Category: Cryptocurrency News

Researchers in Germany found that the launch of ChatGPT had a significant impact on AI-related cryptocurrencies, despite an overall bear market.

The founder of the Cardano blockchain, Charles Hoskinson, took to Twitter to inform investors of a new scam scheme that has suddenly emerged focusing solely on ADA holders. According to Hoskinson, the scammers impersonate him to send messages to members of the ADA community. Related Reading: Bedrock Upgrade: How Optimism Game-Changer Could Impact OP Price In the post, the Cardano founder reiterated that he would “never email ADA holders directly.” He also disclosed that scammers have been trying different tactics to impersonate him and defraud ADA investors of their funds. Scammers Target ADA Community Members Hoskinson discovered the ongoing scam tactic through an unknown ADA enthusiast who contacted him about the malicious scheme. The ADA user reported that while impersonating him, the scammers sent emails concerning a newly launched project, the “Hoskinson Health and Wellness Clinic.”  The scammers wrote that the launch of the medical facility is part of Hoskinson’s vision to build a “strong” ecosystem for Cardano.  They also noted that the medical center, based in Wyoming, will include ADA as a payment option. The scammers’ emails mentioned that lives are easily lost when people fail to disclose their medical details on time.  So, they stated that easy availability and accessibility of medical information through innovative technology like Cardano would help to save more lives promptly. Related Reading: XRP Climbs 12% As Crypto Celebrates 11-Year Milestone Further, the malicious email stated that the newly launched medical facility is the first medical multichain on the Cardano network. It mentioned that the impact of such a project on the blockchain ecosystem and in life could scale quite high once this kind of project reaches its peak. Finally, the email persuaded ADA investors to research the medical chain project more while increasing their investment holdings in ADA. Hoskinson Offers Some Tips To Identify Scammers While notifying the investors about the ongoing scam, Hoskinson laid out some tips on identifying scammers. Hoskinson noted that the tips would help to fish out those impersonating the Cardano founder. The founder advises members of the ADA community to verify the identity of senders of suspicious emails by requesting them to do so. To ensure security, the verification process should involve obtaining Hoskinson’s Pretty Good Privacy (PGP) key signature. Hoskinson has confirmed that scammers cannot replicate this signature. PGP keys are public encryption keys designed for the specific purposes of encrypting or signing emails, files, and directories. When you create a PGP key, the system generates a public and private key pair, enabling you to receive an encrypted message and open it. But you can send the public key to the sender and use your private key to decrypt the message when it comes. In that case, someone impersonating you cannot produce your public key, as Hoskinson pointed out. Meanwhile, ADA is trading at around $0.3748 when writing, indicating a drop of 1.78% over the past 24 hours. Data from CoinMarketCap shows that its market cap is about $ 13.07 billion. Featured image from Pixabay and chart from TradingView.com

How have the regulatory and legal frameworks governing cryptocurrency fines transformed over the years, and what are the key trends and challenges?

The partnership will debut 20,000 nonfungible tokens in its inaugural collection.

Cardano (ADA) and the crypto market just took a punch from the U.S. Securities and Exchange Commission (SEC). The regulator filed a lawsuit against Binance and its CEO, Changpeng Zhao, contributing to the decline in prices across the nascent market. Related Reading: Shiba Inu (SHIB) Poised For Significant Breakout: Here’s What To Watch Out For Cardano (ADA) trades at $0.35 as of this writing, recording a 6% loss in the last 24 hours. In the last week, the cryptocurrency recorded a 7% and stands amongst the worst performers in the top 10 by market capitalization, only surpassed by Binance Coin (BNB). SEC Fight Against Binance Splashes Cardano (ADA) According to the complaint filed by the U.S. regulator in the District of Columbia, Binance has been offering “unregistered securities” since its inception. These alleged securities under U.S. laws include Cardano (ADA), Polygon (MATIC), Solana (SOL), Filecoin (FIL), Cosmos Hub (ATOM), Algorand (ALGO), and others. On the document, the SEC classifies ADA as a “crypto security,” a term which they coined in the last two years. The regulator provides an overview of the token’s history, claiming the following and potentially arguing against ADA’s decentralization: Today, three entities are responsible for Cardano: (1) the Cardano Foundation, a Swiss entity that is the legal custodian of the Cardano protocol and owner of its brand; (2) IOHK, an engineering company controlled by Hoskinson and Wood responsible for designing, building and maintaining the Cardano blockchain; and (3) Emurgo (…). To sustain their argument, the SEC claims that these entities hold over 16.7% of ADA’s total supply or 31.1 billion ADA. The regulator also claims that the companies sold the token to fund development, marketing, business operations, and other critical project areas. As of this writing, there is no official reply from these entities, or IOHK (IOG), the company behind Cardano’s development. Crypto Market Participating Over-reacting To Binance Lawsuit? Despite the lawsuit, some crypto community members call the event a “nothing burger.” The U.S. regulator is still to provide a clear legal framework for what constitutes a security in this country. In that sense, legal expert Collins Belton believes that today’s bad news could turn into a positive development for the long haul. Via his Twitter account, the expert stated: (…) this should actually be seen as a bit of a tension reliever for anyone that hasn’t been wildly deluded on Hopium. This complaint has been hanging above us like a sword of Damocles and letting it fall now in the depths of a bear is probably the best we could hope for. Related Reading: Ethereum Top 10 Whales Now Hold 31.8M ETH, A New All-Time High Belton also believes the crypto market could be “overstating” the complaint. The lawsuit could finally release tension from key actors in the sector in the future, but in the short term, “not much change from status quo,” the expert concluded. Chart from Tradingview

I don't know too much about Binance, so I wonder if it's merely a government attempt to fight cryptocurrency in general or a legitimate move to protect customers. https://www.nytimes.com/2023/06/05/business/sec-binance-charges.html?campaign_id=60&emc=edit_na_20230605&instance_id=0&nl=breaking-news&ref=headline&regi_id=100801280&segment_id=134730&user_id=80ca55e886bae03979f737281c082097 Here's a copy-paste of the article for those of you that don't have access: — The Securities and Exchange Commission has accused Binance, the world’s largest…
Read more