Adoption, scams and regulator FUD: 2020’s biggest crypto disappointments
With only a few days of 2020 left, here’s a look at some of the major disappointments in the crypto industry during the year. While 2020 has been a landmark year for the crypto space, there have been a few notable letdowns. Despite the growing mainstream acceptance of virtual currencies, some governments are still creating policies that stifle innovation, placing their countries at a disadvantage in the emerging digital economy.Decentralized finance was a major talking point going into the year, and the market segment did not disappoint, with massive growth in investment throughout 2020.....
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Digital currency markets have climbed significantly in value all year long, despite the gloomy global economy and the aftermath of Covid-19 responses. Bitcoin prices have been hovering at values not seen since 2017, and the top crypto asset in terms of market cap has gained a whopping 159% since January 5, 2020. In fact, many crypto assets have seen spectacular 12-month returns, and the following editorial is a look at the top crypto gainers and the biggest losers in 2020. This year has been a crazy one, to say the least, and while many global economies worldwide shudder, the crypto....
After possibly the biggest scam in Bitcoin history, South African government moves to stiffen regulation regarding crypto assets. South Africa Responds To Bitcoin Scams Over the past couple of years, the nation has observed a series of crypto scams, including two of the biggest Bitcoin scams ever. The first of these was in 2020, when […]
Ignorance and greed have been described as the fuel that has powered the engine of most scams and financial malpractices. There is a growing trend within the cryptocurrency industry that portrays the characteristics of a time-bomb waiting to explode. Almost everywhere you turn, there is a certain coin to mine, a product to invest in, or a cryptocurrency based MLM that promises extraordinary payouts. The number of individuals who subscribe to these programs, on a daily basis, rises exponentially. Before this current wave of events, there have been similar cases where money making programs,....
The U.S. Federal Trade Commission (FTC) has revealed that more than 46,000 people have reported losing over $1 billion in cryptocurrency to scams since the beginning of last year.
FTC Says Scammers Stole Over $1 Billion in Crypto
The U.S. Federal Trade Commission published a “Data Spotlight” report on crypto scams Friday. The FTC is the only federal agency in the country with both consumer protection and competition jurisdiction in broad sectors of the economy, the regulator’s website describes.
Emma Fletcher, senior data researcher at the FTC,....
The Department of the Interior of Uruguay is taking steps to warn users about the danger they face when investing in certain crypto projects that could be scams. The campaign is called “Fake Coins: Cryptocurrency Scams” and seeks to educate the population about the most common kinds of crypto scams.
Uruguay Educates on Crypto-Related Scams
More and more government bodies are becoming aware of how some parties are using crypto to execute different kinds of scams, and also more of these institutions are working to educate citizens on this fact. The Ministry of the....