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FBI: Crypto Investment Fraud Soars 183% to $2.57B in 2022

• The Federal Bureau of Investigation (FBI) released its 2022 Internet Crime Report, which revealed that cryptocurrency investment fraud rose 183% from $907 million in 2021 to $2.57 billion in 2022.
• In response, the FBI issued a public service announcement warning of „a spike in cryptocurrency investment schemes.“
• These schemes typically start with romance or confidence scams and evolve into crypto-investment fraud, with victims aged 30 to 49 being the most targeted group.

FBI Reports Crypto Investment Fraud Rose 183%

The Federal Bureau of Investigation (FBI) says cryptocurrency investment fraud rose 183%, from $907 million in 2021 to $2.57 billion in 2022, based on data from its Internet Crime Complaint Center (IC3). The FBI also warned the public of an increase in crypto investment schemes.

Investment Scams Costliest Scheme Reported

The 2022 Internet Crime Report revealed that investment scams were the costliest scheme reported to IC3, increasing from $1.45 billion to $3.31 billion – an increase of 127%. Within these complaints, crypto-investment fraud was particularly high, leading the FBI to issue a public service announcement warning of this spike.

Common Crypto Investment Scams

The FBI highlighted some prevalent crypto investment scams being experienced in 2022 such as those related to liquidity mining, hacked social media accounts, celebrity impersonation, real estate professionals and employment.

Targeted Age Group: 30-49

Crypto-investment scams have had a massive impact on victims who often assume massive debt in order cover losses incurred through these fraudulent investments – with victims aged 30 to 49 being the most targeted age group when it comes to these types of crimes.

Conclusion

In conclusion, the FBI’s report highlights how crypto-fraud is escalating and warns that criminals are increasingly targeting vulnerable individuals – especially those aged between 30 and 49 – through various forms of crypto investment schemes. As such it is important for people to be aware of these threats and take all necessary precautions when investing online or dealing with cryptocurrencies

Digital Yuan Now on Wechat: Over 1B Users Can Pay With CBDC

• Wechat, the Chinese social media platform and instant messenger, has added support for the state-backed digital yuan in its payment app.
• Over a billion users will now be able to take advantage of fast payments with the e-CNY issued by the People’s Bank of China.
• This follows Alipay’s integration of payments with digital yuan back in December 2022.

Wechat Adds Support for Digital Yuan Payments

Chinese social media platform Wechat has introduced support for the state-backed digital yuan in its popular payment app. Over a billion users will now ostensibly be able to take advantage of fast payments with the digital currency issued by the People’s Bank of China.

Wechat Pay Follows Alipay

The largest Chinese social network and instant messenger, Wechat, has added China’s central bank digital currency (CBDC) to its payment application, Wechat Pay, with its latest update. More than 1.2 billion users will have access to this feature and be able to make transactions up to 2,000 yuan per transaction (close to $290). There is also a daily limit of 5,000 yuan (a little over $700). The tech giant Tencent Holdings owns Wechat Pay making it second major payment system in China after Alibaba Group’s Alipay platform that integrated the e-CNY wallet back in December 2022.

Promotion Of Digital Currency By Chinese Government

The Chinese government has been actively promoting its digital currency with trials underway across more than two dozen cities and provinces involving more than 5.5 million participating merchants and other businesses. Data released at the end of last year showed that volume of e-CNY payments exceeded 13.5 billion yuan. However, in September there was a call from PBOC for deeper integration of its new currency with e-payment providers as results from trials had been disappointing so far concerning usage and activity levels.

Future Use Cases Planned For The Future

More use cases are planned for the future including direct transactions between Wechat users as well as launch of utility bill payments via widgets connected to e-CNY wallets and other services available on this platform for everyday use by consumers all over China where it is accepted as legal tender by merchants willing to accept it or who are required by law to do so depending on their type of business operations within certain jurisdictions inside this country’s borders..

Conclusion

China’s central bank digital currency is growing increasingly popular among citizens who can now spend it via one more major payment system apart from Alipay while still benefiting from all advantages provided by secure blockchain technology supporting it against any potential fraud or theft attempts during online shopping sessions paid using these funds held in crypto wallets linked directly into user accounts registered on these platforms operated by leading companies like Tencent Holdings or Alibaba Group respectively among many others existing today not just inside but outside PRC too already since late 2020 when first official announcements about plans related launching such innovative projects were made public officially at some international events attended by representatives from both private sector organizations as well central banking authorities operating here which have ultimately managed bring them life successfully despite numerous delays caused pandemic throughout course past 12 months while still maintaining high security standards makes them attractive choice customers paying goods services digitally using smartphones tablets computers laptops etc easily quickly safely conveniently without having worry being scammed money stolen way ensuring same level trustworthiness classic fiat currencies used before era digital ones came existence moreover giving extra layer protection form banks financial institutions involved processing transactions behind scenes thanks distributed ledger blockchain networks underlying those network protocols running smoothly due participation miners validators verifying transactions authenticating transferring between parties involved making sure everything done according law regulations established place ensure safety privacy everyone involved process long run too short span time besides obviously adding lot value lives people all around world bringing closer future we dreamed about much sooner anyone could expect possible at beginning 2021 when revolutionary ideas first emerged minds few ambitious individuals wanting change status quo drastically futuristic visions reality soon enough becoming true life each day passing thanks combined efforts combined forces working together making happen prove once again anything human beings set accomplish nothing impossible achieve eventually despite obstacles difficult challenges posed along way thus proving old adage right doesn’t matter how slow go long reach finish line eventually even if takes forever bit longer expected originally planned schedule original timeline laid down begin journey

20% of US Adults Own Crypto, 29% Plan to Buy or Trade Crypto

Summary:
• A national survey commissioned by Coinbase suggests that 20% of US adults currently own crypto.
• 29% of U.S. adults plan to buy or trade crypto in the next 12 months.
• 80% of Americans think the global financial system unfairly favors powerful interests and 67% agree that the financial system needs major changes or a complete overhaul.

Crypto Survey Commissioned by Coinbase

A nationwide survey of 2,202 participants from the general population was conducted by Morning Consult from Feb. 10-14 to examine perceptions of the global financial system and how U.S. adults and cryptocurrency investors view the future of the crypto market and exchanges. The data were weighted to be representative of U.S. adults based on age, race/ethnicity, gender, educational attainment, and region.

Findings

The survey found that 80% of respondents believe the current financial system is unfair, with the overwhelming majority expressing frustration with the current financial system and a hunger for change. 20% of Americans currently own some type of cryptocurrency, and 29% are likely to buy or trade crypto in the next 12 months which translates to an estimate of approximately 52.3 million American adults owning crypto, with 75.5 million adults expected to trade crypto at least once in the coming year according to Coinbase’s website which has more than 110 million verified users today..

Coinbase Comments

Coinbase commented that “The vast majority of Americans want to see the financial system updated and they believe crypto can be a powerful part of the solution” despite tumultuous events in 2022 which has been historic high watermark for crypto ownership in America priorly reflecting optimism about its future potential as part of bringing about meaningful change for society as a whole .

Americans Views on Financial System

Americans expressed their views on how unfair they find current Global Financial System favoring powerful interests . Most Americans also indicated their need for change in this system with 67 % agreeing it should have major changes while 80 % believing it should be completely overhauled .

Conclusion

Overall ,the survey indicates that most Americans remain optimistic about future potentials Crypto currencies hold when it comes down bringing about meaningful changes within existing global finance System .

Bitcoin, Ethereum Drop After 8-Month High: BTC Consolidates on Tuesday

• The prices of Bitcoin (BTC) and Ethereum (ETH) declined on Tuesday, as sentiment in cryptocurrency markets shifted following a move to a multi-month high.
• BTC/USD retreated from earlier highs, unable to break the resistance level at $25,200, whilst ETH/USD fell below its long-term support point of $1,675.
• The relative strength index (RSI) also failed to move beyond its own ceiling at 66.00 for Bitcoin and 61.00 for Ethereum.

Bitcoin Retreats Following 8-Month High

Bitcoin (BTC) prices dropped from their earlier highs during Tuesday’s session, as sentiment shifted following a move to a multi-month high. Prices surged to their highest point since last August earlier in the day, prior to a red wave sweeping through the market.

BTC Unable To Break Resistance Level

Following a high of $25,126.85 earlier in today’s session, BTC/USD has since gone on to fall to a low of $24,642.57. Tuesday’s earlier high sent the world’s largest cryptocurrency to its strongest point since June 13th but bulls were unable to force a breakout of the resistance level at the $25,200 mark. In addition to this, the relative strength index (RSI) also failed to move beyond its own ceiling at 66.00. As of writing, the index is tracking at 63.29 which is marginally above a support zone at 61.00.

Ethereum Drops Below Long-Term Support Point

Ethereum (ETH) also moved lower in today’s session as bears pushed prices below the $1,700 level ETH/USD plunged to an intraday low of $1,671

1,000 Crypto Miners Sued in Russia’s Irkutsk Region for Illegally Mining

• Authorities in the Russian region of Irkutsk have filed 1,000 lawsuits against people minting coins in their homes.
• Courts have ordered the defendants to compensate power distributors for losses and damages.
• Power distributors are prosecuting illegal miners by identifying increased loads on the grid at substations.

1,000 Lawsuits Filed Against Crypto Miners in Irkutsk

Authorities in the Russian region of Irkutsk have so far filed 1,000 lawsuits against what they call „gray“ miners, or people minting coins in their homes. In over half of these cases, courts have ordered the defendants to compensate the operators of the distribution networks.

Illegal Mining Detected Through Increased Loads on Grid

Power distributors in the Siberian Irkutsk Oblast have filed lawsuit number 1,000 against consumers illegally mining cryptocurrency in residential areas. In 600 of these cases, judges have decided that the so-called „gray“ miners should pay a total of more than 260 million rubles ($3.5 million) in compensation for losses and damages. The most common reason for going to court is an unusually high usage of electricity, with one man having burned almost 80,000 kWh per month over a year period – exceeding that consumed by other 15 homes on his street.

Clampdown on Home Crypto Mining

In recent years authorities have been trying to clamp down on home crypto mining as it has become a popular source of additional income for a growing number of people. Officials believe that regulating mining and introducing differentiated rates depending on consumption can help solve this issue. Power distribution companies are now prosecuting illegal miners by identifying increased loads on the grid at substations using subsidized electricity rates for domestic purposes which can be as low as $0.01 per kWh in rural districts..

Crypto Mining Bill Under Review By Parliament

Crypto mining is yet to be regulated in Russia with a dedicated bill under review by parliament however such activities are not explicitly prohibited at this time . Deputy Minister Pavel Snikkars was quoted saying that electricity distribution companies have started to identify improvised mining farms and prosecute illegal miners accordingly .

Conclusion

It remains unclear how regulation will affect crypto mining operations but authorities are actively looking into ways to combat “gray” miners utilizing subsidized electricity resources while also providing clarity regarding legal operation within Russia’s borders .

Bitcoin, Ethereum Prices Fall: Bullish Sentiment Fades on Monday

• Bitcoin fell to a seven-day low on Monday, as bullish sentiment faded in cryptocurrency markets.
• Ethereum also declined but remained above $1,600.
• The 14-day relative strength index (RSI) for both Bitcoin and Ethereum dropped to their lowest readings in nearly a month.

Bitcoin Hits 1-Week Low

Bitcoin (BTC) started the week falling to a seven-day low, as market sentiment began to shift downwards. BTC/USD has now fallen lower for five straight sessions, with today’s decline taking prices to a bottom of $22,734.48. This drop sees bitcoin hit its weakest point since January 30th when prices were trading at a floor of $22,500. The 14-day relative strength index (RSI) for Bitcoin broke out of a floor at 68.00 and is now tracking at 61.15; the lowest reading for the index in nearly a month, following an extended streak in overbought territory.

Ethereum Below $1,600 Level

Ethereum (ETH) also moved lower on Monday, however prices were able to remain above the $1,600 level despite the decline. Following a high of $1,665.26 on Sunday, ETH/USD dropped by as much as 2% in today’s session and hit a low of $1,616.30 in the process. As a result of this sell-off ethereum moved closer to its recent support level at $1,600; however bulls have so far rejected this collision and pushed ETH back up towards its opening price today of around 1$630 per coin..

What Caused This Reversal?

The recent declines are being attributed to Friday’s stronger than expected U.S nonfarm payrolls report which has made some question the Federal Reserve’s view that inflation has peaked and could lead them away from their current dovish stance towards monetary policy tightening which would be bearish for cryptocurrencies overall due to their lack of intrinsic value compared with fiat currencies such as USD or EUR etc..

Technical Analysis

The RSI for Ethereum appears to have found its own floor at 58 providing some support for bulls who may try another move back up towards 1$700 as we progress through this week provided this RSI support level holds firm..

Conclusion

Cryptocurrency markets have seen mixed results today with Bitcoin heading lower whilst Ethereum remains relatively stable above 1$600 . Recent economic data from the US has caused some uncertainty regarding central banks policies leading many investors away from riskier assets such as crypto . Technical analysis shows that both coins have dropped below certain key levels indicating that further losses may be ahead if these levels are breached .

AI Interest Soars as Cryptocurrency Projects Take Off

•Interest in artificial intelligence (AI) has been on the rise since Microsoft invested billions into Chatgpt and the release of AI-infused art platforms.
•The worldwide Google Trends score for the term “AI” reached its highest score of 100 in the first week of Dec. 2022.
•Projects such as Fetch.ai and Singularitynet have seen their native tokens FET and AGIX rise 212% and 293% respectively in the past month.

The past year has seen a tremendous increase in interest in artificial intelligence (AI) due to the release of various AI-infused art platforms such as Dall-E, Deep AI, Jasper Art, Starry AI, and Nightcafe. This surge in interest is reflected in the worldwide Google Trends score for the search term “AI”, which reached its highest score of 100 in the first week of December 2022. This interest has also been bolstered by Microsoft’s multi-billion dollar investment in the Openai platform Chatgpt or GPT-3, with the search term “Chatgpt” having a worldwide score of 100 during the week of Jan. 22-28, 2023.

In addition to the rise in interest in AI, the demand for AI-focused cryptocurrency projects has also increased. For example, the crypto project Fetch.ai has seen its native token FET rise 212% in the past 30 days, and another AI project, Singularitynet, has seen its token AGIX increase 293% against the U.S. dollar. This surge in interest in AI-focused cryptocurrencies is a reflection of the growing demand for projects that integrate AI into their protocols.

The rise of AI-focused cryptocurrency projects in 2023 is a trend that is likely to continue, as more projects seek to capitalize on the demand for AI technology. With the world becoming increasingly focused on the development of AI and its potential to revolutionize many sectors, the future of AI-focused cryptocurrency projects looks bright. As data continues to show a surge in interest in AI, these projects are likely to remain popular and continue to rise in value in the coming years.

Bank of America Believes Digital Currencies are Inevitable: CBDCs to Revolutionize Global Financial Systems

• Bank of America says that digital currencies appear inevitable, citing central bank digital currencies (CBDCs) and stablecoins as a natural evolution of current monetary and payment systems.
• Bank of America believes that the private sector is critical for CBDC development, as CBDCs have the potential to revolutionize global financial systems.
• Bank of America believes that central bank digital currencies will increase efficiencies for cross-border and domestic payments and transfers, decrease central banks‘ risk of losing monetary control, and increase financial inclusion.

Bank of America recently released a report on the future of digital currencies, digital assets, and central bank digital currencies (CBDCs) that gave insight into the bank’s view on the inevitable future of digital currencies. The report notes that digital currencies appear to be inevitable, as they are a natural evolution of today’s monetary and payment systems. According to the report, there are currently 114 central banks exploring CBDCs, representing 58% of countries globally and over 95% of global GDP.

The report explains that CBDCs do not change the definition of money, but will likely change how and when value is transferred over the next 15 years. Bank of America believes that the private sector is critical for CBDC development and issuance, as CBDCs have the potential to revolutionize global financial systems. The bank believes that CBDCs will increase efficiencies for cross-border and domestic payments and transfers, decrease central banks’ risk of losing monetary control, and increase financial inclusion.

Bank of America’s report also explains that CBDCs are not a new idea, as they have been discussed and studied for many years. However, the technology and infrastructure needed to support these digital currencies has recently been developed, allowing for a more comprehensive exploration of the concept. The report notes that the development of CBDCs is a complex process that involves multiple stakeholders, and that there are still many unanswered questions about the implications of CBDCs.

As the report states, digital currencies appear to be inevitable, and the private sector must remain involved in the development process to ensure that CBDCs are implemented in a way that provides the most benefit to global financial systems. Bank of America’s report is a valuable insight into the future of digital currencies and their potential implications for the global economy.

Yellen Urges Congress to Increase Spending Limit, Warns of Dire Consequences

• Janet Yellen, the U.S. Secretary of the Treasury, sent a letter to Congress on Friday urging an increase in the spending limit.
• She warned that failure to meet the government’s obligations would cause irreparable harm to the U.S. economy, the livelihoods of all Americans, and global financial stability.
• Secretary Yellen suggested leveraging a process known as „extraordinary measures“ to buy Congress more time before the nation’s borrowing authority is depleted.

On Friday, January 13, 2023, the United States Treasury published a letter written by Janet Yellen, the 78th U.S. Secretary of the Treasury, to the House of Representatives and the newly appointed 55th Speaker, Kevin McCarthy (R-CA). In the letter, Yellen warned of an impending debt limit, which is set to be reached on January 19, 2023, and urged Congress to act swiftly to increase the nation’s borrowing authority of $31.4 trillion in order to avoid defaulting on the US obligations.

Secretary Yellen stated that failure to meet the government’s obligations would cause irreparable harm to the US economy, the livelihoods of all Americans, and global financial stability. She suggested leveraging a process known as “extraordinary measures” to buy Congress more time before the nation’s borrowing authority is depleted. The same letter was sent to House Democratic leader Hakeem Jeffries, Senate majority leader Charles Schumer, Senate Republican leader Mitch McConnell, chairman of the House Committee on Ways and Means Jason Smith, ranking member of the House Committee on Ways and Means Richard E. Neal, chairman of the Senate Committee on Finance Ron Wyden, and ranking member of the Senate Committee on Finance Mike Crapo.

The Treasury Secretary’s plea to Congress to take swift action comes at a time when the US government is facing the largest budget deficit in its history, projected to reach $3.3 trillion in 2020. The COVID-19 pandemic and the resulting economic recession have further contributed to the deficit, as the government has spent billions of dollars on stimulus packages to help individuals, businesses, and state and local governments.

Increasing the spending limit is likely to be a contentious debate in Congress in the coming weeks. Lawmakers will have to decide whether the increase should be accompanied by spending cuts, revenue increases, or some combination of both. It is also possible that Congress could resort to extraordinary measures in order to buy more time to avoid defaulting on US obligations.

It is clear that Yellen’s letter will put pressure on Congress to take action soon in order to prevent further economic harm. The Secretary of the Treasury has made her stance clear–failure to act swiftly could result in dire consequences for the US economy and the livelihoods of all Americans.

Cryptocurrency Markets Surge 8.28%: Solana and Shiba Inu Lead Rally

• Solana (SOL) surged by as much as 30% on Saturday, hitting its strongest point since November.
• Shiba Inu (SHIB) was also a notable gainer, rising by over 10% and hitting its highest level since early November.
• Cryptocurrency markets were significantly bullish to start the weekend, with the global market cap 8.28% higher as of writing.

The weekend brought positive news for cryptocurrency investors, as the global market cap rose 8.28% as of writing. This was driven by a number of tokens, which enjoyed significant gains over the two-day period.

Solana (SOL) was one of the biggest movers to start the weekend, with prices skyrocketing by as much as 30%. Prices surged to an intraday high of $22.37 following a low of $16.52, resulting in the token hitting its strongest point since November 9, when price was at a top of $24.60. The move appears to have been driven by a break out of a resistance point on the 14-day relative strength (RSI), which moved above a ceiling at the 80.00 level.

Shiba Inu (SHIB) was another token to enjoy significant gains. SHIB/USD climbed to a peak of $0.00001081, after ending the working week at a low of $0.000009462. This resulted in prices hitting its highest level since early November, and was the third consecutive session of gains, with the token now up 24% in the last seven days. However, the rally appears to have cooled off after the RSI failed to break out of its long-term resistance point at the 80.00 mark.

Overall, it was a significantly bullish start to the weekend for cryptocurrency markets, with a number of tokens enjoying significant gains. Solana and Shiba Inu were two of the biggest movers, with both tokens hitting their strongest points since November. As of writing, the global market cap was 8.28% higher, with the bullish sentiment likely to continue into the week ahead.