Crypto LVL

2023-10-18 21:00:52 Calgarians Lost $22.5 Million in 340 Reported Crypto Scams This Year

Citizens of the Canadian city of Calgary have fallen victim to 340 crypto-related scams, losing over $22.5 million in this year alone.

The Calgary city police service said in a report Monday that the city residents have so far lost more than $22.5 million in cryptocurrency scams, up from approximately $14 million last year.

In 2022, the city reported 321 scams related to digital assets and this year, there is an increase to 340 reported cases, the release said. There are still more underreported cases of crypto scams, despite these staggering losses, it added.

“We are educating citizens about the red flags of these scams during the third week of Cyber Security Awareness Month.”

The police said that though cryptos are largely “legitimate,” scammers find it an easy way to connect it to various frauds, as it is “a deregulated marketplace.”

“It is important for citizens to know that while cryptocurrency can be used legitimately, fraudsters often lure victims with promises of a quick way to make money,” Staff Sergeant Graeme Smiley of the Calgary Police Service Cyber Forensics Unit, noted. Open / Comment

2023-10-18 16:00:09 Our friends at Bets.io are holding yet another amazing giveaway, and this time it’s bigger, badder and radder! Yeah, you heard it right — this time it’s five iPhones 15 Pro 256 GB and twenty five $200 cash prizes!

Entering it is a piece of cake :

1. First, you gotta have a Bets.io account
2. Then, subscribe to their Telegram channel — you don’t want to miss this kind of events, duh
3. Send their Telegram bot a message and follow the instructions

And you are golden — all you have to do now is wait until October 31st

As for additional conditions: no double entry, only legit accounts and if we can’t send you the iPhone, we’ll provide its cash equivalent. All the cash prizes will be credited to your account.

Good luck and have fun at Bets.io! Open / Comment

2023-10-15 20:31:28 Initia Emerges from Stealth Mode with Pre-Seed Funding from Binance Labs

Initia, a network designed for highly interconnected modular rollups, has come out of stealth mode with a significant pre-seed investment from Binance Labs, the venture capital and incubation arm of Binance.

Initia’s platform, built on Cosmos (ATOM) as a Layer 1 (L1) network, combines application-specific Layer 2s (L2) using Optimistic rollups to give developers a better way to create scalable and autonomous multi-chain systems.

The funds obtained through the investment will go towards bolstering the growth of Initia's infrastructure, enhance its product tools, and support the incubation of key application layer projects, the team said.The exact amount of the investment has not been disclosed.

According to Initia, the platform’s architecture, encompassing L1, L2, and communication layers, empowers developers to easily launch application-specific blockchains as Initia L2s, without requiring an in-depth understanding of complex blockchain infrastructure or validator sets. Open / Comment

2023-10-14 21:00:05 Ken Corp launched the $Ken token with a fair launch policy and burnt the LP on day one. They have provided updates daily on socials with cutting-edge AI content. The $Ken token is the foundation of the ecosystem with many additional benefits. Ken Corp has created a collection of employee NFT badges, airdropped to early holders for free. These badges will offer future perks when 'Clocking In.'

Ken Corps' mission is to be known as more than just a meme coin. They have created a revolutionary Telegram game that allows players to wager $Ken in a 'Dreamhouse Deathmatch.' Whether you want to host a group game night or you are a degen that wants to wager tokens, this game will entertain all.
If you're not a gamer, that's okay. With the Ken Corp program, you can reap the rewards of holding badges and tokens, earning a percentage of the project revenue. The innovation will continue, and the above is only the beginning.

HOLDER BENEFITS
- Rev Share for NFT holders
- Rev Share for Token holders
- Telegram game. Winner takes all
- Community-led project with lots of fun

Check out the Telegram: https://t.me/+G5WPd0bw4zU5ZTdh

Website: http://kendolljanner.com

Game just launched. Open / Comment

2023-10-12 16:31:12 Avalanche-based Star Arena Recovers 90% of Hacked Funds, Offers 10% Bounty

On-chain social platform, Star Arena has announced a recovery of assets drained from its platform over the weekend following an agreement with the hacker. In a post on X (formerly Twitter), the platform disclosed that 90% of user assets have been recovered while the hacker was offered a 10% bounty.

The agreement means the company recovered 90% of 266,000 Avalanche (AVAX) tokens worth nearly $3 million while the hacker was offered 27,610 AVAX tokens approximately $257,000.

“We have recovered approximately 90% of the lost funds. We reached an agreement with the individual responsible for the recent security breach.”

Per the agreement, the hacker would also be compensated about 1000 AVAX lost in a bridge with the platform adding in a separate post that it has written a new smart contract to ensure security before placing recovered funds, making a subsequent rollout. Open / Comment

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2023-10-09 16:31:08 Crypto Exchange HTX Recovers $8 Million Lost to Hacker in Recent Security Breach

HTX, the crypto exchange operated by Huobi Global, has successfully regained the funds that were stolen by a hacker in a security breach that occurred in late September.

After reseiving the funds, HTX also offered the hacker a 250 Ether bounty as a token of appreciation.

"We have confirmed that the hacker has fully returned all funds, as promised, and we have also paid the hack a white hat bonus of 250 ETH," Huobi Global investor and HTX adviser Justin Sun said in a recent post on X.

Sun also emphasized the ongoing commitment to strengthening blockchain security and protecting user assets, acknowledging the challenges associated with this task and expressing appreciation for the support of HTX's users and community.

As reported, HTX experienced a security breach in late September that resulted in the loss of $8 million worth of crypto assets.

The breach involved the draining of 5,000 ETH from one of HTX's hot wallets. Open / Comment

2023-10-06 16:02:09 Living Standards and Finance Education Drives Crypto Adoption Metric

Nearly 50% of digital asset users view added financial liquidity as a major reason for investing in cryptocurrencies.

A new study conducted by cryptocurrency exchange, Bitget unveiled the regional dynamics of cryptocurrency investments, its impact on gender, and other social factors.

The company surveyed 1,500 participants across 20 countries, among which nearly 50% expressed that their decision to invest in crypto was borne out of the need to improve their finances.

Per the survey, 46% of South Korean respondents viewed it as a means of improving living standards while 44% and 41% in Canada and Turkey have similar views.

The rise of cryptocurrencies, specifically altcoins marked a significant change in the way users view traditional finance. Although developers pushed the utilities of blockchain assets, the price volatility in the market led to early adopters moving in as an avenue to make money.

With time, this spread with the proliferation of altcoins creating a dilemma as traders were stuck in the desired results while others recorded sharp losses. Open / Comment

2023-10-03 16:01:11 Nomura’s Crypto Subsidiary Laser Digital Opens Office in Japan

Laser Digital, the digital asset subsidiary of financial services giant Nomura, has opened a new Tokyo base, to expand its presence in the Far East.

Former Nomura’s executive director Hideaki Kudo, has been appointed to head the new office in Japan. Kudo has previously worked on several projects for Nomura including the development of security tokens for Nomura Group. He also served as a senior portfolio manager at Nomura Asset Management, the company said in an announcement on Monday.

“Kudo-san’s experience at the Digital Company will be invaluable to Laser Digital’s development and growth, we are thrilled to welcome him to our team,” Nomura’s co-founder Steven Ashley noted.

“To optimize support of our trading business we wanted to have 24/7 operational management, so for coverage in the far east Japan was obviously our top choice.”

Laser Digital’s expansion into Asian markets comes a week after the firm announced receiving an in-principal license to operate in Dubai. On Sept. 26, the Abu Dhabi Global Market (ADGM), an international financial free zone in Abu Dhabi, granted the operational license to provide broker-dealer services and asset/fund management services in relation to both virtual and traditional assets. Open / Comment

2023-09-30 16:01:05 CFTC Indicts Mosaic Exchange Founder for Running Fraudulent Crypto Operations

The US Commodity Futures Trading Commission (CFTC) has announced a civil enforcement action against a crypto trading platform called Mosaic Exchange Limited and its owner, Sean Michael.

In a press release dated September 27, the CFTC disclosed that the Pennsylvania-based limited liability company and its founder operated a fraudulent digital asset commodity scheme. This occurred from February 2019 to June 2021 before their actions drew the agency's attention.

The US agency stated that the cryptocurrency exchange advertised itself as a genuine Bitcoin trading operation with tens of millions of dollars in assets under management (AUM).

Under this guise, it fraudulently obtained hundreds of thousands of dollars worth of Bitcoin and other funds from 17 US residents and other nationals to trade the crypto market on their behalf. However, contrary to its claims, the received funds were misappropriated.

Providing more details, the CFTC said the fraudulent crypto operation was able to lure its victims with claims of operating an in-house proprietary trading algorithm. This would purportedly deliver monthly returns ranging from 20% to 60% per month. Open / Comment