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Prosecutor Says US Attorney’s Office Will Pursue Fewer Crypto Cases | PYMNTS.com

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Prosecutor Says US Attorney’s Office Will Pursue Fewer Crypto Cases | PYMNTS.com

The U.S. Attorney’s Office in Manhattan reportedly will pursue fewer cases related to cryptocurrency.

Scott Hartman, co-chief of the securities and commodities task force at the U.S. Attorney’s Office for the Southern District of New York, said Friday (Nov. 15) that the office has fewer prosecutors working on crypto cases than it did during the crypto winter, Reuters reported Friday.

“We brought a lot of big cases in the wake of the crypto winter — there were a lot of important fraud cases to bring there — but we know our regulatory partners are very active in this space,” Hartman said at a conference hosted by the Practicing Law Institute in New York, according to the report.

The Manhattan U.S. Attorney’s Office secured several convictions related to crypto crime, including that of FTX founder Sam Bankman-Fried, the report said.

Current U.S. attorney Damian Williams, who was appointed by President Joe Biden, is set to be replaced by Jay Clayton, who was nominated for the post by President-elect Donald Trump, per the report.

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Clayton led the Securities and Exchange Commission (SEC) during Trump’s first term and was less aggressive at pursuing crypto cases than current SEC Chair Gary Gensler, the report said.

It was reported Tuesday (Nov. 12) that the price of bitcoin leaped after Trump’s election victory, driven by enthusiasm for the advent of a pro-crypto White House.

While Trump at one time called cryptocurrencies a scam, he changed his tune during his third bid for the White House, pledging to turn the U.S. into the “crypto capital of the planet” and to establish a national bitcoin stockpile.

Trump has also been a vocal critic of Gensler, who has taken a tough stance on the crypto industry. The president-elect’s promise to replace Gensler with a more crypto-sympathetic regulator has led to speculation that the SEC would take a more hands-off stance under a new chair.

In other sectors of the economy, experts predicted Trump would roll back some of the antitrust policies instituted under Biden. This could include abandoning the Department of Justice’s efforts to break up Google, which has been under scrutiny for monopolistic practices.

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How to recover stolen cryptocurrency

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How to recover stolen cryptocurrency

Cryptocurrency-related crimes are on the rise and unsuspecting victims are paying the price. 

Recovering stolen crypto is not impossible and heavily depends on the circumstances of each case. 

Peggy Herbert lost $34,000 to a crypto-ATM scam but authorities were able to halt the transaction and recover her money. 

But this isn’t always the case especially when crypto has been removed from your wallet. 

“They can funnel the funds through mixers or blenders, where it will be very difficult for us to trace the actual funds of the clients to a specific wallet,” Bezalel Eithan Raviv said. 

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Raviv is the CEO of Lionsgate Network, a blockchain analysis firm in Israel. He describes himself as a digital crime stopper who works with authorities to track down lost cryptocurrency. 

“With our technology, it doesn’t matter who targeted you, what matters is that we are able to trace your money to suspect wallet and freeze that wallet with law enforcement collaboration,” Raviv said. 

He says many crypto investors fall prey to fake investment websites. Dummy platforms look legitimate and mimic existing platforms, but they are just fronts to gather your personal information and take your money. 

It can appear like you are investing, but the money is going to a scammer. 

Raviv says the best way to avoid this is to do your research on the platform before you use it. 

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“You’d have to research the company, the EIN, the location of the company, their social media pages, to see who the CEO is, who is the founder, who is (in) the board of directors, you have to really become an investigator to understand who’s behind the scenes,” Raviv explains. 

He suggests using well-known and reputable cryptocurrency exchanges. If you aren’t familiar with the site, check if the site is listed on trusted directories. Pay attention, look for misspellings and strange URLs. 

“If you are able to become aware of their tactics behind the scenes, it’s the best defense from being targeted,” Raviv said. 

It is also helpful to avoid unsolicited offers to invest in crypto from people you don’t know. Often, scammers will reach out on social media or through email. These could be phishing attempts. If you think you’ve been the victim of a crypto scam, you can call local law enforcement and reach out to the FBI Internet Crime Center.

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Bybit CEO Ben Zhou sounds alarm again as Pi value more than halves – VnExpress International

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Bybit CEO Ben Zhou sounds alarm again as Pi value more than halves – VnExpress International

“Here is an official police warning of Pi from Chinese police back in 2023, warning to the public that it’s a scam targeted at elderly folks which leaks their personal data and loses their pension,” Zhou wrote on X (formerly Twitter) on Feb. 21. “There are multiple other reports out there questioning the project’s legitimacy.”

The warning attached to Zhou’s post was from the Wuxi city police department, which writes of elderly Chinese people downloading the Pi Network app on other people’s “invitation,” providing important personal documents, even making meeting appointments to “invest,” which turn out to be fraudulent.

“Criminals use the lure of ‘free’ and ‘gifts’ to attract people who are greedy for small profits to download their software, and then sweeten the situation by claiming there is no capital investment required and offering a small amount of ‘Pi tokens’ as gifts,” the Wuxi police said. “They then expand the victim group by rewarding targets for recruiting more people, ultimately reselling users’ personal information and defrauding victims out of their money.”

Zhou emphasized that Bybit has never made any requests to the Pi Network team and shall not be listing the currency at all. Some sources previously suggested that Bybit did not pass the Know Your Business (KYB) requirements set by Pi Network.

Pi’s value dropped sharply in just under a day after launch. Photo by Duy Phong

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“If the project is legitimate and straight up, then you should come forth and address these reports so everyone can understand, but instead you choose to make up [profanity] and do these childish attacks with no grounds,” Zhou said. “Yes, I still think [they] are a scam, and no, Bybit will not list scams.”

Pi Network achieved open network status on 20 February afternoon. With 6.3 billion tokens in circulation and an initial price of US$2, Pi’s total airdrop is worth $12.6 billion, double that of Uniswap’s $6.43 billion in 2020. (In crypto, airdropping is the practice of gifting free coins or tokens to users before becoming an open network.)

Immediately upon launch Pi became volatile. From $2, it went as high as over $3 on some exchanges on its first day, dropped to $0.90, rebounded to $2.10, dropped again to $1.40 before finally finishing at $0.79.

The Pi Network project was created in 2019, with advertising stating users can get Pi tokens for free with daily logins to the app. When Pi Network announced plans to become an open network on February 12 this year, Zhou immediately announced his exchange would not be listing the token, citing past troubles from older people asking for their lost money back.

Zhou’s February 12 announcement cited an additional warning from blockchain researcher Haotian-CryptoInsight, who observed that Pi Network is particularly popular in markets where financial literacy is low, and that slogans of “one Pi for one Bitcoin” contributed to much misunderstanding of Pi’s true value. The immense public reaction toward this cryptocurrency’s listing is a sign of its potentially many issues, they added.

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Among crypto exchanges, Bybit has the second largest trading volume behind only Binance, according to CoinMarketCap data.

As for the largest player, Binance has been surveying its community on whether to list Pi Network since February 13, but has made no further announcement.

Many Pi Network enthusiasts expected the token to be valued very highly, setting a “consensus value” for Pi at US$500-1,000 and demanding “no dumping”. One community set its global consensus value at US$314,159 per Pi.

OneSafe was skeptical of such rates, calling them “astronomical”, as Pi’s supply is expected to be capped at 100 billion and there are six billion in circulation after it became an open network. Nam Nguyen, a crypto investor for four years, pointed out: “If Pi is valued as the community expects, its capitalization will be unimaginable, and there is no actual proof or market data to back it up.”

Crypto Times commented: “There has been so much hyperbole around Pi Coin and Pi Network since its launch. This project is surviving only on its hype using investors’ sentiments just like Hamster Kombat. However, over time everyone will get a reality check on whether Pi coin is a horse for a long race or not.”

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Pi Network Mainnet: The Future Unveiled? A New Cryptocurrency Revolution?

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Pi Network Mainnet: The Future Unveiled? A New Cryptocurrency Revolution?
  • Pi Network aims to democratize digital currency mining with an eco-friendly model that allows smartphone users to mine Pi coins.
  • Developed by Stanford graduates, Pi Network is transitioning from its testnet to a mainnet, generating excitement within the cryptocurrency community.
  • The network boasts over 10 million active users and uses an innovative “Proof of Stake” model for enhanced environmental sustainability.
  • The anticipated mainnet launch promises improved security, scalability, and real-world applications, potentially transforming digital currency interactions.
  • The crypto community eagerly awaits official details, as Pi Network’s launch could disrupt traditional models with a fresh, inclusive approach.

The digital currency landscape might be on the verge of a groundbreaking shift with the potential launch of the Pi Network mainnet. As cryptocurrencies continue to redefine global financial systems, the anticipated mainnet launch of Pi Network could usher in a new era of accessibility and decentralization.

What is Pi Network? Pi Network aims to democratize digital currency mining, allowing everyday individuals to mine Pi coins on their smartphones without the ecological and financial costs associated with traditional cryptocurrency mining. Developed by a group of Stanford graduates, Pi Network is in the throes of transitioning from its testnet phase to a mainnet, stirring considerable excitement and speculation in crypto circles.

Why the Buzz? With over 10 million active users worldwide and an innovative “Proof of Stake” model, Pi Network combines ease of use with environmental consciousness. The mainnet launch promises enhanced security, scalability, and potential real-world applications. If successful, Pi Network could transform how users engage with digital currencies and interact within decentralized ecosystems.

The Road Ahead While details and official dates remain under wraps, the crypto community is keenly observing Pi Network’s developments. Its mainnet launch could disrupt established models, offering a fresh, inclusive, and potentially eco-friendly alternative in the crypto space. As anticipation builds, the world watches, hoping that Pi Network might indeed herald the dawn of a new cryptocurrency revolution.

The Pi Network Revolution: Is a New Era for Cryptocurrencies on the Horizon?

As the cryptocurrency landscape continues to evolve, Pi Network’s transition from its testnet to mainnet is creating a buzz across digital finance circles. This potential launch is not just another milestone; it could redefine how individuals access and utilize digital currencies, particularly focusing on accessibility and decentralization. Here’s what you need to know about the upcoming changes and what they could mean for the future of cryptocurrency.

How Does Pi Network Stack Against Traditional Cryptocurrencies?

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Market Forecasts and Predictions:
Pi Network is aiming to achieve broader adoption than traditional cryptocurrencies like Bitcoin and Ethereum by minimizing resource consumption and environmental impact. Market analysts predict that if Pi Network’s mainnet launches successfully, it could capture a significant market share from major players, particularly appealing to environmentally-conscious investors.

Trends and Innovations:
The key innovation lies in Pi Network’s “Proof of Stake” model, a sustainable approach that diverges from the energy-intensive “Proof of Work” systems used by Bitcoin and others. This model not only makes mining more accessible but also positions Pi Network as a pioneer in eco-friendly crypto practices, which is crucial given the increasing global focus on sustainability.

What Are the Key Features and Limitations of the Pi Network?

Features:
Smartphone Mining: Pi Network enables users to mine coins directly from their smartphones, significantly lowering the barrier to entry.
Eco-Friendly Model: By utilizing “Proof of Stake,” Pi Network reduces the carbon footprint typically associated with cryptocurrency mining.
Scalability and Security: The mainnet promises enhanced security measures that protect user data and transactions, as well as improved scalability to handle a growing user base.

Limitations:
Speculative Value: As of now, the value of Pi coins remains speculative until the mainnet launch and wider adoption are realized.
Regulatory Challenges: Like all cryptocurrencies, Pi Network may face regulatory scrutiny, which could impact its full potential.

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What Are the Use Cases and Predictions for Pi Network?

Use Cases:
Pi Network is expected to not only democratize access to digital currencies but also enable peer-to-peer transactions, digital contracts, and possibly integrate into various platforms for payments and services without needing third-party intermediaries.

Predictions:
Increased User Base: The ease of mining and low energy usage could see Pi Network’s user base grow exponentially post-mainnet launch.
Market Disruption: If successful, Pi Network could challenge the dominance of existing cryptocurrencies by offering a more sustainable and accessible alternative.

For further insights into the revolutionary potential of digital currencies and the impact of platforms like Pi Network, explore more at Coindesk and Cointelegraph. These platforms offer comprehensive coverage on crypto trends and news that could shape future fiscal landscapes.

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