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FTC: Consumers Lost $82 Million to Crypto Scams In 6 Months

According to the U.S. Federal Trade Commission, consumers lost almost $82 million to crypto scams in just six months.

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In brief

  • The US Federal Trade Commission has found that consumers have lost $82 million to crypto scams in six months.
  • The rise in crypto scams occurred amid an increase in Bitcoin’s price.

While crypto prices rise, the amount lost to crypto scams keeps growing. 

Consumers reported losses of nearly $82 million to crypto scams between October 2020 and March 2021, according to the U.S. Federal Trade Commission (FTC). 

The $82 million loss is ten times the amount reported for the same six-month period a year earlier. 

The FTC said crypto scams increase when crypto prices rise. Between October 2020 to March 2021, Bitcoin climbed from $10,000 to $59,000, a 490% increase. Ethereum’s price rose from $360 to $1,940 in the same time period.

“Cryptocurrency enthusiasts congregate online to chat about their shared passion. And with bitcoin’s value soaring in recent months, new investors may be eager to get in on the action. All of this plays right into the hands of scammers,” the FTC said

The FTC’s data relies on self-reporting consumers, so the true loss may be higher than reported. 

Other victims

Consumers who reported scams to the FTC are far from the only victims of crypto scams. 

In Australia, scammers pocketed over $20 million in crypto payments last year, according to a report published this month by the Australian Competition and Consumer Commission. The commission found that crypto was the second most popular payment method for scammers after bank transfers. 

In the UK, the National Crime Agency is also concerned that crypto adoption could increase crypto-related crime. In the organization’s annual report on serious organized crime, the NCA claimed that increasing Bitcoin adoption could make life easier for criminals. 

If cryptocurrencies are the future of finance, it’s the future for scammers.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://decrypt.co/72945/ftc-consumers-lost-82-million-to-crypto-scams-in-6-months

Blockchain

Major DeFi Tokens on the Rise as Bitcoin Breaches Above $40000

With Bitcoin going above $40,000, it gives a sizable boost to the leading DeFi tokens such as Aave, Uniswap, and Compound.

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Leading cryptocurrency Bitcoin finally breaches the $40,000 mark on 14th June after weeklong trading below the $35,000 zone. With BTC going on an upwards streak, it gives a sizable boost to the overall crypto market along with major DeFi tokens such as Aave, Uniswap, and Compound.

Aave, Uniswap, and Compound are on the Rise

Over the past 24 hours, the price of Aave, Uniswap, and Compound has increased by roughly 9% with the three tokens hitting the highs in terms of correlation against Bitcoin’s price.

The combined value of all cryptocurrencies is currently at $1.67 trillion, with DeFi tokens sector among the biggest gainers.

For instance, DeFi lending protocol Aave (AAVE) has been up by 10% over the past 24 hours and is currently trading at $325. With a market cap of just above $4 billion, AAVE is currently the fourth largest DeFi asset.

READ  Origin Protocol (OGN) and REEF Technical Analysis: What to Expect?

Earlier this month, the DeFi token reached the number one spot in total value locked (TVL) in the entire sector.

Similarly, Ethereum-based decentralized exchange (DEX) token Uniswap (UNI) is the tenth-largest cryptocurrency by market cap and the largest among DeFi tokens.  With a market cap of $12 billion, the token has skyrocketed above $24 but is still 50% below its all-time high of $44.29 on May 3.

Similarly, the governance token of the Compound Protocol (COMP) has reached $339 earlier today and is currently the fourth largest DeFi token and the 60th-largest crypto asset by market cap.

DeFi Tokens Correlating With Bitcoin’s Price

The price of DeFi tokens largely depends on factors like the correlation with Bitcoin and social media activity. Notably, the latest move has brought an unusually high correlation of AAVE, UNI, and COMP to the price of Bitcoin.

READ  MetaMask Dips Into DeFi By Offering Token Swaps

Besides, various metrics such as the number of active users, trading volumes on DEX, interest per year on lending protocols, the amount deposited in lending protocols, and the number of outstanding loans.

#AAVE #COMP #Compound Protocol #DeFi #DeFi Tokens #UNI #Uniswap

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/major-defi-tokens-on-the-rise-as-bitcoin-breaches-above-40000

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Blockchain

MicroStrategy To Sell $1B in Stock for More Bitcoin

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MicroStrategy Inc. (MSTR), the enterprise software maker, filed a shelf registration to the U.S. Securities and Exchange Commission (SEC) on Monday, intending to sell as much as $1 billion in common shares for general purpose, including purchasing more Bitcoin, Bloomberg reported Monday.

MSTR announced earlier Monday that the enterprise had completed the sale of $500 million in senior secured notes due 2028. The net proceeds from the sale are estimated at approximately $488 million. The deals will aim to purchase extra Bitcoins for assets accumulation. MicroStrategy’s latest move of the amount is more than expected, as the company’s announcement last week was planning to sell $400 million to buy Bitcoin. Bloomberg reported early that it was the first-ever junk bond sale used for financing purchases of the volatile cryptocurrency.

MSTR disclosed in May that the company is holding around 92,079 BTC by a newly formed subsidiary, MicroStrategy LLC.

Bitcoin Returns $40,000 Level Above

Meanwhile, Bitcoin’s price is boosted by serval feel-good factors and returned to $40,000 level above on Monday after billionaire hedge manager Paul Tudor Jones expressed his confidence in Bitcoin as a hedging investment tool for his portfolio.  

Tesla CEO Elon Musk revealed his conditional acceptance for Bitcoin payment on Twitter recently. Musk said the electric vehicle manufacturer might resume allowing Bitcoin transaction in the future, as long as Bitcoin mining is environmentally friendly enough that at least 50% of energy usage generated by green energy.

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/news/microstrategy-to-sell-1b-in-stock-bitcoin

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DeFi Technologies Announces Agreement with SDK:meta

DeFi Technologies has announced an agreement with web3 blockchain technology company SDK:meta, allowing it to obtain a 10% equity interest in the latter.

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DeFi Technologies has announced an agreement with SDK:meta, allowing it to obtain a 10% equity interest in the latter. SDK:meta is a privately held web3 blockchain technology company based in Michigan focused on the mass adoption of user-centric platforms and increasing mobile access for decentralized finance services.

DeFi Technologies to Issue Shares to SDK:meta for 10% Equity Interest

As per the agreement, DeFi technologies will issue 3,000,000 common shares of its company to SDK:meta in exchange for the 10% equity interest. The transaction between these two entities will not include a finders’ fee. DeFi Technologies is yet to release additional information on the arrangement.

The two companies are also planning to partner with each other, which would enable SDK:meta’s platforms to leverage to DeFi’s technologies’ decentralized finance ecosystem

The agreement between the companies is subject to receipt of approvals from board members and shareholders. Both parties are required to meet all conditions unless any of them is waived in writing.

DeFi Technologies Is Expanding its Services in a Rapidly Growing Industry

DeFi Technologies is a Canadian company founded by Wouter Witvoet and Olivier Roussy Newton, who raised $1.4 billion in their previous deals. The company aims to enhance shareholder value through the development and management of assets in the decentralized finance sector. 

The firm has been expanding its bouquet of services and offerings. Earlier this month, its subsidiary Valour launched its Polkadot exchange-traded product(ETP) on the Nordic Growth Market(NGM) stock exchange. The ETP enables investors to securely trade in Polkadot protocol’s native token DOT via their bank brokers.

At the moment, DeFi Technologies is engaged in providing retail and institutional investors with opportunities for investment in the growing decentralized finance market. It offers one-click solutions for asset management, access to early ventures, and governance for networks conducting transactions. The company’s technology promises to remove the need for a third party by making transactions transparent, tamper-proof, and verifiable by everyone. 

READ  Derivatives and Synthetic Assets in DeFi

#Decentralized Finance (DeFi) #DeFi Technologies #SDK:meta

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/defi-technologies-announces-agreement-with-sdkmeta

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Blockchain

DeFi Technologies Announces Agreement with SDK:meta

DeFi Technologies has announced an agreement with web3 blockchain technology company SDK:meta, allowing it to obtain a 10% equity interest in the latter.

Published

on

Table of Contents

Rate this post

DeFi Technologies has announced an agreement with SDK:meta, allowing it to obtain a 10% equity interest in the latter. SDK:meta is a privately held web3 blockchain technology company based in Michigan focused on the mass adoption of user-centric platforms and increasing mobile access for decentralized finance services.

DeFi Technologies to Issue Shares to SDK:meta for 10% Equity Interest

As per the agreement, DeFi technologies will issue 3,000,000 common shares of its company to SDK:meta in exchange for the 10% equity interest. The transaction between these two entities will not include a finders’ fee. DeFi Technologies is yet to release additional information on the arrangement.

The two companies are also planning to partner with each other, which would enable SDK:meta’s platforms to leverage to DeFi’s technologies’ decentralized finance ecosystem

The agreement between the companies is subject to receipt of approvals from board members and shareholders. Both parties are required to meet all conditions unless any of them is waived in writing.

DeFi Technologies Is Expanding its Services in a Rapidly Growing Industry

DeFi Technologies is a Canadian company founded by Wouter Witvoet and Olivier Roussy Newton, who raised $1.4 billion in their previous deals. The company aims to enhance shareholder value through the development and management of assets in the decentralized finance sector. 

The firm has been expanding its bouquet of services and offerings. Earlier this month, its subsidiary Valour launched its Polkadot exchange-traded product(ETP) on the Nordic Growth Market(NGM) stock exchange. The ETP enables investors to securely trade in Polkadot protocol’s native token DOT via their bank brokers.

At the moment, DeFi Technologies is engaged in providing retail and institutional investors with opportunities for investment in the growing decentralized finance market. It offers one-click solutions for asset management, access to early ventures, and governance for networks conducting transactions. The company’s technology promises to remove the need for a third party by making transactions transparent, tamper-proof, and verifiable by everyone. 

READ  NFTs Are a Natural Fit for Coinbase as “The New Revenue Stream”

#Decentralized Finance (DeFi) #DeFi Technologies #SDK:meta

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/defi-technologies-announces-agreement-with-sdkmeta

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