Wired: Twitter Vigilantes Are Hunting Down Crypto Scammers

Wired: Twitter Vigilantes Are Hunting Down Crypto Scammers. “Cryptocurrency is intended as electronic money that users can exchange anonymously and without intermediaries. But that anonymity comes with transparency: Cryptocurrency transactions are inscribed in an open digital ledger, the blockchain, which provides a record of how assets flow through the system. Companies such as Chainalysis and Elliptic have created software to aid law enforcement investigations into illicit activities involving cryptocurrency. In contrast, these new amateur detectives rely on their hunches and tips from others, use free tools to examine blockchain activity, and broadcast their findings from pseudonymous Twitter accounts like Gabagool, Zach, and Sisyphus.”

CNET: Cryptocurrency scams are all over social media. Don’t get duped

CNET: Cryptocurrency scams are all over social media. Don’t get duped. “Creating a fake live event video is just one way crooks are attempting to dupe crypto enthusiasts into giving away their assets. From fake giveaways to bogus investment sites, scammers use YouTube, Twitter and other social media sites to hook potential victims. Last week, Twitter flagged accounts that appeared to be tied to a Squid Game crypto coin and that bilked buyers out of more than $2 million by exploiting enthusiasm for the hit Netflix show. Scammers are even turning to dating apps to push these schemes.”

CNET: As scrutiny of cryptocurrency expands, Justice Department forms new enforcement unit

CNET: As scrutiny of cryptocurrency expands, Justice Department forms new enforcement unit. “As the US government continues to expand its scrutiny of cryptocurrency, the Department of Justice has hatched a new unit dedicated to its policing. The National Cryptocurrency Enforcement Team, introduced Thursday by Deputy Attorney General Lisa O. Monaco, will investigate and prosecute ‘criminal misuses of cryptocurrency, particularly crimes committed by virtual currency exchanges, mixing and tumbling services and money laundering infrastructure actors.’”

CNET: China’s central bank declares all cryptocurrency transactions illegal

CNET: China’s central bank declares all cryptocurrency transactions illegal. “According to the notice, Beijing will ban all financial institutions, payment companies and internet platforms from enabling cryptocurrency trading. In addition, China’s central bank is seeking to target foreign exchanges, declaring ‘the provision of services by overseas virtual currency exchanges to Chinese residents through the internet’ to be illegal.”

New York Times: Facebook says it wants a ‘fair shot’ in the crypto payments sphere.

New York Times: Facebook says it wants a ‘fair shot’ in the crypto payments sphere.. Doesn’t Facebook just buy its fair shots? “Facebook’s mission is to ‘bring the world closer together.’ Increasingly, that’s about not just connecting friends and family to share messages, but also serving as a platform for people’s financial lives.”

Counterpunch: Turning Memes into Money in El Salvador

Counterpunch: Turning Memes into Money in El Salvador. “On June 5, President Nayib Bukele announced his plans to make El Salvador the world’s first country to accept Bitcoin, a popular digital cryptocurrency, as a form of legal tender. The nation’s legislative assembly, under the majority control of Bukele’s New Ideas party, passed the bill just three days later. Under the new legislation, Bitcoin must be accepted as payment by all private firms and by the nation’s tax authorities. The move puts El Salvador into uncharted territory, posing serious risks that likely outweigh any potential benefits.”

The Diplomat: How Will China’s Sovereign Digital Currency Affect Fintech?

The Diplomat: How Will China’s Sovereign Digital Currency Affect Fintech?. “China’s sovereign digital currency is still in the testing phase, but has caused speculation about what effect it will have on fintech. Some experts have asserted that the digital currency will crowd out payment methods WeChat Pay and Alipay. Others have stated that China’s sovereign digital currency will boost the fintech industry overall since it is electronic. So, how can we reasonably predict will the effect of the digital currency will be on China’s fintech industry?”

Washington Post: He believed Apple’s App Store was safe. Then a fake app stole his life savings in bitcoin.

Washington Post: He believed Apple’s App Store was safe. Then a fake app stole his life savings in bitcoin.. “Phillipe Christodoulou wanted to check his bitcoin balance last month, so he searched the App Store on his iPhone for ‘Trezor,’ the maker of a small hardware device he uses to store his cryptocurrency. Up popped the company’s padlock logo set against a bright green background. The app was rated close to five stars. He downloaded it and typed in his credentials. In less than a second, nearly all of his life savings — 17.1 bitcoin worth $600,000 at the time — was gone. The app was a fake, designed to trick people into thinking it was a legitimate app.”

Coingeek: Token-based social media BitClout raising lots of money—and eyebrows

Coingeek: Token-based social media BitClout raising lots of money—and eyebrows. “A new digital currency project has recently hit the market, launching out of private beta on March 24. Known as BitClout, it has managed to raise hundreds of millions in funding from some of the most prominent venture capital firms. However, it’s also raising eyebrows, and now, faces a cease and desist order.”

New York Times: Why Did Someone Pay $560,000 for a Picture of My Column?

If I wanted to I could make ResearchBuzz 100% NFT stories right now. I don’t want to. But I do want to pick out a few here and there. New York Times: Why Did Someone Pay $560,000 for a Picture of My Column?. “When I pitched the idea to my bosses, I thought the stunt might attract a handful of bids from curious Times readers who had spare Ethereum, the cryptocurrency being used for the auction, burning a hole in their digital wallets. Maybe we’d raise a few hundred dollars for charity and explain the complicated process of creating and selling NFTs along the way. I set the auction’s minimum price low — 0.5 Ether, or about $800 — and was nervous I might not get even that much.”