Richard Branson Found to Be Crypto Scammers’ Favorite Brit Celebrity

Richard Branson Found to Be Crypto Scammers’ Favorite Brit Celebrity

Famed entrepreneur Richard Branson is often featured in fake articles sent out by various investment schemes, many of which are related to cryptocurrency, U.K.’s National Cyber Security Centre (NCSC) revealed in a report. The agency, which has blocked over 285,000 such campaigns in only nine months, says it’s dealing with a global problem. Shady Sites Lure Investors With Fake Endorsements From Richard Branson The fake news articles appear as if they come from well-known publications. The scammers spread them through mass email campaigns, text messages, or ads on social media platforms in Britain and abroad. They are linked to websites where potential victims are enticed to invest in fraudulent schemes. British cybersecurity experts say it’s a growing and a global challenge. NCSC has put an end to 286,322 of these campaigns and blocked 731,080 URLs between April and December 2020, according to its annual Active Cyber Defence report, quoted by the BBC. Although the same strategy can be employed to promote various types of investment opportunities, the main theme these days is cryptocurrency. The name of world-famous British entrepreneur and investor Sir Richard Branson is often exploited by the scammers targeting Brits in fake articles from the local press. And the current wave of fake endorsements is not the first for the founder of Virgin Group. In May 2018, Branson spoke out against the spread of fake crypto stories and ads issuing a warning to investors in a blog post titled “Beware of Fake Bitcoin Scams.” “While I have often commented on the potential benefits of genuine bitcoin developments, I absolutely do not endorse these fake bitcoin stories,” the English business magnate stated at the time. Virgin launched its own online scam reporting portal sharing concerns about the rising number of “criminals impersonating Richard Branson.” The company also revealed that followers who post on Branson’s social media feeds had been targeted by fake accounts. Money-Saving Expert Martin Lewis Feels Nauseous About Scams Using His Name Another celebrity featured in the fake articles is “cutting costs expert” Martin Lewis, founder of the Moneysavingexpert.com website. Lewis recently insisted that the fight to stop these scams which “destroy millions of people’s finances and mental health” should be stepped up. Lewis also stated: It’s the worst flattery I’ve ever…

South Koreans flock to crypto amid a heavy-handed regulation approach

South Koreans flock to crypto amid a heavy-handed regulation approach

In South Korea, one in three citizens either own cryptocurrencies or get paid in them. One-tenth of its population trades digital assets, and its youth unemployment rate hovers above 10%. It’s a competitive job market in the East-Asian nation, where high expenses enforce hierarchical social structures, and financial stability can seem like a pipe dream.On matters of technology and innovation, South Korea is incredibly progressive. There’s been a lot of buzz around cryptocurrencies since news of their existence became common knowledge in the country. Its open-minded attitude to technological progress could mean that the country will decide to regulate — instead of banning — blockchain-based tokens. However, with gambling considered illegal under South Korean law, and many projects leaning too heavily on the speculative side of things, some firms will probably face increased scrutiny.On the surface, South Korea has one of the world’s strongest economies — being the fourth-largest in Asia and 10th-largest globally — with an extraordinary human development index and only moderate levels of income inequality. However, beneath the surface, a financial revolution is seemingly brewing, and blockchain is at the heart of it.The South Korean stock market is dominated by four family-owned conglomerates or “chaebols,” which many believe are highly corrupt and politically influential. Recently, reported volumes on top Korean cryptocurrency exchanges surpassed the country’s stock market, which could be a sign that the people are making their intentions clear.Seizing opportunitiesAs a country, South Korea is a prominent contributor to cryptocurrency volumes worldwide. Digital assets are part of the culture there, enabling many young citizens to get by despite Korea’s rising youth unemployment rates. Having long adopted the concept of micropayments through its obsession with video games, South Korea was ready for digital assets before cryptocurrencies even existed.The country also has the world’s fastest internet speeds, and its citizens are familiar with mobile payment systems due to the nation’s robust telecommunications industry. In 2019, the country introduced its own cryptocurrency through a government initiative, the S-coin. However, the government passed legislation later in March 2020 to clamp down on blockchain investments, and the citizens of South Korea, especially its youth, were not happy. Mark Lee, founder of South Korean blockchain marketing agency Eightfive, told Cointelegraph: “South Korea is quite conservative when it…

Indonesia considers capital gains tax on cryptocurrency trades

Indonesia considers capital gains tax on cryptocurrency trades

Neilmaldrin Noor, a spokesperson for the Indonesian Directorate General of Taxes, said that the authority is considering a tax scheme for capital gains generated from cryptocurrency trades, Reuters reports Tuesday.“It is important to know that if there is a profit or capital gain generated from a transaction, the profit is an object of income tax,” the official stated. Noor said that Indonesian taxpayers who receive capital gain from crypto trades would have to pay the tax and report it to the government. The official noted that the new crypto tax scheme for capital gains has not been implemented and is still under discussion. The latest news comes weeks after Indonesia’s Commodity Futures Trade Regulatory Agency, or Bappebti, was reported to be considering a tax on all cryptocurrency transactions. As part of the proposal, the authority reportedly planned to automatically deduct the tax from transactions by 13 crypto exchanges operating under Bappebti’s regulatory oversight. An executive at Bappebti stated that the actual tax rate had not been determined as of late April.Indonesia’s latest crypto tax proposals follow years of a blanket ban on payments made in cryptocurrencies. The country’s central bank issued a regulation banning the use of crypto in payment systems back in 2017, outpacing similar bans in other jurisdictions like Russia and Turkey.

Elon Musk Hints at Tesla Accepting Dogecoin for Payments

Elon Musk Hints at Tesla Accepting Dogecoin for Payments

Elon Musk, also referred to in social media as the ‘Dogefather,’ due to its affiliation with the Dogecoin currency, has hinted Tesla could start accepting the currency as a payment for its cars. The company, which is now accepting bitcoin as payment for its cars and holds it as part of its reserves, could also include dogecoin as part of its accepted cryptocurrency roster. Elon Musk Hints at Tesla Accepting Dogecoin Elon Musk, CEO of Spacex and Tesla, has hinted today at the possibility of the electric car company accepting dogecoin (DOGE), the now-famous meme coin as payment for its cars. Musk asked today in a poll on Twitter to his fans if they would like this to happen. Unsurprisingly, he got a mostly positive answer, with more than 70% of the polled answering they would like it at the time of writing. Do you want Tesla to accept Doge? — Elon Musk (@elonmusk) May 11, 2021 Musk is has been one of the main proponents of cryptocurrency in the corporate arena. Tesla is already accepting bitcoin (BTC) as payment for its cars directly on its website, but dogecoin is a relatively unstable currency in terms of price compared to the former, and if it indeed received by the company, it’s unclear if it would be sold for fiat money. The company bought $1.5 billion in bitcoin last February and it has declared it is holding the bitcoin has received as payments vehicle sales in the long term, after acknowledging they sold 10% of its bitcoin holdings to prove the liquidity of bitcoin as an alternative to cash. Is Musk Serious? The question is whether or not this is a serious inquiry to the people? Musk is known in internet social media circles as a big troll, going to the limits of making statements that had affected Tesla’s finances on Twitter. Musk declared last year Telsa’s stock price was ‘too high,’ triggering a selloff that took stock prices 12% low, and earning the ire of its shareholders at that time. But that has not been the only time Musk has messed up big in social media: In August 2018, Musk tweeted he was planning to take Tesla private, and that he had secured funding to…

Shiba Inu hits another exchange as SHIB deposits overwhelm Binance

Shiba Inu hits another exchange as SHIB deposits overwhelm Binance

Shiba Inu (SHIB) was listed on three different cryptocurrency exchanges in the past 48 hours, after an explosive 966% surge in the same time frame sent the token to 18th in the market cap rankings.Self-described as the “Dogecoin Killer”, Shiba’s instant addition to Binance on May 10 surprised onlookers, many of whom expected a more in-depth listing process by the world’s largest crypto exchange. What’s more, the fact that 50% of the SHIB token supply is in the hands of one individual made Binance’s decision to list the token immediately all the more surprising. The Shiba team purposely sent 50% of the 1 quadrillion token supply to Ethereum co-creator Vitalik Buterin as a means to put the tokens out of circulation. The other 50% was apparently sent to the Uniswap app to provide liquidity. In doing so, the creators claim to have created a decentralized token, the fate of which will be decided solely by the market. Binance founder and CEO Changpeng Zhao spoke out on the issue of Shiba Inu on Monday, telling his Twitter audience that the exchange was simply following user demand. Zhao said demand to trade SHIB was so high that Binance ran out of deposit addresses for the Ethereum based token:“Some have voiced concerns about $SHIB listing. We follow users. There is a large number of users demanding it, to the point where we ran out of ETH deposit addresses due to SHIB today. Never happened before for any other ERC20 coin.”“Not endorsing it. Super high risk. NFA,” he added. Shiba Inu’s recent emergence came fresh on the back of the rise of Dogecoin (DOGE). Like Dogecoin, Shiba Inu is emblazoned with a variation of the Shiba Inu dog meme. Also like Dogecoin, Shiba awakened from months of inactivity to surge to what was an all-time high on April 20 (i.e. 4/20 day), the same day Dogecoin reached a then all-time high of $0.420.But what is there to Shiba Inu except for funny dogs and crazy percentage gains? Well, the project’s “woofpaper” alludes to the creation of ShibaSwap, a decentralized exchange where SHIB holders will be able to swap tokens and take part in yield farming. The exchange is currently undergoing “security tests, audits and final updates,” according to the project’s…

Yearn Finance price nearly hits $70,000  — What’s driving the YFI bulls?

Yearn Finance price nearly hits $70,000 — What’s driving the YFI bulls?

A lackluster cryptocurrency market did little in offsetting Yearn Finance’s bullish bias as the price of its governance token YFI reached new record highs in USD terms on May 11 — just shy of $70,000.YFI price hits new highs in USDThe YFI/USD exchange rate added $6,258, or 10.02%, to reach $68,748 ahead of the London opening bell. The pair quickly retraced lower as traders decided to realize their profits, hitting roughly $67,067 as of 0736 UTC. Nevertheless, the drop appeared marginal compared to the prevailing uptrend, hinting that YFI could continue its upward momentum following a short-term consolidation period.The token performed equally well against Bitcoin (BTC), the flagship cryptocurrency whose own uptrend slowed down after hitting a milestone high of roughly $65,000 last month. Tuesday morning, the YFI/BTC exchange rate was near its five-month high of 1.192 BTC. Meanwhile, at its intraday peak, the pair’s bid was 1.247 BTC, up 58%.YFI/BTC reaches 5-month high. Source: TradingviewThe massive upside moves in the Yearn Finance token market appeared as its top rivals underperformed severely. At first, Bitcoin continued to show weakness after failing to log a breakout above a psychological resistance level of $60,000. Its strong positive correlation with other top digital assets also pushed their prices lower. For instance, Ether (ETH), the second-largest cryptocurrency by market cap, plunged back below $4,000 on profit-taking sentiment.Meanwhile, the biggest losers on a 24-hour adjusted timeframe were Dogecoin (DOGE), XRP, Polkadot (DOT), and Litecoin (LTC). Each fell within the range of 9%-12%, again due to traders’ inclination to withdraw profits after the tokens’ supersonic price rallies in the previous sessions.Yearn Finance’s YFI was comparatively weaker so far in 2021. The token would surge by almost 160% compared to its altcoin peers’ thousands of percentages worth of upside gains. For instance, Dogecoin remained a scene-stealer for most of the first and second quarters, rising by more than 19,000% to eventually outshine other large-cap altcoins.Technically, YFI served as a hedge as the rest of the cryptocurrency market returned from their overbought levels. But looking closely, what worked in the favor for the Yearn Finance token — at least in the current quarter — is its ability to cast aside a flurry of its major issues.Banking infrastructure for DeFiIn retrospect, Yearn had a rocky…

Elon Musk asks Twitter whether Tesla should accept Dogecoin for cars

Elon Musk asks Twitter whether Tesla should accept Dogecoin for cars

Tesla CEO Elon Musk has stirred the proverbial “doges’ nest” once again with another tweet about the quintessential meme coin, Dogecoin (DOGE). Tweeting on Tuesday, Musk ran a Twitter poll asking respondents whether they want Tesla to accept Dogecoin as a payment method.Do you want Tesla to accept Doge?— Elon Musk (@elonmusk) May 11, 2021 The poll, posted at 8:00 a.m. UTC, garnered over 400,000 responses in the first 10 minutes and is almost at the one million mark as of the time of writing. Musk’s Twitter poll will run for 24 hours and could be a precursor to the company adding the popular meme coin as a payment method.Dogecoin proponents have been urging the Tesla CEO to add the Shiba Inu-themed cryptocurrency to its list of accepted payment methods given Musk’s apparent fondness for the token.Indeed, responses to the poll has been overwhelmingly favorable with about 78% of respondents in support of Tesla accepting Dogecoin payments.As expected, Musk’s tweet has caused a significant reaction in the Dogecoin price with the 15-minute chart showing a sudden price action surge for DOGE coinciding with the time when the poll was published.Source: TradingViewDogecoin is up more than 10,600% year-to-date and seemed on course for the $1 mark earlier in May on the back of feverish market enthusiasm.Such has been the Dogecoin enthusiasm that internet search interest for DOGE outstripped Bitcoin for the first time according to Google Trends.Tuesday’s tweet is the latest linking Dogecoin to one of Musk’s companies. As previously reported by Cointelegraph, Geometric Energy Corporation — a Canadian manufacturing and logistics firm — has announced plans for a DOGE-fueled payload on one of SpaceX’s first rockets to the moon.Tesla already accepts Bitcoin (BTC) as a payment method for its electric vehicles. The company made the announcement back in March while also stating its intentions to run a Bitcoin node. Tesla has also stated that it will “HODL” the BTC payments received for its cars.

CBOE files another Bitcoin ETF application with the SEC

CBOE files another Bitcoin ETF application with the SEC

The Chicago Board Options Exchange, or CBOE, has filed Fidelity’s Wise Origin Bitcoin (BTC) exchange-traded fund with the United States Securities and Exchange Commission.CBOE filed a Form 19b-4 on Monday seeking to list  Fidelity’s Wise Origin Bitcoin Trust Bitcoin ETF that was initially submitted to the SEC by the $4.9 trillion asset manager back in March.Monday’s Form 19b-4 which puts CBOE as the exchange partner for Fidelity’s Bitcoin ETF filing has triggered the SEC approval process.The Commission’s first response window will close in 45 days upon which the SEC will elect to extend or reject the application altogether. In total, the SEC has 240 days to evaluate Fidelity’s Bitcoin ETF application.Back in April, the SEC postponed its decision on the VanEck Bitcoin ETF application until June.CBOE’s filing also puts Fidelity’s application among a list of Bitcoin ETF hopefuls apart from VanEck that include WisdomTree and SkyBridge Capital.Mike Novogratz’s Galaxy Digital has also submitted a Bitcoin ETF application with the SEC, with the NYSE Arca listed as the exchange partner.The company, via its subsidiary, also launched a BTC ETF product in Canada back in March. Indeed, Canada has become a Bitcoin ETF trading hub in North America amid a raft of approval by securities regulators in the country.Meanwhile, Bitcoin ETF hopefuls in the U.S. are keen to see the SEC under Gary Gensler’s charge approve an ETF product for the largest cryptocurrency by market capitalization.However, recent comments by the SEC commissioner might indicate that such an outcome is not yet possible. Speaking earlier in May, Gensler called for greater investor protection in the crypto market.Under Jay Clayton — the immediate past SEC chair — the commission regularly identified volatility, price manipulation, and investor protection concerns as reasons for not approving any Bitcoin ETF application.

Kazakhstan’s government to create roadmap for developing crypto market

Kazakhstan’s government to create roadmap for developing crypto market

Kazakhstan’s government forming a roadmap to stimulate the development of the cryptocurrency industry and blockchain technology in the country.State authorities have reviewed proposals to address the crypto industry’s development and reconsider the state’s approach to regulating crypto operations, according to a Tuesday announcement on the website of the Prime Minister of Kazakhstan.Officials have proposed to run crypto exchanges via a major national financial hub, the Astana International Financial Centre. The government also suggested establishing standards by which crypto exchanges can interact with local banks and clients.The new initiative aims to provide transparency and organization for the local crypto industry. “To date, out of the whole variety of companies working in the crypto industry, […] only mining companies are part of the market in Kazakhstan,” the announcement reads. The Republic of Kazakhstan is getting more serious about the crypto industry and digital assets. Last week, Kazakhstan’s central bank issued an official report on a possible central bank digital currency. The bank said that the digital tenge is not intended to replace either cash or cashless payments but would rather be an alternative option that would enable further development of the national payment system and reduce reliance on cash.

PS5 stock is hard to find — but sites that accept crypto are coming to the rescue

PS5 stock is hard to find — but sites that accept crypto are coming to the rescue

It was one of the most-anticipated releases of a games console for years — the PlayStation 5.Sony’s latest hi-spec model also couldn’t have come at a better time. Making its long-awaited debut in November 2020, gamers had high hopes of keeping entertained during a harsh winter… and averting boredom during coronavirus lockdowns that kept us confined indoors, unable to go to restaurants, and away from our loved ones.Alas, many of us were left disappointed because of stock shortages. Around the world, PS5s would sell out instantly as soon as shops got a batch — and Sony admitted that a shortage of semiconductors was having a detrimental impact on its production processes. (The lack of chips has also been affecting the distribution of Bitcoin mining hardware.)Even now, frustrated gamers are having trouble getting their hands on this console, with the likes of Amazon sold out. Twitter trackers have been set up so people can find out when the PS5 is back in stock, and opportunistic scammers have been preying on those who are desperate to make a purchase. On some second-hand marketplaces such as eBay, buyers face hugely inflated prices, too.It doesn’t have to be this way, though. One of the best-kept secrets when it comes to PS5 stock lies in how a number of crypto-focused marketplaces have brand-new, shiny consoles that are ready to be shipped to your door. How do we know this? Because we got one.Buying a PS5 using cryptoOne website that has PS5s in stock is Exeno, a website that specializes in allowing people to purchase top gadgets such as iPhones, iPads, laptops and electric scooters using digital assets. Prices are presented in Bitcoin, Bitcoin Vault and Ether — alongside a dollar amount for comparison.Beyond that, the process is incredibly similar to any other fiat-focused eCommerce site that you may have encountered. In-depth information is provided about each product’s specifications, and users have the freedom to leave reviews.When an account is registered using Exeno, individual wallets for each of the three cryptocurrencies supported are automatically set up — meaning that you can top up your account through your wallet or chosen exchange.A common worry that some shoppers may have when using cryptocurrencies is that the rates may suddenly change or could be out of…