Connect with us

Crypto

How people are getting caught in the cryptocurrency ‘wild west’

Published

on

How people are getting caught in the cryptocurrency ‘wild west’

Queenslanders have misplaced practically $40 million to funding scams together with cryptocurrency swindles this yr — the best loss ever recorded within the state.

Australian Competitors and Shopper Fee (ACCC) figures from January 1 to August 28, present Queenslanders misplaced $38.6 million in funding scams.

On the similar time final yr, Queenslanders had been defrauded of simply $19.8 million.

Nationally, $263 million has been misplaced this yr, virtually double the losses in 2021.

One of many state’s prime monetary crime cops says the new breed of crypto-scammers are more and more utilizing refined methods to lure their victims in, together with posing as celebrities and at the same time as Queensland cops on social media.

Advertisement

Australian Federal Police (AFP) have additionally known as cryptocurrency an “rising risk” with one report each eight minutes final monetary yr, a 13 per cent enhance on the earlier yr. 

Cryptocurrency funding scams are the primary driver of the rise and a file variety of Queenslanders are paying the worth.  

Listed below are their tales.

‘Groomed’ and ‘conned’

Sunshine Coast girl Ella (not her actual title) misplaced her life financial savings by means of a refined and complicated scheme.

Over a five-week interval, she mentioned she was “groomed” and “conned” to make three deposits of $34,000 to what she believed to be a professional web-trading platform.

Advertisement

“My financial institution … did not provide you with any warning indicators that might have made me suppose: ‘It is a bit dodgy’,” she mentioned.

After depositing the funds, the cash was transformed into cryptocurrency accessible by way of a “pockets” handle.

She mentioned the net portfolio appeared to correlate with the inventory alternate giving the phantasm that it was professional.

“The factor is, none of it’s actual,” Ella mentioned.

Cryptocurrency scammers are usually based mostly abroad making them tougher to trace.(ABC Information: Mary Lloyd)

“The minute it leaves [the web trading platform] to that pockets handle … it goes into all these accounts everywhere in the world and it is not possible to really comply with up on any of those accounts from this one pockets handle.”

Advertisement

After Ella’s third and remaining deposit she tried to drag her cash out as a result of alarm bells rang and she or he had “nothing else within the tank”.

She was advised by scammers to remortgage her home or flip to credit score. 

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

Is Litecoin the Third Contender for a Cryptocurrency Spot ETF?

Published

on

Is Litecoin the Third Contender for a Cryptocurrency Spot ETF?

Cryptocurrency A to Z

Following Bitcoin and Ethereum

High Possibility of Being the 3rd to Launch

U.S. SEC Begins Review

Litecoin Price Surges

Cannot Trade in Korea Due to Delisting

Litecoin is being considered as a cryptocurrency with a high possibility of launching a spot exchange-traded fund (ETF) following Bitcoin and Ethereum.

According to the cryptocurrency industry on the 2nd, the U.S. Securities and Exchange Commission (SEC) has begun reviewing the listing application (19B-4) for a Litecoin spot ETF submitted by Canary Capital. Global asset management firms Grayscale and CoinShares have also submitted 19B-4s for a Litecoin spot ETF.

The market believes that a Litecoin spot ETF is more likely to be approved before cryptocurrencies with higher market capitalizations like Ripple and Solana. Unlike Ripple and Solana, which are classified as securities, Litecoin is considered a commodity. The fact that it is a cryptocurrency derived from Bitcoin, which already has a spot ETF, further increases the likelihood of approval. Eric Balchunas, a Bloomberg ETF analyst, predicted, “Litecoin is already regarded as a commodity and is likely to be the first altcoin ETF to be listed this year.”

As expectations for spot ETF approval grow, Litecoin’s price has also surged. According to the cryptocurrency exchange Binance, Litecoin rose about 20% over two days, surpassing the $130 mark for the first time in 12 days.

Advertisement

Investors are also predicting a long-term price increase for Litecoin. On-chain data analysis platform IntoTheBlock reported, “80% of addresses holding Litecoin are long-term investors who have held it for over a year,” adding, “In January, the daily active addresses reached 1.37 million, surpassing Bitcoin and Ethereum.”

In Korea, trading Litecoin is not possible. Previously, domestic cryptocurrency exchanges delisted Litecoin following the enforcement of the Act on Reporting and Using Specified Financial Transaction Information.

Hwang Doo-hyun, BloomingBit Journalist cow5361@bloomingbit.io

Advertisement
Continue Reading

Crypto

Robert Kiyosaki Predicts Gold, Silver, Bitcoin Crash Over Trump’s Tariffs—Says It’s A Buying Moment

Published

on

Robert Kiyosaki Predicts Gold, Silver, Bitcoin Crash Over Trump’s Tariffs—Says It’s A Buying Moment

Noted investor and author Robert Kiyosaki has forecast a potential Bitcoin BTC/USD crash, which he sees as a chance to amass more wealth.

What Happened: Kiyosaki, known for his best-seller “Rich Dad Poor Dad,” warned of a possible Bitcoin crash. This warning came after a 4.20% decline in the leading cryptocurrency, which fell below its $106,000 price point on Friday.

Kiyosaki’s cautionary statement was a reaction to U.S. President Donald Trump‘s decision to impose 25% tariffs on U.S. trade partners Canada and Mexico, and a 10% tariff on China.

This decision resulted in a 300 point (0.7%) fall in the Dow Jones Industrial Average index, and significant losses for the S&P 500 and the Nasdaq 100.

Also Read: Robert Kiyosaki Foresees Bitcoin Surpassing US Dollar As ‘Good Money’

Advertisement

In a post on X, Kiyosaki said, “Trump tariffs begin: gold, silver, Bitcoin may crash.” He indicated his plan to purchase more Bitcoin if prices plummet, seeing it as an opportunity to grow his wealth. However, he also pointed out the U.S. national debt as a major problem that Bitcoin might not be able to address.

Despite Kiyosaki’s warning, Bitcoin has started to rebound, and the effects on gold and silver have been negligible. The U.S. national debt, on the other hand, continues to escalate, surpassing $36.4 trillion.

Why It Matters: Kiyosaki’s prediction of a Bitcoin crash and his intention to buy more of the cryptocurrency if prices fall, highlight the volatility and potential opportunities in the crypto market. His comments also underscore the ongoing concerns about the U.S. national debt, which continues to soar despite economic measures.

While Bitcoin has started to recover, the impact of the tariffs and the national debt on the economy and the crypto market remain to be seen.

Advertisement

Read Next

Robert Kiyosaki Predicts Massive Market Crash: ‘Save Gold, Silver, & Bitcoin, Crash Is Here’

Market News and Data brought to you by Benzinga APIs

Advertisement

Continue Reading

Crypto

Emerging cryptocurrency stuns market with game-changing acquisition: 'Represents a significant milestone'

Published

on

Emerging cryptocurrency stuns market with game-changing acquisition: 'Represents a significant milestone'

An emerging cryptocurrency that has been gaining popularity globally made itself even more attractive with a recent acquisition.

As relayed by PR Newswire last month, a complementary cryptocurrency called Letscoin secured a whopping three billion metric tonnes of approved carbon credits for use on the voluntary offset market.

“This transaction represents a significant milestone in sales and purchase placement involving the digitalisation mechanism of a complementary crypto stable coin,” Thana Balan P Jagnathan, the co-founder of Letscoin, said in a statement. “We achieved this groundbreaking transaction through a secure carbon credit preservation and exchange program using tokenization which was launched in June 2024 in Indonesia and November 2024 in Malaysia respectively.”

Jean Bilala, the executive chairman of Letscoin, added: “This is a significant step forward for Letscoin and the validation of the system as a complimentary cryptocurrency in favour of USDT. … The success of this transaction proves the quality and stability of Letscoin (LTSC) and the importance of a complementary market exchange backed with physical fiat, with the addition of a verified voluntary carbon credit offset, is a game changer.”

Many forms of cryptocurrency, such as the most predominantly known bitcoin, have been criticized for their negative environmental impacts. The process of mining bitcoin is energy-intensive and can put immense stress on electrical grids around the world. Some countries, including Russia, have resorted to banning cryptomining as a way to reduce energy consumption and prevent an economic crisis.

Advertisement

The development by Letscoin is the latest effort to create eco-friendly avenues for cryptocurrency to become economically viable.

Similarly, Ethereum, a major player in the field, made a significant shift in its technology that drastically reduced its energy consumption — by an impressive 99.95%. This change not only benefits the environment by cutting down on energy usage and pollution, but it also boosts Ethereum’s market appeal and potential for institutional adoption.

Ethereum and Letscoin are promising examples of how digital currencies can evolve to be more sustainable.

Join our free newsletter for good news and useful tips, and don’t miss this cool list of easy ways to help yourself while helping the planet.

Advertisement

Continue Reading

Trending