Altcoin News by Thebittimes.Com

Regulators are shedding light on scammers leveraging the allure of artificial intelligence (AI) to promote crypto trading systems with faulty claims of high or guaranteed returns. With the trend of using automated software for trading increasing, the Commodity Futures Trading Commission (CFTC) issued a customer advisory stressing that these AI systems cannot foresee market movements definitively.  See below. CFTC Customer Advisory Cautions the Public to Beware of Artificial Intelligence Scams: https://t.co/4SI2hwOPWq — CFTC (@CFTC) January 25, 2024 The customer advisory titled “AI Won’t Turn Trading Bots into Money Machines” exposes the fraudulent tactics used to attract investors, recounting tales like that of Cornelius Johannes Steynberg, who swindled over $1.7 billion in Bitcoin (BTC) from unsuspecting victims. The CFTC has subsequently advised traders to avoid seductive assurances of high gains from AI-assisted tools, warning that such exaggerated claims often fail to...

During a panel at the Australian Blockchain Week, executives from Australia’s major banks explained why they added restrictions on payments to local crypto exchanges. Australia’s cryptocurrency industry banking woes will likely continue, with the government and major banks signaling no intention to back down against scams that “touch” crypto. During a panel at the Australian Blockchain Week on June 26, Sophie Gilder, managing director of blockchain and digital assets at Commonwealth Bank (CBA) shed light on the bank's restrictions on crypto exchange payments, noting it was put in place after seeing an alarming rate of scams that ended up involving cryptocurrency. “One in three of the dollars that are scammed from Australians touch crypto, one in three. So it's the single largest lever that we have to reduce this impact on our customers,” she said. Commonwealth Bank's Sophie Gilder speaking in a panel during Australian Blockchain Week. Source: Cointelegraph Nigel Dobson, ba...

The executive appears to have now recovered his account. Arthur Madrid, co-founder and CEO of metaverse project The Sandbox, was the victim of a Twitter account hack on May 26, according to a post from Madrid that was apparently made after he recovered the account. The attacker allegedly used Madrid’s account to promote a fake “airdrop” phishing scam. In Madrid’s post, he warned Sandbox users that they should “never click on any link that promote Airdrop or URL and look SCAMMY - and not 100% using our proper and unique URL/domain name : //sandbox.game.” My Twitter was hacked today. and now is back. Please never click on any link that promote Airdrop or URL and look SCAMMY - and not 100% using our proper and unique URL/domain name : https://t.co/X3rXN9z8z7 — Arthur Madrid (@arthurmadrid) May 26, 2023 Four hours before Madrid’s post, The Sandbox’s official Twitter account also warned that a scammer had taken control of the account and was promoting “a scam / phishing link for ...