Cryptocurrency

The U.S. Commodity Futures Trading Commission (CFTC) revealed that Mirror Trading International Proprietary Limited (MTI) has been convicted in a cryptocurrency fraud case. The complaint against the South African firm was lodged on June 30.MTI had falsely promised victims trading intelligence software that utilized Bitcoin (BTC). The company and its CEO misled users by offering participation in an unregistered commodity pool in return for Bitcoins. They managed to deceive victims into contributing a staggering 29,421 BTC.As a result of the verdict, MTI is mandated to reimburse the victims an estimated $1.7 billion and will be barred from trading in CFTC markets.With the surge in cryptocurrency adoption, scams in the sector have concurrently risen. Deceptive tactics, including promising lofty returns on crypto investments, have duped many. Such frauds can mimic Ponzi schemes, presenting an illusion of profits until they inevitably crumble.In 2022, the Washington Post highlighted that Americans had forfeited over $1 billion to crypto scams since 2021, impacting over 46,000 individuals. Meanwhile, a study by Indian cybersecurity firm CloudSEK emphasized that crypto scams disseminated via social media had swindled Indian investors out of approximately 1,000 crores.To counter such scams, due diligence is crucial. Prospective investors should meticulously vet investment opportunities and be skeptical of guaranteed high returns.Efforts to combat these scams are ongoing. While the U.S. Federal Trade Commission (FTC) actively investigates and penalizes those involved in crypto scams, the decentralized nature of cryptocurrencies and the global span of fraudulent actors make eradication challenging.This article was originally published on Crypto.news More

Speaking exclusively to Cointelegraph Magazine editor Andrew Fenton during Korea Blockchain Week, Liochon estimated that proto-danksharding could further reduce rollup costs by 10 times.Continue Reading on Coin Telegraph More

OpenSea, the brainchild of Alex Atallah and Devin Finzer, came into existence in 2017. Their mission was clear: to establish an open and user-friendly marketplace for NFTs. Recognizing the transformative potential of these assets, the founders aimed to provide an NFT platform that would enable creators and collectors to actively engage in the emerging digital ownership economy.Continue Reading on Coin Telegraph More

On Sept. 4, Web3 security provider Pocket Universe shared how scammers are able to hide wallet drainer links in any text on the instant messaging platform Discord. While some users report that the feature has only been enabled for Discord users recently, the ability to embed links in any text has been available on many different social platforms for a while now.Continue Reading on Coin Telegraph More

South Korea’s Mirae Asset Security Token Working Group, with over $500 billion in assets under management (AUM), is collaborating with Ethereum layer-two scaling solution Polygon (MATIC) for security tokenization initiatives. Continue Reading on Coin Telegraph More

The official press release, published on Sept. 8, cites a broad scope of technical products and services that ZAN will offer its clients. It starts with a solution to help Web3 companies issue and manage real-world assets (RWAs) in compliance with local regulatory requirements. It also covers a series of technical products, including electronic Know Your Customer (KYC), Anti-Money Laundering and Know Your Transaction checks for Web3. Continue Reading on Coin Telegraph More

The U.S. commodities regulator announced that it issued orders against protocol Opyn, ZeroEx and Deridex in a Sept. 8 statement.Continue Reading on Coin Telegraph More

An oracle is a third party that provides real-world data flowing to or from a DeFi protocol. An oracle is centralized by nature, and its presence means a protocol is not fully decentralized—if that is tolerated, then trustlessness is lost, the authors said. That is likely to be a fatal flaw for use with real-world assets, the authors wrote. Continue Reading on Coin Telegraph More