Crypto

Cryptocurrency Scams Cost Americans $5.6B In 2023, FBI Report Shows

Published

3 hours ago

September 10, 2024

Cryptocurrency Scams Cost Americans .6B In 2023, FBI Report Shows

The Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3) has disclosed that Americans lost a staggering $5.6 billion to cryptocurrency-related fraud in 2023.

What Happened: This figure, released in the FBI’s 2023 Cryptocurrency Fraud Report, marks a 45% increase from the previous year, highlighting the growing sophistication of cybercriminals in the digital asset space.

The report details that while cryptocurrency-related complaints accounted for only 10% of all financial fraud reports, they represented nearly half of the total financial losses, highlighting the high-stakes nature of cryptocurrency scams.

Investment fraud emerged as the dominant form of cryptocurrency-related crime, accounting for 71% of all losses.

The FBI noted a particular increase in “confidence-enabled cryptocurrency investment fraud,” where criminals build trust with victims through dating apps, social media, or professional networking sites before introducing fraudulent investment opportunities.

Also Read: Metaplanet Acquires 38.6 Bitcoin for $2.2M, Expanding Total Holdings To 398.8 BTC

“Criminals exploit the decentralized nature of cryptocurrency, the speed of irreversible transactions, and the ability to transfer value around the globe,” said Michael D. Nordwall, Assistant Director of the FBI’s Criminal Investigative Division. “This creates significant challenges in recovering stolen funds.”

The report also highlighted an alarming trend of labor trafficking connected to cryptocurrency scams, with individuals lured overseas by false job advertisements and forced to participate in fraudulent operations.

Interestingly, the age group reporting the highest losses was those over 60, with more than $1.24 billion in reported losses, despite younger age groups filing more complaints overall.

What’s next: In light of these findings, the upcoming Benzinga Future of Digital Assets event on Nov. 19 takes on added significance as a platform to discuss the advantages and drawbacks of building a cryptocurrency-based financial system.

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Crypto

VOOX Beta Launch: Leading the Future of AI-Driven Cryptocurrency Trading Platform #VOOX

Published

11 hours ago

September 10, 2024

Press Room

SINGAPORE –
Media OutReach Newswire – 10 September 2024 – In an exciting development for the cryptocurrency industry, VOOX is proud to announce the beta launch of its state-of-the-art cryptocurrency exchange platform. This launch, exclusively available to VIPs and invited members, is set to redefine the standards of digital asset trading, introducing a suite of advanced AI-driven tools designed to optimize user experience and enhance market interaction.

Main Takeaways:

VOOX Beta Launch: Exclusive to VIPs and invited members.
Advanced AI Integration: Utilizing sophisticated AI to provide predictive analytics, automated trading, and personalized insights.
Enhanced Security Measures: Featuring state-of-the-art security protocols to ensure user safety and compliance.
User-Centric Features: Offering a streamlined, intuitive interface designed to simplify the trading process for all users.

From its inception, VOOX has aimed to democratize cryptocurrency trading. “Our platform incorporates AI technologies that not only predict market trends but also enhance risk management and trading strategies, making sophisticated trading accessible to everyone,” said Vince, founder of VOOX. “By opening our beta exclusively to VIPs and select invitees, we aim to gather detailed feedback to fine-tune the platform before a full public launch.”

The VOOX platform distinguishes itself by focusing on user experience and security. It combines an easy-to-navigate interface with powerful analytical tools powered by AI. These tools analyze vast amounts of data to provide real-time insights and trend predictions, which help traders make more informed decisions quickly and efficiently.

Moreover, security is paramount at VOOX. The platform is built with the highest security standards, incorporating features such as end-to-end encryption, two-factor authentication, and cold storage solutions to protect user assets. Regular security audits and adherence to stringent compliance regulations ensure that VOOX operates reliably and transparently.

As the crypto market continues to evolve, VOOX is committed to continuous improvement and innovation. The beta launch allows early adopters to experience firsthand the capabilities of the platform and contribute to its refinement. “We are keen to engage with our VIP users and incorporate their feedback to enhance the platform further,” added Vince.

Hashtag: #VOOX

The issuer is solely responsible for the content of this announcement.

Crypto

Biden And Trump Debate Had 0 Mention Of Bitcoin, What Are The Odds Kamala Harris And Ex-President Will End Up Discussing Crypto? – Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)

Published

18 hours ago

September 9, 2024

Press Room

$Biden And Trump Debate Had 0 Mention Of Bitcoin, What Are The Odds Kamala Harris And Ex-President Will End Up Discussing Crypto? – Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)$

Bettors on the decentralized prediction platform Polymarket expected few mentions of cryptocurrencies and Bitcoin BTC/USD in the hotly anticipated presidential debate between Donald Trump and Kamala Harris.

What happened: The odds of Republican hopeful Trump uttering the words stood at 14% as of this writing, significantly down from 23% seen on Sunday.

Wagers worth more than $129,000 were placed on the probability of the occurrence, higher than some of the other burning topics like abortion and border security.

The odds of Harris mentioning cryptocurrency and Bitcoin was at 10%, a decline from 14% seen during the weekend.

Trump continued to lead Harris in presidency betting odds, with bettors expecting a 52% chance of the Republican winning the race for the White House.

Polymarket, built atop Ethereum’s ETH/USD Layer-2 chain, Polygon MATIC/USD, has emerged as one of the world’s top prediction markets for U.S. elections in the last few months. The novel initiative allows users to bet on major global events using cryptocurrencies.

See Also: Peter Schiff Will Accept He Was Wrong About Bitcoin If Restaurants Begin To Show Prices In Satoshis Among Other Things

Why It Matters: The upcoming debate will be the second of this election cycle and the first between Trump and Harris, who replaced incumbent Joe Biden following his withdrawal from the race after the first presidential debate.

Notably, the last debate between Biden and Trump saw no mentions of cryptocurrency or Bitcoin.

The outcome of the election was expected to have serious implications for Bitcoin’s price, according to a Bernstein report.

A Trump victory could propel Bitcoin to new heights, potentially reaching $80,000 to $90,000 by the end of Q4, the report said, citing the former president’s vocal support for the asset class.

On the contrary, a Harris presidency could witness the leading cryptocurrency dropping to the $30,000 to $40,000 range. The analysis identified the absence of cryptocurrency mentions in the Vice President’s speeches and policy pronouncements as a contributing cause to the uncertainty.

While Harris has not shown her stance on cryptocurrencies, her campaign team has tried to engage with top industry names like Coinbase and also earned the support of Ripple co-founder Chris Larsen.

Photo Courtesy: Shutterstock.com

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Crypto

Crypto-related fraud jumped by 45% last year, FBI says | CNN Politics

Published

1 day ago

September 9, 2024

Press Room

Crypto-related fraud jumped by 45% last year, FBI says | CNN Politics

CNN
—

Victims reported more than $5.6 billion in fraud related to cryptocurrency in 2023, a 45% increase from losses reported in 2022, the FBI said Monday in a new report.

A jump in crypto-related investment scams fueled the overall increase in fraud. Victims reported nearly $4 billion in crypto-related investment losses in 2023 compared to $2.57 billion in 2022.

It’s the first time the FBI has published a report explicitly focused on crypto-related fraud from a larger set of annual fraud data, an FBI official told reporters on a call. Crypto-related fraud was close to a half of the record $12.5 billion in losses from online fraud reported to the FBI last year.

The FBI is trying to raise public awareness about the issue and to get victims to more quickly report crypto fraud to recover the stolen money. “Many victims have accumulated massive debt to cover losses from these fraudulent investments,” the FBI official said.

The report underscores “a continuing threat to the American public” from overseas scammers, the official added. “Cryptocurrencies touch on every threat the FBI investigates.”

The FBI investigates a vast array of digital crimes, including ransomware attacks and tech-support scams, which cost the global economy billions of dollars annually. The new report shows that crypto is the currency of choice for many of these schemes.

An increasing number of crooks in different parts of the world are getting involved in the investment scams, which involve gaining the confidence of victims and duping them into investing cryptocurrency in phony ventures, the FBI official said.

People of all ages can fall victim to a crypto-fraud scheme, the official said. People over 60 accounted for $1.6 billion in reported losses in 2023, according to the report.

A CNN investigation last year spotlighted some of the tens of thousands of American victims of the elaborate crypto-investment schemes, which are sometimes carried out by Chinese crime syndicates out of war-torn Myanmar and other countries in Southeast Asia.