Cryptocurrency

Basic Attention Token

Millions

Kannagi Finance

Worldcoin

<div class="cryptonews"> 
 <p class="is-style-lead">This week, government agencies intensified their enforcement actions against fraudulent crypto activities, responding to a rise in hacking incidents, scams, and fraud.&nbsp;</p> 
 <p>One notable case involved the hacking of CoinsPaid. Alongside these developments, regulatory initiatives remained in focus, with the passage of a pro-crypto bill in the US Congress garnering attention.</p> 
 <p>Crypto institutional adoption continued to show steady momentum. However, the launch of Worldcoin prompted discussions around privacy.</p> 
 <h2 class="wp-block-heading" id="crypto-hacks-scams-and-fraudulent-schemes">Crypto hacks, scams, and fraudulent schemes</h2> 
 <p>Blockchain security firm PeckShield reported on July 24 that the launch of Worldcoin, the cryptocurrency backed by OpenAI’s CEO, was&nbsp;affected&nbsp;by the deployment of fake tokens on Ethereum.</p> 
 <p>Two fake Worldcoin tokens were detected, and one displayed a suspicious 100% price drop, raising concerns about a potential rug pull scam.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> zkSync Era’s Kannagi Finance rug pulls and steal $2.13m 
 </div> 
 <p>Additionally, after Twitter changed its iconic bluebird emblem to an “X” symbol, numerous “X” coins were&nbsp;launched&nbsp;on various decentralized exchanges (DEXs).&nbsp;</p> 
 <p>While some of these coins experienced significant growth, with one surging by 1,200% in a single day, many were not proven fraudulent.&nbsp;</p> 
 <p>Nevertheless, this situation underscores the risks of bad actors capitalizing on trending themes to lure unsuspecting investors. As such, caution is strongly advised when dealing with such tokens.</p> 
 <h2 class="wp-block-heading" id="millions-lost-by-coinspaid-and-era-lend">Millions lost by CoinsPaid and Era Lend</h2> 
 <p>CoinsPaid, a crypto payment provider based in Estonia, was&nbsp;hacked, reportedly by Lazarus Group, on July 22, resulting in a loss of $37.3 million.&nbsp;</p> 
 <p>The company has fortified its systems to prevent further damage and is currently investigating the extent of the hack.&nbsp;</p> 
 <p>On July 25, Era Lend suffered a significant exploit resulting in estimated losses of $3.4 million, raising concerns about the security of decentralized finance platforms.&nbsp;</p> 
 <p>CertiK&nbsp;issued&nbsp;an urgent Skynet Alert following the attack.</p> 
 <h2 class="wp-block-heading" id="increased-enforcement">Increased enforcement</h2> 
 <p>The US government has been cracking down on crypto-related scams.&nbsp;</p> 
 <p>This week, the Commodity Futures Trading Commission (CFTC)&nbsp;filed&nbsp;legal action against Michael and Amanda Griffis, EXIT Realty Screamin’ Eagle owners, accusing them of running a fraudulent <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency scheme.&nbsp;</p> 
 <p>The couple allegedly scammed over 100 people, earning over $6 million through their crypto commodity pool, “Blessings of God Thru Crypto.”&nbsp;</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Basic Attention Token to implement KYC-free on-chain payouts 
 </div> 
 <p>In a Bloomberg interview this week, the SEC chair, Gary Gensler,&nbsp;expressed&nbsp;concerns about fraud and non-compliance, warning investors of the risks associated with crypto investments.&nbsp;</p> 
 <p>He raised concerns about whether crypto exchanges comply with regulatory standards, especially compared to traditional exchanges like NYSE and NASDAQ.</p> 
 <h2 class="wp-block-heading" id="south-korea-and-uk-step-up-efforts">South Korea and UK step up efforts</h2> 
 <p>South Korea has&nbsp;created&nbsp;a Joint Investigation Centre for Cryptocurrency Crimes to combat illicit activities in the digital asset sector.&nbsp;</p> 
 <p>The unit comprises around 30 experts from various fields, including law, finance, taxation, and customs. It aims to protect investors from exploitation due to inadequate legal protections for virtual assets.&nbsp;</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Wall Street supports senator’s push for strict crypto regulation 
 </div> 
 <p>The team is committed to fighting illicit trading, tax evasion, criminal profit accumulation, and money laundering schemes until comprehensive legislation and oversight measures are implemented.&nbsp;</p> 
 <p>Similarly, the National Crime Agency (NCA) of the UK is&nbsp;hiring&nbsp;Digital Assets Cryptocurrency Financial Investigations Managers to combat crimes related to <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies.&nbsp;</p> 
 <p>These managers will work with law enforcement agencies to dismantle organized crypto crime syndicates that target unsuspecting investors, ensuring public safety and national security.</p> 
 <h2 class="wp-block-heading" id="sustained-adoption-among-private-and-public-institutions">Sustained adoption among private and public institutions</h2> 
 <p>Despite increasing hacks and fraudulent schemes this week, there were significant developments in <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> adoption.</p> 
 <p>The government of Palau&nbsp;partnered&nbsp;with Ripple to launch Palau Stablecoin (PSC), a USD-backed stablecoin on the XRP Ledger, with potential use cases in the country.&nbsp;</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> 1INCH plunges 34% days after Ripple-SEC ruling 
 </div> 
 <p>This week also saw Amazon make a big announcement during the AWS Web3/Blockchain Summit,&nbsp;revealing&nbsp;its plans to enhance Amazon Managed Blockchain (AMB) services to support web3 application development.&nbsp;</p> 
 <p>The expansion includes AMB Access, which allows developers to interact with public blockchains like Bitcoin using standard remote procedure calls (RPCs) without specialized infrastructure.</p> 
 <h2 class="wp-block-heading" id="the-british-museum-and-hkma-foray-into-blockchain">The British Museum and HKMA foray into blockchain</h2> 
 <p>The British Museum has&nbsp;teamed&nbsp;up with The Sandbox and LaCollection to create digital collectibles inspired by the museum’s collection.&nbsp;</p> 
 <p>This move is part of the museum’s foray into the digital realm.&nbsp;</p> 
 <p>Meanwhile, Fubon Bank&nbsp;joined hands&nbsp;with Ripple for the e-HKD pilot program to explore innovative real estate tokenization solutions.&nbsp;</p> 
 <p>The trial phase will see Fubon Bank digitize Hong Kong dollars at a 1-to-1 ratio using Ripple’s technology and CBDC platform to extend digital HKD loans to clients.&nbsp;</p> 
 <p>It’s important to note that this pilot program doesn’t involve issuing real Hong Kong dollars.</p> 
 <h2 class="wp-block-heading" id="us-congress-pushes-for-crypto-regulations">US Congress pushes for crypto regulations</h2> 
 <p>Reports on July 26&nbsp;show&nbsp;that the US Congress is working on bills to establish regulatory clarity for the cryptocurrency industry.&nbsp;</p> 
 <p>Proposed bills aim to categorize crypto assets and provide oversight for stablecoins.&nbsp;</p> 
 <p>The Financial Innovation and Technology for the 21st Century Act was&nbsp;approved&nbsp;by the House Committee on Agriculture, seeking to establish a regulatory framework and define jurisdiction for regulatory bodies, especially for the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC).</p> 
 <h2 class="wp-block-heading" id="davidson-is-against-cbdcs">Davidson is against CBDCs</h2> 
 <p>On July 23, US Congressman Warren Davidson&nbsp;raised&nbsp;concerns about central bank digital currencies (CBDCs), calling for their prohibition and criminalization due to potential issues with authority and control.&nbsp;</p> 
 <p>He compared CBDCs to the “financial equivalent of the death star” and worried about the potential for corruption.&nbsp;</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> FTX and Genesis reach settlement in bankruptcy case 
 </div> 
 <p>Davidson urged congressional action to outlaw CBDCs and impose penalties on any attempts to develop or implement them.</p> 
 <h2 class="wp-block-heading" id="worldcoin-triggers-privacy-concerns">Worldcoin triggers privacy concerns</h2> 
 <p>OpenAI CEO Sam Altman’s Worldcoin&nbsp;launched&nbsp;on July 24, with some crypto exchanges announcing intentions to list the token.&nbsp;</p> 
 <p>However, the broader crypto community, including Vitalik Buterin,&nbsp;questioned&nbsp;the project’s proof-of-humanity system, citing privacy, security, accessibility, centralization, and potential facilitation of illicit activities.&nbsp;</p> 
 <p>Some also&nbsp;criticized&nbsp;the project for insider allocation and associated security risks.</p> 
 <h2 class="wp-block-heading" id="french-and-british-authorities-concerned">French and British authorities concerned&nbsp;</h2> 
 <p>On July 29, France’s data <a rel="noopener noreferrer nofollow" title="privacy" href="https://thebittimes.com/tag/privacy.html">privacy</a> regulator, the CNIL, said it was&nbsp;investigating&nbsp;the Worldcoin (WLD) project for data collection and biometric data handling <a rel="noopener noreferrer nofollow" title="concerns" href="https://thebittimes.com/tag/concerns.html">concerns</a>.&nbsp;</p> 
 <p>The CNIL is cooperating with German authorities. At the same time, Britain’s data regulator has also&nbsp;announced&nbsp;its intent to investigate the project.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> EU’s MiCA rules could prohibit MEV activities on Ethereum 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div>

Scams surge, crypto regulation in US, Worldcoin’s privacy concerns | Weekly recap

目錄

TheBitTimes

在 2023年8月1日發表的其他文章

BRICS Currency To Be Discussed at Summit: Russian Leader

Tron Founder Partnered With This Altcoin! Purchased $2 Million!

News to Delight FTX Victims! Bankrupt Crypto Exchange May Be Restarted!

Drug gang used Coinbase to launder crypto from prison

Japan Blockchain Association Requests Government to Revise Crypto Tax

Memecoin “Bald on BASE” Rockets to $85MM Market Cap in 48 Hours, Then Plummets 85% in Rug Pull

訂閱免費電子報，每天收取加密貨幣最新動態！