AI Could Help Fight AI Misinformation – Nvidia CEO

AI Must Combat AI-Generated Misinformation

Nvidia CEO Jensen Huang says artificial intelligence (AI) is the key to combating the risks posed by AI-generated misinformation. Speaking at the Bipartisan Policy Center recently, Huang stressed that AI’s ability to produce fake information quickly will require AI-based solutions to counteract it.

Huang further warned that its ability to generate misleading data and false information will only accelerate as this technology evolves. Thus, similar systems must operate at the same speed or faster to detect and stop these threats.

Huang compared the use of artificial intelligence in tackling misinformation to the current cybersecurity landscape. He said that nearly every company faces the threat of cyberattacks, and more robust cybersecurity measures are needed to neutralize such attacks.

In the same way, artificial intelligence technology will be required to stay ahead of AI-driven threats.

Huang Urges Government to Embrace AI Technology

Huang also called on the US government to take a more active role in artificial intelligence development. He emphasized that the government shouldn’t only regulate artificial intelligence but also become a technology practitioner.

He mentioned the Department of Energy and the Department of Defense as crucial ministries where this innovative tech could play a critical role. Huang suggested that the United States should consider building a supercomputer to accelerate research and development in this regard.

He said such a move would allow scientists to develop new artificial intelligence algorithms that could advance national interests. Huang’s comments come amid growing concerns about the role of technology in shaping public perception, particularly as the US approaches federal elections in November.

A recent Pew Research Center survey found that nearly 60% of Americans are worried about artificial intelligence being used to spread fake information about presidential candidates. Around 40% of those surveyed believe artificial intelligence will be used for harmful purposes in the upcoming elections, while only a tiny percentage felt that AI would be used for good.

These fears were further heightened when an anonymous US intelligence official reported that Russia and Iran are already employing artificial intelligence to manipulate political content, including videos of Vice President Kamala Harris.

Future AI Models Will Require More Energy

Huang also noted that AI models will require significantly more power as they become more complex. He predicted that future data centers could need up to 20 times the energy used by today’s data centers.

The Nvidia CEO suggested building these centers near locations with excess energy, as artificial intelligence does not depend on where it learns. Thus, remote data centers become viable options for managing energy consumption.

He noted that future models will increasingly rely on other artificial intelligence systems to train one another. This, combined with the growing amount of data needed for training, will drive up energy consumption across the industry.

California Governor Newsom Vetoes Controversial Safety Bill

Meanwhile, California Governor Gavin Newsom has vetoed SB 1047, a widely debated AI safety bill, saying it would hinder innovation. The bill (known as the Safe and Secure Innovation for Frontier Artificial Intelligence Models Act) aimed to implement strict safety standards on models.

Thus, it becomes mandatory for companies like OpenAI, Meta, and Google to perform testing and introduce a “kill switch” for their artificial intelligence systems. After rejecting the bill, Newsom expressed concerns that the proposed regulations would stifle the development of emerging artificial intelligence models.

According to him, the legislation targeted large AI firms without effectively addressing the real risks posed by artificial intelligence. He emphasized that the bill would impose unnecessary restrictions on essential functions, creating a barrier to future innovation.

The bill’s sponsor, Senator Scott Wiener, argued that these regulations were necessary to prevent potential disasters linked to artificial intelligence development. If passed, the bill would have allowed California’s attorney general to sue developers where artificial intelligence systems enable significant risks, such as potential takeovers of critical infrastructures like power grids.

Newsom’s Veto Sparks Debate on Innovation and Safety

Nevertheless, Newsom acknowledged the need for artificial intelligence safety measures but called for a more balanced approach. He has tasked experts with developing science-based risk analyses and directed state agencies to continue assessing potential threats from artificial intelligence.

The bill faced strong opposition from Silicon Valley, including tech giants like OpenAI and Google, as well as some politicians. Former House Speaker Nancy Pelosi warned that the bill could slow artificial intelligence progress in California.

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How to Migrate MATIC to POL: A Step-by-Step Guide

The Polygon network is expanding its ecosystem with the enhancement of POL, a new token that will serve more purposes than the current MATIC tokens. With this switch from MATIC to POL, some users would undoubtedly want to know how their MATIC tokens will be converted.

If your tokens are on Polygon PoS, Ethereum, or zkEVM, this guide will help you out on how to convert MATIC to POL.

What is the Reason Behind Polygon Moving from MATIC to POL?

Polygon’s approach to the second phase of MATIC to POL evolution is strategic. It aims to enhance the digital asset’s performance and utility across the polygon ecosystem with improved functionalities.

Polygon Networks will rely on POL for its staking hub and governance capabilities for its Aggregation Layer, which is projected to be developed in 2025.

Understanding the Migration Process

Migration from MATIC to POL depends on the network where the tokens are situated. Hence, there are migration thresholds for Polygon PoS, Ethereum, and zkEVM networks.

MATIC to POL Migration on Polygon PoS

For MATIC holders on the Polygon PoS network, the migration will come into effect automatically. You do not have to do anything. There are occasions when, after such an upgrade, “MATIC” will still be visible in the wallet despite the token being upgraded to POL.

In such cases, you will need to change the token symbol from MATIC to POL by yourself. This is very easy to do in the wallet application interface; it requires changing the token ticker to the correct one in MetaMask or analogous wallets.

How to Migrate MATIC to POL on Ethereum

As for the tokens under the Ethereum network, the change will be manual. You will have to go through the Polygon Portal Interface to upgrade. Here’s a step-by-step guide

• Connect to the portal. Navigate to the Polygon portal, where the migration will occur.

• Once you’re connected, click on the option to upgrade your MATIC tokens to POL. A dialog box will open with two requests for action: the initial upgrade and the final migration.

• Check gas fees. Please take time to check gas fees for every transaction you are about to confirm. After confirming the upgrade transaction, allow time for the transaction to be processed.

• Add POL to your wallet: When the migration is finally over, a POL token balance should be reflected in your wallet. If it does not appear automatically, you have to find and add the POL contract address.

Migrating MATIC to POL on zkEVM

If your tokens are on the zkEVM network, you will first be required to migrate them to Ethereum before proceeding to the POL token migration. Follow these steps:

• First, use a bridge such as the Polygon Bridge to move your MATIC tokens from zkEVM to the Ethereum network.

• When MATIC tokens are on Ethereum, follow the earlier described steps for migrating them to POL through the Polygon Portal Interface.

• After the migration is carried out, confirm that POL tokens appear in the wallet. If that’s not the case, you have to manually add the POL contract address to your wallet for visibility.

What Happens if You Don’t Migrate?

If you hold MATIC but decide not to upgrade, you shall forfeit access to various features available on the Polygon network. For instance, once the migration process is over, it will be impossible to use MATIC to pay for staking or gas fees on the network.

Furthermore, not upgrading could cause you to lose your staking rewards.

Other Migration Scenarios

A holder of the MATIC may be involved in many other migration scenarios.

Centralized Exchanges (CEXs): For MATIC holders on a CEX like Binance or Coinbase, the exchange will likely handle the migration. Remember to ask your exchange for specific migration details.

Smart Contracts: MATIC staked in a smart contract on Polygon PoS will be automatically migrated, as there will be no smart contracts in Polygon. Smart contracts in Ethereum or zkEVM layers have to be upgraded or updated manually to perform the migration properly.

Liquid Staking Providers: Users participating in liquid staking programs should remember that such services could be put on hold for some time during the transition. The staked MATIC tokens will be upgraded automatically after the migration process is complete.

What’s Next after MATIC to POL?

In addition to the direct migration, which is most immediate, POL will be an important part of the Polygon network for the present and future. With the upgrade, all token holders can be assured that they will continue enjoying all the operations offered in the Polygon network, like staking, gas fees, and network security.

Final Thoughts

The change from MATIC to POL is the necessary progression for Polygon 2.0. Whether the tokens are on Polygon PoS, Ethereum, or zkEVM, there is a clear sense of order and process for transforming them using the right resources and help.

Complete the migration as soon as possible so you can actively participate in Polygon’s expanding ecosystem and enjoy all the advantages POL offers.

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Web3 Prediction Platform Polymarket Seeks $50M Funding

Polymarket is reportedly eyeing a $50 million funding round to finance its operations and support its upcoming token launch. Per the official statement, investors who partake in the fundraiser are eligible to receive token warrants allowing them to purchase the assets should Polymarket debut its native coin.

Leveraging the Polymarket Optimistic Oracle System

Polymarket currently uses optimistic Oracle (OO) from UMA to settle disputes and verify actual results. This system ensures prediction accuracy by supplying vital data for smart contracts.

Contracts on Polymarket look to UMA’s OO for results when they need real-world data. In the event that there is disagreement over the outcome, the matter is forwarded to UMA’s Data Verification Mechanism (DVM).

It is now up to the UMA token holders to cast their votes and decide what should happen. In the future, this new token could be involved in this dispute resolution procedure if Polymarket goes through with its planned token launch.

Previous Funding and Recent Disputes

Due to its strong investor interest, Polymarket has raised $70 million in two rounds of funding this year. Ethereum co-founder Vitalik Buterin participated in a Series B round in which the company raised $45 million in May.

This came after GeneralCatalyst led a $25 million Series A round that was previously undisclosed. Polymarket has been involved in multiple high-profile disputes concerning UMA’s event resolution mechanisms despite its financial successes.

One of the most prominent events happened in June and revolved around a prediction market regarding Barron Trump’s role in the development of the DJT meme coin. At first, the market was settled by UMA’s oracle, suggesting that Trump was not involved.

Later on, Polymarket reversed this ruling, claiming that Barron Trump was involved “in some way.” As a result, the platform issued refunds to those who had signed the “yes” contract, a decision that caused a great deal of controversy.

In May, there was another dispute of a similar nature, this time concerning UMA’s decision to resolve a prediction on spot Ethereum exchange-traded funds (ETFs). Even though the US Securities and Exchange Commission (SEC) was still reviewing the funds’ proposals, UMA concluded that they had been approved.

Hence, Polymarket bettors contested UMA’s ruling, claiming it was made too soon.

Surging Activities

Nevertheless, Polymarket has seen a spike in activity, especially in relation to the 2024 US presidential election. So far, users have wagered an additional $223.6 million on the popular vote in addition to nearly $993.1 million on the presidential election winner.

Furthermore, the platform processed over 63,000 user predictions totaling $472.9 million in August alone. This represented a rise in volume and user participation year over year of 5,900% and 2,985%, respectively.

With a record daily volume of $37.3 million on September 11 and an all-time high of 12,649 daily users on September 18, the momentum has continued into September. Notably, 86% of trading volume and 74% of user activity over the last week were from markets connected to the US election.

Polymarket and Regulatory Concerns

Polymarket’s swift expansion has also drawn heightened attention from US authorities. Recently, the US Commodity Futures Trading Commission (CFTC) Chairman, Rostin Behnam, voiced his concerns regarding Polymarket’s provision of services to residents of the United States without the required registration.

Behnam emphasized that the CFTC would ensure that any illegal activity is put to an end. However, it isn’t the first time Polymarket has faced regulatory issues. Two years ago, the CFTC alleged that the platform provided more than 900 event-based binary options markets without the necessary registration.

However, Polymarket reached a $1.4 million settlement with the CFTC in January 2022 and limited access for users with US IP addresses as part of the settlement.

Venture Capital Funding in the Crypto Space

The crypto industry is still being shaped by venture capital funding, with firms such as Paradigm and Andreessen Horowitz (a16z) playing leading roles. These companies employ voting mechanisms to influence ongoing projects in addition to providing funding for new ones.

Notably, over $5 billion was invested in the cryptocurrency space in Q1 of the year, and estimates for the third quarter suggest that there may be more than $2 billion injected into the industry.

Venture capital still flows despite a slowdown in token offerings such as Initial DEX Offerings (IDO), especially for seed rounds and Series A funding. Moreover, investors are now focusing on infrastructure and tool development projects rather than projects involving gaming and non-fungible tokens (NFTs).

This shift is clear from the top crypto investment deals by a16z, which totaled $208 million and included Eigen Layer, Espresso Systems, and Story Protocol.

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Hamster Kombat Plans 60B Token Airdrop to 43% Users

Hamster Kombat, the Telegram click-gaming platform, is on the verge of releasing its 60 billion tokens airdrop to only 43% of qualified players. According to the team behind the tap-to-earn game, it banned 2.3 million users for cheating, enraging some of the game’s community.

Token Allocation and Airdrop Plan

The rapidly growing Web3 platform has made a significant announcement regarding distributing its native tokens, Hamster Kombat (HMSTR). According to a recent post by the team, 75 billion out of its total 100 billion tokens are reserved for the game’s community.

This allocation signifies the project’s commitment to rewarding active users, reflecting a community-first approach. The distribution will happen in two stages: after season one ends, 60% of the entire supply will be airdropped, and the remaining 15% will be distributed during season two.

Among the 60 billion tokens initially reserved for season one, users who satisfy the qualifying requirements should anticipate receiving 88.75% of their allocation immediately. However, the remaining 11.25% will become vested and released after the token is listed on crypto exchanges (within the next ten months).

In terms of numbers, this translates to an immediate distribution of approximately 53.25 billion tokens, with an additional 6.75 billion tokens becoming available after the vesting period.

Growth and Challenges

Hamster Kombat has dominated the Web3 gaming scene ever since it launched. The clicker game on Telegram gained 239 million users in 81 days, demonstrating its viral appeal.

Pavel Durov, Telegram’s founder, was interested in the game’s players as he was confident that the game’s popularity would help Web3 technologies become more widely used, attracting millions of new users to the cryptocurrency space.

Over 300 million players are in the game, and millions will be eligible for the next token airdrop on September 26. 43% of all users fall into this category, while the remaining users do not meet the eligibility requirements.

The game team’s ban of about 2.3 million players over dishonesty highlights the developers’ dedication to upholding equity in the distribution process. On July 30, the Hamster Foundation released an update about the impending airdrop.

The foundation clarified that players would receive the lion’s share of the airdropped tokens. However, the remaining will be for ecosystem partnerships, liquidity provision, grants, squad rewards, and other important projects.

This distribution plan seeks to improve the game users’ long-term engagement and loyalty, strengthening the project’s ecosystem.

Independent Tokenomics Approach

The Hamster Kombat team revealed that it turned down offers from venture capital firms looking to make early investments. By choosing not to accept funding from venture capital firms early on, the tokens will be protected against selling pressure from major institutional investors.

Rather, the token’s supply and demand dynamics will give the community an equal chance to interact with the token. The team reiterated that community members’ and players’ interests will determine the value of HMSTR tokens. This step upholds the project’s community-driven philosophy.

PepperChain’s Airdrop to CHZ Holders

Meanwhile, Chiliz (CHZ) CEO Alexandre Dreyfus revealed that PepperChain, an integral part of the Chiliz ecosystem, is preparing to distribute PEPPER tokens to CHZ holders through an airdrop. It is anticipated that holders of CHZ will be able to access this airdrop on significant exchanges outside of the US.

However, additional information regarding the precise mechanisms of distribution is still pending. The new token is anticipated to be crucial to PepperChain’s future development, and the airdrop is intended to honor Chiliz’s devoted supporters.

By doing this, Chiliz hopes to increase user participation and engagement while improving its platform’s usefulness.

Expanding the Chiliz Ecosystem

By utilizing blockchain technology to create cutting-edge fan engagement experiences, Chiliz has established a strong reputation in the sports and entertainment industries. With the launch of the PEPPER token, PepperChain will become an essential component of this ecosystem.

The token is anticipated to augment the platform’s overall functionality, promoting increased engagement among community members. Chiliz aims to increase awareness of PepperChain’s upcoming initiatives and innovations, generating enthusiasm for the ecosystem’s upcoming developments.

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Satoshi-Era Bitcoin Miner Wallets Move Coins After 15 Years

Five Bitcoin miner wallets that have been inactive for over 15 years have suddenly started moving funds. These wallets, which received block rewards in 2009, weeks after Bitcoin’s blockchain was launched, collectively moved 250 Bitcoin (BTC).

According to blockchain data, one of the wallets received its block reward on Jan. 29, 2009. Three others received their rewards on Jan. 31, 2009, while the final wallet obtained its block reward on Feb. 2, 2009.

At that time, Bitcoin held little to no monetary value, but with the cryptocurrency trading at roughly $63,000 per token in 2024, these 250 BTC are now worth an estimated $15.9 million.

Speculations Around Satoshi Nakamoto and Hal Finney

The sudden activity in these miner wallets has sparked speculation within the cryptocurrency community. Some users on social media have questioned whether the wallets belong to Satoshi Nakamoto, the pseudonymous creator of Bitcoin, or possibly early Bitcoin adopter Hal Finney.

Finney, a prominent software developer, received the world’s first Bitcoin transaction, receiving 10 BTC from Nakamoto on Jan. 12, 2009. The Bitcoin blockchain launched on Jan. 3, 2009, when Nakamoto mined the genesis block, embedding a message referencing a headline from The Times newspaper in the United Kingdom.

Nakamoto outlined how Bitcoin worked six days later, explaining the basics of mining and transferring coins. By the end of January 2009, only a handful of individuals were involved in mining Bitcoin.

The value of BTC remained negligible for years after its launch, but in 2011, it reached $1 for the first time on the now-defunct crypto exchange Mt. Gox. Shortly after, Nakamoto stepped away from the crypto space, stating that he was moving on to other projects.

Bitcoin Surges Amid Central Bank Decisions

Currently, Bitcoin is experiencing a significant price increase, with the cryptocurrency now trading near its highest levels in a month. This price rise can be traced to key decisions made by central banks in both Japan and the United States, which have impacted investor sentiment toward BTC and other high-yield assets.

Following the Bank of Japan’s rate decision, BTC’s price gained almost 2.5%, trading at over $64,000. Investors viewed this decision as a signal that borrowing costs in Japan would remain low.

Low interest rates often encourage borrowing and allow investors to allocate funds toward riskier assets, such as Bitcoin, that offer potentially higher returns. Meanwhile, the US Federal Reserve cut its interest rates by 50 basis points.

This move also worked in BTC’s favor by making safer assets less attractive to investors. When interest rates fall, the returns on more conservative investments, such as government bonds, often decrease.

As a result, investors are looking for higher-yield investment options, and Bitcoin is a prime candidate for such an investment.

Bitcoin Futures Open Interest Hits Monthly High

Additionally, the rise in BTC’s price is closely linked to movements in its futures market. On Sept. 20, the open interest (OI) in Bitcoin futures reached approximately $34.39 billion, the highest level since late August.

Open interest refers to the total number of outstanding futures contracts that have not yet been settled. When open interest increases, it indicates that more capital is flowing into the market.

This often points to expectations of significant price movements as traders take positions in anticipation of further market action. At the same time, BTC’s funding rates in its futures market have also moved in a positive direction.

Funding rates reflect the cost of holding long or short positions in futures contracts. These rates had dipped into negative territory earlier in the month, but they have since turned positive, reaching around 0.189%.

More traders are betting that BTC’s price will continue to rise, further fueling the crypto asset’s upward momentum.

Bitcoin’s Price Tests Key Resistance

The technical analysis of BTC’s price movement suggests further gains could be on the horizon. BTC has been forming a bull flag pattern, a technical chart pattern that often indicates the continuation of an upward trend.

Moreover, the leading crypto asset recently bounced off the lower trendline of the flag and is now headed toward the upper trendline at around $65,500. If BTC breaks above this resistance level, its price could rise to $78,400, based on the height of the previous uptrend.

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How Crypto Pyramid Schemes Work: A Guide

While the cryptocurrency market has created fresh financial opportunities, it has also become a target for fraud through crypto pyramid schemes. Though they promise rapid and large profits, these programs are traps that cause financial losses.

This guide exposes how these frauds operate and how to identify them to avoid becoming victims.

What is a Crypto Pyramid Scheme?

A crypto pyramid scheme is a fraud whereby new members are lured into dubious projects with a fake or no service. They usually offer great returns with little to no risk, making people want to get wealthy rapidly.

However, the investments of fresh hires, not from actual business operations, provide gains for early investors. The whole program falls apart when new members cease enrolling, causing most participants to suffer major losses.

How Crypto Pyramid Schemes Work

The operations of crypto pyramid schemes can be described in various stages.

Stage 1: Customer Invitation

The project owners generate buzz around a new coin or initiative to draw investors. Usually, they deploy strong marketing—often via social media or influencers.

Stage 2: Referrals

Once they invest, investors are urged to invite others. Recruitment takes the front stage instead of the investment itself.

Stage 3: Initial Returns

Early participants get returns to give an impression of validity. Rather than from genuine gains, these returns are paid from new members’ investments.

Stage 4: Collapse

The system becomes unsustainable as it expands. Recruitment slows down, halting the money flow. The program fails, and most of the investors lose their money.

Warning Signs of a Crypto Pyramid Scheme

Identifying the red flags can enable investors to stay away from these frauds. A project is likely a fraud if it promises great returns with little risk.

Another sign of a crypto pyramid scheme is that gaining money depends more on recruiting others than offering a product or service. Legitimate crypto projects are open about their methods of operation. If details on the operation of the project are lacking, use caution.

Should the value of the project remain unknown, that’s your cue not to invest.

Examples of Crypro Pyramid Scams

OneCoin $4B Crypto Pyramid Scheme (2014 – 2017)

Promoted as a breakthrough cryptocurrency, OneCoin promised huge gains. Later, it turned out to be a fraud as it was a project built on recruitment. Its founders faced legal action while investors lost billions.

Bitconnet Over $3B Ponzi Scheme (2016 – 2018)

Promising great returns with an automated trading bot, Bitconnect enticed investors into locking their Bitcoin in exchange for platform tokens. The program fell apart, costing investors enormous amounts of money.

HyperFund $1B Crypto Ponzi (2020-2021)

HyperFund was a Bitcoin investing platform that operated between 2020 and 2021. Though it promised substantial returns, it was a Ponzi scheme.

How to Guard Yourself

To avoid falling victim to a crypto pyramid scheme, follow these guidelines:

• Do Comprehensive Research

Research the founders and their past. A red mark signifies a lack of openness or unidentified team members.

• Look for Transparency

Projects with legitimate intent have open operations and well-defined objectives. Search for a thorough white paper that includes project operations and money-generating strategies.

• Avoid Recruitment-Focused Projects

A project is probably a pyramid scam if it primarily focuses on attracting new members instead of providing an underlying product or service to the market.

Legal Consequences of Participating in Pyramid Schemes

Many nations consider pyramid schemes unlawful. Hence, engaging in them could have serious repercussions, including fines or even jail.

You could get into legal hot water even if you participate without knowledge. For instance, the Federal Trade Commission controls and fines such dishonest behavior in the United States.

Similar laws protecting their people exist in other nations, notably the UK, Australia, Canada, India, and South Africa.

What to Do If You’ve Been Scammed

• Act fast if you believe you have been tricked into a crypto pyramid scheme.

• Report the Scam: Get in touch with local financial authorities or police. Reporting could result in legal action against the offenders and help others from becoming victims.

• Seek Financial Advice: See a financial advisor or attorney with expertise in fraud cases for advice. They can help you sort through possible paths of healing.

• Stay Informed: Leverage the experience to increase your knowledge about fraud. Maintaining knowledge about typical cryptocurrency frauds will help you avoid future losses.

Conclusion

Pyramid schemes in cryptocurrencies feed on people’s desire for quick earnings. Hence, investors can guard themselves by knowing how they run and the warning signals.

Also, approach all investing opportunities cautiously, conduct your research, and be wary of offers that seem too good to be true.

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Digital Chamber Pushes New NFT Bill in Congress

The Digital Chamber of Commerce is actively seeking support from US crypto users for a new bill. This bill aims to classify certain non-fungible token (NFT) projects as consumer products, thereby preventing the misapplication of securities laws.

The group urged Congress to consider legislation that would distinguish NFTs based on their intended use, freeing many from federal law’s treatment as securities. US Representative William Timmons introduced the bill in question, known as the New Frontiers in Technology Act (NFT Act).

What the NFT Act Covers

The NFT Act would label certain NFTs as “covered NFTs.” These are items that function primarily as collectibles, works of art, musical compositions, or other forms of intellectual property.

The bill recognizes these digital collectibles, such as virtual land, in-game assets, and digital merchandise, as consumer products. However, the legislation is clear that NFTs marketed or sold with the expectation of financial gain, or those promoting investment potential, would still fall under securities regulations.

The Call for Support

The Digital Chamber is urging US crypto users to contact their local government representatives and get their support for the NFT Act. The organization believes that this distinction is necessary to ensure the continued development of NFT technology in the US without unnecessary regulatory hurdles.

According to the group, the improper classification of digital collectibles as securities could stifle innovation and force companies to relocate to more crypto-friendly jurisdictions. In its official statement, the group stated that supporting the Act would promote ongoing technological innovation, enhance consumer protection, and establish a solid foundation for blockchain technology within the United States.

SEC’s Increased Focus on NFT Projects

The introduction of the NFT Act came at a time when the Securities and Exchange Commission (SEC) was paying more attention to the NFT space. Last month, the SEC issued a Wells notice to OpenSea, one of the largest NFT marketplaces.

A Wells notice signals that the SEC is considering enforcement action for potential securities law violations. More recently, the SEC fined restaurant group Flyfish Club $750,000 for selling NFTs, which the SEC argued functioned as unregistered securities.

SEC Commissioners Hester Peirce and Mark Uyeda criticized this enforcement action. They noted that the NFTs in question were simply a means of selling memberships rather than investment products.

The NFT Act also mandates the U.S. Comptroller General to carry out a study on NFTs once the bill is enacted. This study would explore the economic and legal implications of NFTs, offering Congress more data to craft future regulations.

SEC Commissioners Criticize Flyfish Club NFT Settlement

Meanwhile, US SEC commissioners Hester Peirce and Mark Uyeda have expressed their disapproval of the regulator’s management of a $750,000 settlement with Flyfish Club, a restaurant that sold NFTs providing membership access.

The SEC claimed the Flyfish Club’s NFTs violated securities laws, alleging they were unregistered crypto asset securities under the Howey Test. Flyfish Club sold 1,600 NFTs, raising $14.8 million, according to a cease-and-desist order issued by the SEC.

The NFTs allowed holders access to the yet-to-open Flyfish Club restaurant in New York City. However, the SEC viewed these tokens as investment contracts, subject to securities registration requirements.

An Unnecessary Enforcement Action

In their letter, Peirce and Uyeda said the enforcement action unnecessarily targeted innovation and didn’t address any real harm to investors. The commissioners also criticized the SEC’s approach to NFT regulation, saying it failed to provide clear guidelines for NFT creators.

They warned that this type of enforcement could stifle creativity in the NFT space. The commissioners expressed that creative individuals should have the freedom to explore NFTs without the need to consult an expensive lawyer.

Gary Vaynerchuk, a prominent entrepreneur in the NFT space, launched the Flyfish Club NFTs. These NFTs allowed buyers access to the exclusive members-only restaurant, which will offer dining and social experiences once it opens in Manhattan.

Flyfish Agrees to Destroy Remaining NFTs

Meanwhile, Flyfish Club has settled with the SEC without admitting or denying the charges, agreeing to destroy any remaining NFTs and forgo future royalties from NFT sales. This action mirrors other enforcement measures the SEC has taken against NFT projects in recent months.

Recently, the SEC charged Impact Theory and Stoner Cats 2 over alleged violations involving unregistered securities offerings, further intensifying the regulatory pressure on the NFT industry.

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BaseBros Fi Disappears After Rug Pull on Base Blockchain

BaseBros Fi Vanishes After Rug Pull

BaseBros Fi, a yield optimization protocol on the Base blockchain, has vanished after allegedly pulling off a rug pull. The platform stole user funds through an unaudited smart contract. BaseBros deleted its official website and social media accounts, including those on X and Telegram, leaving its users without any means of communication or recourse.

Blockchain security firm Chain Audits, which had previously reviewed some of BaseBros’ smart contracts, revealed that the rug pull was conducted via a “Vault contract” that was not part of their initial audit. This contract had a backdoor vulnerability, allowing the owners to siphon off the funds deposited into the project’s “Strategy” contract.

Despite auditing four of the five contracts used in the project, Chain Audits admitted that the Vault contract was not within its audit scope and was not verified on the blockchain. Before the incident, BaseBros had built an active community of approximately 2,000 followers on X and over 3,300 members on Telegram.

The lack of an audit for the Vault contract allowed the project’s creators to carry out the rug pull, making off with their users’ investments.

Seamless Protocol Initially Linked to BaseBros Rug Pull

The initial aftermath of the rug pull led to confusion, with some assuming that another protocol, Seamless, might have been impacted due to similar contract labels. However, blockchain investigator Cyvers clarified that the only affected protocol was BaseBros.

According to Cyvers, the bad actor siphoned $130,000 worth of funds and laundered them through the crypto mixing service Tornado Cash, making it difficult to trace the stolen assets. Seamless conducted its internal investigation and confirmed that its protocol and investor funds were safe from attack.

Chain Audits also reiterated that only BaseBros had been affected, resulting in multiple pools losing funds. BaseBros is not the first DeFi protocol to fall under scrutiny for similar activities. For instance, the PenpieDeFi protocol experienced a $27 million hack recently.

DeFi Platform Delta Prime Hacked, $6M Stolen

In a related development, Delta Prime, a decentralized finance (DeFi) platform, has also been hacked, losing almost $6 million worth of crypto assets. The attack started with the theft of approximately $4.5 million in stablecoins, which the attackers later converted to Ethereum (ETH).

On-chain security platform Cyvers flagged the suspicious activities, stating that the hacker swapped USDC to ETH, suggesting that the hacking incident hasn’t stopped yet and there would be further losses.

Cyvers’ allegations were true as the malicious transactions continued, with the total amount stolen rising to nearly $6 million. This incident has raised security concerns within the crypto community. Delta Prime is the latest in a series of high-profile DeFi attacks this year.

According to Meir Dolev, Cyvers’s CTO, the hackers gained control over the wallet managing Delta Prime’s proxy contracts. They then upgraded these contracts to redirect assets to a malicious contract.

This allowed the attacker to drain liquidity pools on the Arbitrum chain. Dolev stated that the total loss amounted to around $5.9 million. Delta Prime’s hack indicates a sophisticated attack targeting the platform’s vulnerabilities.

Rising Threats to DeFi Platforms

This breach occurred shortly after WazirX, an Indian cryptocurrency exchange, lost over $230 million in a similar attack. That incident was the second-largest cryptocurrency hack of 2024.

These back-to-back security breaches underline DeFi platforms’ growing challenges in safeguarding users’ assets. Concerns about the security of digital assets are not limited to DeFi platforms.

North Korean hackers, including the notorious Lazarus Group, have been flagged as potential threats to larger targets like US-based Bitcoin (BTC) exchange-traded funds (ETFs). Michael Pearl, vice president of GTM strategy at Cyvers, suggested that the sizable value of Bitcoin held by these ETFs is attracting the hackers’ attention.

Pearl emphasized that hackers are constantly strategizing new ways to exploit weaknesses, particularly in areas where significant digital assets are concentrated. The stakes are high as there are an estimated $53.4 billion worth of Bitcoin in on-chain holdings across ETFs.

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How to Withdraw Bitcoin to a Bank Account

Discover proven methods to withdraw Bitcoin to a bank account via peer-to-peer networks, cryptocurrency exchanges, or Bitcoin ATM.

The most well-known cryptocurrency, Bitcoin (BTC), is rather preferred by people for payments as well as for more than only peer-to-peer exchanges or investments. However, there comes a point when BTC holders can feel the need for fiat money by converting their digital assets into fiat.

This guide offers a basic, step-by-step tutorial on how to withdraw Bitcoin to a bank account.

Essential Techniques

Your three primary options for converting BTC to cash and forwarding it to your bank account are:

Peer-to-Peer (P2P) Platforms: Make direct bank transfer payment contacts with purchasers.

Crypto Exchanges: Sell BTC and then move the money to your bank via exchangers.

Bitcoin ATMs: Take BTC out cash-wise and put it into your bank account.

Each strategy provides a unique BTC to cash withdrawal model feature per the region’s availability, pricing, and ease of use.

Employing P2P (peer-to-peer) Platforms

Those wishing to sell Bitcoin for cash often choose P2P sites. These platforms let users interact directly with other people interested in BTC purchases.

Step 1: Register and Verify Your Account

Most P2P sites call for users to register and finish a verification process. Usually, this entails turning in identity records to satisfy the Know Your Customer (KYC) criteria. This stage ensures that every transaction follows rules and is compliant with security.

Step 2: Post a Sell Offer

After completing your registration, you can offer to sell your BTC. You will indicate the quantity of BTC you wish to sell, the fiat currency you accept, and your desired payment method, such as a straight bank transfer.

Step 3: Await a Buyer

Potential purchasers will view your offer once it is live, and the system will notify you when any of them accepts to transact with you. P2P systems sometimes include extra information, such as buyer ratings, transaction history, and user completion rates, which allows you to deal with reliable people.

Step 4: Complete the Transaction

Should a buyer accept your offer, they will credit your bank account with the designated sum. Once you verify receipt, the BTC will be released from escrow and forwarded to the buyer.

Benefits

• One advantage of P2P platforms is direct transactions, which makes it flexible to conduct transactions with buyers.

• Most systems provide escrow services, which save money until both sides satisfy the terms of the transaction.

Considerations

• The buyer’s speed of payment will affect the length of the transaction.

• Although some systems require minimal fees, some could demand higher transaction fees.

Selling Bitcoin on a Cryptocurrency Exchange

Among the most often used methods to sell BTC for cash are crypto exchanges. Many of the best exchanges let customers trade BTC for fiat currency and deposit the equivalent in fiat money into their bank accounts.

Step 1: Register on a Bitcoin Exchange

Register and confirm your account if you do not have one on a crypto exchange. Exchanges, like P2P systems, demand that you finish KYC verification before letting any transactions go forward.

Step 2: Deposit Bitcoin into the Exchange Wallet

Deposit the BTC you wish to sell into the exchange wallet once your account is confirmed. Make sure you pick the right wallet address to prevent fund loss.

Step 3: Place a Sell Order

Put a sell order on the exchange. Indicate how much BTC you are selling and choose the fiat money you wish in return—USD, EUR, GBP, or another. The trade will connect your sell order with a buyer that’s currently active.

Step 4: Withdrawing to Your Bank Account

The fiat money will show up in your exchange account once the sale is completed. After that, you can move the funds to your bank account using your chosen withdrawal method, say a bank wire transfer.

Benefits

• Convenience is one of the benefits of cryptocurrency exchanges.

• Transactions are quickly automated.

• Exchanges give you access to a sizable pool of buyers.

Considerations

• You should find out whether your area is supported since some countries forbid crypto exchanges.

• Most exchanges impose transaction and withdrawal fees.

Cash Out Bitcoin Using ATMs

Another choice for withdrawing your BTC is Bitcoin ATMs. These devices let you turn your cryptocurrencies into cash instantly. Though not present everywhere, they can be a handy approach to withdrawing money without having to deal with a P2P or exchange platform.

Step 1: Find a Bitcoin ATM

Websites like CoinATMRadar or apps specifically targeted at Bitcoin ATM locations will help you find a nearby one. Some crypto exchanges also include ATM listings on their apps or websites.

Step 2: Confirm Your Identity

For significant transactions, many Bitcoin ATM systems call for identification confirmation. Usually, this entails adding your phone number and getting an SMS code for confirmation. However, verification might not be required for bit-size purchases.

Third Step: Sell Bitcoin for Cash

Once your identity is confirmed, choose “Sell” on the ATM screen. The machine will next ask you to type the BTC quantity you want to sell. The screen will show a QR code, which you will scan with your wallet app to move the Bitcoin.

Step 4: Collect Cash and Deposit into Your Bank

The ATM will deliver cash equivalent to the value of the BTC you sold following verified transaction confirmation. Then, using a local branch or deposit machine, you can put this money into your bank account.

Benefits

• One advantage of Bitcoin ATMs is the rapid transaction capability for turning BTC into cash.

• The transaction is not completed with an exchange account or wallet linked to a platform.

Considerations

• Bitcoin ATMs might not be in every area.

• ATM charges are more than P2P systems or exchanges.

Final Thoughts

Depending on your preference and location, withdrawing BTC to a bank account can be accomplished with P2P platforms, crypto exchanges, or Bitcoin ATMs. Each approach has benefits and downsides; however, the best one for you depends on your particular requirements.

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Bitcoin Miner CleanSpark Acquires 7 Mining Rigs: What to Know

Prominent Bitcoin mining firm CleanSpark recently revealed that it is on the verge of acquiring seven new crypto mining facilities in Knoxville, Tennessee. According to the Bitcoin miner, the purchase would cost the company approximately $27.5 million, and the details of the purchase will be completed by September 25.

CleanSpark’s Hashrate Expansion

With a plan to increase its current hashrate by over 22%, CleanSpark is set to expand its operational capabilities significantly. The installation of next-generation S21 Pro miners across its seven facilities—which have a combined capacity of 85 megawatts (MW)—will enable this expansion.

CleanSpark expects its combined operating hashrate to reach five exahashes per second (EH/s) once the miners are installed. These advancements strengthen CleanSpark’s competitive position in this rapidly changing industry while also improving its operational efficiency.

CleanSpark’s Strategic Vision

Zach Bradford, CEO of CleanSpark, claimed that his company has locked in low prices and quickly filled newly acquired data center spaces as a result of its acquisition of these mining servers. Bradford further said that the company’s new centers in Wyoming and Tennessee, along with its recent acquisition of GRIID, valued at $155 million, represent a continued execution of CleanSpark’s broader growth strategy.

Bradford stressed that Tennessee will adopt CleanSpark’s community-focused strategy, which has worked well in Georgia and will benefit nearby communities as well as the local power system.

Stock’s Performance and Industry Standard

Meanwhile, CleanSpark’s (ticker: CLSK) stock has fluctuated despite the positives surrounding the firm lately. The stock is down 18% year to date and was down 4.5% at $9.93 per share at the time of the announcement.

CleanSpark and other industry heavyweights like MARA and Core Scientific are among the top three producers of Bitcoin after investment giant Bernstein gave it an “outperform” rating. In particular, Bernstein’s bullish analysis highlighted CleanSpark’s operational effectiveness, as well as its location as the “sweet spot” for energy efficiency and realized hash rate/uptime.

In August, CleanSpark demonstrated its operational strength by mining 478 Bitcoin, which increased its total operating hashrate by 1.4 EH/s. As of August 31, 2024, the company held 7,558 Bitcoin, underscoring its robust operational capabilities.

Bitcoin Mining Environmental Debate

Nevertheless, the Bitcoin mining industry has drawn criticism for its effects on the environment. Bitcoin’s Proof-of-Work (PoW) protocol and high processing power requirements have raised questions about its carbon footprint.

Various science-backed studies have frequently sounded the alarm regarding the environmental costs of mining cryptocurrencies. However, these concerns have stoked political arguments and fostered anti-crypto sentiment in some quarters.

Wes Geisenberger, Vice President of Sustainability and ESG at stablecoin issuer and decentralized public ledger Hedera, stressed the significance of understanding the environmental impact of the industry. Geisenberger argued that the crypto industry must assess its carbon footprint transparently and comparably like other financial and technological sectors.

By reinforcing how Bitcoin mining can help with sustainable energy solutions, a number of Bitcoin mining companies have attempted to dispel these unfavorable impressions. For example, hydroelectric firms sell excess energy they generate during periods of low demand to power mining operations, enabling effective energy usage.

Similarly, flared gas miners repurpose a petrochemical industry waste product, making it useful for Bitcoin mining.

Bitcoin Mining and Environmental Challenges

Meanwhile, research has demonstrated that Proof-of-Stake (PoS) blockchains have drawbacks despite being frequently praised for their energy efficiency. The widely-held notion that PoS blockchains are intrinsically greener than PoW protocols, such as Bitcoin, was called into question by a recent report from the UCL Centre for Blockchain Technologies.

The paper raises questions about the long-term sustainability of PoS systems since they may be more susceptible to centralization. This centralization is an issue since PoS systems rely on validators who stake tokens rather than computational power to process transactions.

Hence, the whole industry is moving forward with addressing the environmental impact of mining cryptocurrencies. Task forces have been formed to provide answers to complicated carbon accounting questions.

They are to make sure mining operations comply with appropriate voluntary and regulatory disclosure requirements. The Bitcoin mining industry must balance its rapid growth pace with maintaining environmental sustainability, which will ultimately determine its future.

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US SEC Maintains Strict Crypto Custody Rules for Banks

US SEC Holds Firm on Crypto Custody Rule

The United States Securities and Exchange Commission (SEC) remains firm on its stance regarding crypto custody for regulated financial institutions, as SEC Chief Accountant Paul Munter confirmed during a recent speech. His remarks focused on Staff Accounting Bulletin No. 121 (SAB 121), a rule introduced in March 2022 that has sparked significant debate.

Munter’s statement emphasized that entities holding crypto assets for others must record a liability on their balance sheets. This position, central to SAB 121, has been a point of contention, as it effectively prevents many regulated financial firms from offering crypto custody services.

The SEC official argued that entities safeguarding digital assets bear responsibility for potential risks, and this should be reflected in their financial statements. By requiring these companies to record liabilities, the regulators seek to ensure that institutions are adequately prepared for the risks associated with crypto custody.

A Pushback and the Regulator’s Insistence

This stance has faced pushback from various quarters, including SEC Commissioner Hester Peirce. Peirce expressed concerns about the content and the process behind SAB 121. Nate Geraci, President of the ETF Store, also weighed in, adding that the SEC seems “dug in” on SAB 121.

He added that the agency is unwilling to allow regulated financial institutions the flexibility to provide crypto custody services. His remarks reflect the sentiment among some industry participants who believe the regulator’s position is too restrictive.

Although the SEC has faced challenges to its guidance, including a vote by the US House of Representatives to overturn the rule in May, the agency’s position remains unchanged. Moreover, President Joe Biden vetoed the repeal in June, ensuring SAB 121 continues to govern crypto custody regulations for now.

Notably, the SEC has acknowledged that not all crypto custody arrangements fit neatly into SAB 121’s framework. Munter pointed out that bank holding companies offering bankruptcy protection for crypto assets do not need to record a liability.

Similarly, broker-dealers facilitating cryptocurrency transactions without holding cryptographic keys could be exempt from the requirement. Despite the pushback and efforts to change the rule, SAB 121 remains a critical element of the regulatory agency’s approach to regulating cryptocurrency custody for banks and other financial institutions.

US SEC Crypto Enforcement Soars to $4.7 Billion in 2024

Meanwhile, the SEC has significantly ramped up its crypto enforcement actions in 2024, hitting nearly $4.7 billion in penalties. This marks an increase of over 3,000% compared to 2023.

The most substantial contribution to the SEC’s funds came from a record-breaking $4.47 billion paid by Terraform Labs and Do Kwon, its ex-CEO, in June. The settlement reflects a growing focus on tackling larger and more influential crypto cases.

In total, the regulators initiated 11 enforcement actions in 2024, representing a 3,018% increase in penalties despite handling fewer cases compared to the previous year. In 2023, the regulators took 30 actions but only imposed $150.3 million in fines.

SEC Shifts Focus to Larger, High-Impact Cases

Moreover, a report from Social Capital Markets highlighted the shift in the SEC’s strategy toward pursuing high-impact enforcement. Rather than spreading resources across many smaller cases, the regulator is now focusing on fewer cases but imposing larger financial penalties on those found guilty.

The rise in penalties is not without precedent. In 2019, the SEC fined Telegram $1.24 billion, which included $18.5 million in civil penalties and $1.2 billion returned to investors. This action helped push the average fine for that year to over $70 million, a substantial increase compared to earlier years.

While 2024’s fines have reached unprecedented levels, not all cases involve massive sums. Since 2020, 46% of the US regulator’s fines were below $1 million, and 30% were between $1 million and $10 million.

However, the Terraform Labs settlement has inflated the overall average fine, bringing the average enforcement action in 2024 to over $420 million. Other notable financial penalties over the past few years include actions against Ripple Labs, GTV Media Group, and con artists Tina and John Barksdale.

These cases, which exceeded $100 million in penalties, have also contributed to the regulator’s increasingly aggressive stance on cryptocurrency regulation. As the SEC pushes forward with its cryptocurrency enforcement efforts, companies in the sector are likely to face increasing pressure to comply with its rules.

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Spanish Bank BBVA Unveils USDC Stablecoin Integration: What to Know

BBVA, one of Spain’s leading banking institutions, has announced the integration of USDC stablecoin into its banking services. The move is part of the bank’s expansion into the crypto space to offer institutional clients specialized trading operations. In addition, BBVA’s integration of USDC signals its expansion into the Switzerland digital asset market.

Expanding Digital Asset Offering with USDC Stablecoin Integration

To meet the growing demand for digital assets among its customers, BBVA introduced Bitcoin (BTC) and Ethereum (ETH) in 2021, its first entry into the cryptocurrency market. The launch of USD Coin (USDC), a stablecoin backed by the US dollar, is one more way the bank is bolstering its regional presence.

In line with the bank’s official announcement, prominent clients using its NewGen account and institutional clients in Switzerland will now have access to USDC on the same platform that they use for traditional investments. With this integration, BBVA has launched its third major digital asset initiative.

Thus, its customers can trade, store, or instantly convert USDC into euros, dollars, or other supported currencies. BBVA’s decision to broaden its cryptocurrency services reflects the changing needs of its clientele, especially a desire for more exposure to digital assets.

Enhancing Asset Security with Metaco Collaboration

Furthermore, leading blockchain infrastructure providers Metaco and BBVA have partnered to manage and protect BBVA’s clients’ digital assets. This alliance demonstrates BBVA’s dedication to satisfying institutional investors’ increasing demand for digital assets while maintaining the security and dependability of its cryptocurrency offerings.

BBVA provides corporate investors, fund managers, private banking clients, and large corporations with simplified access to cryptocurrency markets through the Harmonize platform. Following this integration, it is now simpler for individuals and businesses to confidently manage their cryptocurrency portfolios.

Furthermore, BBVA revealed that the USDC integration enables faster trading operations for customers as it facilitates effective value transfers via blockchain technology. The bank’s safe vault system, which guarantees that customers’ stablecoins are safeguarded to the highest standard, adds more credibility to its cryptocurrency services.

Expanding Crypto Services to International Markets

BBVA does not just offer cryptocurrency services in Switzerland; the bank has also expanded its USDC offerings to Turkish clients through Garanti BBVA Digital Assets. By using the bank’s cryptocurrency trading platform, its Turkish customers can trade Bitcoin, Ether, and AVAX in addition to having the option to custody Chiliz funds.

By implementing these programs, BBVA is meeting the demands of an expanding clientele that is curious about the possibilities presented by cryptocurrencies. Customers are also given access to opportunities that are frequently not available on traditional financial platforms by the bank through its cryptocurrency services.

Ripple’s Stablecoin Plans

Meanwhile, the popular blockchain firm Ripple is gaining attention because its stablecoin, RippleUSD (RLUSD), is presently in the private beta stage. Brad Garlinghouse, the CEO of Ripple Labs, recently declared that the stablecoin will probably be issued in a few weeks rather than months.

However, the Chief Technology Officer (CTO) of Ripple, David Schwartz, hinted that the RippleUSD will likely be accessible by institutions at launch to avoid its use for illegal purposes such as money laundering. In the official statement indicating its plans for a stablecoin, Ripple stated that US dollar deposits, short-term US government Treasuries, and other cash equivalents would provide complete backing for RippleUSD.

Like other prominent stablecoins like USDC and USDT, Ripple is focused on making sure that its stablecoin runs within a safe and regulated framework. Hence, Ripple is providing a solution that satisfies institutional clients’ needs while addressing more general regulatory concerns as it continues to improve its offering.

Moreover, the launch of RippleUSD coincides with an increase in the demand for stablecoins, especially from companies looking for more reliable financial instruments in the crypto market. While Ripple Labs hasn’t revealed any specific launch date for the RLUSD, many market players are making predictions about the stablecoin’s performance in the larger crypto ecosystem.

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How to Stay Safe Using Bitcoin ATMs: A Guide

By accepting cash or debit cards, Bitcoin ATMs provide a basic approach to buying and exchanging BTC. They save time by giving fast access to cryptocurrencies without depending on a bank account.

However, not all of these machines are safe; consequently, using one without enough knowledge can cause financial loss or even a legal dispute. This guide will look at how to be safe when using BTC ATMs, particularly how to recognize authentic machines, stop fraud, and guarantee secure transactions.

What are Bitcoin ATMs?

Bitcoin ATMs will produce BTC in your digital wallet based on the amount of cash you inserted or the fiat in the debit card you inserted. Using these ATMs is straightforward:

• Scan the QR code of your wallet.

• Enter the BTC purchase amount.

• Verify the transaction.

Although the process is short, it’s crucial to be aware of the hazards involved in these transactions.

Legal versus Illegal Bitcoin ATMs

A legal Bitcoin ATM follows municipal rules and banking guidelines. BTC ATM operators could ask you to scan a government-issued ID or input your phone number to prove your identity.

Conversely, illegal Bitcoin ATMs are often used for money laundering or other illicit activity. Hence, they allow anonymous transactions and don’t require any KYC process. Using such machines can expose you to legal repercussions, fraud, and scams.

How to Identify Legal Bitcoin ATMs

The following tips will help you to identify legal machines:

Search for Licensing

Local financial authorities often register legal Bitcoin ATMs. Many websites, such as CoinATMRadar, offer lists of licensed machines based on location. It is safer to avoid using one if you cannot obtain information regarding its operator or licensing information.

KYC Procedures

A legitimate Bitcoin ATM will want some identity confirmation before letting you perform a transaction. If a machine allows you to make transactions anonymously, it could be running illegally.

Look for Certified Operators

Like Bitcoin Depot and CoinFlip, major ATM operators follow the rules and maintain their machines appropriately. A machine that seems badly maintained raises a red flag.

Fair Prices

Usually, legal Bitcoin ATMs impose transaction fees ranging from 4% to 12%. A machine may be operating illegally if it charges outrageous fees or if the sum seems abnormally high.

Avoiding Bitcoin ATM Scams

When making cryptocurrency transactions with BTC ATMs, here are some typical frauds and tips for avoiding them.

Fake Customer Support Calls

Scammers could contact you, pretending to be agents from reputable businesses like Microsoft or your bank, and say your account is compromised. To “secure” your money, they can tell you to take it out and put it into a Bitcoin ATM. Always confirm the validity of such calls and never follow uninvited directions to fund a machine.

QR Code Scams

Scammers could send you a QR code to scan at these ATMs, which will divert your money to their wallet rather than yours. So, verify the wallet address first and always validate any transaction using QR codes from reliable sources.

High Pressures

Be careful if someone pushes you to act fast—especially if they say you have to use a Bitcoin ATM to fix a problem. Scammers often use urgency to skew your judgment.

Suspicious Locations

Avoid using machines in far-off or unmonitored locations, such as poorly lit establishments or back lanes. Stick to those in well-known sites, such as respectable companies or retail centers.

Protecting Your Personal Information

Using Bitcoin ATMs calls for careful protection of your personal information. Here’s how to protect your personal information.

Legal ATMs require KYC verification, which might involve inputting your phone number or scanning your ID. Avoid the machine if it asks for important information, like your social security number.

Furthermore, steer clear of connecting your smartphone to public Wi-Fi networks when using these ATMs, as they’re usually not secure. An ideal option to protect your sensitive data is to use a private, safe network.

Moreover, some con artists set skimming devices on Bitcoin ATMs to steal personal data. Therefore, always check the machine for any odd accessories before starting the crypto purchase process on any ATM.

Staying Safe During Transactions

When using licensed Bitcoin ATMs for transactions, use these tips to be safe.

• Take your time. Verify the wallet address and transaction amount twice before approving any activity.

• Always have the receipt from your transaction handy. If your transaction goes wrong, you will need it as documentation.

• Turning on two-factor authentication (2FA) and choosing a strong password will help you to guarantee your digital wallet. This helps stop illegal access to your cryptocurrency.

What to Do Should You Come Across an Illegal Bitcoin ATM

Should you stumble across a dubious machine, you should let the authorities know. Most countries provide websites or hotlines allowing you to document illicit financial activity. Record the location, operator information, and any alarming behavior you noticed.

Reporting illicit Bitcoin ATMs helps to make the crypto market safer for everyone by enabling authorities to target illegal businesses.

Final Thoughts

Following the safety advice in this guide can help guard your money and personal data and prevent legal problems or fraud victimization when using Bitcoin ATMs. Hence, you can be sure there won’t be issues before, during, or after you’ve completed your BTC purchase or sale.

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Avoiding Crypto Job Scams on TikTok: Essential Tips

Since social media channels like TikTok have grown in popularity, employment seekers are more susceptible than ever to fraud, particularly those about cryptocurrencies. Often resulting in financial loss or stolen personal data, these scammers present attractive crypto job offers,

It’s crucial to understand how these job frauds work and how to guard yourself from becoming caught in their nets. This guide explains how crypto job scams operate on TikTok, provides red signals to look for, and offers doable advice for staying secure when looking for a job.

How TikTok Crypto Job Scams Work

Using a range of strategies, TikTok scammers target naive job seekers. Many times, these frauds feature bogus openings that seem real and promise remote employment together with cryptocurrency income potential.

Those looking for short, flexible work may find the offer especially enticing since such job offers often state that experience is not required. Once you interact with these offers, the scammer’s actual motivations are abundantly evident.

Usually, con artists will ask for personal information like your social security number or bank data or demand upfront fees for “account verification,” or “access to tasks.” For basic chores like clicking internet advertising or viewing videos, companies claim to pay you in cryptocurrency—such as Bitcoin or Tether.

Although some people might get payments over a few weeks or months, it’s all part of a move to establish confidence. Later, the scammers will demand more money than the amount they’ve paid, causing the victim a major financial loss.

Common Red Flags in TikTok Crypto Job Scams

Early identification of a TikTok crypto fraud is essential to prevent becoming a victim. When looking for a crypto job offer on the platform, here are several red flags to note:

Upfront Payments

Legitimate companies will never ask for upfront payments or deposits to land you a job. It is highly indicative of fraud whether you have to pay money for access to tasks, registration, or verification. This is particularly true if payment is sought in cryptocurrencies, as these transactions are difficult to undo.

Unrealistic Earnings Promises

Any offer guaranteeing significant returns for little effort should cause mistrust since it is unrealistic. Should it seem too good to be true, it is most likely not true.

Lack of Clear Job Details

Legitimate employment offers give precise information on the position, the organization, and the obligations. See it as a warning flag if the job description is imprecise or if the company’s information is difficult to locate on the internet.

Pressure Tactics

Scammers use haste to fool victims into acting fast, so they employ pressure tactics. Take a step back if they inform you that you need to make a quick decision to prevent passing on a chance. Real businesses will not force you to act quickly.

Unprofessional Communication

Watch the way the correspondence is handled. Be careful if all of your exchanges are over WhatsApp, TikTok DMs, or other unofficial means. Usually, legitimate organizations use official emails and systems for job-related correspondence.

Why Job Seekers Are Vulnerable to Crypto Scams

For people trying to find work, the idea of a flexible, remote offer is quite tempting. Those who might not have many other choices find these “opportunities” appealing because of their simple access to platforms like TikTok.

Furthermore, the switch to remote work during the COVID-19 epidemic has made digital hiring procedures and virtual job interviews second nature. Moreover, many individuals still lack knowledge of how cryptocurrencies operate.

Hence, scammers can easily fool them. More importantly, it’s almost impossible to recover the money due to the technology behind the creation of cryptocurrencies.

Avoiding Crypto Scams on TikTok

Fortunately, there are some strategies you can employ to guard yourself against becoming a victim of crypto employment scams on TikTok.

Research the Company

Do your investigation before accepting an employment offer. Search the company online to determine if it is authentic. Look for an internet review, a confirmed social media presence, and a corporate website. If you come across little information or a company that seems dubious, rely on your gut feeling and leave.

Never Pay Upfront Fees

Usually, never pay upfront for a job; this is a general rule. No respectable company will ask you to pay them money to begin working, whether that is for training, verification, or access to job assignments.

Be Skeptical of Crypto Payments

Should the offer call for crypto payments, exercise caution. Although some reputable offers could provide this, it is rare and usually dangerous. Before you accept to be paid this way, be sure the firm is open about how payments will be made and that you completely understand how crypto transactions work.

Report Suspicious Accounts

If you come across a dubious job advertisement on TikTok, report the account to the platform instantly. This helps protect others from falling prey to such a scam. You can also notify your local authorities or organizations, such as the Federal Trade Commission (FTC).

Final Thoughts

TikTok job scams are becoming more common as the platform’s appeal keeps rising. But you can guard yourself from these TikTok crypto employment scams by being alert and knowing the signs of fraud.

Never pay advance fees, always thoroughly investigate any employment offer, and be cautious of huge wealth claims. Scammers always change their strategies; hence, it is imperative to be aware and careful when negotiating the employment market on social media platforms like TikTok.

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PNG Group Review – Trade Within Your Comfort Using This Online Broker Platform

PNG Group Review

Today’s traders demand a platform that lets them trade according to their schedule and comfort as they have dynamic daily routines. They want a broker that provides them with ultimate ease and is compatible with their busy lifestyle. So, while searching for such broker platforms in the market, I stumbled upon the PNG Group trading platform.

This platform comes integrated with trading features that are designed to give users comfort and convenience when trading online. In my PNG Group review, I will talk about the various features and functionalities of this specific platform in detail.

I will cover all its different aspects that show its customizability. Using this advanced broker platform, users can trade according to their schedule. They can adjust this platform depending on their routine and lifestyle.

Select a Suitable Trading Account

To start my PNG Group review, I will talk about how this trading platform allows users to select their trading account according to their preferences. PNG Group broker platform has a diverse range of trading account options that go from basic to medium to premium levels. Low-tier accounts come with basic trading features and have low deposit requirements whereas higher-tier trading accounts come with additional features and functions and are expensive.

Traders can choose their user account according to their experience and skill level. They can pick an account that best suits their needs and budget. If they want a basic account that is easy to use, they can pick from a low-tier range. And if they want to have exclusive perks like a personal analyst or an account manager, they can go for a more premium-level trading account.

Choose Desired Trading Assets

PNG-Group.net trading platform has a wide range of asset classes for users to trade in. It offers many traditional and modern asset class options like forex pairs, stocks, indices, and many more. It also offers some digital asset options like various cryptocurrencies for crypto trading. There are some physical commodities like valuable metals and oils available too that users can add to their trading portfolio.

With the availability of so many asset classes in one platform, traders can add desired assets to their portfolios. They can do all their trading and build a diverse portfolio from one place. They don’t have to go through the hassle of joining multiple trading platforms just to trade in a specific market.

Get Market Updates and Insights

For every online trade, it is essential to stay updated with market conditions and trends so they don’tmiss out on opportunities and build well-informed strategies. For this, they have to go on different news channels and financial websites, which can be quite hectic. To make this easier, the development team of the X broker platform has created a market news section within the platform. Traders can head over to this section to get all the latest market news and updates whenever they are using the platform.

Similarly, this online trading platform has also built a library of educational resources and materials for users to improve their trading and market knowledge. There are many explanatory guides, detailed eBooks, informative articles, and video-based tutorials available in this library. Traders can choose whichever learning materials they find suitable or easier to understand.

Trade Anytime You Want

Lastly PNG-Group.net trading platform is designed to be highly accessible and compatible so traders can adjust their trading routine depending on their real-life schedule. This digital platform is accessible 24 hours a day, seven days a week, so users can log in and trade whenever they want. Using this platform, users can trade from the comfort of their homes or even if they are traveling.

Moreover, with its highly compatible interface, traders can use this platform on multiple mobile devices like laptops, tablets, or smartphones. With this ease, they can trade using just about any mobile device they have on hand.

Is PNG Group Scam or Legit?

Besides these incredible features, I also want to mention the cybersecurity aspect of this online trading platform. PNG-Group.net broker platform uses effective security measures like the employment of SSL encryption protocol to protect traders’ data from the risk of theft or exploitation. It also has its KYC and AML policies in place ensuring that each trader is verified and there is no suspicious activity going on in the platform. Considering that it also has 2-factor authentication this platform seems legit to me.

Conclusion

To conclude my PNG Group review, I will provide a short summary of all the aspects of this trading platform I have discussed before. This online trading platform has a diverse range of user accounts for all levels of traders. It offers an array of asset classes so users can trade and invest in their preferred ones. It has built a separate news section and library to keep traders up to date and improve their knowledge. Plus, with its high accessibility and compatibility, traders can use it at any time of the day using any mobile device they have on hand.  

The post PNG Group Review – Trade Within Your Comfort Using This Online Broker Platform first appeared on CryptocyNews.com.

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Bitfarms Mines 233 BTC in August: Here’s Why

Prominent Bitcoin (BTC) miner Bitfarms generated 233 BTC worth $13.9 million last month, with its holdings increasing to 1,103 BTC. It happened because Bitfarm’s operational hashrate surged 2% month over month to 11.3 EH/s.

A Notable August Performance for Bitfarms

However, Bitfarms recorded a decline in Bitcoin generation in August, even though its hashrate increased. The company stated that its total of 253 BTC in July had decreased by 8%.

It attributed this decrease to higher-than-average network difficulty during the month. Moreover, Bitfarms’ August output decreased by 39% when compared to the same period the previous year.

This decline coincides with the difficulties miners have encountered since the April halving event, which had a substantial effect on their earnings. With regard to managing its treasury, the BTC miner sold 147 BTC out of the mined ones for $8.8 million.

Its Bitcoin treasury now holds 1,103 BTC, valued at roughly $65.1 million, after adding the remaining 86 BTC, worth $5.1 million.

Bitfarms and its Strategic Acquisition

Last month, the Bitcoin miner agreed to pay $175 million to acquire Stronghold Digital, a competitor in the cryptocurrency mining space. It is anticipated that this deal, which combines debt and equity financing, will strengthen Bitfarms’ energy portfolio.

Ben Gagnon, CEO of Bitfarms, stressed the significance of this acquisition in readjusting their energy strategy to satisfy future needs. Interestingly, Riot Platforms made an earlier attempt in April to pay roughly $950 million to acquire Bitfarms.

Riot, however, retracted its initial offer of $2.30 per share after encountering difficulties in communicating with Bitfarms’ board. Riot persisted in acquiring Bitfarms’ stock in spite of this setback, growing to become the company’s largest shareholder with a 19.9% ownership position.

Concerns over Bitfarms’ Governance Issues

Furthermore, Riot Platforms has voiced concerns about recent Bitfarms governance changes. In an open letter to Bitfarms shareholders, Riot’s CEO, Jason Les, and Executive Chairman Benjamin Yi expressed their concerns over the prevailing issues.

They contended that the firm’s recent leadership changes were only “reactive” and insufficient to address the fundamental governance problems within the company. Nicolas Bonta and Emiliano Grodzki, two of Bitfarms’ co-founders, recently left their positions on the board.

Following their exits, Fanny Philip was named Grodzki’s replacement, and Ben Gagnon assumed Bonta’s position on the board and became the new CEO. Riot was particularly troubled by Bitfarms’ use of a “poison pill” tactic.

It is a defensive mechanism that involves issuing new shares if an entity acquires more than 15% of another company and is often used to discourage hostile takeovers.

Upcoming Shareholders Meeting

Meanwhile, Riot has lowered the number of independent directors on the board to two — John Delaney and Amy Freedman. While Delaney has a wealth of knowledge in politics and public affairs, Freedman contributes knowledge in corporate governance and capital markets.

Riot believes that these appointments will improve Bitfarms’ strategy alignment with shareholder interests. Riot’s executives stressed how important it is for the mining firm to give its shareholders a significant voice in the company’s future.

They highlighted Finkielsztain’s part in the company’s previous difficulties, such as the CEO succession plan that resulted in five CEO changes for the BTC mining firm in a short period.

Bitcoin’s September Challenges

Historically, September has always been a difficult month for Bitcoin. The cryptocurrency’s price has typically dropped by 4% during this month since 2009.

Since September has been bearish for six of the previous seven years for the leading digital asset, many investors proceed cautiously during this time. Surprisingly, Bitfinex traders are betting on a different outcome for Bitcoin this September.

The platform’s total Bitcoin margin longs have increased by 3,000 BTC since August 28 to about 64,350 BTC. In less than ten hours, the annualized interest rate on these borrowed funds has also increased, surpassing 20%. 

This unanticipated increase followed a customary “red” month-opening period, during which prices first declined. With October approaching, optimism about a market turnaround is high. In the past, October has proven to be a prosperous month for Bitcoin, averaging a gain of 22.9% over the previous nine years.

The post Bitfarms Mines 233 BTC in August: Here’s Why first appeared on CryptocyNews.com.

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