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New Australian Report Shows That Fraudsters Pick Bank Transfer Over Cryptocurrencies

A growing number of Australians have fallen victim of investment scams and fraudulent schemes. However, according to new report, scammers prefer bank transfers to cryptocurrencies. Australians Lose $670 Million to Scammers In 2020 The Australian Competition and Consumer Commission (ACCC) said in its annual Targeting Scams report published Monday that residents of Australia lost $851 […]

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A growing number of Australians have fallen victim of investment scams and fraudulent schemes. However, according to new report, scammers prefer bank transfers to cryptocurrencies.

Australians Lose $670 Million to Scammers In 2020

The Australian Competition and Consumer Commission (ACCC) said in its annual Targeting Scams report published Monday that residents of Australia lost $851 million Australian dollars (almost $670 million) in over 444,000 reported scam instances in 2020.

The evaluation gathers information from the commission’s own Scamwatch website, Australia’s cybersecurity center Reportcyber, other government agencies, and a dozen banks and financial intermediaries. Delia Rickard, Deputy Chair of the ACCC, stated:

“Last year, scam victims reported the biggest losses we have seen, but worse, we expect the real losses will be even higher, as many people don’t report these scams.”

In 2020, the agency recorded an increase in financial losses due to investment frauds, with the overall amount reaching a record-high $328 million Australian dollars ($254 million). Scamwatch reports jumped by 63 percent to 7,295 in total, with losses totaling $66 million Australian dollars, or more than $51 million. Almost 34% of those who reported an investment fraud lost money. The average loss was $26,713 Australian dollars, or about $20,000 in US dollars.

Scammers continued to use bank transfers as the most prevalent payment method, with over $97 million Australian dollars ($75 million) stolen through such transfers, a 40% increase over the previous year. Bitcoin was the second-highest payment method, with $26.5 million in losses, or slightly more than $20.5 million, according to the ACCC. When they are combined with the “Other Payments” category, which includes cryptocurrencies such as ethereum and apps such as Zelle or Skrill, the total is $50 million Australian dollars (almost $39 million).

Related article | Bitcoin Price Dips After Trump Says Bitcoin ‘Seems Like A Scam’

Romance Baiting Seems To Be Effective Among Scammers

In the midst of the ongoing Covid problem, health and medical scams grew more than 20 times last year compared to 2019, accounting for approximately $3.9 million in Australian dollars ($3 million) in losses. However, in 2020, Scamwatch found a new sort of fraud known as “romantic baiting,” which is frequently related with cryptocurrency payments. Perpetrators are focusing on social and age groups that have not previously experienced significant losses.

According to the ACCC, victims are often approached on a dating app, redirected elsewhere, and persuaded into an investment fraud using bitcoin. Last year, young Australians aged 25 to 34 lost the most money to romance baiting — $7.3 million Australian dollars ($5.66 million). Citizens reported 414 similar frauds in all, with losses totaling $15.4 million Australian dollars (almost $12 million). Crypto frauds are by far the most widespread in this category (57 percent), according to the commission.

In 2020, WhatsApp was added as an option in the reporting form. The ACCC received 347 reports selecting WhatsApp from the drop down menu. Scam reports listing the contact mode as social networking/online forum and identifying the platform as dating app Tinder increased from 73 in 2019 to 174 in 2020.

“This 138% increase in reporting was primarily in relation to romance scams, but also included investment scams where scammers encouraged victims to invest in cryptocurrencies,” the reported added.

BTC/USD in downward spiral since Trump called it a scam. Source: TradingView

Related article | Is Mining City a Ponzi scheme?

Featured image from Pixabay, Charts from TradingView.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/new-australian-report-shows-that-fraudsters-pick-bank-transfer-over-cryptocurrencies/?utm_source=rss&utm_medium=rss&utm_campaign=new-australian-report-shows-that-fraudsters-pick-bank-transfer-over-cryptocurrencies

Blockchain

Bitcoin: Is the price being ‘manipulated by one very influential individual’

Well, Dogecoin remained the hype-driven coin as Elon Musk continued the joke about the alt becoming ‘world’s cryptocurrency.’ However, the Tesla CEO expanded his reach and targeted Bitcoin; initially,

The post Bitcoin: Is the price being ‘manipulated by one very influential individual’ appeared first on AMBCrypto.

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Well, Dogecoin remained the hype-driven coin as Elon Musk continued the joke about the alt becoming ‘world’s cryptocurrency.’ However, the Tesla CEO expanded his reach and targeted Bitcoin; initially, he came out as an enthusiast. Musk’s optimism was reflected in Bitcoin’s price: Tesla announced it had bought $1.5 billion in Bitcoin and signaled its intent to start accepting Bitcoin as payment for vehicles. In March, the CEO tweeted, “you can now buy a Tesla with Bitcoin,” only to suspend the same due to concerns about fossil-fuel usage for Bitcoin mining and transactions.

Musk’s rollercoaster of emotions on Bitcoin impacted its price at every stage. Be it his support for BTC or Tesla investing in BTC followed by its sales shortly. This induced volatility in the Bitcoin market, which cannot be denied.

However, can we say Musk was manipulating the market? Not without evidence.

Sygnia CEO, Magda Wierzycka in an interview criticized the Tesla CEO and stated:

“What we have seen with Bitcoin is price manipulation by one very powerful and influential individual.”

Musk called this inaccurate and added:

“Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.”

He added that the company would resume allowing BTC transactions once there was confirmation that miners were using approximately 50% clean energy with a “positive future turned.”

Bitcoin’s current period of consolidation can be attributed to news about China cracking down on crypto and Elon Musk’s Tweets.

However, this raised the question of Bitcoin being an un-correlated asset. Recent times have provided evidence to the contrary. Many have stated that the cryptocurrency market has been getting influenced by industry decisions and individuals tweets.

Thomas Lee of Fundstrat opined that the impact of ‘institutional investors’ is still very small and the changes caused by a company or a person meant the market needed to evolve further.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/bitcoin-is-the-price-being-manipulated-by-one-very-influential-individual

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Blockchain

Bitcoin: Is the price being ‘manipulated by one very influential individual’

Well, Dogecoin remained the hype-driven coin as Elon Musk continued the joke about the alt becoming ‘world’s cryptocurrency.’ However, the Tesla CEO expanded his reach and targeted Bitcoin; initially,

The post Bitcoin: Is the price being ‘manipulated by one very influential individual’ appeared first on AMBCrypto.

Published

on

Well, Dogecoin remained the hype-driven coin as Elon Musk continued the joke about the alt becoming ‘world’s cryptocurrency.’ However, the Tesla CEO expanded his reach and targeted Bitcoin; initially, he came out as an enthusiast. Musk’s optimism was reflected in Bitcoin’s price: Tesla announced it had bought $1.5 billion in Bitcoin and signaled its intent to start accepting Bitcoin as payment for vehicles. In March, the CEO tweeted, “you can now buy a Tesla with Bitcoin,” only to suspend the same due to concerns about fossil-fuel usage for Bitcoin mining and transactions.

Musk’s rollercoaster of emotions on Bitcoin impacted its price at every stage. Be it his support for BTC or Tesla investing in BTC followed by its sales shortly. This induced volatility in the Bitcoin market, which cannot be denied.

However, can we say Musk was manipulating the market? Not without evidence.

Sygnia CEO, Magda Wierzycka in an interview criticized the Tesla CEO and stated:

“What we have seen with Bitcoin is price manipulation by one very powerful and influential individual.”

Musk called this inaccurate and added:

“Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market.”

He added that the company would resume allowing BTC transactions once there was confirmation that miners were using approximately 50% clean energy with a “positive future turned.”

Bitcoin’s current period of consolidation can be attributed to news about China cracking down on crypto and Elon Musk’s Tweets.

However, this raised the question of Bitcoin being an un-correlated asset. Recent times have provided evidence to the contrary. Many have stated that the cryptocurrency market has been getting influenced by industry decisions and individuals tweets.

Thomas Lee of Fundstrat opined that the impact of ‘institutional investors’ is still very small and the changes caused by a company or a person meant the market needed to evolve further.


Subscribe to our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/bitcoin-is-the-price-being-manipulated-by-one-very-influential-individual

Continue Reading

Blockchain

MicroStrategy to Sell $1B Worth of Stock to Buy Bitcoin

MicroStrategy will sell up to $1 billion worth of its stock to buy more bitcoin, according to a form published on June 14.

The post MicroStrategy to Sell $1B Worth of Stock to Buy Bitcoin appeared first on BeInCrypto.

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MicroStrategy will sell up to $1 billion worth of its stock to buy more bitcoin, according to a form published on June 14.

Sponsored
Sponsored

MicroStrategy, in its latest move signaling support for bitcoin, will sell up to $1 billion of its stock to buy the asset. The company published the relevant SEC form on June 14. CEO Michel Saylor, now one of bitcoin’s strongest proponents, also revealed the development on Twitter.

MicroStrategy has been consistently doubling down on its bitcoin bet, having made a considerable return on investment on its bitcoin purchases with the bull run in the first few months of 2021. Clearly, the company and its leading figure are betting on bitcoin to grow moving forward.

Sponsored
Sponsored

The company is one that sticks to its word. Just yesterday, on June 14, it sold $500 million in secured notes to buy roughly 11,900 BTC. The news pushed the stock price of MicroStrategy by 12%.

MicroStrategy’s interest in bitcoin goes beyond just purchasing BTC and sitting on the asset. The company’s CEO is involving himself in more educational and awareness efforts, including the launch of a Bitcoin Mining Council.

Michael Saylor and the Bitcoin Mining Council

Recently, Saylor announced that the newly launched Bitcoin Mining Council would have a meeting on June 16 to discuss bitcoin’s energy consumption and possible green energy solutions. Notably, Elon Musk will not be a part of the mining council, though he has held a call related to the council in the past.

Musk’s tweets set off a storm of headlines related to bitcoin’s energy consumption, which subsequently sent the cryptocurrency’s price tanking. The Tesla CEO said that the company would stop accepting bitcoin payments for Teslas until mining switched to cleaner sources of energy.

Recently, he updated the status on this by saying that if there was confirmation of approximately 50% of mining using clean energy, as well as a “positive future trend,” Tesla would start accepting bitcoin again. This helped bitcoin’s price up, on top of the approval of the Taproot upgrade for the network.

The Bitcoin Mining Council itself is an organization composed loosely of individuals, groups, and miners that will focus on bringing positive changes to mining on the network. The FAQ on the council’s page goes so far as to say that it will not involve Elon Musk, assuaging the market’s concerns on the Tesla CEO, which it has grown upset with.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Rahul Nambiampurath is an India-based Digital Marketer who got attracted to Bitcoin and the blockchain in 2014. Since then, he has guided a number of startups navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars. He has a Masters degree in Finance.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/microstrategy-sell-1b-stock-buy-bitcoin/

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Blockchain

MicroStrategy to Sell $1B Worth of Stock to Buy Bitcoin

MicroStrategy will sell up to $1 billion worth of its stock to buy more bitcoin, according to a form published on June 14.

The post MicroStrategy to Sell $1B Worth of Stock to Buy Bitcoin appeared first on BeInCrypto.

Published

on

MicroStrategy will sell up to $1 billion worth of its stock to buy more bitcoin, according to a form published on June 14.

Sponsored
Sponsored

MicroStrategy, in its latest move signaling support for bitcoin, will sell up to $1 billion of its stock to buy the asset. The company published the relevant SEC form on June 14. CEO Michel Saylor, now one of bitcoin’s strongest proponents, also revealed the development on Twitter.

MicroStrategy has been consistently doubling down on its bitcoin bet, having made a considerable return on investment on its bitcoin purchases with the bull run in the first few months of 2021. Clearly, the company and its leading figure are betting on bitcoin to grow moving forward.

Sponsored
Sponsored

The company is one that sticks to its word. Just yesterday, on June 14, it sold $500 million in secured notes to buy roughly 11,900 BTC. The news pushed the stock price of MicroStrategy by 12%.

MicroStrategy’s interest in bitcoin goes beyond just purchasing BTC and sitting on the asset. The company’s CEO is involving himself in more educational and awareness efforts, including the launch of a Bitcoin Mining Council.

Michael Saylor and the Bitcoin Mining Council

Recently, Saylor announced that the newly launched Bitcoin Mining Council would have a meeting on June 16 to discuss bitcoin’s energy consumption and possible green energy solutions. Notably, Elon Musk will not be a part of the mining council, though he has held a call related to the council in the past.

Musk’s tweets set off a storm of headlines related to bitcoin’s energy consumption, which subsequently sent the cryptocurrency’s price tanking. The Tesla CEO said that the company would stop accepting bitcoin payments for Teslas until mining switched to cleaner sources of energy.

Recently, he updated the status on this by saying that if there was confirmation of approximately 50% of mining using clean energy, as well as a “positive future trend,” Tesla would start accepting bitcoin again. This helped bitcoin’s price up, on top of the approval of the Taproot upgrade for the network.

The Bitcoin Mining Council itself is an organization composed loosely of individuals, groups, and miners that will focus on bringing positive changes to mining on the network. The FAQ on the council’s page goes so far as to say that it will not involve Elon Musk, assuaging the market’s concerns on the Tesla CEO, which it has grown upset with.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Rahul Nambiampurath is an India-based Digital Marketer who got attracted to Bitcoin and the blockchain in 2014. Since then, he has guided a number of startups navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars. He has a Masters degree in Finance.

Follow Author

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/microstrategy-sell-1b-stock-buy-bitcoin/

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