Crypto Retro

2023-06-29 16:00:09 Join our Newsletter for the latest updates on crypto trends, market insights, and exclusive promotions!

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https://coingape.substack.com/ Open / Comment

2023-06-28 18:30:54 Expect Surge in Crypto Scams with Advancements in AI

There are growing concerns that scammers will use artificial intelligence (AI) to develop new methods of fraud and deception as the technology continues to advance.

One of the primary ways in which scammers are using AI is through social media platforms. By leveraging AI-powered tools, scammers can amplify their reach and create a seemingly loyal fanbase of thousands of people.

These fake accounts and interactions can be used to give the illusion of credibility and popularity to their scam projects.

Scammers may even use AI-driven chatbots or virtual assistants to engage with individuals, provide investment advice, promote fake tokens and initial coin offerings, or offer high-yield investment opportunities.

The use of AI can challenge social proof-of-work, which assumes that crypto projects with greater and more loyal followings online must be legitimate.
With AI making it easier for projects to scam people, users must exercise caution and due diligence prior to investing in a project. Open / Comment

2023-06-25 18:30:30 BlackRock Executive Stresses Importance of Knowing Counterparties in DeFi for Institutional Engagement

It is critical for financial institutions to know who they are trading with when using decentralized finance (DeFi) protocols, asset management giant BlackRock’s head of strategic partnerships, Joseph Chalom, has said.

"The first issue is, who am I trading with? We go to jail, if we don't know who we're trading with," Chalom told the audience during the State of Crypto Summit hosted by Coinbase and the Financial Times on Thursday in New York.

Chalom added that issues such as DeFi’s so-called automated market making, often shortened AMM, are just fig leaves that are used instead of traditional central order books.

"We need clear understanding of who is in a liquidity pool," the BlackRock executive said.

Chalom’s description of the strict regulations that financial institutions face when they participate in markets may help explain at least part of the reluctance among traditional firms towards the crypto and DeFi sector. Open / Comment

2023-06-21 21:31:09 Atomic Wallet Hackers Hide $35 Million Stolen Crypto Funds Using THORChain

Hackers that exploited Atomic Wallet for over $100 million earlier this month are using the cross-chain liquidity protocol THORChain to hide their loot.

According to on-chain data, 503 ETH equivalent to $870,000, associated with the Atomic hack, was moved to THORChain on the 18th and 19th of June and then exchanged for Bitcoin, as reported by blockchain investigator Mist Track.

Most of the proceeds in ETH from the exploit were converted to BTC using the SWFT blockchain.
Blockchain analytics firm Elliptic linked the Atomic Wallet exploit to the infamous North Korean hacker group Lazarus.

The same group has reportedly attacked multiple crypto exchanges all over the world to drain billions of dollars worth of crypto to fund DPRK’s ballistic missile programs. Open / Comment

2023-06-21 16:00:07 A Digital Network with Endless Possibilities

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UBIX Exchange is the native exchange of UBIX.Network with with free of charge listings. It’s also the best way to get UBX, UBSN and other UBIX.Network tokens.

4Tokens – an innovative blockchain service designed for simplifying the issuance and trading tokens

Website | Telegram Open / Comment

2023-06-18 18:30:38 Binance CEO CZ deems SEC’s request for emergency relief unwarranted

Binance CEO Changpeng “CZ” Zhao is pleased the disagreement with the SEC is over.

Binance CEO Changpeng “CZ” Zhao expressed his happiness and relief as a prolonged dispute with the United States Securities and Exchange Commission (SEC) was successfully resolved. The SEC’s ongoing scrutiny had created a tense and uncertain period for the company, making the resolution a welcome development.

As the regulatory uncertainty begins to fade, CZ can now concentrate on Binance’s future . In a tweet, the veteran crypto entrepreneur emphasized that the SEC’s emergency relief request was unnecessary, affirming that the mutually agreed resolution would enable Binance to progress unhindered.

In a noteworthy turn of events, Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia gave her approval to the “Proposed Stipulation and Consent Order” that was reached between Binance, BinanceUS and the SEC on Saturday, June 18. Open / Comment

2023-06-15 19:31:04 European Central Bank Would Need To Set Limits on Use of Digital Euro Under Draft Proposal

The European Union’s executive branch will unveil plans for a digital euro that would require the European Central Bank to set limits on its use, according to a report from Bloomberg News.

The ECB would have to decide on the instruments needed to ensure financial stability, according to a draft European Commission proposal on setting up a digital euro obtained by Bloomberg.

“With a view to ensuring the stability of the financial system, the availability of credit and the transmission of monetary policy, the use of the digital euro as a store of value may be subject to limits,” the draft proposal said, according to Bloomberg.

European Union finance ministers will meet on Thursday in Luxembourg to discuss the project, according to Bloomberg.

The EU is contemplating launching the central bank digital currency and launched an investigation phase in October 2021.
That phase is expected to conclude in October of this year, according to the ECB’s website. Open / Comment

2023-06-12 21:00:29 Crypto Tax Software Firm Taxbit Lays Off Almost 40% of Its Staff

Taxbit – a software company that assists cryptocurrency holders with tax compliance issues – has cut nearly half of its staff in an effort to re-expand in the U.K. and EU, the company told employees on Thursday.

The layoff applies to 80 people, representing 40% of the company’s total staff, piling onto the 15% of workers released last year. The announcement arrived the same day that the Utah-based firm’s co-founder and CEO, Austin Woodward, stepped down from his role to be replaced by former Intuit executive Lindsey Argalas.

Argalas joined Taxbit only a year ago, and her appointment makes her one of the few female CEOs of a major crypto firm.

“I'm honored to be in that position,” she said of her appointment, according to Forbes.
“Ultimately, we are a software company that is solving a complex tax and accounting need.” Open / Comment

2023-06-09 21:01:09 Gen Z Investors Favor Crypto, But Experts Warn of Potential Risks

Crypto is the top choice for Gen Z investors, driven by their exposure to technology, social media, and easy investment access, according to a joint report by American finance industry organizations the CFA Institute and the Financial Industry Regulatory Authority (FINRA).

But despite the appetite for crypto among younger investors, experts warn that relying solely on crypto in an investment portfolio is risky due to its volatility.

“Whereas mutual funds and most exchange-traded funds (ETFs) typically offer a degree of diversification, the same is not true when purchasing cryptocurrency and individual stocks,” Gerri Walsh, President of FINRA’s Investor Education Foundation, warned in a CNBC article.

He added, however, that crypto investments are typically only a cause of concern if the investor isn’t adequately considering and managing the risk that comes with the investment.

According to the report, 55% of Gen Z investors currently invest in crypto. Open / Comment

2023-06-06 20:30:34 Russia’s Rosbank Begins ‘Int’l Crypto Pay Pilot’

The Russian megabank Rosbank says it has launched a “cross-border crypto payments” pilot.
Per RBC, Rosbank has become the “first major” Russian bank to launch cross-border payments services “in cryptocurrency.”

The bank has teamed up with a local crypto firm named B-Crypto for its initiative.
B-Crypto works as an “intermediary” by “buying cryptocurrency abroad” on behalf of importers before “transferring [coins] to foreign suppliers.”

The banks said that it was “already conducting pilot transactions with corporate and private clients.”
B-Crypto reportedly specializes in “making international payments in digital currencies.”

Companies can reportedly use the pilot platform to “pay for imported goods or services in cryptocurrency” after completing Know-Your-Customer/Client (KYC) protocols.
The platform also requires vendors to submit invoices to Russian buyers in crypto rather than fiat. Open / Comment