Home Bitcoin Scams News The FinTech Crypto Briefing: Lord Sugar slams Bitcoin rip-off

The FinTech Crypto Briefing: Lord Sugar slams Bitcoin rip-off

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Revolut brings cryptos to the mainstream

In what I can solely describe as an enormous victory for cryptocurrency lovers all over the place, FinTech unicorn Revolut has determined so as to add Bitcoin Money and XRP (in any other case often known as Ripple) to its app.

Revolut’s 1.eight million customers have been in a position to commerce digital currencies via the start-up’s app since final December – however the firm has now thrown its weight behind these two rising currencies.

The London-based firm implied that the choice was a no brainer and got here after “overwhelming demand” from its group.

At a time when the way forward for cryptocurrencies is being questioned, I feel this transfer is an actual vote of confidence for the sector.

→ READ MORE: Revolut adds new cryptos after ‘overwhelming demand’

What are you taking part in at?

The enchantment of digital currencies is the shortage of centralised management or regulation – so I used to be greater than just a little shocked to listen to that the US Justice Division had opened a felony investigation into whether or not merchants are manipulating the value of Bitcoin and different digital currencies.

The probe apparently surrounds the follow of spoofing – the place an investor locations orders which can be supposed to control the value of an instrument – and flooding the market with faux orders.

In fact, these types of dishonest have existed for a very long time but it surely appears like cryptocurrency’s lack of regulation and monitoring may very well be giving outdated scams a brand new place to thrive.

For anybody who follows the value of Bitcoin as obsessively as I do, you’ll have seen that it’s struggled to remain above the $eight,000 mark in current weeks.

For sure that information of a felony probe definitely didn’t assist issues.

The rise of fraudulent ICOs

There’s no denying that the variety of preliminary coin choices (ICOs) has skyrocketed up to now two years, presenting an thrilling new means for blockchain corporations to boost capital.

However with that surge in recognition comes a rising threat of fraud.

The Wall Road Journal lately discovered that round one in 5 ICOs raised crimson flags together with plagiarised investor paperwork or guarantees of assured returns.

Even cryptocurrency critics discover it tough to dismiss the importance of blockchain know-how, which has the potential to disrupt virtually each sector possible.

One factor’s for certain: it’s extra vital than ever that most people be made conscious in regards to the dangers of fraudulent cryptocurrencies and ICOs.

→ READ MORE: What can we learn from the US government’s ‘ICO scam’?

Don’t Sugar coat it

Faux adverts claiming that Lord Alan Sugar is leaving The Apprentice after creating a brand new Bitcoin buying and selling platform have left him understandably pissed off.

The enterprise magnate is only one of many well-known figures whose names are being utilized by fraudsters to lure folks into funding scams.

The faux adverts are claiming that the businessman has invested in and helped to create a brand new ground-breaking programme referred to as Bitcoin Dealer, which in fact will not be true.

Lord Sugar warned his Twitter followers in regards to the rip-off and mentioned his attorneys are on the case.

Kidnappers demand ransom in Bitcoin

A South African gang that kidnapped a 13-year-old boy from a playground have demanded a ransom in Bitcoin.

was kidnapped on Sunday within the city of Witbank within the japanese province of Mpumalanga whereas he was taking part in with two pals close to his house. 

Police mentioned the ransom word, which was left on the scene, demanded to be paid 15 Bitcoins.

A police official was quoted by native media as saying the boy’s mother and father have been “going via trauma” and that they “don’t even know what this Bitcoin is”.

The Ripple impact of generosity

Actor Ashton Kutcher shocked Ellen DeGeneres this week when he donated $4m price of XRP (Ripple) to the US speak present host’s wildlife charity.

Kutcher shocked DeGeneres with the donation, on behalf of Ripple, reside on ‘The Ellen DeGeneres Present’ on NBC.

The actor joked that such a big donation would usually be accompanied by a “large, large cheque” however as a substitute had DeGeneres push a button on his telephone that transferred the cryptocurrency to the charity immediately.

Ripple’s XRP coin is at present the third most-valuable cryptocurrency in the marketplace, behind Bitcoin and Ethereum.

World’s first crypto sculpture

As a means of training most people in regards to the world of cryptocurrency, Swiss firm Eidoo has commissioned the world’s first cryptocurrency sculpture to seem in London.

Eidoo, a longtime ICO platform and a multi-currency pockets, collaborated with famend up to date artist Federico Clapis to create the three-metre bronze statue.

The corporate says the mission has been deemed one of the bold advertising campaigns on the planet.

The bronze sculpture shall be unveiled at four.30pm on 15th June at Remark Level on London’s Southbank, with most people invitations to attend and share their ideas on the rise of cryptocurrencies utilizing the hashtags #cryptoconnection #eidoo and #cryptobaby.

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