CRYPTO RELATED FRAUD AND THEFT REACHES $4.4 BILLION IN 2019

CRYPTO RELATED FRAUD AND THEFT REACHES $4.4 BILLION IN 2019

December 3, 2019 15 By Kailee Schamberger


A new development may make Ethereum twice as fast, and the loses from crypto fraud and theft pass 4 billion in 2019, Let’s start the show! Welcome back to crypto global news, please make sure you like share and subscribe to the show. Also, we have a brand new website – jump over to cryptognt.com and have a look, we have all the latest news from the world of blockchain and cryptocurrency. You can find a link to our site in the show notes below. Enjoy today’s episode. The Blockchain advisory and product development firm Akomba Labs completed a test on the Ethereum network that shows it can make block propagation at least twice as fast. Akomba Labs working with the scalability-focused blockchain startup BloXroute — ran a two-week test measuring the results of running BloXroute’s Blockchain Distribution Network (BDN) on the Ethereum network. Will this new development work out well for Ethereum? The Afghan Ministry of Public Health has signed a Memorandum of Understanding (MoU) with blockchain firm FantomOperations to integrate blockchain technology into Afghanistan’s healthcare sector. The terms of the agreement would apply blockchain to identify counterfeit medicines, create medical registries in hospitals and digitize patients’ files. Let’s see how this technology works out for the country of afghanistan, and its people. Just a reminder, we have a brand new website – jump over to cryptognt.com and have a look, we have all the latest news from the world of blockchain and cryptocurrency. You can find a link to our site in the show notes below. And now, back to today’s episode. British mega bank HSBC plans to move $20 billion worth of assets to Digital Vault, which is a new blockchain-based custody platform by March 2020. By deploying the platform, the global investment bank aims to digitize paper-based records of private placements in order to increase standardization and speed up processes in the growing industry, Reuters reports Nov. 27. HSBC reportedly expects the global volumes of private placements to increase 60% from 2017 to hit $7.7 trillion by 2022. The bank could not estimate how much the platform will save for the company or its clients, but this move could bring a lot of change to the banking industry. A United States federal judge has preserved the Securities and Exchange Commission’s (SEC) move to strike Telegram’s “void for vagueness/lack of notice” defense. According to a letter the SEC moved to strike Telegram’s proposed defense as being insufficient under federal law. On Nov. 26, the judge in the case ordered the motion to be preserved for 14 days until after the discovery period of the proceedings has ended. In early October, the SEC claimed that Telegram’s $1.7 billion Gram (GRAM) token sale was illegal under U.S. securities laws. How will this all end for telegram? In all of 2019, the total volume of cryptocurrency-related fraud and theft lead to losses worth $4.4 billion, this according to CipherTrace’s report for the third quarter of 2019. In its “Cryptocurrency Anti-Money Laundering Report, 2019 Q3,” security research firm CipherTrace looked into the 120 most popular cryptocurrency exchanges’ compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements and analyzed patterns in crypto-related crimes. If you were to look at other markets and industries, there is plenty of fraud and theft their too, but will a number this big in an industry as relatively new as cryptocurrency affect public sentiments in the long term? Many thanks for tuning into today’s episode, please make sure you like share and subscribe to the show, and don’t forget to check out our new website and cryptognt.com This is where you can find all of the latest on blockchain and cryptocurrency. You can find a link to our website in the show notes below. For crypto global news I am Edward, until next time, you take it easy.