Over the past couple of years, modern society has witnessed the increasing prevalence and adoption of Blockchain technology. However, for the Padawans out there who think of the Blockchain as a network of nano-bots ready to overtake humanity, the Blockchain is basically just a set of code that records events, and each record is unalterable….
How to Avoid ‘Rug Pulls,’ the Latest Cryptocurrency Scam
May 13, 2022
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A new type of scam has emerged in the hype-filled world of cryptocurrency: the “rug pull.” The scam, which gets its name from the expression “pulling the rug out,” involves a developer attracting investors to a new cryptocurrency project, then pulling out before the project is built, leaving investors with a worthless currency. It’s part…
Fort Worth, Texas, Becomes First American City to Mine Bitcoin
April 28, 2022
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The city of Fort Worth, Texas, has become the first city government in the United States to mine bitcoin, advancing its goal of becoming a leading center of tech and innovation, city authorities announced on April 26. The bitcoin mining pilot program was launched by the Office of Fort Worth Mayor Mattie Parker and the…
Cryptocurrency’s Ability to Hedge Against Inflation
Two topics in the financial world are dominating the headlines right now: inflation and cryptocurrency. Inflation has been rising steadily, reaching a 40-year high last month; and crypto, whether you invest in it, loathe it, or pay it no mind, is irrefutably here to stay. Crypto, the new kid on the block, has attracted much attention…
You Could Lose Your Crypto If Apple Password ‘Isn’t Strong Enough,’ Warns MetaMask
April 18, 2022
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Apple Inc users who have enabled an iCloud backup for app data could be at the risk of losing cryptocurrency stored in their MetaMask wallet. What Happened: In a Twitter update on Sunday, MetaMask warned users that they may be susceptible to phishing attacks if their Apple ID password “isn’t strong enough.” You can disable iCloud backups for MetaMask…
How US Banks Are Dipping Their Toes in the Crypto Water
April 6, 2022
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Last week, a top U.S. banking regulator warned of growing risks as banks start to capitalize on the popularity of cryptocurrencies to offer related services to clients. Here is how some of the biggest banks operating in the United States have gotten involved in crypto: Custody Services Bank of New York Mellon announced in February…
Australia Monitors Crypto Transactions to Prevent Russia’s Sanctions Evasion
Australian Transaction Reports and Analysis Centre (AUSTRAC) has joined other financial intelligence agencies to track down the Russia-related money flows via cryptocurrency transactions to prevent the country from evading international sanctions. The move comes as Australia has included cryptocurrency, or crypto, in its sanctions regime against Russia, which imposes asset freezes on listed individuals and…
Crypto Firm BlockFi to Pay Record Penalty to Settle US SEC, State Charges
February 15, 2022
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WASHINGTON—A subsidiary of crypto company BlockFi Inc. has agreed to pay $100 million to the U.S. Securities and Exchange Commission (SEC) and 32 states to settle charges in connection with a retail crypto lending product the New Jersey company offered to nearly 600,000 investors, regulators said on Monday. The charges come as U.S. regulators, worried…
Canada Regulating Crowdfunding Platforms, Cryptocurrencies Under the Terrorist Financing Act
February 15, 2022
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The Canadian federal government is now regulating crowdfunding platforms and cryptocurrencies under the Terrorist Financing Act, Deputy Prime Minister Chrystia Freeland announced on Monday. Freeland announced the measures at a press conference, shortly after Prime Minister Justin Trudeau declared a state of emergency due to the ongoing protests against COVID-19 mandates and restrictions by truckers…
Internal Revenue Service Seeing ‘Mountains of Fraud’ in Cryptocurrencies, NFTs: Special Agent
A special agent from the Internal Revenue Service has warned that non-fungible tokens (NFTs) and cryptocurrencies are highly susceptible to fraud and manipulation as they grow in popularity. Speaking at a virtual event held on Tuesday by the USC Gould School of Law, Ryan Korner from the IRS Criminal Investigation’s Los Angeles field, said that both…
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