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Croatia Watchdog Exposes Fraudsters Selling ‘Digital Yuan’ on Facebook

Following bitcoin’s epic bull run, hundreds of cryptocurrency fraudsters popped up around the internet.

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China’s proposed cryptocurrency continues to attract online fraudsters who are pretending to sell the coins that are not even close to being released. The project has attracted the attention and cunning efforts over the last few months, with at least a dozen fake sellers on social media were trying to convince users to buy the digital Yuan.

Croatia’s financial supervisor Hanfa said it is aware of a Facebook page called ‘Yuan Pay Group’ that claims affiliation with the Chinese government and publishs ads for buying the Chinese cryptocurrency.

The scam promises victims huge returns and encourages people to pour cash into fake tokens. Following bitcoin’s epic bull run, hundreds of cryptocurrency fraudsters popped up around the internet overnight.

The digital yuan, which is controlled and issued by the China government, is a central bank digital currency (CBDC). The Asian giant completed a few trials of the coin and is currently rolling it out on major e-commerce platforms within the country. The digital version of the yuan has been under development for slightly more than five years, but the authorities are still far from a nationwide rollout and has instead focused on pilot projects.

While the Chinese CBDC doesn’t have a monetary value right now because it hasn’t launched to public yet, the scammers claim that investing a few dollars will turn into a fortune shortly. Anyone who registered for that would then get hit up by a boiler room.

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Crypo scam Top Regulators’ Caution List

The Hanfa also warned that this scam uses ads with false endorsements from celebrities who have backed the crypto investment scheme.

The regulator found images of Sir Richard Branson and Peter Thiel, as well as testimonies of other celebrities, were used by the scammers to try to appear legitimate. It said criminals are still exploiting trusted global websites, including Facebook, to post fake celebrity endorsements for cryptocurrencies, in what they describe as “one of the most prolific” and “sophisticated” internet scams they’ve seen.

The Hanfa said the profile of financial fraud is changing as more people are being targeted online, moving away from the traditional cold call. Fraudsters are now contacting people through a range of popular social media sites, such as Facebook, Instagram, WeChat, Whatsapp, Telegram and even online dating platforms.

While its caution catalog includes many long-standing threats, it also features emerging vehicles such as cryptocurrency, which the watchdog describes as one of the greatest risks to investors this year.

The regulator has put the phenomenon of the crypto craze at the top of their investment scams list, highlighting that cryptocurrencies and related financial products may be nothing more than “public facing fronts for Ponzi schemes and other frauds.”

Source: https://www.financemagnates.com/cryptocurrency/coins/croatia-watchdog-exposes-fraudsters-selling-digital-yuan-on-facebook/

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Bitcoin Price Prediction: BTC freefall to $42,000 beckons amid extremely drained bullish front

Bitcoin rejection from $52,000 leads to unstoppable declines under $50,000. Technical indicators flip bearish for Bitcoin, adding weight to the impending price drop. The IOMAP model reveals immense resistance ahead of BTC and robust support, hinting at a potential consolidation. Bitcoin continues to explore price levels under $50,000 following a recent rejection at $52,000. Initially,

The post Bitcoin Price Prediction: BTC freefall to $42,000 beckons amid extremely drained bullish front appeared first on Coingape.

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  • Bitcoin rejection from $52,000 leads to unstoppable declines under $50,000.
  • Technical indicators flip bearish for Bitcoin, adding weight to the impending price drop.
  • The IOMAP model reveals immense resistance ahead of BTC and robust support, hinting at a potential consolidation.

Bitcoin continues to explore price levels under $50,000 following a recent rejection at $52,000. Initially, traders anticipated support at the 100 Simple Moving Average (SMA) and the 50 SMA on the 4-hour chart, but the gravitational force seems extremely hard to stop.

Meanwhile, the bellwether cryptocurrency is trading slightly above $47,000. Short-term technical analysis shows that the least resistance path is downwards. This is emphasized by the Moving Average Convergence Divergence (MACD) on the same 4-hour chart.

The trend momentum indicator has also flipped bearish following the MACD line (blue) cross under the signal line. Additionally, the technical indicator is falling toward the midline and may extend the action into the negative region.

Bitcoin is expected to secure support at the 200 SMA to halt the losses. However, if push comes to shove, BTC will extend the bearish leg to $42,000 due to the lack of a robust support area.

BTC/USD 4-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

The In/Out of the Money Around Price (IOMAP) model by IntoThepBlock bolsters the massive resistance ahead of the flagship cryptocurrency. Recovery from the current price levels to $50,000 will not come easy, especially with the selling pressure between $48,450 and $49,816. Here, nearly 1.1 million addresses had bought 504,000 BTC.

BTC IOMAP model
Bitocin IOMAP model by ITB

On the flip side, the same on-chain model reveals that Bitcoin’s downside is also strongly supported, which means that losses as far as $42,000 may not come into the picture. Consolidation may take place owing to the support running from $45,660 and $47,026. Here, approximately 739,000 had purchased 445,000 BTC.

The post Bitcoin Price Prediction: BTC freefall to $42,000 beckons amid extremely drained bullish front appeared first on Coingape.

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Source: https://coingape.com/82773-2/

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