We all know about cryptocurrency at this point, right?

Bitcoin started the trend in 2009 and has increased in value from just 30 cents a decade ago to more than $40,000 at the time of this writing.

This incredible growth has prompted other companies to follow suit, and now there are many altcoins to invest in.

Take a look at any crypto stock site. You’ll see plenty to fritter your money on. At the time of writing, Tether is $1.

Ethereum is a shade over $1,200. And Dogecoin is just $0.10. Somehow, we’ve reached the point where memes have real-world value.

To explain Dogecoin, you need to delve into the internet’s history. You need to go all the way back to 2013.

You’ve probably seen the dogecoin meme – the one with the Shiba Inu surrounded by badly spelled, lolcat-style dialog. Very wow. Much doge.

Late in 2013, Dogecoin was created by a pair of software engineers, Billy Markus and Jackson Palmer.

Initially created as a joke, the aim was to design a more recognizable peer-to-peer currency than Bitcoin.

And what better way to make something instantly identifiable than taking inspiration from a flash-in-the-pan meme?

Since its inception, it’s taken hold as a tipping mechanism for content creators.

r/tipworthy is a subreddit based around the very concept of tipping in cryptocurrency.

There have even been petitions begging OnlyFans to allow Dogecoin tipping.

It was developed using the protocols of two other currencies, Luckycoin and Litecoin because they used scrypt technology.

Because of this, miners can’t use SHA-256 bitcoin mining equipment to get hold of it.

They need to use FGPA and ASIC devices instead, which are way more complex to produce.

Weirdly (or not so weirdly given its origins), Dogecoin seems to be at the center of trends in the last couple of years.

In June 2020, a TikTok trend was trying to help raise its price to $1.

Obviously, that’s nowhere near Bitcoin’s $40k, but it would raise the total value to $127 billion. Which is kind of a big deal.

Reddit users drove the value up by more than 800% when the Gamestop short squeeze drama was going on.

It’s also had a bit of promotion from everybody’s favorite rich genius, Elon Musk, along with Snoop Dogg, and Gene Simmons.

Because you can’t have a good story without a little scandal, it’s worth mentioning the Moolah scam.

The short version is that Moolah was a cryptocurrency set up to make it easier for people to buy and sell Dogecoin.

It initially immersed itself in the community with charitable acts, including a $2500 donation to a cancer charity and $15,000 donation to a Dogecoin Nascar racer.

Eventually, the guy running Moolah, Alex Green, began to solicit investment. Want to know how much he received? More than $500,000.

Want to know what happened to Moolah? A few months after the third and final investment round, it filed for bankruptcy.

Every penny the Dogecoin community put into Moolah was lost.

It also seems that Alex Green was a fake name. The perpetrator was Ryan Kennedy, who had pulled this stunt multiple times.

He was also tried and convicted on three counts of rape. He sounds like an all-round class act, I think we can all agree.

If you are interested in Dogecoin and want to get in on the action, here’s what to know.

Investing

There are a few online exchanges that offer Dogecoin. Personally, I’ve used Crypto.com, which is really easy to get to grips with.

Once you’ve registered and it’s set up, you can add funds and pick which currency you want to put your real-world money into.

You’ll need to pay a little attention to the app daily, but there’s plenty of potentials to make some money (not financial advice, mind you).

Download the Crypto.com app for Android and iOS.

Mining

Other than that, your other option is to mine for it yourself. Or, in this case, dig. Because dogs dig.

If you’ve got a halfway decent PC, you’ll be able to start getting your own share of the pie.

However, as the currency begins to reach its limit, it becomes more difficult to get hold of.

Which, in theory, should drive the value up.

If you want to soley mine, you’ll provide the hashing power yourself. The benefit of this is that you’ll be the only person to reap the rewards.

This is also a riskier option, as solo mining is better for large-scale operations. You’re more likely to suffer a loss in this way.

As the currency has become more scarce (there is a limit to each altcoin), the hash rate has become incredibly bloated.

This means the juice probably isn’t worth the squeeze. You’re more likely to end up with the closely-related Litecoin with this approach.

Pooled mining is where lots of people combine their powers.

It’s almost as if the Power Rangers grew up, ditched the Megazord, and became a team of investment bankers. With attitude.

You’re more likely to get a return on your investment in this way, but the rewards are shared between the members mining.

Doing things this way also means you have more chance of beating the larger operations to the punch.

A PC – Windows, macOS, or Linux will all do the trick. You won’t need much power under the hood if you’re tinkering.

Still, if you’re getting serious about it, you’ll need a meaty GPU and some ASICs (application-specific integrated circuits).

When it comes to software, it’ll depend on what you’re using to mine in the first place. CPUminer by Pooler is ideal for, well, CPU mining.

EasyMiner is awesome for getting going on GPU mining, and if you’re going all in with ASICs, give CGMiner or MultiMiner a go.

For those jumping into pooling, try Prohashing or Multipool.

Both of these support Scrypt mining pools, which is what you’ll need to get your digital paws on Dogecoin.

Dogecoin has never gone above 68 cents since its inception eight years ago. There are also concerns that it’s close to being mined out.

For comparison, Bitcoin won’t be fully mined out until 2041. This means a couple of things.

First, it’s getting harder to get hold of.

Second, it was initially created with 100 billion coins, so there’s a chance it’ll never become particularly successful.

On the other hand, just like any new currency, there’s the possibility that it could be the next big thing.

Have any thoughts on this? Carry the discussion over to our Twitter or Facebook.

Editors’ Recommendations:

• Bill Gates says you should only invest in Bitcoin if you have Elon Musk money
• Jack Dorsey’s Square purchased 3,318 Bitcoins worth $170 million
• Tesla bought $1.5 billion in Bitcoin and is thinking about letting people pay for their vehicles with it
• Dogecoin predicted to hit $1 on night of the deep red blood moon

The post What is Dogecoin and where can you buy it? appeared first on KnowTechie.

Moreover, without disclosing the payment, she received for the promotion.

Floyd Mayweather and Paul Pierce endorsed the EMAX tokens and were also targeted in the class action lawsuit that started last January.

Kim Kardashian’s Instagram post to her 225 million followers read, “Are you guys into crypto? this is not financial advice but sharing what my friends told me about the Ethereum max token!”

The post also included a link to the EthereumMAX website that contained all the necessary information about the coin and how to buy it.

In the following hours, the coin surged nearly 40% before tumbling 99% from its all-time high. Kim Kardashian has reportedly neither admitted nor denied the reports.

Still, according to the SEC, the star agreed to pay the $260,000 fee she charged the EMAX administration and failed to disclose.

Additionally, she was fined $1 million by the SEC for promoting an unregistered security. She has also been barred from promoting any crypto ads for 3 years.

Additionally, she agreed to cooperate with the ongoing investigation against EMAX.

Gary Gensler, chairman of the SEC stated in a press release:

“This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto-asset securities, it doesn’t mean that those investment products are right for all investors.”

The SEC’s decision opens a wider debate about promoting cryptocurrencies and other products on social media.

The influencer either does not disclose their sponsorship on the post or does not possess the necessary qualifications or experience to promote such products.

The so-called “pumps and dumps” whereby traders “buy the rumor and sell the news” is unfortunately common nowadays.

Ultimately, it has sparked renewed debate about whether the Security Act passed by Congress many years ago is sufficient for today’s challenges. 

Have any thoughts on this? Carry the discussion over to our Twitter or Facebook.

Editors’ Recommendations:

• Did a stranger send you a private crypto key? It’s probably a scam
• The creator of Dogecoin says cryptocurrency is a scam to help the rich get richer
• Are you a new crypto investor? Be aware of these mistakes
• Cryptocurrencies – a basic guide on how to get started

Editor’s Note: Michael Peres (Mikey Peres) is an entertainment journalist, software engineer, and author best known for founding various technology, media, and news startups.

The post Why was Kim Kardashian fined more than $1 million by the SEC? appeared first on KnowTechie.

In a filing, the SEC found Kardashian had promoted a token offering by EthereumMAX to her 225m Instagram followers in exchange for a payment of $250,000. 

The Commission alleged that Kim Kardashian failed to disclose the nature of her relationship with Ethereum Max, or that she was paid for her post. 

The advertisement, which appeared as an Instagram Story, read: “Are you guys into crypto??? This is not financial advice but sharing what my friends just told me about the Ethereum Max Token.”

“A few minutes ago Ethereum Max burned 400 trillion tokens – literally 50% of their admin wallet – giving back to the entire E-Max community,” it continued. 

Although Kardashian included the hashtag “#ad” with her post, SEC rules require promoters of securities to be totally transparent with their audiences.

Under US anti-touting law, she should have disclosed the “nature, scope, and amount of compensation” she received.

The settlement

As part of the settlement, Kardashian has agreed to cease promoting cryptocurrencies and crypto-related products for three years. She is also obliged to continue cooperating with the SEC’s further investigations. 

The $1.26m penalty consists of a $1m fine, a $250,000 disgorgement, and prejudgement interest of $10,415.35. 

EthereumMax currently faces a class-action lawsuit from investors. The suit alleges the company is a pump-and-dump scheme.

It goes on to say it weaponized the clout of well-known celebrities to inflate the price of its tokens.

The lawsuit also lists Kardashian, former boxer Floyd Mayweather, basketballer Paul Pierce, and other celebrities as named defendants.  

Ethereum Max debuted with a price of $0.00000017 in mid-2021, according to CoinMarketCap. The following month, its EMAX tokens soared in value by almost 1,000 percent before swiftly declining to their original levels.

Have any thoughts on this? Carry the discussion over to our Twitter or Facebook.

Editors’ Recommendations:

• Did a stranger send you a private crypto key? It’s probably a scam
• Coinbase says it could keep your crypto if they go bankrupt
• Here’s what NFTs on Instagram will look like
• LG Art Lab bringing NFTs to LG smart TVs, but does anyone care?

The post Kim Kardashian has to pay $1.26m for unlawfully promoting crypto appeared first on KnowTechie.

They’re an eclectic mix of PR outreach, spam, crypto promotions, and occasionally, religious proselytization.

But this morning, I received a message that genuinely piqued my interest. A stranger named Eddie sent what appeared to be his crypto private key and a request to transfer the contents to his wallet. 

Money for nothing

The wallet purportedly contained 9860 Tether (USDT) tokens. Tether is a stablecoin. Each crypto token is equivalent to a dollar. For my effort, Eddie would allow me to keep 300 USDT tokens, or $300. 

I wasn’t born yesterday. This was obviously a scam. But it was a scam I hadn’t seen before. Twitter is rife with crypto grifters, but most are fairly mundane. 

The most common tactic sees hacked verified accounts pretend to be well-known crypto-maximalists like Elon Musk. These accounts promise to double people’s money, provided they send a certain amount of crypto to another address.

And there are pump-and-dump schemes. Bad actors will build a following of fellow crypto enthusiasts and aggressively promote a particular token, ICO, or dApp product.

As interest spikes, so too do prices. When the token reaches a particular level, the promoters will cash out, leaving their gullible victims to shoulder a massive loss. 

Those two scams are as endemic as they are boring. But the message I received earlier this morning? I hadn’t seen that before. It piqued my interest. 

Keys to the kingdom

Okay, so here’s the thing: Private keys should be kept… well… private.

They’re analogous to the PIN code on your debit card. If someone else knows it, there’s little to prevent them from draining your account.

Many crypto scams try and steal their victims’ private keys. This scam seemingly did the exact opposite. That’s what made it so intriguing. 

Fortunately, I’m not the first person to be targeted. While this scam isn’t as common as the notorious Elon Musk Twitter grift, it’s happened to enough people to be reasonably well-documented. 

Step on the gas

Before I dissect this scam, I need to explain some Crypto 101 to you. 

Cryptocurrencies are decentralized. Transactions are processed, verified, and recorded by other computers within the network. This requires dedicated computational power, electricity, and storage space. 

To incentivize people to run these nodes, many cryptocurrencies charge transaction fees (or ‘gas fees’ in the Ethereum world). These fees reward node operators. 

With me so far? Good. Let’s go back to the scam. 

If a victim recreates the wallet, they’ll see that every token promised in the original message is there. But they’ll also see that the wallet lacks the funds necessary to make the payment. 

So, the victim transfers the gas fees. These are usually a fraction of the promised cut. They’ll still make a profit.

But here’s the trick: the wallet is connected to a smart contract. These sound complicated. They aren’t. 

Put simply, smart contracts are computer programs that perform specific actions when a condition is met. In this case, the smart contract will automatically transfer out any gas fees that hit the wallet. 

This happens in a matter of seconds. Smart victims will realize they’ve been duped. Silly victims will re-send the gas money again and again, thinking that something went wrong and they need to try again until it eventually works. 

Each time, the scammer siphons off the gas fees from the crypto transaction. 

If it sounds too good to be true…

I sound like your dad here. And no, I don’t care. If something sounds too good to be true, it almost certainly is. 

Nobody will offer a random stranger free money for something as perfunctory as recovering their wallet. People don’t entrust strangers with the contents of their crypto wallets. Especially when they contain the web3 equivalent of thousands of dollars.

Scams are particularly horrible because they exploit the weaknesses that make society necessary. The (usually positive) attributes like trust, friendliness, and a willingness to make others. 

And they’re almost always more effective during times of genuine economic strife. Desperate people are often more willing to take risks. 

It’s why sales of lottery tickets spike during recessions. It’s also why multi-level marketing companies (which are, at best, thinly-veiled pyramid schemes) found it easier to recruit during the turmoil of the COVID-19 pandemic. 

We have two weapons against scammers: skepticism and awareness. One is developed, the other is learned. As such, I’d encourage you to share this post with anyone you think might fall victim to this type of private key scam.

Have any thoughts on this? Carry the discussion over to our Twitter or Facebook.

Editors’ Recommendations:

• PayPal says you can finally move your crypto to another wallet
• Coinbase says it could keep your crypto if they go bankrupt
• Here’s what NFTs on Instagram will look like
• LG Art Lab bringing NFTs to LG smart TVs

The post Did a stranger send you a private crypto key? It’s probably a scam appeared first on KnowTechie.

Earlier this year, GameStop announced that it was working on an NFT marketplace. Fast-forward to today and the gaming retailer has followed through with its plans.

This is in spite of the ongoing crypto winter that has swept across the market liquidating thousands of positions across the board.

Enter the GameStop NFT marketplace

The latest NFT marketplace comes days after Reddit launched its own NFT marketplace for digital collectibles, and after Facebook NFTs went live.

It is a non-custodial, Ethereum Layer 2-based marketplace that allows you to easily connect your digital asset wallets like the GameStop Wallet. It also supports other wallets like MetaMask.

The Public Beta version of the NFT marketplace is now live. However, you may be unable to access the beta site from certain locations without a VPN.

Although it is open to the general public, anyone who intends to create NFTs on the platform will have to register and apply.

As of the time of writing, the new NFT marketplace already boasts more than 250 collections and nearly 54,000 NFTs.

In the near future, it will support web3 gaming and Immutable X with whom it is currently offering a $100 million grant for creators on its platform.

But why now?

The question on the lips of some observers is, but why now? Why is GameStop starting an NFT marketplace when the general crypto market is bleeding?

Why now when it recently laid off staff and fired its former CFO, Recupero? GameStop is reportedly trying to diversify its portfolio and improve its fortunes, and it believes the NFT marketplace will be a key driver.

According to GameStop’s recent Q1 report, it made $1.38 billion in revenue but also recorded a net loss of $157.9 million.

The report also shows that GameStop made $1.28 billion in net sales in Q1 the previous year, with a net loss of $66.8 million.

Check out the GameStop NFT marketplace

Although the NFT marketplace is in beta, access is open to the public. You can look around and see if something catches your fancy.

Meanwhile, NFT sales have since slowed down across the board, even on larger NFT marketplaces like OpenSea.

Will we discover the next BAYC or Moon Birds on GameStop NFT, or will it flop and fail? Time will tell.

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

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• Ubisoft is killing online multiplayer for a bunch of older games
• Sony launches new hardware brand with gaming monitors & headsets

The post GameStop’s NFT marketplace is now live, but does anyone care? appeared first on KnowTechie.

These avatars can then be stored in Vaults or used as profile pictures. This is similar to Twitter’s NFT profile picture feature which allows you to use your digital collectibles as a profile picture, provided you have Twitter Blue.

Once Reddit’s NFT marketplace opens to the public, users can purchase NFT-based avatars using fiat currency at prices ranging from $9.99 to $99.99.

About the Reddit Collectible Avatars

Members of the r/CollectibleAvatars will have the first glimpse at these exclusive collectible avatars. They’ll also be able to interact with the artists behind the projects. You can request access here or join using the Discover tab.

According to TechCrunch, 90 initial designs are up for grabs with tens of thousands more to follow in the early-access phase.

In due course, anyone will be able to buy these collectible avatars from the Avatar Builder page. Reddit NFT avatars can be used on or off Reddit and creators will earn royalties from secondary sales.

Sometime in 2020, Reddit released the Avatar Builder that allows you to build and customize your own avatar based on Snoos, its iconic mascot. Earlier this year, Reddit tested NFT profile pictures.

Reddit also created CryptoSnoos, a limited collection of four NFTs with the cheapest currently listed at 42 ETH on OpenSea.

Fast forward to today, and the Reddit NFT marketplace is live where users can buy collectible avatars. These avatars differ from other avatars on Reddit and can further be customized in the Avatar Builder.

NFTs on Reddit

Reddit is home to several active crypto and NFT communities. For instance, the r/NFTsMarketplace community is a place where you can buy, sell, promote, and learn more about NFTs.

It currently boasts more than 250k members waiting for gas fees to drop with hundreds more presently minting NFTs.

Already, Redditors, including creators and buyers are hailing the move as a step in the right direction. Given the pricing, it is possible that Reddit’s collectible avatars will be successful.

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

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The post Reddit opens its NFT marketplace for avatars appeared first on KnowTechie.

To a newcomer, the odd language and unfamiliar terms can make entering this strange corner of cyberspace more than a little daunting.

Ignorance is certainly bliss, but ignoring the cryptocurrency and NFT space has become an increasingly difficult endeavor. Let’s discuss some must-know terms for navigating this brave new world.

1. Airdrop

In a cryptocurrency and NFT context, airdrop means to send a free digital asset to a wallet, often as part of a promotion or event.

2. Ape in

To “ape in” is to purchase a new cryptocurrency or NFT without doing proper research. If you don’t fully understand the project you’re investing in, you could be in for a surprise or two.

3. Asset

Asset refers to a digital asset, such as cryptocurrency or an NFT.

4. Blockchain

Blockchains are decentralized systems that facilitate cryptocurrency transactions using peer-to-peer networking, ensuring integrity and unalterable records.

5. Bridge

Bridges facilitate the transfer of NFTs from one blockchain to another.

6. Burning

Burning involves sending an NFT to a crypto address that no one controls in order to remove the asset from the blockchain. When you burn a digital asset, you are essentially deleting it.

7. Copycat

Copycat NFTs mimic another’s work, minting it on the blockchain to make money and defraud consumers.

8. Cryptocurrency

Cryptocurrency, such as Bitcoin and Ethereum, is digital currency that uses blockchain technology to ensure secure and accurate transactions.

9. Crypto wallet

Crypto wallets are used to store cryptocurrency and NFTs either on a device or online platform.

10. Crypto wallet address

Wallet addresses are unique identifying keys used to send cryptocurrency and NFTs to a specific person’s wallet.

11. Delist

To delist is to cancel an NFT that’s listed for sale. This can occur for multiple reasons, including copyright infringement.

12. Diamond hands

Diamond hands don’t sell their NFTs due to the pressures of increasing or decreasing value. An investor who hangs on to an asset for too long and to their own detriment is considered diamond hands.

13. DOA

DOA stands for Decentralized Autonomous Organization. Complete control never lies with a single entity, and members vote on all important changes. Additionally, code is publicly available to ensure the integrity of the system.

14. Ethereum

Ethereum is a popular blockchain used for NFTs and the cryptocurrency Ether (ETH).

15. Flipping

Flipping involves buying an NFT at a low price and later selling it to make a quick profit.

16. Floor price

The floor price is the lowest amount you can pay to purchase an NFT before it enters the secondary market.

17. FUD

FUD stands for “fear, uncertainty, and doubt” and can relate to negative rumors about a particular project.

18. Gas fee

Gas fees are payments made to blockchain miners to compensate for the energy used in facilitating transactions.

19. Marketplace

Marketplaces are platforms for buying cryptocurrency and NFTs. OpenSea is one of the most-known NFT marketplaces. Coinbase (pictured above), on the other hand, is known for more standard cryptocurrencies.

20. Metadata

Metadata is all the technical information about an NFT or other digital asset.

21. Metaverse

The metaverse is our first step to abandoning the physical realm and becoming one with the machines.

22. Minting

Minting is publishing an NFT on the blockchain for purchase and trade.

23. Paper hands

Paper hands is the opposite of diamond hands and describes someone who immediately sells under pressure.

24. OpenSea

OpenSea is a popular NFT marketplace that supports Ethereum, Polygon, Klatyn, and Solana blockchains.

25. P2E

P2E stands for play to earn and describes games in which players receive NFTs or cryptocurrency for playing. Axie Infinity is an example of a P2E game.

26. Rug pull

A rug pull occurs when the creators of a fraudulent NFT project make off with investors’ money without delivering the promised product.

27. Secondary market

Secondary markets, such as OpenSea and Magic Eden, are where NFTs are resold after the initial sale by the artist.

28. Smart contract

Smart contracts are stored on the blockchain as lines of code and automatically execute under certain conditions.

29. Staking

Staking involves temporarily locking up an NFT in order to earn passive income in the form of cryptocurrency. Increased rewards often motivate owners to lock up their assets for longer periods of time.

30. To the moon

To the moon is a statement made when the price of a digital asset is going up. When something is mooning, its value is rising rapidly.

Learning the language of the blockchain

Learning a few common terms won’t make you a crypto or NFT expert, but it will provide you with the language needed to navigate this unfamiliar realm.

While some terms are fairly self-explanatory, others are a little more obscure. It’s not uncommon for communities to develop a unique way of speaking that can be difficult for outsiders to decipher.

But once you know the lingo, you’ll be ready to ape in, spread some FUD, and maybe even go to the moon.

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

Editors’ Recommendations:

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The post 30 must-know cryptocurrency and NFT terms appeared first on KnowTechie.

Ignatova is accused of making “false statements and representations to individuals in order to solicit investments in OneCoin.”

The US District Court for the Southern District of New York charged Ignatova with wire fraud, securities fraud, and conspiracy charges in late 2016.

Ignatova, who served as the figurehead for the organization, disappeared around that time. The FBI said Ignatova may have traveled on a German passport to Bulgaria, Germany, Russia, Greece, the United Arab Emirates, or another unspecified Eastern European country.

The Sordid OneCoin Story

OneCoin emerged in 2014, a period when cryptocurrencies first entered the consciousness of mainstream society. The company raised funds by selling “educational packages,” which included tokens redeemable for OneCoin tokens.

It proved wildly successful. OneCoin regularly touted Ignatova’s previous employment at management consultancy McKinsey, and her Ph.D. in international law, as a way to build legitimacy in a sphere filled with bad actors.

In reality, OneCoin was a scam. First: There was no cryptocurrency. Not really. Citizen journalists learned that OneCoin used a conventional SQL database rather than a blockchain to record transactions and track holdings.

Although victims could transfer their holdings into cash, OneCoin deliberately made this as difficult as possible, ensuring more money came in than went out.

OneCoin also encouraged victims to recruit their friends and family members, incentivizing them with generous (in theory) referral bonuses and commissions.

How They Got Away With It

Because OneCoin had an air of legitimacy (at least, at first), it could weaponize the legal system to eliminate criticism and government scrutiny.

It took advantage of British libel laws, which notoriously favor plaintiffs. Notably, London is the world’s libel capital and the preferred jurisdiction for kleptocrats, oligarchs, and industrialists hoping to silence criticism.

OneCoin reportedly issued legal threats to media figures, victims turned whistleblowers, and even the UK’s financial services watchdog, the FCA (Financial Conduct Authority).

In many examples, its counsel of choice was Carter-Ruck, a law firm specializing in libel and defamation law.

Carter Ruck has represented global celebrities, European royalty, and Russian oligarchs. Its relationship with the latter prompted one US Congressman to issue travel bans against selected figures within the company.

In 2016, OneCoin allegedly instructed Carter-Ruck to contact the FCA and demand it removes text warning users against investing in OneCoin.

Although the FCA denies bowing to pressure, Carter-Ruck later confirmed to Daily Mirror journalist Andrew Bowman that it wrote to the FCA regarding the warning.

OneCoin would later use this victory as a marketing tool, further cementing its perceived legitimacy in the eyes of would-be investors.

The Grift Continues

OneCoin, as BBC journalist Jamie Bartlet revealed in his award-winning documentary series The Case of the Missing Crypto Queen, would also recruit from the world’s poorest.

The company marketed heavily in the Global South, selling false hope to the poorest in society, and taking what little money they had.

Although OneCoin is now widely exposed as a scam, the organization still exists, recruiting primarily from those in poorer countries.

The FBI has offered $100,000 for information that leads to the arrest of Ignatova.

Jamie Bartlett, who has also authored a book on the shadowy fraudster, has attributed Ignatova’s success in remaining hidden to the large sum of assets she retained from OneCoin (which he estimated at $500m). However, he also belies Ignatova has access to high-quality counterfeit documents and has changed her appearance.

In addition to the FBI, EUROPOL lists Ignatova in its “Europe’s Most Wanted” list, offering €5,000 for information on the fugitive.

US Authorities have successfully prosecuted other figures in the OneCoin organization. These people include Ignatova’s brother, Konstantin Ignatov, who pled guilty to fraud and money laundering charges in 2019.

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

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The post FBI lists notorious crypto fraudster on its 10 most-wanted list appeared first on KnowTechie.

In an email obtained by Bleeping Computer, OpenSea’s Head of Security, Cory Hardman, blamed the incident on a rogue employee of Customer.io, its email delivery provider.

Hardman said the employee obtained the email addresses of registered OpenSea users and newsletter subscribers. The rogue insider subsequently shared the list with an unspecified, unauthorized third-party.

OpenSea did not provide details about the scope of the issue, however. In a blog post, Hartman warned: “If you have shared your email with OpenSea in the past, you should assume you were impacted.”

READ MORE: 30 must-know cryptocurrency and NFT terms

“Because the data compromise included email addresses, there may be a heightened likelihood for email phishing attempts,” he added.

The company is investigating the issue with Customer.io and has reported the issue to law enforcement.

It advises customers to be wary of emails sent from domains that mimics the official OpenSea domain.

Hardman also recommended users follow basic email security hygiene. This includes checking the URLs linked in OpenSea emails and not opening email attachments.

What are NFTs?

This is not the first security incident at OpenSea. The company, which dominates the fledgling NFT market, has been targeted by social engineering and phishing attacks in the past. In one heist, 32 OpenSea users lost the equivalent of $2 million in NFTs.

NFTs — or non-fungible tokens — are a type of digital asset that ascribes an element of uniqueness. Put simply: they’re an attempt to add an element of ownership to the ephemeral world of digital goods, where objects can be infinitely copied. They bring the tangible to the intangible.

Digital art is currently the prime focus of NFTs. The most immediately-recognizable examples include CryptoPunks, CryptoKitties, and Bored Ape Yacht Club.

As NFTs are inherently unique, they can theoretically hold value. Last September, the iconic auction house Christie’s, which typically deals in fine art and other tangible collectibles, announced it had sold over $100m in NFTs.

In March 2021, Christie’s facilitated the sale of Beeple’s ‘Everydays: The First 5,000 days” for a record $69m price. Another notable example is CryptoPunk #5822, which sold for $23.7m in February of this year.

A lucrative target for hackers

These high prices have made NFTs a prime target for hackers. Exacerbating things further, the crypto world’s decentralized nature makes it extremely difficult for former owners to recover their stolen property.

Last month, the actor Seth Green, best known for his work in Adult Swim’s Robot Chicken and Josh Whedon’s Buffy the Vampire Slayer, fell victim to one such attack. An unknown hacker obtained the actor’s Bored Ape #8298, dubbed Fred Simian, and sold it to a third-party for the equivalent of $197,000.

Green had intended to create a TV series based on Simian. His ownership of the IP (intellectual property) relied on his ownership of the underlying NFT itself.

“I bought that ape in July 2021, and have spent the last several months developing and exploiting the IP to make it into the star of this show,” said Green in an interview with Gary Vaynerchuck. “Days before he’s set to make his world debut, he’s literally kidnapped.”

Green later regained access to the NFT after paying the equivalent of $297,000 in ether to the buyer, known only as Mr Cheese. This netted the buyer a cool $100,000 profit.

NFTs are a highly speculative asset class. They are yet to demonstrate any utility, besides proving the ownership of digital goods. As such, they’re prone to the same volatile swings as established cryptocurrencies. The average NFT artwork price declined 70 percent between February and April.

As enthusiasm for NFTs fades, this downward spiral will only continue.

This fact is unlikely to dissuade Web3 die-hards, which see NFTs as an inevitable part of the future digital economy. But in the short-term, they remain a dubious (and unproven) investment.

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

Editors’ Recommendations:

• Here’s what NFTs on Instagram will look like
• Tech companies don’t care if you hate NFTs
• NFTs are already boring people, but does it even matter?
• Bitcoin recently crashed hard but can it bounce back?

The post OpenSea warns users of NFT phishing attempts after email leak appeared first on KnowTechie.

Special agent Sean Ragan, who oversees the FBI field offices in San Francisco and Sacramento, recently sat down for an exclusive interview with CNBC. He spoke about the “significant threat” of fraudulent scams that go down on the platform.

The majority of scams on LinkedIn tend to revolve around cryptocurrency. A fraudster disguised as a business professional will strike up a conversation with an individual on the platform. After gaining the person’s trust, the fraudster then starts suggesting “investment” advice.

“This type of fraudulent activity is significant, and there are many potential victims, and there are many past and current victims,” said Ragan.

READ MORE: FBI lists notorious crypto fraudster on its 10 most-wanted list

Typically, the fraudster will convince their target to start investing money into crypto legitimately. They’ll suggest known sites like Crypto.com and even give advice on what kind of cryptocurrency to invest in.

After some time, the fraudster will convince that target to move their money to another website, this time run by the fraudster. And once that’s done, the target’s account is drained and it’s likely too late to stop.

In response to CNBC, LinkedIn confirmed that it has had a fraud problem on the platform recently. The platform removed more than 32 million fake accounts in 2021. And its automated defenses stopped more than 70 million scam attempts.

But obviously, this is not enough. Several LinkedIn users reported losing hundreds of thousands of dollars to scams like this, according to the publication. One victim even lost up to $1.6 million.

At the end of the day, it’s up to users to stay vigilant to avoid losing their savings to scams. If you’re not educated and familiar with cryptocurrency, it’s probably best to not take advice from strangers online. Even if they are masquerading as business professionals on LinkedIn.

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

Editors’ Recommendations:

• Linkedin now has a ‘no politics’ setting – here’s how to use it
• Facebook is redesigning its feed to keep up with TikTok, but will people like it?
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• Leaked TikTok meetings show China accesses US user data, but does it matter?

The post The FBI is warning LinkedIn users of rampant fraud on the platform appeared first on KnowTechie.

That gradual decrease led up to the last couple of weeks which saw the cryptocurrency fall hard, resulting in the currency crashing to under $20k for the first time since breaking that mark in 2020.

According to Coinbase, the price of Bitcoin crashed to $17,567 at the start of the weekend. It recovered slightly later on Saturday but spent the entire day below $20,000. It continued to recover a little more and now sits at around $20,600 at the time of writing.

But Bitcoin isn’t the only cryptocurrency currently feeling the effects of a slowing economy. Ethereum is another popular cryptocurrency that reached a peak of around $4,800 in November.

Now, the currency has crashed down to around $1,100, trading for less than $1,000 during some periods last week.

The entire cryptocurrency market is feeling these effects right now.

Last week, we reported on the crypto market cap falling to less than $1 trillion dollars for the first time in more than a year. And the market cap remains about the same, sitting right around $900 billion as of right now.

We’ve heard a lot about Bitcoin prices crashing over the last couple of weeks. The cryptocurrency reached record numbers of over $65,000 back in November. But that hype didn’t last long, and the currency’s price has been steadily declining ever since.

It’s pretty uncertain what’s going to happen with Bitcoin and other cryptocurrency prices in the coming months. Cryptocurrency is such a new asset being traded that its patterns have yet to be truly established in the market.

The only thing we can do for now is to wait and see what happens.

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

Editors’ Recommendations:

• PayPal says you can finally move your crypto to another wallet
• Crypto theft is off the charts — how to protect yourself from getting scammed
• Scammers are stealing checks from mailboxes and turning them into bitcoin – here’s how they do it
• Is this guy Satoshi Nakamoto, Bitcoin’s creator? Elon Musk sure thinks so

The post Bitcoin crashed hard this weekend, falling to less than $20k appeared first on KnowTechie.

Samsung Wallet now collects all the functions of Samsung Pay and Samsung Pass into one app. That’s mobile payments, and passwords, all in one place. Samsung has also integrated it with SmartThings, so you can store digital home and car keys.

The last thing it integrates with now is the Samsung Blockchain Wallet app, so you can check on your crypto from the Wallet app. Oh, you can store your Korean Air boarding passes in Samsung Wallet as well, but not boarding passes for any other airline.

READ MORE: 1Password now lets you share files and documents with a link

Digital car keys work for certain BMW, Genesis, and Hyundai models. SmartThings makes Wallet compatible with nine smart home security companies, so you’ll be able to use the NFC sensor on your phone as a digital house key.

Later this year, Samsung plans to support official IDs, like driver’s licenses and student IDs. This will probably be limited, as Samsung navigates the complex requirements of states, countries, and learning institutions.

Samsung Wallet will be available in six countries (France, Germany, Italy, Spain, the UK, and the US) later today, from the Galaxy Store. Samsung says you can also upgrade by opening Samsung Pay or Samsung Pass and following the in-app prompts.

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

Editors’ Recommendations:

• Samsung’s Galaxy Z Flip 4 leaked and it looks just like the Z Flip 3
• Samsung Family Hub fridge owners can soon channel surf
• Preorders for the Apple M2 MacBook Pro start on June 17
• Google Pixel Buds Pro feature noise-canceling and cost $199

The post Samsung’s new Wallet app stores passwords, IDs, and credit cards appeared first on KnowTechie.

The drop is indicative of a broader drop in cryptocurrency assets, as the market lost around $200 billion in valuation over the weekend.

Last Friday, Bitcoin was hovering around $29,000 for most of the day, occasionally dipping down to the $28,000 range. When markets opened this morning, the popular cryptocurrency was trading at less than $24,000.

Bitcoin isn’t the only cryptocurrency that is experiencing a crash at the moment

In fact, the entire cryptocurrency market lost more than $200 billion in valuation over the weekend. Additionally, the market capitalization for cryptocurrency fell to less than $1 trillion for the first time since February of 2021.

There are several factors that contribute to the decrease in the crypto market. Inflation rates for recent months are higher than they have been since the early 1980s. And many expect increased interest rates coming in from the Federal Reserve in the coming weeks.

Additionally, cryptocurrency tends to follow the trend of stocks. As CNBC notes, last weekend also saw a drop in most stock indexes. Namely, the tech-focused Nasdaq experienced a sharp drop, which correlates with the cryptocurrency drop.

Bitcoin is currently down 63 percent from its all-time high in November of last year. Previously, Bitcoin has dropped around 80 percent before rebounding, so it’s possible that the cryptocurrency could fall even further in the coming days or weeks.

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

Editors’ Recommendations:

• Bitcoin falls to its lowest price since July 2021
• PayPal says you can finally move your crypto to another wallet
• Here’s what NFTs on Instagram will look like
• Tech companies don’t care if you hate NFTs

The post Bitcoin plummets to $23k as entire crypto market struggles appeared first on KnowTechie.

PayPal revealed this new feature in a press release on its website yesterday. It’s currently available to select users in the United States and is rolling out to all U.S. users, except for Hawaii, over the course of the next week.

The new feature gives users more options for handling the cryptocurrency they hold in their PayPal wallets. You will now be able to transfer Bitcoin, Ethereum, Bitcoin Cash, or Litecoin into or out of PayPal wallets.

In addition to external transfers, users can also transfer their cryptocurrency assets to other users’ PayPal addresses.

And what’s even better, you can transfer within PayPal with no fees or network charges. External transfers will be subject to fees depending on the blockchain and the varying crypto assets.

“This feature has been consistently ranked by users as one of the most requested enhancements since we began offering the purchase of crypto on our platform,” reads the company’s release. The platform has been operating in cryptocurrency for more than a year and a half now.

This should be a great new feature for PayPal users who trade in crypto. PayPal is seemingly all-in on cryptocurrency and now its users can do even more with the crypto they have stored on the platform.

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

Editors’ Recommendations:

• Cash apps like Venmo and PayPal now required to report $600+ transactions to the IRS
• Bitcoin falls to its lowest price since July 2021
• Coinbase says it could keep your crypto if they go bankrupt
• Here’s what NFTs on Instagram will look like

The post PayPal says you can finally move your crypto to another wallet appeared first on KnowTechie.

Speaking to the Australian news site, Crikey, Palmer spoke on many topics, while speaking about the launch of his podcast, Griftonomics.

It’s interesting to see how a co-creator of one of the top cryptocurrencies could switch to railing against grift. It’s even more interesting to see what he says.

See, Palmer’s first interaction with Musk came from altruistic means. Palmer had made a script to detect crypto scams in Twitter mentions, and automatically report them to Twitter. Yeah, the same bots that are always in Elon Musk’s replies.

Musk reached out to get hold of the script after seeing it in use by other crypto influencers. That’s not out of the ordinary, but then one thing happened.

Musk asked Palmer how to run the Python script for the scam detector. That’s a basic thing to do for any technically inclined person, so Palmer was kinda taken aback.

That was the end of Palmer’s respect for Musk. Now his view is that the world’s richest man is a grifter, and “always will be.”

Anyway, if the co-creator of Dogecoin can change his mind and go straight, there’s hope for even the most hardened grifter. Palmer says the antidote to grifters is hope, so that’s a good place to start.

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

Editors’ Recommendations:

• Elon Musk has a huge Twitter following, but 23% of them are fake
• Will Elon Musk go to Mars?
• Here’s what NFTs on Instagram will look like
• Bitcoin falls to its lowest price since July 2021

The post Dogecoin co-creator says Elon Musk is a grifter appeared first on KnowTechie.

The recent earnings report (PDF) was the first time that Coinbase mentioned anything regarding this possible risk. The risk involves the custodially held crypto assets that users purchase, but the company continues to hold.

Coinbase does offer the option for users to hold their own crypto assets in a self-custody wallet, aptly called Coinbase Wallet. But despite this, the company confirmed that it holds around $256 billion in virtual coins.

“Because custodially held crypto assets may be considered to be the property of a bankruptcy estate, in the event of a bankruptcy, the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings and such customers could be treated as our general unsecured creditors,” the company said in its earnings report.

The company’s CEO, Brian Armstrong, took to Twitter to try and put out the dumpster fire (Coinbase stock dropped around 28 percent after releasing the report).

Armstrong shared a massive thread on his own Twitter page to ensure users that their funds are safe in Coinbase. The company currently has no risk of bankruptcy, according to Armstrong. Additionally, Coinbase will continue to work to improve customer protections.

But this revelation isn’t something to just sweep under the rug. In fact, the company holds billions of dollars of assets for its users.

And if the company goes down, then those customers could lose it all. If you use Coinbase, it might be time to start holding your own crypto assets in the self-custodial Coinbase Wallet.

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

Editors’ Recommendations:

• Here’s what NFTs on Instagram will look like
• Bitcoin falls to its lowest price since July 2021, but will it rebound?
• People are already getting bored of NFTs, but does it matter?
• President Biden is issuing an executive order to help regulate cryptocurrency

The post Coinbase says it could keep your crypto if they go bankrupt appeared first on KnowTechie.

To give you an idea of how drastic this drop is, back in November of 2021, Bitcoin’s price rallied at around $68,990. That’s almost a 50% drop compared to today’s price. Yikes.

What caused the sudden drop? Well, it could be a few things. For starters, stock markets could have something to do with it. For example, the Dow Jones Industrial Average lost more than 1,000 points on Thursday, and the Nasdaq plunged by 5%. 

READ MORE: Bitcoin plummets to $23k as entire crypto market struggles

Sure, stock and crypto markets are two separate entities, but investors who trade stocks could potentially own Bitcoin as well, and selling volatile assets such as cryptocurrencies could help them bear the brunt of their losses in the stock market.

“Cryptos have been tending to trend recently with the stock market,” Michael Oliver tells CBS News, chief analyst at Momentum Structural Analysis. 

In the coming weeks, analysts warn that Bitcoin could fall as low as $30,000 or $25,000 before climbing back up towards the end of the year.

“Bitcoin is really stuck in a sideways news cycle where you’re just waiting for it to be calm on Wall Street and then you’ll see more people confident in investing,” says Oliver. “I still think there’s a lot of long-term potential value here, but you have to be able to stomach this volatility.”

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

Editors’ Recommendations:

• Scammers are stealing checks from mailboxes and turning them into bitcoin
• Block says it’s officially building an open Bitcoin mining system – whatever that means
• Is this guy Satoshi Nakamoto, Bitcoin’s creator? Elon Musk sure thinks so
• Square is now Block because Jack Dorsey loves him some Bitcoin

The post Bitcoin falls to its lowest price since July 2021 appeared first on KnowTechie.

Data from NonFungible.com gives us a look at the popularity shift of NFTs over the last few months. It shows that digital collectibles technology has seen a drastic fall in hype since November of 2021.

To start, the number of NFTs sold on a daily basis is way down. NFTs reached their peak in volume sales back in September, reaching nearly 225,000 sales in a single day.

READ MORE: 30 must-know cryptocurrency and NFT terms

But the numbers have been much lower in recent months, averaging around 15 to 20 thousand sales per day from December to now.

One failed sale that recently made headlines involves the NFT of Twitter founder Jack Dorsey’s first tweet. That NFT sold for $2.9 million last year. It recently went up for auction again but didn’t receive any bids for more than $15,000.

However, a look at the sales numbers over the last three days shows that the market could bounce back. The number of sales are up drastically in the last few days, and total sale amounts are reflecting that increase.

Sure, a lot of the hype surrounding NFTs has died down. But I can’t imagine that this spells the end for the technology.

NFTs were a new, emerging market last year that exploded in popularity thanks to fascination (and boredom from COVID lockdowns). Now, people are less hypnotized by the technology and are starting to treat them like real investments.

I expect that NFTs will remain in place for the future, although it’s unlikely that they will ever have the ridiculous draw that they had throughout the course of 2021.

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

Editors’ Recommendations:

• Coinbase’s NFT marketplace is now open for business
• Spotify could be entering the NFT world
• Tech companies don’t care if you hate NFTs
• Jack Dorsey says he trusts Elon Musk with Twitter

The post Is the NFT market crashing and burning? appeared first on KnowTechie.

The new Coinbase NFT marketplace beta was announced at a press conference this morning (h/t TechCrunch). Additionally, the platform shared news of the beta launch in a tweet from the Coinbase NFT Twitter page.

To kick things off during the beta, the platform is showcasing several NFT collections in the marketplace. Familiar NFT collections like Doodles, World of Women, and Cool Cats are displayed on the marketplace home page.

READ MORE: Facebook NFTs now open to a few US creators

READ MORE: Is the NFT market crashing and burning?

All NFTs based on the Ethereum blockchain will be accessible and the company’s NFT product lead, Alex Plutzer, says “more will be coming soon.”

The Coinbase NFT marketplace won’t have any transaction fees, at least in the beginning. However, fees will eventually increase over time in the marketplace. But the company says that they will maintain a “low, single-digit fee.”

Those who signed up for the Coinbase NFT waitlist early will gain access to the beta marketplace and have the ability to create and trade NFTs. The plan is to release the platform to everyone 18 and over “in the coming weeks.”

READ MORE: 30 must-know cryptocurrency and NFT terms

This seems like a strange time for Coinbase to launch its NFT marketplace. A lot of the hype surrounding the NFTs has died out over the last few months.

But maybe Coinbase will be able to bring more popularity to the digital collectibles with its vast user base of more than 89 million people. We’ll have to wait and see.

READ MORE: Coinbase says it could keep your crypto if they go bankrupt

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

Editors’ Recommendations:

• The NFT auction for Jack Dorsey’s first tweet isn’t going so well
• Tech companies don’t care if you hate NFTs
• President Biden is issuing an executive order to help regulate cryptocurrency
• PayPal users can now buy and sell cryptocurrencies like Bitcoin

The post Coinbase’s NFT marketplace is now open for business appeared first on KnowTechie.

According to Axios, President Biden will issue this executive order sometime today. The order will be an overarching attempt to help the government understand and regulate cryptocurrency in the United States.

The executive order has several different parts and covers a few different government agencies. Firstly, the Treasury Department will take a look at potential consumer and investor protections.

Additionally, the Treasury Department will study the future of payment systems, and what effect cryptocurrency may have on that future.

The Financial Stability Oversight Council will study the risks that cryptocurrency has on the economy. It will also explore any potential regulations that could help. The Commerce Department is in charge of developing a framework to use crypto to maintain U.S. leadership in the global economy.

Lastly, the Federal Reserve will be tasked with creating a potential U.S. central bank digital currency. The different agencies will have set amounts of time, ranging from 60 to 180 days, to present their findings.

An administration official told Axios, “My expectation is that, once the reports are finished on the accelerated timeline the executive order requires, we would move quickly to act on the recommendations they have provided.”

It looks like the White House is finally taking cryptocurrency seriously. It will be interesting to see the various agencies’ findings over the next few months. I imagine it will mean some pretty significant changes to cryptocurrency in the United States.

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

Editors’ Recommendations:

• Remember LimeWire? It’s coming back, but as an NFT marketplace
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