As the U.S. stock market scales new heights, a growing chorus of analysts warns that a severe crash could be on the horizon, reminiscent of the devastating 1929 collapse. Concerns center around the meteoric rise of Nvidia and the burgeoning artificial intelligence (AI) sector, feared to be the latest bubble in a pattern echoing past […]
Bitcoin News
Experts Warn SEC’s Consolidated Audit Trail Is Unconstitutional
The U.S. Securities and Exchange Commission’s (SEC) newest surveillance tool, the Consolidated Audit Trail (CAT), has sparked significant concerns among privacy advocates and legal experts, who warn of an unprecedented expansion of government monitoring over financial transactions. SEC’s CAT Sparks Privacy Concerns and Legal Challenges Recent developments, such as the SEC implementation of the Consolidated […]
Bitcoin News
US Senators Urge Federal Reserve to Cut Interest Rates — Warn Fed Policy Threatens Economy, Risks Recession
Three U.S. senators have urged Federal Reserve Chair Jerome Powell to cut interest rates, arguing that high rates stifle the economy and raise housing and auto insurance costs, which are key inflation drivers. They warn that prolonged high rates risk a recession and increased unemployment, calling for immediate rate cuts to stabilize the economy. Senators […]
Bitcoin News
Hong Kong Police Warn of Spike in Counterfeit Banknotes Used in Cryptocurrency Scams
Hong Kong police have issued a warning over the rise in counterfeit banknotes, with many cases linked to cryptocurrency scams. Between January and April, authorities seized 3,396 fake notes valued at HK.55 million (US6,130), a significant increase from last year’s 553 notes worth HK6,220. Three major cryptocurrency-related fraud cases led to the confiscation of 1,693 […]
Bitcoin News
DOJ’s Unlawful Interpretation Threatens Bitcoin and Crypto Innovation, Lawmakers Warn
Two U.S. senators have criticized the Department of Justice (DOJ)’s new interpretation of “money transmission,” which extends requirements to non-custodial software, citing concerns over its impact on crypto networks and financial innovation. “I’m concerned the DOJ’s interpretation would treat software developers as criminals for merely writing and publishing code used by others,” one of the […]
Bitcoin News
48 US Lawmakers Ask SEC Chair Gensler to Clarify Whether ETH Is a Security — Warn of ‘Negative Repercussions’
Forty-eight U.S. lawmakers have sent a letter to U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler asking him to clarify whether ether is a security. “The negative repercussions of the SEC implicitly or directly classifying ETH as a digital asset security will cascade throughout the digital asset marketplace both in the short and long […]
Bitcoin News
User Alert: Tornado Cash Developers Warn of Risk to Funds Deposited Since Jan. 1
Tornado Cash developers have issued a scam warning to cryptocurrency users who made deposits via the IPFS’ gateways between Jan. 1 and Feb. 24. Developers suspect that an exploiter may have “leaked” Tornado Cash deposits during this period to a server under their control. ‘Malicious Javascript Code’ Developers of Tornado Cash, a smart contract-based cryptocurrency […]
Bitcoin News
Singapore Police Warn About ‘Crypto Drainers’ Stealing Cryptocurrencies From Wallets
Singapore’s Police Force and Cyber Security Agency (CSA) have issued a joint warning about “crypto drainer” malware, which steals cryptocurrencies from wallets. As digital assets become more popular, “Cybercriminals are increasingly leveraging crypto drainers to target owners of cryptocurrency wallets,” the authorities cautioned.
Singapore Police Warn About Crypto Drainers
The Singapore Police Force and the Cyber Security Agency (CSA) of Singapore issued a joint advisory on Wednesday advising investors to protect themselves from crypto drainers. They explained:
Cybercriminals are increasingly leveraging crypto drainers to target owners of cryptocurrency wallets (‘crypto wallets’) as the use of cryptocurrencies become increasingly popular with their dollar values correspondingly increasing.
The authorities explained that a crypto drainer “is a type of malware that targets crypto wallets,” adding: “These drainers are often deployed as part of phishing attacks, where the victim is tricked into clicking a malicious link or opening a malicious attachment. By doing so, the victims are tricked into consenting to a malicious transaction that allows the drainer to steal cryptocurrencies stored in their wallets.”
The advisory also includes a list of measures crypto owners can take to safeguard themselves from the crypto drainer scam. One of the measures is:
Using a hardware wallet for enhanced security.
Other measures include being wary of “too good to be true” offers, verifying smart contract legitimacy and functions before interaction, and limiting high allowances using blockchain explorers or wallet interfaces.
Moreover, the authorities advised investors to thoroughly research projects and cryptocurrencies before linking their wallets and only make connections after verifying the project website’s validity. The advisory also notes that investors should also consider connecting a newly created or empty crypto wallet when uncertain about a project or token, and should not divulge seed phrases to anyone.
Have you come across crypto drainer malware? Let us know in the comments section below.
Australian Government Official to Question Regulator Over Its Failure to Warn Crypto Investors
The Australian government’s assistant treasurer, Stephen Jones, has stated his intention to query the country’s securities regulator over its failure to warn investors about the risks of investing in the now-collapsed crypto investment firm Hyperverse. Jones stated that a “bunch” of Australians had invested in the scheme whose only source of income was the money coming from new investors.
ASIC Accused of Failing to Follow the Lead of Other Regulators
An Australian government official has questioned the country’s securities regulator over its failure to issue a consumer warning against the Hyperverse crypto investment scheme. Stephen Jones, the assistant treasurer in the Aussie government, said he plans to ask why the Australian Securities and Investments Commission (ASIC) failed to follow the lead of regulators in the UK, New Zealand, Canada, Germany, and Hungary.
The remarks by Australia’s assistant treasurer came just days after a media probe found that the CEO of Hyperverse, Steven Reece Lewis, was a fictitious person. As reported by Bitcoin.com News, two U.K. universities, namely the University of Leeds and the University of Cambridge, have already said they do not have Lewis’ records.
According to media reports, the now-collapsed Hyperverse crypto investment scheme’s promotional material falsely portrayed its CEO, Steven Reece Lewis, as a graduate of two higher learning institutions. In addition, the CEO also received plaudits from celebrities like Steve Wozniak and Chuck Norris. Both the celebrity endorsements and degree claims are thought to have helped the masterminds of the scam defraud thousands of investors.
Describing the operation which the masterminds employed to hoodwink a “bunch” of Australians into investing in the scheme, the assistant treasurer said:
“This type of scheme works by convincing innocent people to invest their money into a product that might not exist, with the only source of income being money from new investors. I simply don’t know why a warning wasn’t issued.”
Jones also implied that a scheme such as Hyperverse bears hallmarks of a scam therefore prospective investors should have been warned.
Do you agree that regulator warnings can help investors avoid becoming victims of crypto scams? Let us know what you think in the comments section below.
Fed’s ‘Beige Book’ Paints Dim Economic Picture, Experts Warn Central Banks ‘Have No Ability to Save Anything’
On Wednesday, following the market’s closure, major U.S. indices concluded the day unchanged, coming off a rise the previous day. This surge was influenced by the dovish remarks made on Tuesday by Federal Reserve Governor Christopher Waller. Observers of the market infer that Waller’s comments indicate a potential shift in the stance of the U.S. central bank, a notable deviation given his usually hawkish perspective. Concurrently, the Federal Reserve’s latest ‘Beige Book’ report presented a more troubling outlook than its predecessor, pointing to decelerated economic expansion and a rise in consumer credit defaults.
Waller’s Typical Hawkish Tone Turns Dovish
Two days prior, at the American Enterprise Institute, Christopher Waller of the Fed shared with participants that “inflation rates are moving along” largely as he had anticipated. Waller elaborated, pondering if inflation could stabilize around the 2% mark. He noted, “There are some factors favoring this outcome,” shedding light on the issue.
Emphasizing his growing assurance, Waller stated that he was “increasingly confident that policy is currently well positioned to slow the economy” in order to reduce the inflation rate to the targeted 2%.
Waller added:
I will be looking to see that confirmed in upcoming data releases. Before the next FOMC meeting, we will get data on PCE inflation and job openings, a job report, and [a] supply manager’s survey for November. CPI inflation will come out on December 12, the first day of the FOMC meeting.
‘Beige Book’ Shows Economic Slowdown; Critics Don’t Expect a ‘Soft Landing’
Following Waller’s address, U.S. equities experienced an upswing, yet the subsequent day brought the U.S. central bank’s release of its ‘Beige Book’ survey, revealing a blend of divergent trends within the U.S. economy. This report depicted oscillating retail sales alongside a deceleration in manufacturing activities. For example, retail and automobile sales indicated a change in consumer spending habits, whereas purchases of non-essential items and long-lasting products like furniture and appliances saw a downturn.
As per the ‘Beige Book,’ the U.S. manufacturing sector is facing a general decline in future prospects. This is coupled with a fall in the demand for both business and real estate loans. According to the Fed’s analysis, although consumer credit remains largely stable, a slight increase in consumer loan delinquencies was noted. The survey also points to early signs of financial strain in specific consumer groups. Moreover, the survey reveals a continuous decline in both commercial real estate and multi-family housing activities.
Waller and the ‘Beige Book’ offer a depiction of the current economic uncertainties, and although the Fed anticipates a “soft landing,” some critics are skeptical about this positive outcome. Robert Kiyosaki, the author of “Rich Dad Poor Dad,” recently expressed concerns about impending “hyperinflation” and criticized government leaders for their heightened “incompetence.”
Economist and proponent of gold, Peter Schiff, shared with his followers his belief that the economy is headed not towards a soft landing but towards a “crash & burn” scenario. Bill Holter, an expert in precious metals and a financial writer, recently remarked, “These central banks have completely blown up their balance sheet and have no ability to save anything.”
Holter added:
In short, confetti dollars are going to shut the credit markets down…Then, it’s game over because everything runs on credit.
What are your thoughts on this subject? Let us know what you think in the comments section below.