The Cost of Scams For NFT Marketplaces and Users
The NFT marketplace is flourishing and gaining consumer interest by the day. At the same time, this development also exposes users to new scams, counterfeits, and money laundering schemes. According to a PrivacyHQ survey, half of NFT owners have lost digital assets at least once. Earlier this year, OpenSea, the largest public NFT marketplace, reported […]
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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....
Recent exit scams have displaced the users of darknet markets, with Eastern European-only platform Hydra now the largest worldwide. A report published by blockchain forensics firm CipherTrace has detailed significant disruptions to the clandestine darknet marketplace sector following a spate of exit scams during recent months. Despite opportunities for new marketplaces to capture the users of the now-defunct platforms, CipherTrace notes the absence of a single platform dominating Western volume. It estimates that the Russian-focussed Hydra market is now the largest worldwide.Hydra is....
While many organizations are exploring the capabilities of blockchain technology, a pair of researchers argue that cryptocurrencies will affect two key costs in the economy: the cost of verifying transactions, and the cost of running a network, platform or marketplace. Their 30-page working paper, titled “Some Simple Economics of the Blockchain,” explains that blockchain technology lowers the cost of auditing transaction information and allows new marketplaces to emerge by enabling market participants to perform costless verification. The authors are Christian Catalini of MIT and Joshua....
When it comes to NFT marketplaces, everyone and their grandmother have heard about the likes of OpenSea and Top Shot. But, what about the hidden places you simply cannot afford to miss as a connoisseur of digital assets? Read on to learn more about lesser-known NFT marketplaces which sometimes go undeservedly unnoticed but whose best […]
Over one in five people lost over US$1,000, which goes to show how enticing and convincing some of these scams can be. The Internet is a good place to find just about any product or service, but it also poses severe risks. Earlier this month, Kaspersky Labs released a new report indicating one in two internet users had been targeted by scams. Most of these attacks were part of an attempt to obtain sensitive financial information. Everyone who uses the Internet on a frequent basis will have noticed spam emails offering them the moon and the starts. Especially the messages which claim to....