INTRODUCTION: In a shocking turn of events, an investment banker has been found guilty of orchestrating a fraudulent crypto scheme that defrauded investors out of a staggering $1.5 million. 😱 The individual, whose identity has been withheld for legal reasons, now faces a potential 30-year prison sentence for their deceitful actions. This case serves as a stark reminder of the importance of due diligence and caution when engaging in the world of cryptocurrencies. 💔 Details of the Scheme: The investment banker, who held a position of trust within the financial industry, allegedly lured unsuspecting investors into a false cryptocurrency investment scheme. 🕵️‍♂️ Promising high returns and guaranteed profits, the individual convinced numerous individuals to invest substantial sums of money. However, it soon became evident that the scheme was nothing more than an elaborate ruse designed to enrich the perpetrator at the expense of innocent investors. Investigation and Conviction: Following reports of suspicious activities and mounting complaints from defrauded investors, law enforcement agencies launched a thorough investigation into the investment banker's activities. 🔍 The investigation revealed a web of deceit, forged documents, and misleading information used to entice investors into parting with their hard-earned money. Substantial evidence was presented during the trial, leading to the conviction of the investment banker on multiple counts of fraud. Sentencing and Consequences: With the conviction now secured, the investment banker faces the prospect of a lengthy prison sentence of up to 30 years. ⚖️ The court's decision reflects the severity of the crimes committed and sends a strong message that fraudulent activities within the cryptocurrency space will not be tolerated. Additionally, the victims of this scheme will hopefully find some solace in knowing that justice has been served. Lessons Learned: This case serves as a stark reminder of the importance of conducting thorough research and due diligence before engaging in any investment opportunity, especially within the volatile world of cryptocurrencies. Investors should exercise caution and skepticism when presented with promises of guaranteed profits or unusually high returns. It is crucial to verify the legitimacy of investment opportunities and seek advice from trusted financial professionals before committing any funds. Conclusion: The investment banker who bilked $1.5 million in a fraudulent

Main takeaways:Binance, known for its strong record of fighting cybercrime and assisting law enforcement, was invited by the Hong Kong Police to share expertise at the International Symposium on Cyber Policing 2023. In the panel discussion, Nils Andersen-Röed, Deputy Head of Financial Crime Compliance of Binance, addressed emerging cybercrimes and Binance’s collaborative work with crime fighters and investigators around the world.Binance’s expertise and solid track record in addressing cybercrime threats is acknowledged by law enforcement and investigators globally. On September 13, Nils Andersen-Röed, Binance’s Deputy Head of Financial Crime Compliance, was invited by the Hong Kong Police Force to speak at the International Symposium on Cyber Policing (ISCP) 2023. Cyberspace Policing in the Age of Web3Organized by the Hong Kong Police Force, the three-day symposium brought together senior leaders of law enforcement agencies, industry experts, academics, and policymakers from around the world. More than a hundred representatives from over 40 jurisdictions such as Singapore, France, Italy, and Australia were in attendance.The experts covered a variety of topics, with the overarching theme being the development and market structure of Web3 and decentralized finance (DeFi). Panelists addressed the risks and types of crimes that arose in the realm of digital finance, explored the technologies that are available to assist policing, and stressed the importance of global collaboration between law enforcement agencies and industry players such as Binance. A great example of such a consolidated effort is Binance’s recent collaboration with the National Bank of Tajikistan and TRM Labs to aid in the arrest of key members of the Islamic State’s regional affiliate, which has contributed to global counterterrorism and security efforts.A Global Anti-cybercrime NetworkDuring a panel discussion with other industry experts, Nils Andersen-Röed shared his insights on the implications of the growth of Web3 and DeFi on law enforcement and policing in the digital space. He also talked about emerging cybercrimes as well as Binance’s efforts to fight illicit criminal activities in partnership with law enforcement agencies and investigators. “With the increasing popularity of digital assets, cybercrimes are evolving to become more digitalized as well. It is essential for police and local authorities to collaborate with law enforcement agencies and industry specialists to enhance policing tactics and combat this new wave of cybercrime. Binance is proud to be part of a global network of experts committed to defending our industry against malicious actors. As a leading company, Binance is dedicated to safeguarding users and fostering growth in the security sector through strategic cooperation and investigative endeavors,” shared Nils Andersen-Röed.In addition to participating in the panel session, Binance also had the opportunity to engage with representatives of law enforcement agencies and explore further collaboration opportunities to enhance crime prevention and investigative capabilities globally.User protection is a top priority for Binance, and we remain committed to sharing our expertise and experience in tackling criminal activity to build a safer Web3 ecosystem. In 2022, Binance launched the Global Law Enforcement Training Program, the industry's first global initiative aimed at supporting law enforcement agencies in combating financial and cybercrimes related to digital assets. So far this year, Binance has held more than 60 in-person and remote training sessions globally, and will continue to drive cybersecurity efforts around the world. Further ReadingBinance Aids Tajikistan’s Efforts to Combat the Financing of Terrorism Against an Islamic State AffiliateAmid Growing Demand, Binance Boosts its Global Law Enforcement Training ProgramBinance Partners With Law Enforcement Agencies to Launch Joint Anti-Scam CampaignBinance Teams Up With Hong Kong Police to Fight Cybercrime

According to Reuters: A top US regulator, Christy Goldsmith Romero, a commissioner of the Commodity Futures Trading Commission (CFTC), has proposed the creation of a federal registry for past financial fraud convictions and civil fines. During a conference, Goldsmith Romero emphasized the need for a searchable, centralized database of financial misconduct, which would make it easier for the public to protect themselves against fraudulent individuals and businesses. Currently, there is no national database that works across federal agencies or state regulators. Goldsmith Romero believes that a centralized registry would not only assist the government in identifying repeat offenders but also deter potential fraudsters. Several years ago, she suggested the idea of such a registry while serving as the watchdog of a key 2009 financial crisis bailout program. Recently, she noted the significance of this idea in the context of the crypto space, where fraud is widespread and information is disjointed. While a centralized financial crimes database for the Troubled Asset Relief Program was launched during Goldsmith Romero's previous role, she acknowledges the challenge of finding a single agency to host the database and securing initial funding for the project.        

The world of cryptocurrency has been abuzz with major developments in the past week. From significant losses due to hacking and phishing to legal battles and innovative approaches to crypto privacy, here's a comprehensive recap of the five major stories that dominated the headlines. $65 Million Lost in Two High-Stakes Incidents Crypto crime remains a persistent threat, with the FBI attributing a $41 million theft from Stake.com to the North Korea-affiliated Lazarus Group. This adds to the group's growing list of heists, raising concerns and prompting legislative efforts to combat crypto-facilitated crimes. Simultaneously, a massive $24 million loss due to a phishing attack on an Ethereum user serves as a stark reminder of the risks associated with the crypto space. Another Former FTX Executive Pleads Guilty The FTX scandal continues to unfold as former FTX executive Ryan Salame pleads guilty to charges related to illegal political contributions and operating an unlicensed money transmitting business. His admission reveals a web of illicit activities, including over 300 illegal political donations. Despite this plea, Salame is not set to testify against former FTX CEO Sam Bankman-Fried in the upcoming criminal trial. Assets Frozen in Celsius CEO's Legal Battle The legal troubles for former Celsius CEO Alex Mashinsky escalate as the U.S. District Court orders the freezing of his assets, including funds held at major financial institutions and a residence in Texas. Mashinsky faces allegations of defrauding customers and misrepresenting Celsius's financial health. Regulators, including the SEC and CFTC, have filed lawsuits against him and the company. Texas Pays Bitcoin Miners Not to Mine Texas, a hub for Bitcoin mining, is taking a unique approach to energy conservation during peak demand periods. Mining companies Riot Platforms and Iris Energy received substantial energy credits for voluntarily reducing power consumption. Riot Platforms, in particular, earned a record $31.7 million in credits while curbing power usage. These initiatives align with Texas's efforts to incentivize miners to reduce energy consumption during grid congestion. Privacy Protocol Alternatives Emerge Amidst the crackdown on privacy-focused crypto projects like Tornado Cash, Ethereum co-founder Vitalik Buterin and a team of collaborators introduce Privacy Pools. This innovative privacy protocol aims to provide transactional privacy on blockchains while adhering to regulatory requirements. It utilizes zero-knowledge proofs to confirm fund legality without revealing full transaction histories, striking a balance between privacy and compliance. In Summary The cryptocurrency landscape remains dynamic and fraught with challenges, from security threats and legal battles to novel solutions for preserving privacy. These stories underscore the importance of vigilance, innovation, and regulatory compliance in the ever-evolving world of crypto. #Celsius #FTX #VitalikButerin #SBF #FTT

The co-creator of Ethereum (ETH) is detailing a mechanism by which dishonest crypto users can be rooted out of crypto mixing protocols. In a new paper, Ethereum co-creator Vitalik Buterin and four additional authors detail how privacy pools can be useful in weeding out unscrupulous crypto traders. A privacy pool is a smart contract-based privacy project that lets users generate new ETH addresses not associated with their prior transactions. As stated in the abstract of the paper, “The core idea of the proposal is to allow users to publish a zero-knowledge proof, demonstrating that their funds (do not) originate from (un)lawful sources without publicly revealing their entire transaction graph. This is achieved by proving membership in custom association sets that satisfy certain properties, required by regulation or social consensus.” In a lengthy thread, one of the co-authors of the paper, Ameen Soleimani of Privacy Pools, further explains how the protocol works and how it could help the issues experienced by users of sanctioned crypto mixer Tornado Cash, which was deemed a national security threat in 2022 and banned in the US. “Privacy Pools is an open source project attempting to fix the most important flaw in Tornado Cash: Tornado Cash users were not able to provably dissociate from illicit funds – except by revealing their entire transaction history – which only a few did… With Privacy Pools, users can publish zero-knowledge proofs that their withdrawal originated from an ‘association set’ that excludes known illicit deposits. In theory, this allows users to prove regulatory compliance and still maintain privacy while using public blockchains.”  Soleimani says he plans on meeting with US regulators, such as the Office of Foreign Assets Control (OFAC) and and the Financial Crimes Enforcement Network (FinCEN), to see how the pools can be used to help bolster national security and combat money laundering. The paper concludes that privacy and regulation may be compatible despite generally being perceived as contradictory. “For instance, suppose users can demonstrate that their funds have no ties to deposits from known illicit sources, or prove that the funds are part of a specific set of deposits, without revealing any further information. Such a setup can generate a separating equilibrium, where honest users are strongly incentivized to prove membership in a given, compliant association set, while still enjoying privacy within that set. Conversely, for dishonest users, it is impossible to provide such a proof.” *Disclaimer: This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader. #ETH #Ethereum #crypto2023 $ETH

The owner of a cryptocurrency-cash exchange company, Charles James Randol, has admitted to aiding in money laundering activities, according to the United States Department of Justice (DOJ). This admission came on Monday, as Randol acknowledged his role in enabling scammers and drug traffickers to launder millions of dollars through his enterprise. What Happened: Randol, a 33-year-old entrepreneur, is the owner of Digital Coin Strategies LLC, a virtual currency money services business. On Monday, Randol pleaded guilty to a single-count charge of failing to maintain an effective Anti-Money Laundering (AML) program. This crime could lead to a maximum sentence of five years in federal prison. Randol allegedly operated his business from October 2017 to July 2021, offering cryptocurrency-cash exchange services for a commission. Despite claiming compliance with federal laws and registration with the Financial Crimes Enforcement Network, Randol admitted to facilitating suspicious currency exchange transactions and hiding them from law enforcement. Randol’s business practices contravened the Bank Secrecy Act and his company's AML policy. He failed to verify the identity of customers engaging in transactions over $9,999 and conducted Bitcoin-for-cash transactions with anonymous individuals without due diligence. This non-compliance facilitated criminals in laundering millions of dollars through his business, according to the statement. Why It Matters: The Randol case follows other high-profile cases involving cryptocurrency and money laundering. In August, Ilya "Dutch" Lichtenstein, a New York resident, confessed to a 2016 cyberattack on cryptocurrency exchange Bitfinex, resulting in the theft of approximately $4.5 billion worth of Bitcoin (CRYPTO: BTC). Lichtenstein also admitted to laundering the stolen Bitcoin. Such incidents have led to critics questioning the role of cryptocurrencies in financial transactions. In June 2023, "Black Swan" author Nassim Nicholas Taleb stated that Bitcoin is not even a suitable tool for money laundering, calling it nothing more than a fad. Photo Courtesy: Mykhailo Pavlenko On Shutterstock.com Read Next: Until 2016 it was illegal for retail investors to invest in high-growth startups. Thanks to changes in federal law, this Kevin O’Leary-Backed Startup Lets You Become a Venture Capitalist With $100. Engineered by Benzinga Neuro, Edited by Shivdeep Dhaliwal The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more. © 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Basically, there are two major types of cryptocurrencies, which are ‘centralised and decentralised’. Centralised: Digital Currency that is: - Governed by state regulation - A digital version of fiat money - Not public and transparent - Censorable - Mutable - Not always using distributed ledger Example: CBDC (Central Bank Digital Currency) Central Bank Digital Currency (CBDC) is a digital form of fiat money issued by a central bank. Unlike cryptocurrencies such as Bitcoin, CBDCs are issued and backed by the government, giving them the same legal status as physical currencies. In recent years, many central banks around the world have been exploring the idea of creating CBDCs as a way to modernize their monetary systems. In recent years, the topic of Central Bank Digital Currency (CBDC) has gained significant attention in the financial world. A CBDC is a digital version of a country’s fiat currency that is backed and issued by its central bank. Unlike cryptocurrencies like Bitcoin, CBDCs are designed to function as a legal tender, just like physical currency. CBDCs have the potential to revolutionize the way we make transactions and conduct financial activities. They are expected to be more secure, cost-effective, and efficient than physical cash or even traditional digital payment methods. Moreover, they could facilitate financial inclusion by allowing individuals without access to traditional banking services to participate in the digital economy. Several countries are already in the process of developing their own CBDCs, with China being one of the most notable. The country’s central bank, the People’s Bank of China, has been piloting its digital yuan since 2020. CBDCs are already being used for transactions in various cities, and the Chinese government has plans to roll it out nationwide soon. Other countries, such as the United States, Japan, and Europe, have also been exploring the possibility of creating their own CBDCs. So why does CBDC matter? In this article, we’ll explore the potential benefits and challenges of CBDC, as well as its implications for the future of money and finance. The benefits of CBDCs are many, but they also raise several questions and concerns. One of the most significant concerns is the impact they could have on the traditional banking system. One of the primary benefits of CBDC is its potential to improve the efficiency and accessibility of payments. With CBDC, transactions can be processed instantly, 24/7, without the need for intermediaries such as banks or payment processors. This could significantly reduce transaction costs and increase financial inclusion, particularly for those who are unbanked or underbanked. CBDC could also enhance the effectiveness of monetary policy. By tracking the flow of CBDC, central banks could gain real-time insights into the state of the economy and adjust monetary policy accordingly. This could help to stabilize inflation and promote economic growth. Furthermore, CBDC could provide a more secure and transparent alternative to cash. As physical cash becomes increasingly obsolete, CBDC could offer a digital equivalent that is immune to counterfeiting and can be easily traced to prevent illicit activities such as money laundering and terrorism financing. CBDCs makes it easier for us to store and access our money directly with the central bank, reducing the need for traditional banks. This could result in a loss of deposits for banks, which could lead to a reduction in lending activities and, ultimately, financial instability. Another concern is related to privacy and surveillance. While CBDCs have the potential to increase transparency and reduce financial crimes like money laundering, they could also lead to increased government surveillance of financial transactions. Challenges of CBDC While there are potential benefits to implementing CBDCs, there are also several challenges that need to be addressed. Here are some of the main challenges: Privacy and Security: One of the main concerns with CBDC is the potential for privacy breaches and hacking. CBDC transactions would be tracked and monitored by central banks, which could raise concerns about privacy and security. It is important to ensure that CBDCs are designed with robust security protocols to protect user data. Financial Stability: Another challenge with CBDC is ensuring that it does not have a negative impact on financial stability. CBDCs could potentially lead to bank runs, as people may prefer to hold their money in digital form rather than in traditional bank accounts. This could lead to a reduction in bank deposits, which could have a ripple effect on the economy. Implementation Costs: Implementing CBDCs would require significant investment in infrastructure and technology. Central banks would need to develop the necessary software and hardware systems to support CBDC transactions, which could be expensive. Interoperability: The interoperability of CBDCs with existing payment systems and other CBDCs can be a challenge. Different CBDC systems may have different technical standards, which can make cross-border transactions difficult, leading to increased costs and delays. Design and Implementation: One of the main challenges of CBDCs is designing and implementing a system that ensures accessibility, usability, and security. CBDCs require a robust infrastructure, including hardware, software, and communication networks, to facilitate transactions, store data, and secure the system against cyber threats. The Implications CBDC for the Future of Money and Finance. There are several implications of CBDC for the future of money and finance, including: Reduced Dependence on Cash: The widespread adoption of CBDC could reduce the use of physical cash, as people would be able to make transactions digitally. This could make payments more efficient, secure, and convenient. Increased financial inclusion: CBDC could provide financial services to unbanked and underbanked populations, as it could be accessed through mobile phones and other digital devices. This could help to promote financial inclusion and reduce the gap between the rich and poor. Greater Monetary Policy Control: CBDC could give central banks greater control over monetary policy, as they could directly influence the money supply and interest rates. This could help to stabilize the economy and mitigate financial crises. Privacy Concerns: CBDC could raise concerns about privacy, as central banks could potentially track all digital transactions made using CBDC. However, some CBDC systems could be designed to protect user privacy, while still maintaining transaction transparency. Potential for Innovation: CBDC could spur innovation in financial services, as it would enable the creation of new types of digital financial products and services. This could lead to increased competition and greater consumer choice. Cybersecurity Risks: CBDC could be vulnerable to cyberattacks, which could have serious implications for the financial system. Central banks would need to take steps to ensure the security of CBDC systems and protect against cyber threats. Decentralised: A digital currency that is: - not governed by state or federal government - not used in traditional banks - public and transparent - giving owners full access and control over their asset - not censorable - immutable - using distributed ledger. Example: There are thousands of cryptocurrencies in existence, each with its own unique features and purposes. Here are some of the most well-known types of cryptocurrencies with immense potentials: 1. Bitcoin (BTC): The first and most famous cryptocurrency, created by an anonymous person or group known as Satoshi Nakamoto. Bitcoin is often referred to as digital gold and is primarily used as a store of value and medium of exchange. 2. Ethereum (ETH): Known for its smart contract functionality, Ethereum enables developers to build decentralized applications (DApps) on its blockchain. It introduced the concept of programmable money. 3. Ripple (XRP): Designed for facilitating fast and low-cost cross-border payments, Ripple focuses on serving financial institutions and banks. 4. Litecoin (LTC): Often considered the silver to Bitcoin's gold, Litecoin offers faster transaction confirmation times and uses a different hashing algorithm. 5. Bitcoin Cash (BCH): A fork of Bitcoin, Bitcoin Cash aims to provide faster and cheaper transactions, making it suitable for everyday use. 6. Cardano (ADA): Known for its academic and research-driven approach, Cardano focuses on scalability, sustainability, and interoperability. 7. Polkadot (DOT): Designed to connect multiple blockchains and enable cross-chain communication, Polkadot aims to create a scalable and interconnected web of blockchains. 8. Chainlink (LINK): Specializes in providing decentralized oracle services, enabling smart contracts to interact with real-world data and events. 9. Stellar (XLM): Focused on facilitating cross-border payments and asset transfers, Stellar aims to make financial services more accessible to the unbanked and underbanked. 10. Binance Coin (BNB): Originally created for use on the Binance exchange, BNB has expanded its utility and is now used for various purposes within the Binance ecosystem. 11. Solana (SOL): Known for its high throughput and low fees, Solana is designed for decentralized applications and DeFi projects. 12. Polygon (MATIC): A Layer 2 scaling solution for Ethereum, Polygon enhances the network's scalability and reduces transaction costs. 13. Dogecoin (DOGE): Originally started as a meme, Dogecoin has gained popularity for its community-driven approach and low transaction fees. 14. Tezos (XTZ): Known for its on-chain governance and self-amending protocol, Tezos allows token holders to vote on protocol upgrades. 15. Avalanche (AVAX): Focuses on custom blockchain creation and interoperability, allowing developers to launch their own blockchain networks. These are just a few of them, and the cryptocurrency space continues to evolve with new projects and technologies emerging regularly. Each cryptocurrency serves a different purpose and has its own unique set of features, making it important for investors and users to research and understand them before getting involved. What is Altcoin? "Altcoin" is a term used to describe any cryptocurrency other than Bitcoin. It's a combination of the words "alternative" and "coin." While Bitcoin was the first cryptocurrency and remains the most well-known and valuable, the term "altcoin" refers to the wide variety of cryptocurrencies that have been created since Bitcoin's inception. Altcoins can serve various purposes and use different technologies, ranging from enhancing Bitcoin's features (e.g., Litecoin as a "lite" version) to offering entirely new capabilities (e.g., Ethereum with its smart contract functionality). Some altcoins aim to address specific issues or niches in the cryptocurrency space, such as privacy coins like Monero or Zcash, while others focus on interoperability, scalability, or unique governance models. The term "altcoin" is used to distinguish these alternative cryptocurrencies from Bitcoin, but it's important to note that not all altcoins are necessarily alternatives to Bitcoin. Some may have entirely different goals and use cases. As the cryptocurrency ecosystem continues to evolve, the number and diversity of altcoins continue to grow, providing users and investors with various options for different purposes. Coin vs Token: Similarities and Differences Coins and tokens are two fundamental concepts in the world of cryptocurrencies, and while they share similarities, they also have distinct differences. Here's an overview of both: Similarities: Digital Assets: Both coins and tokens are digital assets that exist solely in electronic form on a blockchain or distributed ledger. Transfer of Value: They can be transferred between users within a blockchain network, representing some form of value or utility. Decentralization: Both coins and tokens are often associated with decentralized networks, meaning they operate on a blockchain secured by a distributed network of nodes. Differences: Coins: Native to Their Own Blockchain: Coins have their own native blockchains. Examples include Bitcoin (BTC) with the Bitcoin blockchain and Ethereum (ETH) with the Ethereum blockchain. Generally Used as Currency: Coins are usually designed to function as digital currencies or mediums of exchange. Their primary purpose is to be used as a store of value, a unit of account, and a medium of exchange. Operate Independently: Coins operate independently and do not rely on another blockchain or smart contract platform. They have their own infrastructure. Tokens: Built on Existing Blockchains: Tokens are built on existing blockchain platforms, like Ethereum. They are created using smart contracts on these blockchains. Varied Use Cases: Tokens can serve a wide range of purposes beyond being a digital currency. They can represent assets, access to services, or even voting rights within a specific project or ecosystem. Interoperability: Tokens can interact with smart contracts and other tokens on the same blockchain, allowing for complex interactions and functionalities. Customizability: Token creators have more flexibility to customize their tokens' features and functions, which can include things like creating unique governance systems or tying them to specific assets or projects. While both coins and tokens are digital assets in the cryptocurrency space, coins typically have their own blockchains and are primarily used as digital currencies, while tokens are built on existing blockchains, serve diverse purposes, and are often associated with specific projects or ecosystems. Understanding these differences is crucial for anyone looking to work with or invest in cryptocurrencies.

In a devastating and eye-opening tale, fraudsters posing as cryptocurrency investment advisors tricked an anonymous UK woman out of her savings. This shocking incident comes amid the UK government’s fresh announcement to intensify its crackdown on crypto and insurance fraud, a problem costing the nation an estimated $9 billion. The Illusion of a Secure Investment According to recent reports, the criminals contacted the victim, pretending to be reputable investment advisors. Over six months, they maintained steady contact, emulating the professionalism of a standard financial advisory service. The fraudsters were so convincing that they even persuaded the woman to grant them access to her phone and laptop, paving the way for them to transfer large sums of money at their discretion. Believing her funds were being invested in cryptocurrency, the woman was stunned to discover the grim reality during a routine bank verification. No investments had been made in her name, and she was penniless. “Life will never be the same, and I am trying to come to terms with the fact that some people can be so ruthless,” she lamented. Government Gears Up to Tackle Fraud This incident coincides with the UK government’s initiative to step up its game against crypto and insurance fraudsters. They plan to employ 400 specialized personnel to combat these growing financial crimes. UK Prime Minister Rishi Sunak has declared war against these cybercriminals, stating, “We will fight these fraudsters wherever they try to hide.” Social Media as a Breeding Ground The increasing number of scams targeting UK citizens has become a growing concern, especially with social media and online platforms serving as the main conduits. A recent consultation paper proposed a blanket ban on financial institutions conducting cold calls in response to the upswing in crypto-related scams. Staggeringly, between August and November 2022, over half of UK landline users reported receiving suspicious calls. A whopping 80% claimed to receive such calls at least monthly, highlighting the situation’s urgency. Protecting Yourself From Scams For those keen on safeguarding themselves from similar scams, BeInCrypto offers an in-depth guide on identifying fraudulent crypto projects. The onus is on individual investors to stay informed and vigilant, as these scams can be life-altering.   The post UK Woman Loses Everything in Elaborate Crypto Scam as Government Plans Crackdown appeared first on BitcoinWorld.

Key Points: Cryptocurrency is considered legal property in China. Its exchange value exists objectively due to legal recognition and circulation. Cryptocurrency is property with an objective exchange value and legal recognition, protected by law in China. Opinion in China Court Daily. An opinion article in China Court Daily pointed out that "cryptocurrency has economic attributes and can be classified as property". Its exchange value exists objectively due to legal recognition and legal circulation in the global market. It is legal property in China and should be protected by law. According to the article, crypto itself has use value, which is manifested in acting as a settlement medium and virtual certificate or property. The exchange value of crypto exists objectively, and it has become a means of payment for purchasing goods and services in real life. Obtaining other people's crypto by illegal means shall be dealt with as a property crime. Cryptocurrency objectively has a positive use value and exchange value, which is different from drugs and other contraband that do not have any positive value. In judicial interpretations, for the purpose of protecting possession, it is stipulated that theft, robbery, drug fraud, and other contraband constitute related property crimes, and cryptocurrency should be the object of property crimes. Based on the physical characteristics of the computer data of crypto, there has been a practice and view in judicial practice and academic theory that crimes involving crypto are convicted and punished as computer information system crimes. However, an evaluation of the use value and exchange value of cryptocurrency to better understand its role in the financial system and to avoid violating the "statutory crime and punishment" is necessary. DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.