tl;dr
The "Tech Against Scams" coalition aims to combat online fraud and scams by collaborating with members, including cryptocurrency exchanges like Coinbase and Kraken. The coalition will share best practices and intelligence to protect users from schemes such as "pig butchering," where scammers exploit...
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"Tech Against Scams" coalition: Collaboration to combat online fraud and scams
"Pig butchering": Scammers targeting victims through dating apps for cryptocurrency scams
Rise in crypto investment scams: Losses amount to $3.94 billion in the U.S. in 2023
The "Tech Against Scams" coalition aims to combat online fraud and scams by collaborating with members, including cryptocurrency exchanges like Coinbase and Kraken. The coalition will share best practices and intelligence to protect users from schemes such as "pig butchering," where scammers exploit trust to pitch cryptocurrency opportunities. Losses from crypto scams in the U.S. reached $3.94 billion in 2023. The coalition includes Ripple, Gemini, Meta, and Match Group, the parent company of dating apps Tinder and Hinge. Canada’s ‘Crypto King’ and associate were arrested and charged with fraud in an alleged $30M Ponzi scheme.
* The "Tech Against Scams" coalition will serve as a convening body through which its members collaborate to take action against fraudsters.
* "Pig butchering" involves scammers contacting their victims through dating apps or social media, gaining their trust before pitching a money-making opportunity involving cryptocurrency. Cryptocurrency exchanges Coinbase, Kraken and other crypto firms have joined an alliance aimed at responding to and preventing online fraud and scams.
The "Tech Against Scams" coalition will serve as a convening body through which its members collaborate to take action against the methods scammers use and protect customers, according to an announcement on Wednesday. "This work will include sharing best practices, threat intelligence, and other tips and information to help keep users safe and protected before they become victim to an online fraud scheme such as romance scams or crypto scams such as 'pig butchering'," the coalition said. "Pig butchering" involves scammers contacting their victims through dating apps or social media, gaining their trust before pitching a money-making opportunity involving cryptocurrency. Losses from crypto investment scams totaled $3.94 billion in the U.S. alone in 2023, compared to $2.57 billion the year before, according to a report by the Federal Bureau of Investigation (FBI). The coalition also includes prominent crypto companies Ripple and Gemini, as well as Meta (META) and Match Group (MTCH), the parent company of dating apps Tinder and Hinge.
Read More: Canada’s ‘Crypto King’ and Associate Arrested, Charged With Fraud in Alleged $30M Ponzi Scheme
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Technical Analysis Report: Market Trends and Indicators
Based on the analysis of moving averages and the Relative Strength Index (RSI), the stock market is currently exhibiting a bullish trend, with strong upward momentum. The 50-day moving average has crossed above the 200-day moving average, signaling a potential long-term bullish trend.
Furthermore, the RSI indicator is approaching overbought levels, suggesting a period of sustained buying pressure. However, it's essential to note that the market is approaching key resistance levels, indicating a potential for a temporary pullback or consolidation.
Additionally, the Bollinger Bands are showing a widening pattern, indicating increased volatility and the potential for a breakout. Traders should closely monitor the upper and lower bands for potential reversal or continuation patterns.
In summary, while the market is currently bullish based on moving averages and RSI, caution is advised due to approaching resistance levels and heightened volatility indicated by the Bollinger Bands.
More about Meta Platforms Inc.
Meta Platforms Inc. Technical Analysis Summary Meta Platforms Inc. (Meta) Technical Analysis Summary
Meta Platforms, Inc. develops products for global connectivity through various devices. The company is headquartered in Menlo Park, California and operates in the technology and computer programming, data processing, etc. services sector.
Key Technical Indicators:
- Market Cap: $1,189,226,742,000
- Current Price: $26.96
- Price Change: $0.50
- 52-Week Range: $17.39 - $55.67
- Relative Strength Index (RSI): 55.67
- Volume: 142,711,996,000
- 50-Day Moving Average: $470.82
- 200-Day Moving Average: $1.141
- Bollinger Bands: 0.273
More about Match Group Inc
Company: Match Group Inc
Business: Match Group, Inc. offers dating products globally. The company is headquartered in Dallas, Texas.
Industry: TRADE & SERVICES, RETAIL-RETAIL STORES, NEC
Market Cap: 8070983000
Current Price: 13.35
Dividend Yield: None
P/E Ratio: 2.25
EPS: 12.59
Price/Book: 0.19
Volume: 3437027000
52 Week High: 37.95
52 Week Low: 0.057
Change: 0.092