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Why IS Crypto Crime Taking Over The Crypto Community?




As technology grows, it moves alongside with crypto crime.

The first stolen cryptocurrency (Ether) occurred in Argentina which led to the first criminal sentence. Since then, crypto crime has been an issue in relation to the crypto economy.

In 2018, the rate of crypto crime increased but its effects on the large market were just the tip of an iceberg.

Analysis done by Chainalysis in January 2019 shows that crypto crime has decreased over the past years with only 1 percent of all Bitcoin transaction in 2018.

In the crypto ecosystem, Hackers are the main issue. Hackers generate billions of dollars in support of criminal activities, scams, and fraudsters also targeting an individual’s investment and darknet in full support of illegal activities which tarnishes the image of the crypto society.

Whenever hackers hack a cryptocurrency, they waste no time in cashing out after the attack which makes it difficult to track all of their transactions.

Crypto crime in relation to cryptocurrency has a high impact on society negatively to be precise. Unfortunately, crypto coins are the main mode of payment for crime activities. Which makes it even harder to trace perpetrators.

Nowadays, Wallets are been generated for cryptocurrency which serves as an offshore bank account used by crooks, drug dealers and scammers which has slown down economic activities. This often affects society when converting cryptocurrency to dollars.

Cryptojacking shows a clear indication that crypto crime is taking over the crypto space in a sense that hackers intend to use someone’s else computer power (electricity) to mine cryptocurrency by getting the victim to click on the malicious link. Which cause financial loss to the society and the state as a whole.

Crypto crime controls the society in diverse ways both online and offline. Monetary loss from crypto crime has a high impact on cryptocurrency society.

As people find ways and means of protecting themselves, crypto criminals also develop new ways of keeping the illicit flow of their illegal activities. Which is a serious issue on ecosystem?

Crypto crime has taking advantage of the Internet by attacking information meant for modern society using the computer as a tool. Crypto crime involves blockchain fraud, hacktism, silk road, anonymity, cryptocurrency scam etc.

Officials of Law enforcement finds it difficult to fight these crimes. in this case, affecting society by costing billions of dollars annually to protect society.

Cryptocurrency investors are the most victimised within a society. They fall as a victim to crypto crime including computer viruses, identity theft and credit card fraud. They feel annoyed, angry, cheated, anxious and mostly blame themselves for being attacked.

In spite of what they go through after being attacked, most people within a society won’t change their behavior toward crypto crime unless they become a victim.

As time pass by, crypto crime has become business for crypto criminals driven by personal interest, billions of dollars have been discovered. Half a billion are nowhere to be found. More will be stolen without trace which is a threat to crypto society. So, a time will come where crypto crime will take over the crypto ecosystem. Am not predicting, but base on the activities that are still going on shows a clear indication that crypto crime is at its peak and will one day take over.


Cardano’s Charles Hoskinson wants to work with Elon Musk to develop a decentralized social media platform



Cardano's Charles Hoskinson wants to work with Elon Musk to develop a Decentralized social media platform

The Founder of Cardano (ADA) has invited Tesla owner and billionaire, Elon Musk, to work with him in developing the first decentralized social media platform. Charles Hoskinson, who also doubles up as the CEO of Input-Output Global is offering to help Elon Musk achieve his goal of free speech on social media.

The news follows Elon Musk’s acquisition of a stake in Twitter last week. The Billionaire bought 9.2% of Twitter, estimated at $2.89 Billion, and was even offered a seat on the micro-blogging site’s board. However, after deliberations, Elon passed on the offer since it would bar him from owning beyond a certain threshold of Twitter’s shares.

Free speech advocate

Elon Musk is on record for being a passionate supporter of free speech and open internet policies. He has in the past openly accused Twitter of muzzling free speech and open internet use. He recently held a poll that indicated that most users would prefer an edit button on Twitter and said that if he is not allowed to acquire the platform, he would have to reconsider his position as a major shareholder of Twitter.

To actualize this cause, he has offered to acquire the platform for a reported fee of $43 Billion in cash. This intended acquisition has left his critics and supporters talking and would go a long way in helping him bring much-needed changes to Twitter. His intention has however come under fire with his critics, including Dogecoin co-founder, Jackson Palmer saying that Elon Musk is planning a hostile takeover of Twitter. 

Hoskinson’s offer to Elon Musk

Upon seeing the opposition against Elon Musk’s plan, Hoskinson wooed Elon to join him in creating a decentralized social media platform. He tweeted:

“@Elon if Twitter rejects your offer, then hit me up. Happy to build a decentralized one.”

This offer follows Elon Musk’s Twitter poll where he sought the opinion of his 80 million followers about a decentralized social media platform. He posited that were he to be barred from acquiring Twitter, he would establish his decentralized platform that would be founded on free speech and open internet.

Elon Musk’s campaign for free speech and open internet has not been welcomed by all. Some of his critics have argued that coating his move with good intentions, his true intention is to get revenge against the SEC for muzzling his Twitter activities.

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Thailand Outlaws The Use Of Crypto For Payments



Thailand Outlaws The Use Of Crypto For Payments
  • The SEC in Thailand has banned crypto payments in the country.
  • Its new decision is expected to become enforceable in April.
  • The SEC reiterated that the government still maintained support for the blockchain industry, clarifying that the decision does not affect crypto investments.

The Securities Exchange Commission today has placed restrictions on crypto as a means of payment. They believe that it poses risks to the nation’s financial stability.

Crypto Payments Outlawed

Thailand’s SEC today has outlawed the use of crypto as a medium of exchange in the country. The regulators came up with this decision after discussing the benefits and inherent risks from crypto and blockchain technology with the country’s central bank, the Bank of Thailand (BOT).

They concluded that the use of cryptocurrencies for payment was potentially harmful to the country’s financial stability and economy. Price volatility, risks of theft, and potential use cases in money laundering were amongst the reasons cited by the SEC that led them to this decision.

The SEC report read, “the use of digital assets as a medium for payment of goods and services Because it may affect the stability of the financial system and the overall economy. including risks to people and businesses such as the risk of loss of value caused by price volatility Risk of Cyber ​​Theft Risk of personal data leakage or being used as a tool of money laundering.”

As per the SEC’s new decision, crypto service providers and vendors or merchants in the country are encouraged to stop providing or facilitating such services. Suppose a crypto service provider discovers that a customer has used its services to make payments. In that case, the service providers are to inform the SEC and restrict activities on the said account.

The SEC’s new ruling is to take effect from the 1st of April. However, businesses that already offer such services would be given till the end of April to cease such operations. The crypto market in Thailand has grown massively over the last couple of years. As per a Bloomberg report, government data estimates that Thai citizens hold about $3.4 billion in crypto assets.

Crypto Investments Not Affected As The Thai Government Still Supports Blockchain Technology Innovation

The SEC in their release, clarified that the restriction was only on using cryptocurrency as a means of payment and in no way affected citizens investing in crypto. It was stated that “digital asset traders/investors can carry out normal investment/trading related transactions.”

The SEC also maintained that the government still supported blockchain technology and was working to provide a regulatory environment where innovation can be encouraged in the industry. Recall that earlier this month, the country had offered tax incentives to investors and businesses in the crypto industry.

“… the BOT and the SEC, as well as other government agencies, see the benefits of various technologies behind digital assets such as  blockchain and emphasize and support the use of technology to further innovation.”

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