01 Feb 2023

My Big Coin cryptocurrency firm founder gets 8 years in prison for fraud

The founder of a defunct cryptocurrency business was sentenced on Tuesday to more than eight years in prison for defrauding investors and customers out of millions of dollars by marketing a virtual currency called My Big Coin with lies and half-truths. Federal prosecutors had urged U.S. District Judge Denise Casper

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31 Jan 2023

Here’s how to prevent NFT theft, according to industry professionals

As nonfungible tokens (NFTs) attract more users, they also capture the eyes of scammers. Bad actors in Web3 have set their sights on digital collectibles, with millions being lost through scams and various attacks. However, according to professionals working in the Web3 space, there are multiple ways and tools to prevent

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31 Jan 2023

Coinbase Wallet Adds Safety Features Following High-Profile NFT Scams

Coinbase says it is improving the safety and user experience of its Wallet app. The crypto firm announced a number of new features on Monday aimed at improving blockchain transparency and security for Wallet users, adding transaction previews, token approval alerts, a blocklist of flagged dApps, and a spam token

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31 Jan 2023

Lazarus attempt to launder additional $27.2M of funds stolen from Harmony bridge hack

On-chain analysis shows that North Korean hackers responsible for Harmony’s Horizon bridge hack spent the weekend attempting to move some of the illicit funds. Using Railgun, a smart contract system that initiates what is known as “Zero Knowledge Proof,” the hackers attempted to move the illicit funds through six different

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31 Jan 2023

Hong Kong Says “No” to Algorithmic Cryptocurrency Stablecoins

Hong Kong has revealed its regulatory plans for the cryptocurrency industry. The special administrative region will not allow algorithmic stablecoins and will require licenses for stablecoin issuers. Following comments on a discussion paper issued the previous year, the Hong Kong Monetary Authority (HKMA) released its latest regulatory aims. The HKMA

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31 Jan 2023

After a tough year for crypto, here’s how to handle losses on your tax return

After a tough year for crypto, you may be looking for ways to turn steep losses into possible tax breaks. The digital currency industry lost nearly $1.4 trillion in 2022 after a slew of bankruptcies and liquidity issues, including the collapse of digital currency exchange FTX. Before filing your tax

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30 Jan 2023

New paradigms for enterprise blockchain adoption

Blockchain technology has created a new avenue to reconfigure the vision for the future of the internet. Data on the internet generated by individuals, organizations and other users are controlled by centralized entities, with a significant concentration of economic power and influence held by a few key corporate players who

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30 Jan 2023

SEC Chair Gary Gensler Says There Are Three Ways to Tell If a Crypto Project Is a Scam

How hard is it to spot a crypto scam? According to SEC Chair Gary Gensler, it’s not nearly as difficult as it might sound. Speaking to the U.S. Army during a Twitter Spaces earlier this month, Gensler and SEC Commissioner Caroline Crenshaw discussed what they consider the dangers of investing

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30 Jan 2023

South Korea to deploy cryptocurrency tracking system in 2023

The Ministry of Justice in South Korea announced plans to introduce a crypto-tracking system to counter money laundering initiatives and recover funds linked to criminal activities. The “Virtual Currency Tracking System” will be used to monitor transaction history, extract information related to transactions and check the source of funds before and

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30 Jan 2023

Cryptocurrency might be the greatest Ponzi scheme of all time

The seemingly limitless innovations that are springing out of information technology have created enormous opportunities for all kinds of predatory behavior uninhibited by social regulation. Cryptocurrencies are one of the leading contestants in this competition. Crypto is a Ponzi scheme. It’s the IT version of what Bernie Madoff did in

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