That's Your Lot- Crypto News Round Up, Feb. 5th

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Avatar for MarKlar
3 years ago

Today's crypto news seems to be dominated by scammers and fraudsters. Hopefully not an ominous portent for the future.

A young Australian man is facing up to 20 years in prison after pleading guilty to fraud in connection to a $90 million crypto scam. Meanwhile a crypto escrow agent has managed to avoid prison after defrauding a client of $3.25 million. The rationale behind the leniency seems to be the judges' belief that the man himself was a victim of fraud in the case. On top of those two cases, Yearn Finance has reportedly lost $2.8 million after a successful attack on its v1 yDAI vault. Discord scammers seem to be a dime a dozen these days and continue to try to part people from their money with the promise of free bitcoin. Folks, if it sounds too good to be true it probably is. Be careful out there.

A tale of two countries is occurring in Europe as Croatia opened its arms further to crypto introducing a scheme which enables crypto payments for petrol while Estonia signalled the end of the honeymoon period with crypto as parliament looks to enact further regulation in the sector.

Good news for people who have forgotten the recovery passwords for old crypto wallets. A company known as Wallet Recovery Services  has been unlocking wallets since 2013 and has obviously had increased interest in the service with the recent crypto bull-run. If you have a long lost wallet which you can't unlock these are the guys to go to.

In terms of markets, it looks like Defi season may be upon us as a number of coins reached all time highs recently. While much attention has been focused on bitcoin, dogecoin and even XRP lately, a number of Defi coins have been outperforming expectations. Defi is still in its infancy and is seen by many as a more viable buy in than bitcoin at this time.

Since we started on the theme of scammers, it seems like a relevant note to end on as well as Jack Dorsey has revealed he is now running his own bitcoin node. This is the latest development in the twitter CEO's long standing love affair with bitcoin which began in the before time, the long long ago of 2014. 

Right, that's your lot. Have a great weekend.

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Avatar for MarKlar
3 years ago