Day: March 7, 2023

Hong Kong’s losses to crypto scams doubled to $217M last year: Report

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Some countries worldwide suffered bigger financial losses to cryptocurrency scams despite a massive bear market in 2022. Losses from crypto scams in Hong Kong amounted to 1.7 billion Hong Kong dollars ($216.6 million) last year — surging 106% from a year before — according to local police. The number of crypto-related scams reported in Hong Kong in 2022 equaled 2,336 cases, surging 67% from 1,397 cases recorded by police in 2021, the South China Morning Post (SCMP) reported. Hong Kong scams involving crypto accounted for more than 50% of the 3.2…

9 essential finance terms you must know

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Financial literacy is a critical life skill that can have a significant impact on an individual’s financial well-being and overall quality of life. It is important for individuals to continuously educate themselves on financial terms and concepts to make informed decisions and achieve their financial goals. Financial literacy is important for a variety of reasons: Making informed financial decisions: Those who are financially literate are able to make wise financial decisions that are consistent with their aims and values. This involves choices on how much to spend, save, invest and…

Brazil to Launch Experimental CBDC to Ensure More Secure & Private Customer Usage

Brazil recently launched the experimental phase of its CBDC project, with plans to see adoption by the end of 2024.  The central bank of Brazil has officially launched its experimental central bank digital currency (CBDC) to leverage financial services in the South American nation. The bank also hopes that the Brazilian CBDC will replicate the success of the country’s instant payment system, Pix. Brazil Experimental CBDC Project Coordinator Weighs In Fabio Araujo, the coordinator of the CBDC project at the apex bank, expects public usage of the CBDC to begin…

Maker price rose 20% in one week thanks to new pricing model

Maker (MKR) prices are up by almost 20% in the last seven days. The upward trend is attributed to recent poll results announced by Maker that contain a new pricing model. Just last week, Maker made some revisions to an executive poll results. This revised form contains a new pricing model coupled with a 0.5% annual charge. Moreover, reports indicate that the new revisions mean that debt limits will increase from 5 million DAI to 10 million. As such, Maker loosened some of its borrowing limitations. These recent expansions in…

Yuga Labs Nets $16.5M Under 24 Hours of TwelveFold NFT Auction

Yuga Labs has confirmed that the top 288 bidders will receive their inscriptions within the week. Yuga Labs has just concluded the auction of its first-ever Bitcoin-based non-fungible token (NFT) collection – TwelveFold. The auction, which lasted for 24 hours, saw 288 successful bidders claiming as many pieces from the collection. And according to the firm, it has netted no less than $16.5 million within the short auction period. Sharing more details about the auction, a Yuga Labs spokesperson claims that bids for the TwelveFold collection were 3,246 in total.…

BTC may need to dip to $19.3K to cool Bitcoin profit-taking — new data

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Bitcoin (BTC) would need to return below $20,000 to reset a key metric which covers speculative profit-taking, data shows. In the latest edition of its weekly newsletter, “The Week On-Chain,” analytics firm Glassnode revealed that short-term holders (STHs) may be dictating BTC price resistance. Profit-taking reinforces resistance levels As BTC/USD climbed towards $25,000, STHs — those holding coins for 155 days or less — began to see substantial returns on their investments. This was captured by the market value to realized value (MVRV) metric, which compares the Bitcoin market cap…

SEC Levies Charges Against BKCoin for Fraud

The United States Securities and Exchange Commission (SEC) has filed an emergency action against Miami Investment Adviser, BKCoin Management LLC. In what comes as the latest in the series of enforcement actions from the regulator, it said BKCoin Management and its core principal, Kevin Kang were involved in a crypto asset fraud scheme. According to the regulator, the company raised approximately $100 million from 55 investors with the funds originally designed to be invested in crypto assets. Rather than use the funds for this purpose, BKCoin Management diverted the investment…

DAO gets legal recognition in the US as Utah DAO Act passes

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The Utah State Legislature passed Act HB 357, the Utah Decentralized Autonomous Organizations Act (Utah DAO Act). This new law provides legal recognition and limited liability to DAOs, legally framing them as “Utah LLDs.“ The act resulted from combined efforts between the Digital Innovation Taskforce and the Utah Blockchain Legislature. The Utah DAO Act was approved on March 1, 2023, after passing through the Senate and House committees. It defines ownership of DAOs and protects DAO-compliant anonymity through bylaws. Quality assurance DAO protocols are also introduced to ensure clear nuances…