South Korea and Japan are the drivers of massive gambling in the cryptocurrencies. Hundreds of thousands of young people, who often have no job prospects, are trying to get rich quick. Thus, numerous trading platforms have emerged that present themselves as “crypto exchanges”. Currently one sees: Despite hacker attack and more regulation, the large gambling in the crypto currencies can go on. We want to focus on two important events.
The gigantic hacker attack on the trading platform “Coincheck” we had discussed on Friday and yesterday. As a result, the uncertainty is of course great. The 260,000 users apparently receive most of their stolen cryptocurrencies (in this case “NEM”) from Coincheck.
Coincheck has now published that the Japanese Financial Supervision has imposed conditions on what the provider has to implement. And if you read through these measures / requirements, you will find nothing that will block or restrict the great gambling of investors. There are requirements such as finding out the background to the hacker attack, improving the internal control systems, and implementing measures to prevent this in the future.
So you will not find anything here that would affect the customer trade in itself. More technical security among the platform providers of www.BestBitcoinBetting.com and others can only be positive for the customers. More security in this regard should attract even more gamblers.
Especially in the gambling hot spot South Korea in recent weeks, it was always on the verge of whether there is a total ban on crypto currencies, or just a little more regulation. Last week, the Financial Regulator published its catalog of measures, which comes into effect today. So far, no further action has been taken. It is striking: The authorities in South Korea, it seems not so much about the protection of customers to go, because their protection is not really mentioned. It seems that the main purpose of the authorities is to improve the tax administration’s access to trading profits.
So the measure is most important that gamblers must be identified with their common names. Banks are required to do so. In addition, “conspicuous” transactions are to be reported in the sense of countering money laundering – that is something that is standard in normal banking transactions worldwide. Summing up the desired effects of the measures, the Korean financial regulator clearly states that it is about combating crime, tax evasion and money laundering. There was no question of more customer protection or restricting trade!
Some banks in South Korea have announced in recent weeks that they are getting out of the crypto business. But there was no national bank boycott on cryptocurrencies. So the big gambling can basically continue in South Korea. Problems will probably get some gamblers in South Korea in the future who have never heard of tax returns.
Long Term Good For Cryptocurrencies
Our Opinion: Perhaps in South Korea, the crypto-hype will abate first, because a gigantic mass of gamblers must first legitimize themselves. Maybe some will lose their appetite for the trade if their common names are known. Who knows that already? But in the long run, this regulation should give confidence to a wider range of gamblers in the trading of cryptocurrencies – even if that trust is just a superficial feeling. In the long term, the problem can be much more likely to be these annoying hacker attacks when they pile up. Online theft of crypto accounts seems to be a much more serious problem for traders than simple government standard regulation in some countries!
How Swindlers Exploit The Hype Surrounding Cryptocurrencies
The new cryptocurrency of the messenger service Telegram should come on the market in March at the earliest and bring the Russian start-up a cash injection in the billions. So far, but especially scammers enrich the hype.
If you have invested early in cryptocurrencies like Bitcoin, Ethereum or Ripple, you can look forward to rich returns. Because the value of digital money has literally exploded in recent years. For fear of missing out on the next hype, many investors are now embarking on almost every new cryptocurrency issued by start-ups or even by established companies like Kodak.
But the greed for profits on the part of investors is also calling more and more fraudsters on the plan. As TechCrunch shows, using the example of a not yet marketable cryptocurrency, gullible investors can even be ripped off with startlingly simple methods. According to them, investors were lured by e-mails, false websites and Facebook pages promoting the new cryptocurrency “Gram”. But in reality they are not yet available for purchase.
The Gram sale will start at the earliest in March
The crypto-currency Gram is an invention of the Russian start-up Telegram, whose eponymous encryption and messenger app is very popular in the crypto scene. In December last year, the start-up brothers Nikolai and Pawel Durow had announced its own cryptocurrency. This should be brought into circulation by so-called “Initial Coin Offerings” (ICO). Such ICOs can be imagined as a digital IPO. Instead of buying shares, investors buy units of digital money called tokens.
By selling such tokens, Telegram aims to raise a record $ 2 billion for its new Telegram Open Network (TON) chat platform. The official sale should begin at the earliest in March. But scammers are already trying to capitalize on the hype – and apparently with success.
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Beware Of These False Crypto Dealers
Many investors have already lost money because they blindly invest in false websites claiming to collect money for the Telegram ICO. The fraudsters apparently used the real project descriptions from Telegram, which have been circulating on the net for weeks. In this way, the perpetrators were able to describe the development of the blockchain platform in detail, naming the team members involved and giving their offer more credibility.
One of the biggest fake sites, “Gramtoken.io”, even reported a crowdfunding counter that last stood at five million dollars, reports TechCrunch. Since Wednesday, the site is offline. How much money the operators could actually capture is unclear. Other fraudulent sites like ton-gram.io, grampreico.com and tgram.cc are still online.
The scam works and apparently pays off: The operators of Tongram.io about as more than 70 people have transferred a total of $ 30,000 on an Ethereum wallet.
Scam sites for telegram tokens also appear on Facebook again and again and there are spam mails circulating in which Gram or other hyped crypto-currencies are offered for sale.