Connect with us

Crypto

Better Business Bureau warns consumers about the growing trend of cryptocurrency scams happening nationwide

Published

on

Better Business Bureau warns consumers about the growing trend of cryptocurrency scams happening nationwide

Erica Dilworth, Director of Operations with The Higher Cleveland Higher Enterprise Bureau, spoke about the kind of crypto scams that we’re seeing right here in Ohio.

“We’re seeing that you understand, in in a whole lot of the completely different scams that we’re delivered to our consideration. Typically it is romance scams, the place the individual pretends to be in a relationship with that individual. We’re additionally seeing it in, imposter scams. So, somebody claiming to be from the IRS or somebody claiming to be from one other authorities company,” Dilworth mentioned.

Though older adults usually tend to be a sufferer of one among these scams than youthful adults, scammers are always discovering new subtle methods to achieve peoples belief and cash.

“You recognize, there are definitely these ATM’s the place you may go and do a transaction. And typically it is so simple as that. Typically persons are much less type of conscious,” Dilworth mentioned.

One other signal that signifies it’s a scammer might be discovered of their responses. Scammers are sometimes in fixed communication with their targets, guiding them by way of the method till the cost is made.

Advertisement

Some prevention ideas embody:

• No reputable enterprise goes to demand you ship cryptocurrency upfront of a purchase order or to guard your cash. If the person does, this could possibly be an indicator of a rip-off.

• Should you meet somebody on a courting website or app and so they wish to present you how you can put money into cryptocurrency or asks you to ship them cryptocurrency, this could possibly be an indicator of a rip-off.

• Earlier than you put money into cryptocurrency, search on-line for the title of the corporate or individual and cryptocurrency title and likewise embody phrases like “overview,” “rip-off,” or “grievance” to see what others are saying.

• No reputable enterprise or authorities will ever e mail, textual content, or message you on social media to ask for cash, and they’ll by no means demand that you just purchase or pay with cryptocurrency.

Advertisement

• By no means click on on a hyperlink from an surprising textual content, e mail, or social media message, even when it appears to return from an organization you understand.

For native companies and help for older adults and caregivers, name 1-866-243-5678 to be related to the world company on growing older serving your group.

Should you really feel you’ve got been the goal of a rip-off, you may report it to the Ohio Lawyer Basic’s Workplace. If in case you have misplaced cash or really feel unsafe due to a rip-off, please contact native regulation enforcement.

Watch stay and native information any time:

Advertisement

Information 5 Night

Obtain the Information 5 Cleveland app now for extra tales from us, plus alerts on main information, the newest climate forecast, visitors info and far more. Obtain now in your Apple gadget right here, and your Android gadget right here.

You may as well catch Information 5 Cleveland on Roku, Apple TV, Amazon Fireplace TV, YouTube TV, DIRECTV NOW, Hulu Stay and extra. We’re additionally on Amazon Alexa units. Study extra about our streaming choices right here.

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Crypto

Robert Kiyosaki on Bitcoin Crash: Most People Should Sell — He's Waiting to Buy More, Follow Warren Buffett's Strategy – Markets and Prices Bitcoin News

Published

on

Robert Kiyosaki on Bitcoin Crash: Most People Should Sell — He's Waiting to Buy More, Follow Warren Buffett's Strategy – Markets and Prices Bitcoin News
Rich Dad Poor Dad author Robert Kiyosaki says most people should sell bitcoin now that the price of the cryptocurrency is “crashing.” However, he affirmed that he is waiting to buy more bitcoin, emphasizing that “all markets go up and down.” The famous author noted that his strategy is similar to Berkshire Hathaway CEO Warren […]
Continue Reading

Crypto

Crypto enforcement, Newsletter

Published

on

Crypto enforcement, Newsletter

This week’s key events presented by senior financial reporter Jack Schickler.

Key diary dates

  • Monday 24 – Tuesday 25 June: .7th European Nuclear Safety Conference.

  • Thursday 27 – Friday 28 June: European Summit of heads of state in Brussels to set strategic agenda and EU top jobs.

  • Sunday 30 June: EU law on cryptocurrency takes effect.

ADVERTISEMENT

 

In spotlight

The EU’s landmark cryptocurrency law takes effect this week, and it doesn’t look like it’s going to be smooth sailing.

The Markets in Crypto Assets regulation, MiCA, was finalised last year after years of haggling – and represents a world-first.

MiCA adapts financial laws to apply to those trading bitcoin and its ilk, offering a modicum of consumer protection in a sector prone to scams and manipulation.

But industry figures complain the rules are still unclear after being finalised late.  With just days to go until the rules take effect, we haven’t identified a single crypto player that succeeded in being authorised under the provisions set to take effect next Sunday.

Advertisement

The toughest part of the law covers stablecoins, cryptocurrencies which seek a fixed value against assets such as the dollar, which will apply as of 30 June.

EU finance ministers took fright when Facebook announced its own stablecoin, Libra, in 2019. They didn’t want US big tech firms introducing their own currencies that could come to supplant the euro.

Their fears were largely upheld in spring 2022 when another stablecoin, Terra, proved not so stable, sending a tsunami across the sector thanks to a spectacular crash.

Brussels has boasted its new law will keep people safe while promoting innovation – something the bloc sorely needs as it faces up to competition from the US and Asia.

But complying with bank-style laws was always going to be an uphill struggle for an industry that previously faced few regulatory constraints.

Advertisement

Crypto’s had a tough few years, and many of its figureheads are now in jail for charges including fraud and money laundering.

Optimists hope that crypto’s newfound regulatory credibility will draw a line under those scandals, even encouraging more cautious firms from the traditional financial sector to jump on board.

If nobody succeeds in complying, of course, regulation might just kill the sector outright.  

Policy newsmakers

Dutch Hungarians in government

Zsolt Szabó, the candidate for state secretary for digitalisation in the incoming Dutch right-wing government, touted centralised AI as a priority of his mandate last week. Szabó, who has Hungarian roots, was nominated by the far-right Freedom Party of Geert Wilders, but today told lawmakers that “IT isn’t left-wing or right-wing”. Like Szabó, incoming Economy Minister Dirk Beljaarts has a Hungarian mother. Beljaarts told Dutch media last week that he has renounced his Hungarian passport. Szabó said he only has Dutch nationality. Wilders has criticised politicians holding dual nationality in the past.

Policy Poll

Data brief

Advertisement
Continue Reading

Crypto

50 Cent's social media accounts hacked to promote fraudulent cryptocurrency

Published

on

50 Cent's social media accounts hacked to promote fraudulent cryptocurrency

Rapper 50 Cent’s verified social media accounts, including Instagram, Twitter (now X), and his personal website, were hacked by scammers. They exploited his platforms to promote a fraudulent cryptocurrency token called “GUNIT,” referencing the hip-hop group G-Unit.

The hackers conducted a pump-and-dump scheme, artificially inflating the token’s value by posting messages prompting users to buy the coin. Within 30 minutes, an estimated $3 million was made before the accounts were shut down, and the token’s value crashed, resulting in significant losses for investors.

After regaining control of his accounts, 50 Cent clarified that he had no involvement with the GUNIT token, deleted the tweet endorsing it, and warned his followers to be cautious of celebrities endorsing cryptocurrencies.

Despite being exposed, GUNIT still had a market cap of $150,000 due to continued investments.

50 Cent explained on Instagram that the hacker made $720K in 30 minutes by promoting the “$GUNIT” token on his hacked Twitter/X account.

Advertisement

Some crypto enthusiasts initially viewed the “$GUNIT” token as a potential investment opportunity after 50 Cent’s tweet, while other pointe to potential red flags. One commentator pointed out suspicious facts about the “$GUNIT” token, calling it a pump-and-dump game and advising people to stay away.

All tweets from 50 Cent’s account mentioning the “$GUNIT” token have disappeared, possibly due to the X team taking action against the hacker. 50 Cent urged people to avoid the “$GUNIT” token.

Sources: foxbusiness.com, engadget.com, hypefresh.com, beincrypto.com, coinpedia.org, $CRYPTOTIMES.IO, u.today, wbls.com, hotnewhiphop.com, and bitcoinik.com.

Advertisement
Continue Reading

Trending