tl;dr
• If you are using crypto Canada, Singapore, and Japan, Coinbase going to require additional transaction information• There are a lot of counterfeit apps out there and some are more sophisticated than others• Ex-party producer, Thomas Spieker, has been arrested in a $2.7M Bitcoin laundering scheme• ...
• If you are using crypto Canada, Singapore, and Japan, Coinbase going to require additional transaction information
• There are a lot of counterfeit apps out there and some are more sophisticated than others
• Ex-party producer, Thomas Spieker, has been arrested in a $2.7M Bitcoin laundering scheme
• Russian Prime Minister Mishustin is calling for crypto to be integrated into the country's economy
• Christopher Waller, U.S. Federal Reserve Governor, is not a fan of crypto technology
Today, I am taking a broader look at information and how it can affect the crypto space. Here is what's on my mind today.
1. In certain countries, Coinbase is going to require additional transaction information, such as wallet type and recipient information. Last week, I told you about how Binance was shutting operations in Canada. Guess what. It is Canada, Japan and Singapore that requiring this information. There's no wonder what people are moving so quickly toward DEXs. Coinbase is feeling the heat, but smart people know this is not their choice. They even released a statement saying they hope this will be a temporary thing.
2. There are a lot of counterfeit apps out there and some are more sophisticated than others. Be careful about what you download. Cybersecurity firm ESET just uncovered a sophisticated crypto scam targeting Chinese users. These apps are designed to capture your seed phrases. Much like you see impersonation accounts across social media, these apps masquerade as popular apps like MetaMask, Coinbase, Trust Wallet and more. Do your own research. Make sure you are downloading the right apps. This isn't just for crypto. This advice is for every app you download. Go through your phone and make sure you are ditching apps you don't really need. For example, if you can get the same information from a website, why have an app? Remember, when you download an app, you are giving them information, even with Apple limiting certain information.
3. Ex-party producer, Thomas Spieker, has been arrested in a $2.7M Bitcoin laundering scheme. He is being accused of having clients the likes of dark-web drug dealers and an identity thief. Prosecutors say those are just some of the clients he has and that he has been in business since 2018. He was also charged with converting more than $380K from crypto to cash. He has been described as a virtual Bitcoin ATM. I have brought a couple of stories about anti-money laundering (AML) and anti-terror financing (ATF) rules that Bitcoin ATM operators in the US have to comply with. For values over a certain amount, they have to collect information verifying the person's identity, etc. Having a virtual resource like this removes the guardrails.
4. Well, Russian Prime Minister Mishustin is calling for crypto to be integrated into the country's economy. Their Central Bank is not inclined to do so, but we all know where this call really came from. I could be wrong, but I think if something like this was to occur it would make it harder for the world to sanction crypto accounts held or controlled by oligarchs and officials.
5. Christopher Waller, U.S. Federal Reserve Governor is not a fan of crypto technology as an effective currency, but rather as "electronic gold", comparing it to art and baseball cards. He also believes blockchain technology is not efficient and overhyped. He also has apprehension with CBDCs. His thought is if CBDCs are meant to move money faster which is something various financial platforms are already doing. This is a very interesting stance to me and a tad out of touch. Current systems come with a lot of unnecessary fees which get streamlined with blockchain technologies.