UK cryptocurrency scams jump 23%, young investors prime targets: Lloyds Bank

One of the Big Four banks in the U.K., Lloyds Bank, has said that reports of cryptocurrency investment scams by victims have surged by 23% in the current year compared to the same period in 2022.

According to a press release published by Lloyds Bank, an increasing number of investors face the threat of falling victim to fraudulent schemes through a wave of fake adverts posted on social media. Each victim of a cryptocurrency investment scam is losing an average of $13,115 (£10,741), an increase from $8,562 (£7,010) the previous year. This surpasses losses from other consumer frauds like romance scams or purchase scams.

Screenshot of the report from Lloyds Bank               … Read more on Cointelegraph

Poloniex wallets drained of as much as $100 million in crypto assets

Cryptocurrency exchange suffered unauthorized withdrawals beginning at around 5:30 am ET Friday.

The withdrawals from Poloniex include millions of dollars worth of ether (ETH), tron (TRX) stablecoins (USDT/USDC) and chainlink (LINK), plus more than 250 other tokens with aggregate values between $1,000 to $800,000 at the time of the theft.

A total of $23 million remains in the attacker’s primary wallet, but much of the haul has been transferred elsewhere, including $11 million in USDT, exchanged for ether.

Security firm PeckShield first reported the suspicious transactions. Justin Sun, a major investor in Poloniex confirmed the incident on X:

“Poloniex maintains a healthy financial…

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A Review of Lyn Alden’s Broken Money

In Broken Money, Lyn Alden provides a fascinating analysis of how the advent of the telegraph in the mid-19th century catalyzed the transition to fiat currency. By enabling transactions to occur at the speed of electricity, the telegraph introduced a temporal gap between financial exchanges and settlement. This necessitated central banks to maintain ledger records and coordinate settlement across distances—essentially establishing the infrastructure for fiat money.

Alden’s focus on the technology of transmission and record-keeping provides unique insight into an often overlooked driver of monetary evolution. Her work suggests that innovations in communication profoundly shape…

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Bitcoin Robbery Attacks | Sweden

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Opinions expressed are entirely their own and do not necessarily reflect those of BitcoinNews.com

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by BitcoinNews.com to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of BitcoinNews.com 

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Bull Bitcoin | Self Custody Wallet

BitcoinNews.com is not investment advice.

Opinions expressed are entirely their own and do not necessarily reflect those of BitcoinNews.com

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by BitcoinNews.com to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of BitcoinNews.com 

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Ur-Media and Reality, Inc

This article is featured in Bitcoin Magazine’s “The Withdrawal Issue”. Click here to subscribe now.

A PDF pamphlet of this article is available for download.

The world you live in was never disenchanted. The curse of disenchantment, otherwise known as the Age of Reason, achieved only a confusion of the sacred and profane. One particular manifestation is that all popular entertainments and media have their roots in shamanism, ritual, and divination. The fact that theater originated in sorcery, though broadly unfamiliar to the public, is well known in academia. In Phyllis Hartnoll’s A Concise History of the Theater (1971): “The origins of the theater go back far into the past, to…

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Wallet crypto bot rolls out on Telegram in Colombia, SA and Kenya

Cryptocurrency trading bot Wallet is debuting its global rollout on the Telegram messenger in several countries in Latin America and Africa.

The Open Platform (TOP), the Dubai-headquartered investment platform affiliated with TOP Labs and Wallet, announced the global rollout of the Wallet crypto bot on Nov. 10.

Wallet, a third-party Telegram bot allowing users to buy and sell crypto, is now available on the Telegram settings menu for users in Colombia, South Africa and Kenya.

The Wallet crypto bot has been accessible to global users for several months, but users were required to find the bot by clicking “@Wallet” on Telegram. With the latest update, users can see Wallet directly on the…

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Bitcoin ETFs will drive institutional adoption in 2024

Galaxy Digital founder Mike Novogratz has told investors that 2024 will be headlined by institutional adoption of cryptocurrencies driven by the pending approval of Bitcoin (BTC) spot exchange-traded funds (ETFs).

During Galaxy Digital’s third-quarter earnings call on Nov. 9, Novogratz highlighted the firm’s belief that approving several ETFs “is now not a matter of if but when.” The fund manager filed its spot Bitcoin and Ethereum (ETH) ETF applications with the U.S. Securities and Exchange Commission (SEC) in partnership with Invesco in Q3 2023.

Related: Bitcoin briefly tops $37K amid market optimism for pending spot ETF approvals

Investors’ sentiment has turned bullish in Nov….

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LATEST: Robert Kiyosaki Recommends Bitcoin Investment Amidst Growing Financial Concerns

Renowned investor and ‘Rich Dad Poor Dad’ author, Robert Kiyosaki, has urged individuals to invest in gold, silver, and Bitcoin (BTC) as a safeguard against an impending financial crisis. Expressing skepticism about government intentions and warning of war and poverty, Kiyosaki emphasized the importance of hard work, wise spending, and savings in these assets. He has consistently praised these “real assets,” including rental properties and DeFi assets, as vital for lifelong financial security. Kiyosaki has previously criticized paper money, stocks, bonds, and financial education, underscoring the need for prudent financial choices.

Nigeria and UK foundation launch Code Clubs for digital literacy

The Federal Government of Nigeria, through the Ministry of Communications, Innovation and Digital Economy, has entered into a partnership with a UK-based computing education charity, Raspberry Pi Foundation, to launch Code Clubs across Nigeria.

The initiative is crafted for students aged 7 to 17, and the Code Clubs represent a series of extracurricular artificial intelligence (AI) programming clubs aimed at fostering digitally literate and innovative young minds in Nigeria.

Announcing the program in a statement issued on Wednesday, Nov. 8, the ministry said the Code Clubs will introduce participants to the world of coding and digital technology and encourage them to deploy creative…

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