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Scammers Steal $1.4B In Crypto In First 5 Months Of 2020, CipherTrace Says




On June 2, CipherTrace digital asset intelligence firm published a report about crypto scammers. Based on that report, the value of stolen funds through crypto scams has neared $1.4 billion for the first five months of 2020.

Scams are thriving everywhere online, and the crypto sphere is not spared. Researchers are convinced that 2020 is on track to become a record-breaking year for crypto-related hacks, thefts, and fraud.

Unfortunately, almost every day, crypto brokers and criminals are seeking to scam unsuspecting victims. Anyone who was duped by any broker is advised to make complaints on Broker Complaint Registry. There, users report abuse on complaint pages where they are advised on steps they can take to recover some of the lost funds.

Hacker attack network with labtop

The losses for the first five months of the year makes it probable that the amount of money lost to criminals and illegal actors in 2020 will surpass the $4.5 billion lost last year. Most of these losses come through ‘insider jobs’ at different businesses in this space, especially the crypto exchanges.

CipherTrace notes that this year criminals are exploiting opportunities that have come up with the COVID-19 vulnerabilities. The scammers are propagating new crypto-related ransomware, phishing campaigns, and darknet marketplace fraud.

Coronavirus-related Crypto Scammers

This year started well for the crypto space with Bitcoin and the general market gaining considerably. But, after coronavirus-related fears hit the market, CipherTrace identified many scams involving the pandemic. Cybercriminals are using email campaigns to impersonate coronavirus-related official groups and entities to solicit personal information and payments in crypto.

Covid-19 Pandemic Crashes Bitcoin BTC

Some of the mimicked entities and brands include the Red Cross, the World Health Organization, and the Center for Disease Control. Other ‘pandemic-related’ applications and sites comprise of the alleged virus trackers for smartphones. These phone trackers enable the hackers to spy on users and install ransomware, which they use later to demand crypto payments to decrypt the users’ files.

Furthermore, new darknet markets have come up. They ask for payments in crypto for COVID-19 ostensible vaccines, diagnostic tests, and ‘cures’ or the rate of personal protective equipment for the medical personnel. 98% of the $1.36 billion worth of crypto stolen so far in 2020 was channeled to fraud and misappropriation. Hacks and direct thefts make up the remaining 2%.

Money Laundering Still Thrives

Anti-Money Laundering measures have so far proven quite useful, according to CipherTrace. These measures resulted in a 47% drop in the global average transactions of illicit funds on crypto exchanges in 2019.

Nonetheless, various challenges remain in ‘regulatory arbitrage.’ Many of the high-risk crypto firms are relocating to less regulated jurisdictions. The report alleges that this strategy will persist with many crypto firms considering shifting to these viable jurisdictions as the Financial Action Task Force (FATF)’s travel rule becomes effective in June 2020.

Anti Money laundering concept, words on wooden blocks on 100 euro banknotes

Data from CipherTrace shows that up to 74% of the Bitcoin moved in exchange-to-exchange transactions was cross-border. This trend justifies the urgency to establish global AML and counter-terrorism standards like the ones set by FATF.

The report further highlights the amplifying effect of the global public health and economic crisis, adding that:

“in a rush to institute government programs, there will inevitably be corruption and misallocated funds, creating a ripe environment for money laundering.”

The Future

In 2019, there was an exponential increase in the amount of funds being sent to various high-risk exchanges from the US Bitcoin ATMs. This discovery prompted CipherTrace to predict that ATMs could be the next frontier for criminals, which might catch the attention of financial regulators.

As the crypto space evolves, scammers also change their tactics of exploiting vulnerable and unsuspecting victims. Authorities and experts advise investors to only transact with reputable entities and do thorough background checks to ensure that whoever they are dealing with is who they claim to be.



Which crypto exchange platform is faster, coin transfer or Godex?




The coin transfer exchange works in a semi-automatic mode. The exchange takes place from morning to evening with the participation of the operator. All switching processes are carried out with the help of a support person. This way of working has its advantages.
A lot of people these days use automatic exchanges because it’s quick and easy. However, a semi-automatic service offers the possibility of a safe change.
This option is particularly recommended for beginners who do not yet know how to correctly fill in the fields in trades, how to find out the amount of the commission and when to complete the operation.
Most important steps in currency exchange
The change works in 3 steps:

Step 1: Select a currency pair to swap in the cryptocurrency converter. Check the box that you agree to the tariff, service fees, and fees for the cryptocurrency network.
• Step 2: Fill out the exchange form and check the entered data, as in most cases cryptocurrency transactions cannot be canceled.
• Step 3: Send the amount specified in the application to the address provided by the exchange operator and receive the cryptocurrency on your wallet within 5-30 minutes.
Cointransfer has been active since 2016 and offers 219 currency pairs.
The swap board has over 1,760 reviews, most of which are positive. If you have already changed the currency on this service, you can leave your feedback and add to the collection of comments on this exchange service.
The Godex crypto exchange is an excellent example of a website that allows you to exchange one type of cryptocurrency for another online. Dynamic price changes, complete absence of transaction limits (the transaction time can increase with large amounts), a clear user interface – everything is done here to ensure that investors feel comfortable. There is also a dedicated affiliate loyalty program so you can get a quick entry into the cryptocurrency market. It is time to look into the subject of such an investment.
You should understand right away that it is impossible to completely eliminate the risks involved in buying a cryptocurrency. Even most stable coins can lead to a complete loss of the money invested; even if the likelihood of such a course of events is extremely low. Only after you have considered all the advantages and disadvantages of each model, familiarized yourself with the market indicators over a period of time and analyzed the opinions of experts, should you make an informed decision.
When you are ready to buy cryptocurrency, you should do so strictly in accordance with certain rules. Investments need to be planned and made wisely. Creating a wallet with an address is necessary and does not take much time. You can buy the cryptocurrency you are interested in after registering with a specialized exchange – just select a popular currency to buy. After buying, many advise transferring the coins to offline storage to eliminate the possibility of hacking and theft of investments. By investing in one with a view to market capitalization, the risks of a currency can be significantly reduced. The three cryptocurrencies that currently meet these requirements are:
Litecoin. currently serves thousands of customers with over 10,000 transactions daily. So if you are looking to swap one coin for another, you should try and enjoy fast transactions at good exchange rates.

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Maker Hits a New All-Time High Close to the $5,000 Mark




Maker is the first Ethereum-based smart contract system to launch an automated cryptocurrency lending platform. 

Maker provides the first decentralized basic stable currency Dai (which can be compared and analyzed as the U.S. dollar on Ethereum) and a derivative financial system, promoting the prosperity of decentralized finance (DeFi).

Dai is issued through a full mortgage guarantee of digital assets. Since its launch in 2017, Dai has always remained anchored to the U.S. dollar with a 1:1 ratio.

On April 19, members of the MakerDAO community began to vote on MIP45, a proposal aimed at upgrading the liquidation system of the Maker protocol and maintaining the stability of Dai pegged to the U.S. dollar.

If approved, the liquidation 2.0 system will provide higher security, predictability, and decentralization, and provide community members with more opportunities to participate in collateral auctions through Auction Keeper software and a more conventional interface. This will promote the participation of the Maker community and the entire DeFi department.

According to data from DeFi Pulse, Maker, the largest DeFi agreement with system collateral of $965 million, dominates 16.44% of the entire DeFi market.

The holders of the Maker (MKR) tokens of the project have received a 64.23% price increase reward in the past week. According to CoinMarketCap, Maker with a market cap of $4,817,105,553, ranks as the 30th largest cryptocurrency.

The token has grown nearly eight-fold since the beginning of this year, rising from $587 to $4,652,  It hit a record high of $4,995 today, breaking the $4,500 marks in one clean swoop.

Maker (MKR) Price Analysis

Source: MKR/USD 4-hour via TradingView

Judging from the 4-hour candlestick chart, MKR has successfully broken through its previous high of $4,118, and the rapidly expanding trading volume has resulted in $4,118 being flipped from a resistance to a support level.

The transaction price of MKR/USD is higher than the Exponential Moving Average (EMA) ribbon. Both the upward moving average and the bullish MACD index indicate that the bulls are currently dominating the market.

However, the Relative Strength Index stepping into the overbought zone is gradually levelling off, which suggests that MKR is encountering relatively strong selling pressure after touching its all-time high of $4,995 today. The MKR’s price will therefore experience a slight retracement, and it is likely to trade sideways for a period of time around $4,400-$4,600 before resuming its upward momentum.

If MKR’s price can stabilize above $4,200, then the upward trend of Maker may open a faster upward channel. As Maker hit a new high, this will mean that the altcoin will not encounter strong selling pressure on its way up. If the entire crypto market emerges from its current slump, it is highly likely that Maker breaks through $5,500 in the short term.

Conversely, a surge in the number of sell orders will push MKR below the $4118 support level and may trigger a more severe correction to the 20-day Exponential Moving Average of $3,795.

Image source: Shutterstock Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://Blockchain.News/analysis/maker-hits-new-all-time-high-close-5000-mark

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The post Bitkingz Casino Exclusive Bonus appeared first on BitcoinChaser.




Bitcoin Chaser – April 22, 2021

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RIT Capital Partners acquires a stake in crypto exchange Kraken.

According to the official announcement, RIT Capital Partners invested in the crypto exchange Kraken last month. The British investment firm described Kraken as one of the largest cryptocurrency exchanges worldwide, with more than 6 million clients. Kraken has seen a surge in cryptocurrency trading volumes during the last few months. The crypto exchange is also reportedly […]




According to the official announcement, RIT Capital Partners invested in the crypto exchange Kraken last month. The British investment firm described Kraken as one of the largest cryptocurrency exchanges worldwide, with more than 6 million clients. Kraken has seen a surge in cryptocurrency trading volumes during the last few months. The crypto exchange is also reportedly planning to go public in 2022 through a direct listing.

“Kraken is currently in talks with investors about another round of fundraising.”

“Kraken is currently in talks with investors about another round of fundraising that could give it a valuation of $20bn. Talks have been held in discussions with Fidelity, Tribe Capital, and General Atlantic. Kraken CEO Jesse Powell said this is being delayed in order to evaluate how Coinbase’s IPO performs. Kraken has a strong balance sheet, and the company is not in a rush to raise capital,” the official announcement states. Kraken is not the only cryptocurrency exchange that is planning to go public for global expansion; several other crypto exchanges are eying IPO in the coming time. 

Coinbase went public via a direct listing on Nasdaq last week. 

The US-based crypto exchange went public last week and received a reference price of $250 for COIN shares. The shares of the crypto exchange touched an all-time high of approximately $420 on its debut but saw a correction later. COIN stock closed at $311 yesterday. As reported earlier, Coinbase CEO Brian Armstrong sold 749,999 COIN shares worth nearly $292 million last week. The US-based crypto exchange saw nearly $335 billion in trading volumes during the first three months of 2021. The crypto industry has garnered a lot of mainstream attraction in the last year or so. Coinbase getting listed on Nasdaq is being hailed as a major milestone for the crypto industry. 

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