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Cryptocurrency Fraud Canada up 400%: 5 Tips for Users to Become Less Vulnerable

Bitcoin adoption is growing dramatically in Canada, but the rate of cryptocurrency fraud is also increasing at a worrying speed. Between 2017 to 2020, digital currency-related fraud in Canada rose by about 400%, as per the report by RCMP.

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Apr 01, 2021 at 13:03 // News

Are Canadians vulnerable to cryptocurrency scams?

Bitcoin adoption is growing dramatically in Canada, but the rate of cryptocurrency fraud is also increasing at a worrying speed. Between 2017 to 2020, digital currency-related fraud in Canada rose by about 400%, as per the report by RCMP.

Some of these frauds have happened in the form of extortion scams (more than $10 mln was lost via extortion by Canadians) or attracting victims with fake schemes promising high abnormal returns like double-your-money scams.

How to avoid cryptocurrency frauds targeting victims’ greed and love

From January to August, last year, Canadians lost over USD 8.7 million via crypto-asset frauds. in the first week of March 2021, Vancouver residents lost over USD 2 mln through cryptocurrency scams where master-minders target lonely victims and start engaging them in romantic stories and then persuade them to send cryptocurrencies, as per the report by CoinIdol, a world blockchain news outlet. 

How_to_avoid_cryptocurrency_frauds_targeting_victims’_greed_and_love.jpg

Such statistics urges the citizens of the globe’s largest country to stay on the alert and watch out for suspicious projects in order not to lose their money. Here is some basic advice that may help to keep one’s funds safe and sound:

  • Engaging in trustworthy, reputable and licensed projects only. Whenever there is the smallest suspicion on the company’s legitimacy, it is better to think twice before handing over any money to them;

  • Cautiousness in making new acquaintances is a must. In the age of the Internet, there is nothing surprising about people meeting online. However, if a new friend or romantic partner makes every excuse to avoid meeting in person while asking for financial help or investment, this should be a red flag for carefulness; 

  • Users should always check and visit crypto-asset forums and where necessary subscribe to authentic RSS feeds or notifications to get the latest information of fake crypto-exchanges, hacks, thefts on time;

  • Citizens who are interested to use, trade or invest in this high-risk business, should stick to trustworthy cryptocurrency trading and investment platforms for bona fide investment and trading opportunities. Also, legitimate projects offer reasonable returns. If a promised return is unusually high, a company is likely a scam;

  • Contact local law enforcement agencies to report all suspicious activity or projects. The security agencies will conduct an investigation into the matter and check the legitimacy of a project or expose a scam. Reporting on the Internet might also become a useful habit. Even if a person becomes a victim of a fraudulent scheme, disclosing the information might at least save other people from getting involved.

Are Canadians vulnerable?

The latest data disclose that the citizens of Canada seem to be more vulnerable to scams than other countries. Interestingly, the number of fraudsters is increasing within its borders while the general number of various criminal schemes goes down.

According to a report by CihperTrace analytics firm, the loss to cryptocurrency scams, hacks and theft in 2020 amounted to $1.9 billion. Despite it being the second-largest amount in history, it is still far less than in 2019, when the loss totalled $4.5 billion.

Generally, the wave of cryptocurrency scams seems to subside. Rapid and overall digitization makes the developers of various solutions pay increasingly closer attention to the security issues. Nevertheless, users should remain very cautious to avoid involvement in fraudulent activity and protect their funds.   

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinidol.com/cryptocurrency-fraud-canada/

Blockchain

EOS and YFI lead altcoins higher as Bitcoin and Ether bounce from swing lows

YFI, EOS and REV notched double-digit rallies as altcoins capitalized on the oversold bounce in Bitcoin and Ethereum price.

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The markets were mixed on May 11 as Bitcoin (BTC) recovered from Monday’s drop to $53,000 by bouncing to $56,862 but the digital asset is still finding resistance at the $57,000 level.

Ether (ETH) also worked its way back above $4,100 but according to Cointelegraph analyst Marcel Pechman, the bullish sentiment for Ether seen in recent weeks has begun to fade as traders question whether new all-time highs will be sustainable in the short term.

Data from Cointelegraph Markets and TradingView shows that Bitcoin bulls defended a late-night sell-off on May 10 that briefly dropped the price of BTC below $54,000 before dip buyers gobbled up sell orders and lifted the price back above $56,000.

BTC/USDT 4-hour chart. Source: TradingView

blue-chipWhile the blue chip cryptocurrencies have been stuck in a sideways market, canine-themed meme coins including Shiba Inu (SHIB) and Dogelon Mars (ELON) have followed Dogecoin’s (DOGE) lead and seen their prices explode for triple-digit gains.

Ethereum bulls take a brief breather

Bitcoin’s range-bound trading between $50,000 and $60,000 in recent weeks can partially be attributed to the rising price of Ether, which has caught the attention of institutional investors looking for exposure to more than just BTC. The growing demand for Ether can clearly be seen in the price action of the ETH/BTC pair.

ETH/BTC 4-hour chart. Source: TradingView

According to David Lifchitz, managing partner and chief investment officer at ExoAlpha, Ether’s recent all-time high was in part due to a “continued rotation away from Bitcoin” which helped push the price of Ether “as high as $4,214 before suddenly puking down to $3,658 (-13% in an hour).”

The downturn in the crypto market coincided with a selloff in the U.S. equity markets that hit the tech-heavy NASDAQ index especially hard. Lifchitz noted that Bitcoin and the other cryptocurrencies were eventually able to “bounce back half of the loss from the high.”

While the sell-off “could be explained by some correlation trades leading to a quick profit-taking in cryptos”, Lifchitz also pointed to the possibility of a more organized selloff where some traders took advantage of frothy market conditions.

Lifchitz said:

“It could also have been an organized selloff as Ethereum was at its ATH after a torrid ride (i.e. ETH was vulnerable to a quick drop) in order to spook the weak hands and shake them off, triggering a cascading selling effect, before buying back ETH on the cheap as shown by the even higher volume to buy right after the selloff.”

Lifchitz highlighted that just:

“Twenty-four hours later, Bitcoin is back in the middle of its twilight zone ($50,000 to $60,000) and Ether is slowly grinding higher above $4K. So all in all, it was just an ordinary day in crypto land.”

Further insight into the market moves over the past week was offered by Ben Lilly, co-founder and analyst at Jarvis Labs, who highlighted an increase in on-chain profit taking over the last week that had “lots of capital turning over throughout altcoins.”

Lilly said:

“As capital made its way from coin to coin, profits were being realized as Bitcoin traded sideways. What we saw on May 10 was the end of this phase.”

Altcoins lead the market higher

The overall altcoin market shook off the bearish moves seen in the larger-cap cryptocurrencies. EOS led the day with a 50% jump which took the price to $13.92  after Block.one announced that it had secured $10 billion in funding to launch an EOS-based cryptocurrency exchange named Bullish Global.

Daily cryptocurrency market performance. Source: Coin360

Yearn.finance (YFI) managed to break out of the trading range it had been stuck in to put on a 58% rally to a new record high above $80,000, while the price of Revain (REV) exploded 130% to reach a multi-year high at $0.049.

The overall cryptocurrency market cap now stands at $2.474 trillion and Bitcoin’s dominance rate is 42.8%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/eos-and-yfi-lead-altcoins-higher-as-bitcoin-and-ether-bounce-from-swing-lows

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The challenges with designing a CBDC, explained

Central bank digital currencies face a tricky trilemma when it comes to ensuring they are well designed. What’s the answer?

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An identity-based, meta-blockchain can achieve all three design goals of identity, privacy and programmability.

While blockchain systems can be structurally decentralized, the operation itself can be very much centralized and sequential.

The problem lies in how transactions cannot be processed in parallel — and multiple smart contracts cannot be operated simultaneously.

A meta-blockchain that can operate smart contracts in parallel could be the answer here, as it can ensure that a user’s information is kept secret at all times.

SovereignWallet Network (SWN) Global believes it has found the solution for tackling the issues that CBDCs face, and aims to deliver self-sovereign financial services to millions of people.

The fourth-generation network inherits all the advancements in blockchain and digital currency technologies — and the project launched the MUI MetaBlockchain mainnet on January 3.

Developers say MetaMUI can help achieve the perfect equilibrium in the CBDC design trilemma, helping the next generation of digital assets to be rolled out smoothly.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/explained/the-challenges-with-designing-a-cbdc-explained

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Polkadot, Cosmos, Bitcoin Cash Price Analysis: 11 May

Polkadot’s $28.6-support has held up during recent pullbacks and the same would likely be called into action in the coming days. Cosmos inched towards its first line of defense around the $23-mark. La

The post Polkadot, Cosmos, Bitcoin Cash Price Analysis: 11 May appeared first on AMBCrypto.

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Polkadot’s $28.6-support has held up during recent pullbacks and the same would likely be called into action in the coming days. Cosmos inched towards its first line of defense around the $23-mark. Lastly, sellers were likely to prevail in a battle against buyers for the Bitcoin Cash market.

Polkadot [DOT]

Source: DOT/USD, TradingView

At the time of writing, Polkadot traded at $37, down by nearly 7% in the last 24 hours. Its candlesticks on the daily charts slipped below their 20-SMA (red) and 50-SMA (black), while its technicals indicated further southbound action. Since mid-February, bulls have countered multiple pullbacks around $28.6. This area has proved to be a buy zone but a breakdown could severely hamper DOT’s recovery attempt towards record levels. If this area is breached by the sellers, a 25% retracement was possible all the way towards $21.1 and the 200-SMA (green).

MACD line was in danger of falling below the equilibrium mark and its histogram noted some bearish momentum. The Supertrend Indicator presented a sell signal but this can be flipped in case of a rise above $43.

Cosmos [ATOM]

Source: ATOM/USD, TradingView

Similar to its counterpart DOT, Cosmos also saw sharp losses over the last 24 hours. The daily timeframe highlighted several support areas, but the $21-23 region was of particular significance as it clashed with the 20 (blue) and 50 SMA (yellow). Another prominent buy zone lay around $16.7. If these areas capitulate under selling pressure, ATOM could be in for an extended bearish U-turn. This outcome would only be amplified if $13 is also ceded to the bears.

After peaking in the overbought zone, Stochastic RSI noted a sharp drop towards 40, underlining an incoming correctional phase. According to Chaikin Money Flow, capital inflows remained healthy and could act as a buffer against a fall below the long-term moving average.

Bitcoin Cash [BCH]

Source: BCH/USD, TradingView

Bitcoin Cash’s candlewicks on May 10 suggested a great degree of indecision in the market. While one end on the candlewick touched a high of $1,570, the other end dropped as low as $1,200. Such disparity suggested that BCH was being pulled in either direction by the sellers and buyers. With a broader market pullback currently in effect, it was likely that the sellers came out on top. The 4-hour timeframe showed that BCH found respite at the 50-SMA but a breakdown over the coming sessions could trigger a sharp sell-off towards $944.

MACD line lost distance on the Signal line and highlighted bearish market momentum. RSI maintained a bullish territory, but a dip below 50 was expected.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/polkadot-cosmos-bitcoin-cash-price-analysis-11-may

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Indonesia Ponders on Plan to Tax Crypto Trading Gains

Indonesia considers plan to tax trade in cryptocurrencies

Indonesia considers plan to tax trade in cryptocurrenciesIndonesia is mulling imposing tax on profits gotten from cryptocurrency trading, as the nascent industry sees exponential growth in the Southeast Asian country. Indonesia Could Impose Tax on Crypto Trading According to Reuters on Tuesday (May 11, 2021), an Indonesian tax official, Neilmaldrin Noor, told the news outlet that the proposal to tax profits on

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Indonesia is mulling imposing tax on profits gotten from cryptocurrency trading, as the nascent industry sees exponential growth in the Southeast Asian country.

Indonesia Could Impose Tax on Crypto Trading

According to Reuters on Tuesday (May 11, 2021), an Indonesian tax official, Neilmaldrin Noor, told the news outlet that the proposal to tax profits on crypto gains was still in the talking stage. Noor noted that Indonesia was looking at ways to boost its revenue amid the COVID-19 pandemic. 

Indonesia’s central bank back in 2018 prohibited cryptocurrency-based transactions in the country, citing a lack of regulation and financial protection for its citizens as reasons. Meanwhile, in 2019, the government declared that crypto could be traded as a commodity. 

The cryptocurrency industry continues to flourish in Indonesia, with the country’s Commodity Futures Trading Regulatory Agency, also known as Bappebti, stating recently that there are about 4.5 million crypto investors in the country. This figure exceeds the number of stock investors which is approximately 2 million, as of February 2021. 

Major crypto exchange in Indonesia, Indodax, also said that the number of active members on its platform in April grew to three million from 2.3 million in January. The crypto exchange experienced growth at the time the price of bitcoin and other cryptocurrencies reached all-time highs (ATHs). 

While crypto booms in Indonesia, citizens may have to get ready to be levied tax on their crypto gains. According to Noor:

“It is important to know that… if there is a profit or capital gain generated from a transaction, the profit is an object of income tax. So the taxpayer who receives capital gain has to pay the tax and report it.” 

Meanwhile, Indonesia joins the list of countries that are either considering crypto tax or already have a cryptocurrency tax policy. South Korea, after a couple of back ad forth, is ready to implement its crypto tax law in January 2022.

The South Korean government would levy 20% on cryptocurrency trading profits that exceed 2.5 million won ($2,234). While the tax law has seen pushback from crypto industry participants in South Korea, a recent survey showed that over 50% of the respondents support the upcoming tax policy.

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Source: https://btcmanager.com/indonesia-ponders-on-plan-to-tax-crypto-trading-gains/

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