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How are crypto scammers getting away with millions? 

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The FBI has revealed that more than 200 victims have lost $42 Million dollars from apps they used for crypto trading. 

There are many ways that people have lost money online including credit card scams, identity theft and through phishing. 

The FBI has revealed that more than 200 victims have lost $42 Million dollars from apps they used for crypto trading. 

There are many ways that people have lost money online including credit card scams, identity theft and through phishing. 

The FBI has issued a stark warning that cybercriminals have been “contacting US investors, fraudulently claiming to offer legitimate cryptocurrency investment services, and convincing investors to download fraudulent mobile apps, which the cyber criminals have used with increasing success over time to defraud the investors of their cryptocurrency.”

So here’s how the scam works.

The scammer convinces the victim to download an app that uses a logo and name of a legitimate crypto establishment.

Then they ask for their currencies to be deposited into wallets they say is associated with the new account.

After that, game over. The victim is unable to withdraw that money from the wallets as the crooks have now taken full control.

On some occasions the crook even impersonates a celebrity

On an other occasion, the scammers used the name of the company YitBit, which closed down a few years ago.

And with a fake app imitating YitBit, they made more than $5 million dollars from various scammers.

Many more examples like this may be found.

And some say this is because there is no authority.

The FBI has also shared some advice saying, be cautious in “unsolicited requests to download investment applications”.

But do you want to know the real secret to not to getting hacked.

Then watch our explainer.

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Crypto

FTX demands U.S. politicians return campaign contributions

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Crypto exchange FTX is asking politicians to return the tens of millions of dollars in campaign contributions, given by Sam Bankman-Fried, before the company’s implosion in November

The company is sending confidential letters to political beneficiaries, asking for the money to be returned by the end of the month.

If they don’t, the company reserves the right to seek repayments through court action.

The donations are estimated to be as much as $93 million.

They were made to politicians and political causes across the political spectrum and one in three members of the current U.S. congress allegedly received contributions from Bankman-Fried’s orbit.

Some beneficiaries have tried to cancel out the scandal by making equivalent donations to charities, but FTX Debtors warn that this does not prevent them from seeking recovery.

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Business

A British digital currency “later this decade”

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The Bank of England and Britain’s finance ministry think the UK is likely to need to create a central bank digital currency later this decade.

“On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future,” the Telegraph quoted BoE Governor Andrew Bailey and finance minister Jeremy Hunt as saying in the joint report.

“It is too early to commit to build the infrastructure for one, but we are convinced that further preparatory work is justified,” the Telegraph quoted the report saying.

The BoE declined to comment on the Telegraph article, but said a joint consultation on CBDC issues would be published shortly.

A government source said the report would be published next week.

BoE Deputy Governor Jon Cunliffe is due to give a speech on Tuesday to update the finance industry on the BoE’s CBDC work.

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Crypto

Sam Bankman-Fried attempting to resolve bail conditions dispute

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Sam Bankman-Fried is in talks with U.S. prosecutors to resolve a dispute over his bail conditions

The 30-year-old former billionaire has been blocked from contacting employees of FTX or his Alameda Research hedge fund, after prosecutors raised concerns he may tamper with witnesses.

Bankman-Fried has pleaded not guilty and is under house arrest at his parents’ California home.

Once worth an estimated $26 billion, Bankman-Fried was arrested in December after FTX collapsed.

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