Crypto
Nadex self-certifies TRUMP Cryptocurrency Event Contracts
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North American Derivatives Exchange, Inc. (Nadex) has self-certified the terms and conditions for its new TRUMP Cryptocurrency Event Contracts.
The Exchange intends to list the TRUMP Crypto Event Contract for trading on or after January 31, 2025.
The TRUMP Crypto Event Contract will include Intraday Contracts and will be structured in the same way as the Exchange’s currently listed event contracts for Forex.
Nine strike levels will be generated for the TRUMP Crypto Event Contract. The Expiration Value for the TRUMP Crypto Event Contract will be the Index Value as specified in the Contract’s product specifications.
Like all of the Exchange’s Event Contracts, the TRUMP Crypto Event Contract will have a settlement payout range from $10 to $100, or a payout of $0.
The TRUMP Crypto Event Contract will be listed at 11:00 pm ET on the Start Date, or at the Expiration of the previously listed Event Contract and will cease trading upon expiration.
The Exchange has at least one dedicated Market Maker who is committed to providing liquidity for the TRUMP Crypto Event Contract.
The LDF is distributed and maintained by Lukka, Inc., using the principles set forth in the IOSCO Principles for Financial Benchmarks. The LDF is disseminated to major market data vendors on a one-second frequency.
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Crypto
FBI Takes Action to Protect U.S. Citizens From Cryptocurrency Scams – HS Today
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As cryptocurrency investment fraud scams blanket the nation, causing unprecedented financial and psychological hardship to tens of thousands of Americans, the FBI is stepping up with a hands-on measure to protect the public.
Operation Level Up is a proactive initiative to identify and notify victims of cryptocurrency investment fraud. Using sophisticated techniques, the FBI identifies victims who are actively being defrauded and promptly intervenes by contacting those victims.
Since the start of Operation Level Up over a year ago, the FBI has notified more than 4,300 victims spanning all 50 states. Of these victims, 76 percent were not aware they were being scammed. Through these notification efforts, the FBI has saved victims more than $285 million.
“The FBI is committed to protecting citizens from cryptocurrency investment fraud schemes,” said FBI Criminal Investigative Division Assistant Director Chad Yarbrough. “Unfortunately, we continue to see these scams grow and evolve every day. It doesn’t matter where the subjects are—we will use every tool at our disposal to stop them from targeting U.S. citizens. By raising awareness, we can prevent countless people from losing their savings and send a clear message to criminals that these schemes will not be tolerated.”
Cryptocurrency investment frauds are elaborate schemes that often involve unsolicited online contact, a long period of trust building, fake investment opportunities, and a false sense of urgency to send money, perpetrated by individuals typically located overseas who target victims in the United States.
In Operation Level Up, specially trained FBI and U.S. Secret Service Agents are contacting victims directly to prevent further victimization and financial loss. Agents also explain how these crimes work and how to avoid them in the future, outline how to file a report with federal law enforcement, and provide access to mental health and other resources to assist with the impacts of these crimes.
In numerous instances, victims told the FBI that the notification stopped them from liquidating their entire retirement accounts, selling their homes, or taking out costly loans to continue investing in fake cryptocurrency applications. Due to the profound emotional toll these scams can have, dozens of victims contacted through Operation Level Up were referred to the FBI Victim Services Division and provided direct support and lifesaving measures.
The FBI also works through our legal attaché offices located around the world to collaborate with international law enforcement partners and share hundreds of foreign victims identified through Operation Level Up for intervention. Information about illicit applications, websites, and social media accounts are also collected from victims and shared with technology companies for their awareness.
The original announcement can be found here.
Crypto
Cryptocurrency fraud targets elite victims – Identity Week
With financial crimes creating 9 million victims in the UK last year alone, fraud tactics are ever becoming more elaborate and entrapping new victims. The cryptocurrency fraud ecosystem encompassing AI and pig butchering scams was reported to have hit $12.4 billion in a study published by Chainalysis. The fraud is built upon trust in a lot of cases between the scammer and individual. Many wealthy individuals are falling victim to this type of fraud, also known as an investment or romance scam, in highly-convincing circumstances.
In 2024, revenue from pig butchering scams grew by 40%, accounting for 33.2% of all scam revenue.
“The identity verification system used by LinkedIn, where company team members verify each other before engaging in business, is the way forward,” commented Aran Hawker, the CEO at CoinPanel. “This approach could help prevent high-yield investment scams by ensuring a legitimate financial service company is involved.”
The average cost of investment scams is around £25,000.
Crypto
Argentina opposition calls for impeachment of Javier Milei after cryptocurrency collapse
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Opposition politicians in Argentina have called for the impeachment of president Javier Milei after he touted a cryptocurrency which quickly collapsed and reportedly led to millions of dollars in losses this weekend.
Milei endorsed the little-known cryptocurrency token $Libra on Friday evening, announcing on X that the project was “dedicated to boosting the growth of the Argentine economy by funding small businesses and entrepreneurs”. His post linked to a website where the digital coin could be bought, the domain name of which included Milei’s popular catchphrase “long live freedom”.
“The world wants to invest in Argentina,” Milei added in the post to his more than 3.8 million followers.
The token immediately soared in value, from almost zero at the time of its launch to nearly $5, before plummeting to under $1, according to trading sites. Argentina’s fintech chamber said that the case could amount to a “rug pull” – a scam which sees cryptocurrency rapidly inflated, or “pumped”, before crashing while insiders “dump” their stake, making the tokens worthless. Other economists and crypto specialists said the digital asset could be a fraud or Ponzi scheme.
Milei deleted his post hours later, saying he was “not aware of the details of the project”, but the scandal has nonetheless sparked a political firestorm, and the federal prosecutor’s office will reportedly now examine whether the president engaged in fraud or criminal association or was in breach of his duties.
A group of lawyers filed fraud complaints in the criminal court on Sunday, saying they “criminally denounce the president of the Argentine nation, Javier Milei, because we believe that he is a fundamental participant in the development, execution and planning of the mega-scam related to the launch of the $Libra token”.
Jonatan Baldiviezo, a lawyer and one of the plaintiffs, told the Associated Press that he saw an illicit association to commit “an indeterminate number of frauds” in the episode. “Within this illicit association, the crime of fraud was committed, in which the president’s actions were essential,” he said.
Opposition lawmakers, meanwhile, are calling for Milei’s impeachment. “This scandal, which embarrasses us on an international scale, requires us to launch an impeachment request against the president,” said lawmaker Leandro Santoro, a member of the opposition coalition.
Myriam Bregman, a prominent socialist leader and former presidential candidate, said “Milei is the one who must answer to the Congress. We want to know, step by step, who has benefited from it and how. This is not the first time he has been involved in something like that, but it is aggravated by his current role as president.”
Former president Cristina Fernández de Kirchner wrote on social media: “You promoted a private cryptocurrency from your official X account, created by who knows who. You inflated its value taking advantage of your presidential investiture. And, to top it all off, you say that you were ‘unfamiliar’! … From self-proclaimed ‘global leader’ to CRYPTO SCAMMER.”
Latin American leaders also weighed in, with Mexico’s president, Claudia Sheinbaum, saying that “it is extremely serious if confirmed, especially in terms of a president’s powers to promote something private”.
The incident has prompted comparisons with the US president, Donald Trump, who last month launched the $Trump memecoin, which also surged before crashing.
Milei retaliated to the criticism by blaming his opponents, whom he called “filthy rats of the political caste”, and saying they wanted to “take advantage of this situation to do harm”. The presidential office said that Milei was not involved in any stage of the cryptocurrency’s development and decided to remove the social media post to limit further exposure. It added that the anti-corruption office had been instructed to start an investigation.
Political analyst Marcelo García, of the Horizon Engage political risk consultancy firm, said Milei and his government need to “contain the crisis by giving a clear explanation of what happened” in order to prevent the incident from “escalating to a credibility crisis that could discourage the largest investment community”.
Cryptocurrency has exploded in Argentina in recent years, as disillusioned savers sought to keep their money outside traditional banks amid a decades-long economic crisis and soaring inflation rates.
Analysts have warned that the crisis could damage Milei’s reputation as a custodian of economic recovery – and an anti-corruption president – ahead of midterm elections later this year.
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