Robinhood has been fined $30 million for alleged violations of anti-money-laundering, cybersecurity and consumer protection rules

New York state is closing in on the company’s crypto arm, with concerns the trading platform isn’t devoting enough resources to address compliance and cybersecurity risks.

It follows several regulatory probes into Robinhood in recent months.

In a statement, lawyers say the company has made “significant progress” in building legal, compliance and cybersecurity programs.

As part of the settlement deal, Robinhood Crypto will also be required to have an independent consultant to evaluate compliance practices moving forward.

New figures are out on when the most activity on the Bitcoin Network happens

Coin Metrics has found European and U.S. business hours is a hotspot for crypto investment on the Bitcoin Network.

It’s understood U.S. investors use the services in the morning hours, while Europe waits for later in the day.

Analysts are reporting a drop in the share of activity happening during Asian hours.

It seems like the use of Bitcoin in Asian markets fell around a year ago, which coincides with China’s crack downs on crypto mining.

The figures looked at when changes to wallets took place, before they were segmented based on the opening hours of various global exchanges.

Coin Metrics looked specifically at the Hong Kong Stock Exchange, London Stock Exchange, and the New York Stock Exchange.

Analysts also looked at Ethereum data, which is less clear than Bitcoin. However, the company believes Ethereum trading also tends to occur during U.S. waking hours.

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.