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Are Bitcoin ATMs A Hidden Threat To Cryptocurrency Security?
Published
1 week agoon
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adminThe Bitcoin ATM has gained significant popularity recently, especially with the growing adoption of digital assets globally. However, with its rising popularity, concerns are also increasing over its potential impact on crypto security. A recent US FTC report highlights the surge in scams and vulnerabilities, sparking concerns for the users.
Bitcoin ATMs And Their Impact On Crypto Security
The Federal Trade Commission (FTC) has flagged BTC ATMs as a major tool for scammers. According to a recent FTC report, fraudsters are increasingly using these machines to trick people into depositing cash directly into their crypto wallets.
Typically, scammers impersonate officials, warn victims about supposed financial threats, and advise them to deposit money into the payment instrument to “protect” their funds. However, in turn, these funds go straight to the scammer’s wallet, with no chance of recovery.
Meanwhile, the FTC’s data shows a staggering rise in reported losses, with over $110 million lost to Bitcoin ATM scams since 2020. In just the first six months of 2024, losses surpassed $65 million, affecting consumers of all ages.
The median loss reported was $10,000, with older adults over 60 being particularly vulnerable. These scams often involve government impersonation, business fraud, or fake tech support, exploiting victims’ fears to gain access to their money.
However, to protect against these schemes, the FTC advises users never to respond to unexpected messages, avoid withdrawing cash due to unsolicited calls, and verify any suspicious claims independently. The report said that real businesses and government agencies will never demand payments through this BTC payment option, making it crucial for consumers to recognize and avoid these deceptive tactics.
Meanwhile, last month, German authorities targeted unauthorized crypto ATMs, seizing 13 machines from 35 various locations and impounding a staggering $28 million in cash. This enforcement action highlights the country’s efforts to regulate the use of cryptocurrency ATMs and prevent illicit activities.
Why Are Crypto Hackers Targeting The BTC Payment Option?
Beyond scams, Bitcoin ATMs also pose significant cybersecurity risks. Experts warn that these machines are especially vulnerable to both physical and digital attacks. Unlike traditional ATMs, these alternatives are prime targets for hackers due to the high value of cryptocurrencies.
A recent CNBC report cites Timothy Bates, a cybersecurity professor, who points out that malware attacks on these machines can capture private keys, steal funds, or manipulate transactions. Many of these crypto ATMs also suffer from outdated software and lack regular security patches, increasing their susceptibility to cyber threats.
In addition, another concern of these ATMs is network vulnerabilities. If the machine’s network is unsecured, hackers can intercept data transfers, leading to unauthorized access or data theft. Joe Dobson, an analyst at Mandiant, highlights that Bitcoin’s decentralized nature, while a strength, also means there’s no governing body overseeing the ATMs. This lack of oversight opens the door for independent operators, some of whom may neglect essential security protocols.
Meanwhile, Bitcoin ATMs often require personal identification, such as Social Security numbers, for compliance with Know Your Customer (KYC) regulations. If compromised, this sensitive information could fall into the wrong hands, putting users at risk.
Rupam Roy
Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Binance CEO Says Institutional Investors Grew 40% This Year
Published
4 hours agoon
September 19, 2024By
adminBinance CEO Richard Teng has revealed that the crypto exchange’s institutional and corporate investors grew by 40% this year. This development again highlights how much institutions have continued to gain exposure to crypto assets, especially since the spot Bitcoin and Ethereum ETFs launched. However, Richard Teng is confident that institutional crypto adoption is just getting started.
Binance CEO Says Exchange Recorded 40% Growth
Teng revealed during an interview at the Token2049 conference in Singapore that the crypto exchange has recorded a 40% increase in institutional and corporate investors this year. However, he added that institutional allocation to crypto is just the tip of the iceberg and is only getting started.
The Binance CEO expects that more institutions will crypto to invest in crypto assets as time goes on. He added that many of them are still doing their due diligence, which is holding them back from gaining exposure to these digital assets.
Richard Teng believes that regulatory clarity will provide certainty to these institutions and other mainstream users, increasing liquidity in the crypto space. Meanwhile, he highlighted the effect of institutions investing in crypto assets as one of the reasons why Bitcoin hit a new all-time high (ATH) of $73,000 earlier in March.
Indeed, these institutions played a major role in Bitcoin hitting a new ATH before the halving event. The approval of the Spot Bitcoin ETFs in January this year caused new money from these institutions to flow into the BTC ecosystem. These inflows ultimately led to a parabolic price rally for the flagship crypto, reaching $73,000.
Spot Bitcoin ETFs Are Far From Their Peak
Nate Geraci, the President of the ETF Store, shared a sentiment similar to the Binance CEO when he recently suggested that the Spot Bitcoin ETFs have yet to reach their peak. SoSoValue data shows that the Bitcoin ETFs have recorded net inflows of $17.44 billion since they launched. BlackRock and Fidelity, the most successful ETF issuers, already have over $21 billion and $10 billion in assets under management (AUM).
However, Geraci is confident they can still achieve much more success, noting that most wirehouses have yet to approve these Bitcoin ETFs. These wirehouses refer to major brokerage firms that have a global reach. Therefore, just like the Binance CEO predicts, more institutional investors will continue to allocate to crypto as time passes.
It is worth mentioning that other crypto ETFs besides Spot Bitcoin and Ethereum ETFs could launch soon enough. Asset managers VanEck and 21 Shares already filed to offer a Spot Solana ETF. Meanwhile, Grayscale has launched its Grayscale XRP Trust, which the asset manager could eventually convert to a Spot XRP ETF.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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SOL Price Jumps 5% As Solana Seeker Mobile Goes Live With AI Features
Published
8 hours agoon
September 19, 2024By
adminSOL, the native cryptocurrency of the Layer-1 blockchain Solana, has surged by 6% in the last 24 hours amid a huge announcement regarding Solana Mobile 2.0. As a result, the SOL price once again moved closer to $140. This Web3 mobile device from Solana – Solana Seeker – comes with an enhanced and secure vault facility as well as new AI features.
SOL Price Shoots Amid Major Announcement
The SOL price is currently trading 5.97% up at $138.8 with a market cap of $65 billion. As we know, the Solana Price has been flirting around $150 levels over the past five months as the meme coin mania on the Layer-1 blockchain fades while shifting to the Tron blockchain network.
Currently, there’s been a huge FUD in the market over Solana’s economic design which has been putting some selling pressure on the SOL cryptocurrency. Some reports also suggested that Solana would be the next Terra LUNA. But Cyber Capital founder and CIO Justin Bons called out this fear-mongering calling these concerns as exaggerated and baseless.
Currently, the SOL price is trading at crucial support levels breaking which could lead to a major correction. Popular trader Peter Brandt shared his observation about Solana while warning that if the support level fails, it will trigger the completion of a larger rectangular consolidation pattern, while potentially driving the SOL price down to $80.
Observation about $SOL
In an area of support. If support gives way, then large rectangle will complete and point toward $80 and change pic.twitter.com/66L6We7ewZ— Peter Brandt (@PeterLBrandt) September 18, 2024
Solana Seeker Mobile 2.0 – What It Offers?
In the latest announcement earlier today, Solana Mobile announced the launch of the Solana Seeker Mobile 2.0, a next-generation Web3 mobile device. This new handset seamlessly integrates hardware and software while offering a lighter and brighter build with an improved camera and longer battery life at a more accessible price.
The Solana Seeker Mobile comes along with the new Seed Vault Wallet developed in partnership with Solflare Wallet. This mobile-first wallet hosts features like double-tap transactions, secure self-custody, and a smooth user experience.
Moreover, Solana has also updated its Mobile dApp Store for improved user navigation and mobile tracking. The Seeker mobile device provides exclusive web3 experiences, including DeFi, payments, NFTs, and games. It also comes along with the Seeker Genesis Token, granting VIP access to content and rewards within the Solana ecosystem. The community is looking forward to how the Seeker token would potentially impact the SOL price ahead.
As the Solana Seeker Mobile offers connections to dApps, DeFi, and more, builders can leverage the growing interest in the Solana community. Recently, Solana also unveiled a major update for the Solana developer community with the ZK Compression going live.
Seeker also extends Solana’s AI integration, with tokenized AI agents interacting on-chain for new engagement possibilities. Moreover, users can earn using DePIN apps such as Helium Mobile, which gives exclusive coverage and network mapping opportunities.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Ex SEC Official Blasts US SEC Amid Rari Capital Settlement Charges
Published
12 hours agoon
September 19, 2024By
adminAn ex-SEC official has raised concerns over the regulatory body’s approach to digital assets, coinciding with a recent settlement involving the decentralized finance (DeFi) platform, Rari Capital.
Michael Liftik, an ex SEC official and current partner at law firm Quinn Emanuel, emphasized the agency’s reluctance to issue clear guidelines for digital assets, while pursuing enforcement actions against firms in the sector. His remarks have sparked further debate on the SEC’s regulatory strategy.
Rari Capital Settlement with the SEC
The SEC has announced it had settled charges against Rari Capital and its co-founders. The DeFi platform, which offered yield-bearing services to crypto investors, faced accusations of misleading investors and engaging in unregistered broker activity.
Rari Capital’s Earn pools, marketed as being able to autonomously manage and rebalance investments, were found to require manual intervention, contradicting the firm’s claims.
The settlement also covered activities related to Rari’s Fuse pools, with the agency stating that the co-founders, Jai Bhavnani, Jack Lipstone, and David Lucid, were involved in broker activities without proper registration. At its peak, the platform held over $1 billion in assets. Though Rari Capital and its executives neither admitted nor denied the charges, they agreed to cease breaking securities laws in the future.
Ex SEC Official Blasts Approach to Enforcement
Liftik’s criticism of the U.S. Securities and Exchange Commission’s approach resonates with broader discontent within the crypto industry. He highlighted the agency’s preference for enforcement actions over rulemaking or providing clear guidance.
In addition, the ex-SEC Official noted that the agency’s reliance on a “whack-a-mole” enforcement strategy, where firms are targeted one by one, creates a difficult operating environment for companies trying to comply with evolving rules.
A memorable line from Michael Liftik, partner at law firm @quinnemanuel and a former senior @SECGov employee, from today’s @FinancialCmte hearing:
“The SEC has refused to issue new rules or meaningful guidance relating to digital assets and, at the same time, has engaged in… https://t.co/ZTCxly1ViG
— Eleanor Terrett (@EleanorTerrett) September 18, 2024
This criticism comes as the U.S. Securities and Exchange Commission continues to scrutinize decentralized finance platforms. Over recent years, several firms, both centralized and decentralized, have been charged with securities violations, reinforcing Liftik’s argument. The agency has made it clear that labeling a platform as “decentralized” or “autonomous” does not exempt it from securities laws.
Rari Capital’s History and Hack Incident
Rari Capital’s legal troubles were compounded by a significant exploit in May 2022, when its Fuse borrowing and lending platform was hacked, leading to the theft of $80 million.
As a result, the hack forced the firm to halt new deposits and begin winding down the platform, leading to its eventual shutdown.
In the agency’s settlement, the agency acknowledged the firm’s cooperation in returning performance-based fees to affected users and its remedial efforts in response to the hack. The settlement with Rari Capital Infrastructure LLC, which took over the firm after the hack, further stipulated that the company must refrain from violating securities laws in the future.
Growing Regulatory Divide in U.S. Crypto Legislation
The U.S. Securities and Exchange Commission’s latest actions come amid an ongoing debate in Congress over crypto regulation. Recent hearings have exposed a divide among lawmakers regarding how the digital asset industry should be regulated. A memo circulating in Congress suggests that some Democratic leaders view crypto as a partisan issue, labeling it as an innovation aligned with “extreme MAGA Republicans.”
Concurrent with the ex-SEC official statements, this political divide has heightened tensions as regulators and lawmakers attempt to craft comprehensive crypto legislation. Proposals such as the FIT 21 bill, which aims to classify digital assets and modernize securities laws, remain a focal point of debate.
Critics argue that the current regulatory environment under the Biden administration is stifling innovation, while proponents of tighter regulations advocate for stronger investor protections.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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