Cryptocurrencies Are Being Used to Evade Laws, Says BIS’s Chief 0 58

According to the research and data analyzing firms in the cryptocurrency sector, the crypto-industry now has more than 106 million unique/active users. This means that the industry has grown enormous and it is adding more and more users by the day.

When there is so many people using any platform, then it is for sure that there are people there using the platform with bad intentions. As the number of users continues to grow in the cryptocurrency industry, so does the number of elements involved in frauds, scams, money-laundering, and terrorist funding.

It is now becoming a common thing in the cryptocurrency industry for companies to report that they have been hacked or for users to report that they were scammed.

The industry has become somewhat plagued one way or another just like the rest of the sectors in the world. However, cryptocurrency has to face a lot of resistance and criticism from traditional financial institutions. The main reason behind that is because cryptocurrency technology challenges the very nature, ideology, and foundation of traditional financing.

While the traditional financing sector enjoys having control of their clients’ private/financial information, the cryptocurrency sector gives full control of these aspects to the clients themselves.

In the crypto-verse, it is the users themselves that have full command and control over their personal and financial information. It is up to them whom they wish to share their personal or financial information with without feeling any pressure from third parties.

However, this is constantly becoming a huge problem for traditional banking institutions as well as the regulatory authorities. Just recently, it was the Bank of International Settlements (BIS)’s general manager, Agustin Carstens who shared his concerns over the matter.

According to Carstens, cryptocurrencies are currently acting as a loose end for the financial sector. The technology that cryptocurrency technology offers is being used to evade laws and people are getting away with that. This is the reason the regulatory authorities from around the world have to tighten the regulatory knots on the cryptocurrency sector.

As per him, the regulators need to introduce more strict and aggressive regulations for the cryptocurrency sector to keep it under control. Carstens is one of the personalities that have always opposed the idea of cryptocurrencies.

In the past, he has been heard criticizing the very nature of Bitcoin (BTC). On a number of occasions, he has accused some cryptocurrencies of being used as an asset for arbitrage. Quite surprisingly, cryptocurrencies are also being used in order to circumvent certain regulations.

Carstens has claimed that the laws and regulations against financing terrorism and money laundering are not being adhered to by many cryptocurrency institutes. Therefore, the regulatory authorities need to take swift actions against such platforms and set an example out of them for the rest.

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Concern Shared by Roger Ver Over GoDaddy Mistakenly Listing Bitcoin.com for Sale 0 550

Just recently, the owner of Bitcoin.com, publicly announced that his firm is not for sale. Bitcoin.com is a prominent cryptocurrency wallet, mining, and news provider. The firm has gained a lot of recognition and adoption over the course of time and the news of the firm’s sale somewhat concerning.

However, the owner of Bitcoin.com has completely turned down the reports against the sale of the company. He clarified that the company has been performing really well and there is no way that he would ever be selling the company.

According to reports, Bitcoin.com ended up appearing as a premium domain on GoDaddy, as up for purchase. As per sources, the domain started appearing for sale through the platform on Monday, April 5, 2021.

GoDaddy is known all over the world for being the largest registrar for domains. The domain for Bitcoin.com appeared to be available for purchase at a price of a minimum of $100 million.

Right after the incident, the owner of Bitcoin.com, Roger Ver, took it to the Twitter platform to reach out to GoDaddy. Through the Twitter platform, he reached out to GoDaddy and demanded to take the listing of Bitcoin.co off their platform for purchase.

In the Tweet, Roger Ver intimated to the higher-ups of GoDaddy that the listing needs to be removed at the earliest. He stated that the listing of Bitcoin.com being on sale is literally damaging the name and reputation of his brand.

For several years, Roger Ver has been a dedicated investor in cryptocurrencies. He has been linked with the investment sector for cryptocurrencies since early 2011. Following the announcement of the listing, Ver also reached out to one of the crypto-news platforms “Cointelegraph” confirming that the listing posted by GoDaddy is fake.

He stated that as per him it seems to be an attempt by BTC maximalists in order to hamper the reputation and demand of BCH. He stated that this is not the first time they have tried to mingle with Bitcoin.com and tried to destroy its public image.

Prior to the recent incident, the BTC maximalists had attempted to bombard Bitcoin.com emails with spam and the concerning part is that the Bitcoin.com emails seem to be receiving them even to this day.

According to the Bitcoin Cash (BCH) enthusiasts and proponents, the concept of the digital asset is closer to the ideology of Satoshi Nakamoto that Bitcoin (BTC) ever was.

As per the data analyzing firms, the price of BCH token has gained an 11.3% increase on Monday. At the time of writing, the price of the BCH token is trading at $624 per token.

At the time of writing, the listing which showed that Bitcoin.com was up for grabs has completely been removed by the GoDaddy management.

Facebook Data of Half a Billion has been leaked 0 680

Just recently, a security analyst has shared an extremely alarming as well as concerning revelation for half a billion people. The security analyst has revealed that a hacking forum has recently received a huge amount of sensitive personal information of online users.

The analyst has revealed that the sensitive personal information data that the hacking forum has received is for Facebook users. He has also revealed that the hacking forum where the information has been leaked has very high traffic on it. The information around the information leakage was shared by the security analyst on Monday, April 5, 2021.

As the number of the users is more than half a billion, then there are high chances that there will be cryptocurrency holders and traders included in the lists.

In the light of the above, the security analyst has requested all cryptocurrency users as well as the rest to be very vigilant. As a result of the information leakage, these people are now vulnerable to different identity-based scams as well as sim swaps.

The information around the recent leakage was first gathered and shared by the Chief Technology Officer of Hudson Rock, Alon Gal. Hudson Rock is known as a prominent firm in the cyber-security sector.

Alon Gal had shared his finding on the matter through his Twitter account on Monday, April 5, 2021. That is where he shared that there were a total of 533,000,000 users on Facebook that had their sensitive personal information leaked out. In his tweet, he sarcastically stated that the personal information of these many users was given away for free.

He stated that if a user had provided their phone number during the registration process on Facebook, now an unknown number of hackers have access to them.

He also got direct with the management at Facebook, stating that he is now waiting for the Facebook cyber-security teams to acknowledge and confirm this information.

He also criticized the security protocols and systems of Facebook, stating that this is absolute negligence from Facebook’s end. They have again failed to keep the personal data of their users safe and secure from such hackers.

Gal also pointed out that the recent leak that has taken place has been exploited through a security vulnerability that was discovered back in 2019.

Then again, it was confirmed in January of 2021 that the hackers could gain access through the highlighted vulnerability. Through the vulnerability, the hackers could gain access to the phone numbers linked with the users’ Facebook accounts.

He has revealed that now, the hackers are able to access a huge amount of information through the vulnerability. The information hackers now have access to include bio, relationship status, account creation date, email address, DOB, Past Location, Location, Full Name, Facebook ID, and Phone Number.

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