4% to .1 billion.

The correction came on the back of Bitcoin hitting a multi-week high of ,000 on June 7, after staying above ,000 for several days. 

Bitcoin 24-hour price chart | Source: CoinMarketCap

Following the dip, Bitcoin’s market capitalization fell to .366 trillion, though its dominance over altcoins increased to 53.8% as they took much bigger hits. 

Altcoins in the red

Among the top 100 cryptocurrencies, there were no notable gainers, with most of them registering losses between 1.03% and 14.52%.

Ethereum is down 3.11% to below ,700. BNB, the fourth-largest crypto by market cap, has dropped from over 0 to just above 3, and Solana (SOL) has fallen by more than 6%. 

The number one meme coin by market value:

  • Dogecoin (DOGE), is down 8.85%
  • Avalanche (AVAX) is down by 9.95%
  • Chainlink (LINK) lost 9.16% from its price.
  • Polkadot (DOT) dropped 10.24%
  • NEAR Protocol (NEAR) shaved 9.01%
  • Uniswap (UNI) went down 5.31%
  • Polygon (MATIC) dropped by 9.01%.

Overall, the cumulative market cap of all crypto assets has shed over billion since yesterday’s peak. It’s now sitting at .54 trillion on CoinMarketCap.

Analysts have suggested the drop may have been influenced by a stronger-than-expected U.S. non-farm payroll (NFP) report for May, which added 272,000 new jobs and strengthened the U.S. dollar.

The report reduced hopes for a Federal Reserve interest rate cut, negatively impacting Bitcoin’s price and overall market sentiment.

Double bullish thesis for BTC

Elsewhere, Bitcoin advocate Samson Mow took to X to suggest a new bullish scenario for Bitcoin.

He proposed that gaming merchandise retailer GameStop should add Bitcoin to its corporate treasury, which, in his opinion, could create a “double bullish thesis” that could lead to significant price increases for both Bitcoin and GameStop shares.

Mow’s sentiment coincided with analyst and social media personality Keith Gill, also known as “Roaring Kitty,” hosting his first livestream in three years, focusing on GameStop’s future.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News