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Tag Archives: Crypto Fraud

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How Grey Areas in Regulation Law Could be Hindering Cryptocurrency Industry Growth

  by David Drake     With the tremendous growth of the cryptocurrency industry in recent years, some undesired outcomes have been registered. These include instances of fraud that have become rife as  unscrupulous industry players take advantage of investors’ hard-earned cash. A report by the Federal Trade Commission shows that in the first two months of this year, investors lost up to $532 million in crypto-related fraud. The report further projected that investors would lose $3 billion by the end of 2018.   As part of consumer protection efforts, several tech companies, including Google and Facebook banned cryptocurrency adverts early this year. This announcement ignited an uproar from stakeholders because it reduced promotion options for genuine players. But, six months into the ban, tech companies have made a dramatic turn. Facebook and Google have already announced a reverse on sections of their blanket ban. Regulated Exchanges In the new advertising ... Read More »

Why Advisors Have a Key Role in Filtering Viable ICO Projects

  By David Drake   Last month, the cryptocurrency community took to Twitter, demanding that the social media giant takes action against the rising number of cryptocurrency fraud being propagated on social media. This followed an Ethereum giveaway scam that saw Twitter users get  donation requests. In these requests, Twitter users were asked to donate Ethereum to a specified address and in return, they would receive a multiplied amount. In this scam, scammers got away with millions of dollars worth of Ethereum. The cryptocurrency community was concerned that Twitter was rather slow in its response to those accounts that were being used to propagate this scam. Nothing New Scams are not new to the cryptocurrency space and they continue to plague the cryptocurrency industry. According to Chris Butler, CEO at URAllowance, they have become common because the cryptocurrency industry has created value in high volumes within a short time. He ... Read More »

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