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  •   Maria Kemenes commented on this post about 9 hours ago
    Luca reposted Luca 's photo
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  •   Maria Kemenes commented on this post about 9 hours ago
    Luca reposted Anton 's post
      Reposted from Anton
    FBI Outline Key Features of Scam ICOs, Warns Investors to Be Vigilant


    The United States Federal Bureau of Investigation (FBI) has outlined what it believes to be the consistent threads running through fraudulent initial coin offering (ICO) schemes. The Bureau’s perspective was shared in an interview with Netherlands-based financial news site the Paypers on Feb. 19.

    According to the FBI, the key strategies of scam offerings include misrepresentations of their directors’ professional...
    FBI Outline Key Features of Scam ICOs, Warns Investors to Be Vigilant


    The United States Federal Bureau of Investigation (FBI) has outlined what it believes to be the consistent threads running through fraudulent initial coin offering (ICO) schemes. The Bureau’s perspective was shared in an interview with Netherlands-based financial news site the Paypers on Feb. 19.

    According to the FBI, the key strategies of scam offerings include misrepresentations of their directors’ professional experience, an engineered false impression of how much traction the ICO has garnered in the industry, and unrealistic promises of prospective returns on tokens:

    “Like any investment product, rates of return can never be guaranteed and if it sounds too good to be true, it probably is.”

    The FBI warned investors to conduct due diligence on any scheme and the individuals behind it, and to be on the lookout for entities that appear to be exclusively internet-based, where a physical address or contact is hard or impossible to come by.

    The Bureau also suggested investors should be aware of which jurisdiction the offering is registered in — if at all — and to which laws and regulations it therefore falls subject to.

    The public can avail itself of the Financial Industry Regulatory Authority’s BrokerCheck system to verify the identities and registration status of entities, the FBI advised. Given that even well-known cryptocurrencies and products may carry heightened risks of volatility due to the nascent stature of the industry, the FBI advised prospective investors to only invest what they can afford to lose.

    In regard to legitimate business operators of platforms such as virtual currency exchanges or cryptocurrency ATMs, the FBI noted that both the Financial Crimes Enforcement Network and multiple Federal District Courts have deemed such entities as subject to registration requirements. Failure to duly register is thus reportedly deemed to be in violation of federal money transmitting laws.

    Looking ahead to the future, the FBI echoed the U.S. Securities and Exchange Commission (SEC)’s stance that a vast swathe of token offerings should be classified as securities and that, given the increasing proliferation of such assets — with many industry members anticipating a security token offering trend — investors should be wary of the heightened risks of fraud.

    As previously reported, the FBI accounted for the highest number of law enforcement information requests sent to Erik Voorhees’ Switzerland-based cryptocurrency exchange ShapeShift last year.

    In June 2018, the Bureau revealed it had 130 ongoing crypto-related cases, with dark web drug sales a particular concern. It nonetheless characterized the sector as accounting for merely “a small sliver” of the FBI’s activities overall.

    Last year, the SEC attempted to educate investors by creating a mock ICO website that lured visitors with a “too good to be true investment opportunity.” The site employed the red flags the agency claimed to have identified in the majority of fraudulent ICOs, and redirected those who attempted to purchase the ersatz tokens to an educationally-oriented page on the SEC’s site
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  •   Reposted from Viktor Solodovnikov
    A bear market has spoiled Bitmain financial reports. Will an IPO take place?

    Mining giant Bitmain lost about $ 500 million in the third quarter of 2018 amid a bear market cryptocurrency.
    Easy calculations
    The Beijing-based company recently provided an update on its finances of the Hong Kong Stock Exchange (HKEx), which is reviewing Bitmain's initial public offering (IPO), first submitted in September.
    The update showed that Bitmain earned about $ 500 million in the first nine...
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  •   Maria Kemenes commented on this post about 17 hours ago
    Alleged Bitcoin Mining Scam Reported in Thailand


    Victims of an alleged cryptocurrency mining scam have filed claims against the suspected perpetrator with the Technology Crime Suppression Division in Thailand, the Bangkok Post reports on Feb. 18.

    Per the report, 30 people have filed a complaint with police, stating that they were fooled into an alleged investment scam called “CryptoMining.Farm.” This purportedly led the loss of 42 million baht ($1.34 million). Local authorities reportedly...
    Alleged Bitcoin Mining Scam Reported in Thailand


    Victims of an alleged cryptocurrency mining scam have filed claims against the suspected perpetrator with the Technology Crime Suppression Division in Thailand, the Bangkok Post reports on Feb. 18.

    Per the report, 30 people have filed a complaint with police, stating that they were fooled into an alleged investment scam called “CryptoMining.Farm.” This purportedly led the loss of 42 million baht ($1.34 million). Local authorities reportedly suspect that a total of 140 individuals were affected by the scam.

    CryptoMining.Farm, which has offices registered in both Bangkok and Chiang Mai, supposedly promised investors an annual return of 70 percent in addition to the option to withdraw their funds at any time with no conditions. The Bitcoin (BTC) mining contracts offered by the company reportedly ranged from three months to a lifetime.

    One affected individual told the Bangkok Post “But from August the owner began imposing conditions for withdrawing the money. Then at the start of this month, the site announced it would start paying back investors in 84 instalments — which would take over seven years to complete.” The source, which reportedly preferred to remain anonymous, said that the payments would also be made in foreign currencies, which is illegal under Thai law.

    The most recent allegations follow a well-publicized case from last year, in which a former soap opera actor Jiratpisit "Boom" Jaravijit and other suspects were accused of swindling $24 million worth of Bitcoin from 21-year-old Finnish investor Aamai Otava Saarimaa.

    The suspects, who were charged with conspiracy to defraud and money laundering, reportedly pleaded “not guilty” at a court in Bangkok in November 2018.

    Last May, a 100-section royal decree published in the Thai Royal Gazette, defined cryptocurrencies as “digital assets and digital tokens.” In November, Deputy Prime Minister Wissanu Krea-ngam called for more regulations on cryptocurrencies. Krea-ngam said that new guidelines must be introduced in order to keep up with evolving tactics and threats to consumer security.
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