British Financial Watchdog Issues Warning on Fake Blockchain.com Website 0 297

British Financial Watchdog Issues Warning on Fake Blockchain.com Website

As the crypto market is moving upwards, it has given fraudsters more incentive to conduct their operations. In one of their latest moves, the fraudsters have decided to impersonate one of the most respected platforms in the crypto and blockchain industry. In a report, the Financial Conduct Authority (FCA) announced that these fraudsters were impersonating Blockchain.com, a prominent notable trading and wallet provider. The report brought attention to a company named Blockchain Ltd., which is claiming to be affiliated with Blockchain.com. According to the FCA, the latter operates under the umbrella of Modulr FS Limited and Blockchain Access U.K. Ltd, as its parent entity. 

The company had been granted approval for offering its services in the United Kingdom, which means the fraudsters are in direct violation of the financial law in Britain. The FCA said that these phony actors are using the details of authorized firms for convincing people that they are working for a legitimate and authorized firm. In reality, they are not registered and are just targeting users in the United Kingdom. The FCA gave details about the parent companies of Blockchain.com and also provided some contact details that the fraudsters had shared. The agency also issued a warning to users to be careful of anyone who gets in touch with them and identifies themselves to be associated with Blockchain.com.

Such fraudsters are certainly not a novelty in the crypto industry. Since the crypto space has made a move towards mainstream adoption, a number of criminals have attempted to impersonate top crypto and blockchain firms for stealing funds from unsuspected clients. Phishing has been one of the most notable forms of impersonation, where copycat sites are developed to get victims into sharing their information. These attacks are most common with wallet applications and exchanges and they have been rising in 2020.

A wallet service similar to Blockchain.com, Electrum has suffered from a number of phishing attacks. These issues began in 2018, and it confirmed that approximately $1 million in crypto had been stolen by hackers from the users. At that time, there had been 243 BTC held in the wallet address that was linked with the scam. More than 500 BTC has moved in and out of the said wallet address since then and it is now empty. Even after the disclosure, Electrum has been plagued with security issues. It became a victim of a distributed denial of service (DDoS) attack that was quite similar to the phishing scam in 2018, as it used fake software updates for misleading victims.

A post was published by a GitHub user in August, where he claimed to have lost around 1,400 BTC, which was valued at $16 million, to a version of the Electrum wallet that was infested by malware. The user said that after downloading the wallet, he was asked to update his security settings. According to the user, he had to update because it was a prerequisite for making transfers, but once he had done so, his funds were diverted instantly. 

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MELT, GTC, PAL, and more Cryptocurrencies among Highest Gainers in Past 24-hours 0 16

In the list of highest gaining cryptocurrencies, the cryptocurrency on the top is Defrost Finance (MELT). In the past 24-hours, MELT has observed a 192.83% surge in its price, surging it all the way up to $11.97 per MELT. Similar to the price surge in the past 24-hours, MELT’s trading volume in the past 24-hours has increased to $1,177,520. MELT is currently the 3220th largest cryptocurrency in the crypto-verse in terms of its $1,401,512 market valuation.

The next cryptocurrency coming after Defrost Finance is Gitcoin (GTC). In the past 24-hours, GTC has observed a 171.08% surge in its price, surging it all the way up to $25.56 per GTC. Similar to the price surge in the past 24-hours, GTC’s trading volume in the past 24-hours has increased to $1,199,791,917. GTC is currently the 264th largest cryptocurrency in the crypto-verse in terms of its $363,625,405 market valuation.

The next cryptocurrency coming after Gitcoin is PlayAndLike (PAL). In the past 24-hours, PAL has observed a 168.43% surge in its price, surging it all the way up to $0.0000016 per PAL. Similar to the price surge in the past 24-hours, PAL’s trading volume in the past 24-hours has increased to $52,540. PAL is currently the 4780th largest cryptocurrency in the crypto-verse in terms of its $144,015,382,197 market valuation.

The next cryptocurrency coming after PlayAndLike is Elonomics ($ELONOM). In the past 24-hours, $ELONOM has observed a 131.06% surge in its price, surging it all the way up to $0.02629 per $ELONOM. Similar to the price surge in the past 24-hours, $ELONOM’s trading volume in the past 24-hours has increased to $212,424. $ELONOM is currently the 3934th largest cryptocurrency in the crypto-verse in terms of its $26,633 market valuation.

The next cryptocurrency coming after Elonomics is ICE ROCK MINING (ROCK2). In the past 24-hours, ROCK2 has observed an 85.68% surge in its price, surging it all the way up to $0.01744 per ROCK2. Similar to the price surge in the past 24-hours, ROCK2’s trading volume in the past 24-hours has increased to $67,982. ROCK2 is currently the 2229th largest cryptocurrency in the crypto-verse in terms of its $274,300 market valuation.

The next cryptocurrency coming after ICE ROCK MINING is India Coin (INDIA). In the past 24-hours, INDIA has observed a 128.93% surge in its price, surging it all the way up to $0.0000006419 per INDIA. Similar to the price surge in the past 24-hours, INDIA’s trading volume in the past 24-hours has increased to $452,332. INDIA is currently the 3571st largest cryptocurrency in the crypto-verse in terms of its $3,975,380 market valuation.

Even more cryptocurrencies are joining the ranks of top gainers and among these cryptocurrencies are KING, ALLBI, HIKO, and many more.

Crypto.com is Now First-Ever Exchange that is now Adhering to SOC 2 Standards 0 17

As per the latest reports, Crypto.com has made an announcement in regards to acquiring a new certification. Crypto.com, one of the most popular cryptocurrency exchanges has announced that it is now in full compliance with the SOC 2 standards. Crypto.com is based in Singapore and it has a global user base.

The exchange has announced that it has successfully acquired the SOC 2 certification after a successful audit. The exchange has announced that it had Deloitte carry out the audit prior to granting certification.

Deloitte is a global consulting firm that has been around since 2015, is based in the United Kingdom. It is spread all over the world, currently providing its services in over 150 countries.

The SOC is reportedly a traditional finance standard that is known all over the world. With the acquisition of the SOC 2 certification, Crypto.com has become the first-ever cryptocurrency exchange to have acquired this recognition.

The SOC 2 certification is granted to traditional financial institutions that are considered highly trustworthy in the financial sector. Prior to the granting of the certification, the operations, policies, and information practices of the company are audited and attested. If the particular company is able to pass all the audits successfully, it is granted the SOC 2 certification.

After the acquisition of the SOC 2 certification, Crypto.com has now become the securest and most trustworthy trading platform or cryptocurrencies. The exchange has even earned the title of being the only cryptocurrency exchange that is now SOC 2 certified.

With the acquisition of the SOC 2 certification, Crypto.com has set a new standard that every major exchange would want to achieve. This will increase the standards of the regulatory framework within the cryptocurrency industry. Now, the major exchanges will be competing with each other in order to acquire the SOC 2 certification.

It is being expected that with the acquisition of the SOC 2 certification, Crypto.com will be able to attract a tremendous number of users.

With the SOC 2 standard in its grasp, the exchange can confidently claim to be offering the most reliable services to users. The exchange can offer high regulatory compliance, privacy, and security to the users.

The CEO and co-founder of Crypto.com, Kris Marszalek, talked about the recent achievement of their company. He stated that with the acquisition of the SOC 2 certification, they are able to prove to the world how well their exchange has been working.

Their exchange has finally achieved a new goal, which is going to increase the competition within the crypto-verse. With the new certification, they are now able to offer a lot more to the users than any other exchange.

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