Tag: Cryptocurrency

How fraudsters are using crypto ATMs to launder millions from Canadian scam victim | CBC News

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Brenda Smith didn’t know what a cryptocurrency ATM was before she was directed to deposit more than $12,000 cash into two of the machines last year as part of an elaborate cyber scam. The 76-year-old Calgary retiree suffered a stroke a few months before that, which she says was affecting her cognitively.  “They’re so convincing, and unfortunately I was vulnerable,” Smith said. Read full story here: How fraudsters are using crypto ATMs to launder millions from Canadian scam victim | CBC News

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Canadians have already lost $103 million to crypto investment scams this year: Canadian Anti-Fraud Centre | CTV News

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Canadians lost $224,201,739 to cryptocurrency investment in 2024, and so far have lost $103,172,872 this year alone, according to the Canadian Anti-Fraud Centre. Cryptocurrency fraud usually involves fake videos generated with artificial intelligence (AI), that feature prominent politicians or celebrities promoting fake websites. Two Ontarians CTV News spoke with collectively lost $58,600 after falling victim to separate AI-generated videos advertising fraudulent cryptocurrency investments. Read full story here: Canadians have already lost $103 million to crypto investment scams this year: Canadian Anti-Fraud Centre | CTV News

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Fraudsters are getting better at what they do, and it’s costing Canadians billions | CTV News

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In the past decade, incidents of fraud have risen sharply across Canada, but in that same time, the proportion of cases solved by law enforcement has reached a 20-year low, leaving tens of thousands of victims and millions of dollars in losses unresolved. Statistics Canada data show that 150,000 cases of fraud were reported to police in 2022, the highest-ever in the available data and nearly double the 79,000 cases reported in 2012. Read full story here: Fraudsters are getting better at what they do, and it’s costing Canadians billions…

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Federal Documents Hint At Sweeping Economic Impact From Central Bank ‘Digital Loonie’ | CTV News

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OTTAWA – Internal government documents show Finance Department officials believe there could be sweeping implications for the economy if the Bank of Canada ever issued its own cryptocurrency.The Bank of Canada has spent years looking at whether to introduce a digital currency, but so far hasn’t seen an immediate need to issue one. In one briefing note from last January, officials warned Finance Minister Chrystia Freeland that the issuance of a central bank digital currency would entail “wide-reaching implications for the economy, the financial system” and the Bank of Canada’s…

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Tesla Bets Big On Bitcoin, Plans To Accept Cryptocurrency | Bloomberg

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Tesla Inc. invested $1.5 billion in Bitcoin and signaled its intent to begin accepting the cryptocurrency as a form of payment, sending prices to a new record after the vote of confidence from the electric-car market leader. The Palo Alto, California-based manufacturer said in a filing Monday it made the bet on Bitcoin after updating its investment policy last month to allow the company to invest in digital assets as well as gold bullion and gold exchange-traded funds. Read full story here: Tesla Bets Big On Bitcoin, Plans To Accept…

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Ether Plunges After SEC Says “Dozens” Of ICO Investigations Underway | Ars Technica

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The price of ether, the cryptocurrency of the Ethereum network, has fallen below $500 for the first time this year. The decline comes days after a senior official from the Securities and Exchange Commission acknowledged that the agency had “dozens” of open investigations into initial coin offerings. The price of ether has fallen 19 percent in the last 24 hours, from $580 to $470. “We’re doing obviously a lot in the crypto space, and we’re seeing a lot in the crypto space,” said Stephanie Avakian, co-director of the SEC’s Enforcement Division, at…

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TD Bank Becomes Latest To Bar Customers From Using Credit To Buy Cryptocurrency – National | Globalnews.ca

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The decision follows moves by several U.S. banks to stop allowing credit card purchases of bitcoin and other cryptocurrencies. The value of bitcoin soared last year, trading for more than C$20,000 per bitcoin. The value of the cryptocurrency has since come off its all-time highs and trades for around C$13,000, but remains up significantly from where it was a year ago. Read full story here: TD Bank Becomes Latest To Bar Customers From Using Credit To Buy Cryptocurrency – National | Globalnews.ca  

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Blockchain And Cryptocurrency: Everything You Need To Know – CNET

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Here’s everything you need to know about the technology powering the bitcoin cryptocurrency today and, soon, a myriad of services that will change your life. This is part of “Blockchain Decoded,” a series looking at the impact of blockchain, bitcoin and cryptocurrency on our lives. These days, we’re having a harder and harder time trusting each other. Trust is an essential part of ordinary living, whether it’s picking mechanics based on Yelp reviews, sliding credit cards into gas station fuel pumps or heeding our doctor’s advice. But our trust has…

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Forget $9,000… Bitcoin Falls Below $7,000 [Updated] | Ars Technica

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Further ReadingMore bad news pushes bitcoin’s value below $9,000If there were any lingering doubts about whether the Bitcoin bubble was over, those should be gone now. After falling below $9,000 last Thursday for the first time since November, Bitcoin has fallen south of $7,500 as of this writing. Bitcoin was trading at right around $8,250 at the start of Monday, so it’s down nearly 9 percent so far today. Bitcoin had rallied a bit over the weekend, peaking at nearly $9,500 on Saturday, but Monday’s news that Lloyds Bank has…

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Banks Ban Credit Purchase Of Cryptocurrency Due To Risks – Engadget

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If you use your Bank of America-, JP Morgan Chase- or Citigroup-issued credit card to buy cryptocurrency, then you’ll have to find an alternative ASAP. According to Bloomberg, the banks have banned crypto purchase using their cards due to the virtual coins’ volatile nature. BofA has already started declining credit transactions with known exchanges, though its debit cards aren’t be affected by the ban. Citigroup also announced on Friday that it’ll no longer process crypto purchases, while JP Morgan Chase’s new rule will take effect today. JPMorgan spokesperson Mary Jane…

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