France, one of the leading countries in the world, is back in the limelight in the cryptoverse. The country, which is yet to establish its stance on cryptocurrency regulations, has reported that its citizens have fallen prey to a Bitcoin [BTC] scam, according to a local news portal.
It has come to light that a minimum of 700 French citizens were lured into the Bitcoin scam, resulting in a loss of around €31 million [around $35 million]. According to Autorité des marchés Financiers [AMF], the stock market regulators of France, people are being lured into the scam since the beginning of this year, when Bitcoin and other cryptocurrencies were on the high road of the market.
Investors were beguiled into the scheme with the use of advertisements related to Bitcoin investment. Through this, they collected information such as the name and phone number of the investors. Succeeding which, they followed up with the investors by offering them stupendous investment plans. They further extracted money from investors by selling false investment opportunities.
A lawyer specializing in Heritage issues, Helene Feron-Poloni said:
“Bitcoin is very complex to understand, very technical. Investors do not necessarily understand what is happening but simply say: this time, I do not miss the opportunity to earn money”
Additionally, the Marketing Director for Coinhouse, a cryptocurrency asset investment firm, Brian O’Hagan stated that they have discovered over 200 fraudulent portals, which are used to lure investors into investing in the scam.
Reports also suggest that France is not the only county in this bandwagon. The Belgium government officials are expecting frauds related to Bitcoin [BTC] and other cryptocurrencies to exceed €100 million mark.
In the month of September 2018, France set up its regulatory framework for Initial Coin Offering [ICO]. Now, the country is stepping up to regulate the cryptocurrency markets, according to recent reports. Officials have already implemented mandatory AMF registration for cryptocurrency exchanges and cryptographic keys custodians in an attempt to introduce a framework.
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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