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‘Zuck Bucks’ are on the way, so what are they?

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'Zuck Bucks'

Facebook’s parent company says a virtual currency is in the works

Meta is exploring a series of finance products, according to new reports from the Financial Times.

In one instance, ‘Zuck Bucks’ are coming to life. But reports suggest they are unlikely to be a cryptocurrency. Instead, they will work as in-app tokens, which would be centrally controlled by the company.

“We have no updates to share today,” a Meta spokesperson told The Verge.

The name is not finalised but employees within Meta’s headquarters have already reportedly coined the term.

“We continuously consider new product innovations for people, businesses, and creators.”

FACEBOOK SPOKESPERSON

Meta has not completely distanced itself from blockchain products in the past.

It’s understood the company is also looking into posting and sharing non-fungible tokens on Facebook.

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

Business

Australian crypto exchange collapses

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Australian crypto exchange in administration following the FTX collapse

Thousands of customers left in the lurch as an Australian-based crypto exchange goes bust.

As the great crypto crash continues, Digital Surge is officially in administration.

The company’s 30,000 customers all unable to trade or withdraw any money.

But if you are one of these individuals, don’t fret just yet. The company’s directors plan to spend $1 million of their own money to pay off the debts owed.

Administrators KordaMentha have also advised Digital Surge customers returning their funds is the highest priority.

“We fully appreciate the uncertainty the voluntary administration will create. We will proactively and regularly communicate with customers to ensure they are fully informed on the progress of the administration,” KordaMentha’s Scott Langdon said.

The trading platform was set up in 2017 and gave users access to over 300 different digital currencies.

Its demise has been directly linked to the collapse of global crypto exchange FTX. The $32 billion platform filed for bankruptcy amid claims it was being poorly managed.

Digital Surge had been leaning on FTX for some of its trading – and they’re not alone.

Brisbane-based Swyftx also laying off 35 per cent of its staff.

Swyftx CEOs, Alex Harper and Angus Goldman, informed workers of the “difficult decision” during at a company-wide town hall.

It’s unlikely it will end there as the market readjusts to a world without Sam Bankman-Fried’s brainchild.

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Crypto

Canada’s biggest pension plan, ends crypto investment pursuit

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Canada’s biggest pension fund, CPP Investments, has ended its effort to study investment opportunities in the crypto market.

CPPI’s Alpha Generation Lab, which examines emerging investment trends, had formed a three-member team to research cryptocurrencies and blockchain-related businesses, with a view to taking potential exposure.

But CPPI abandoned the plan and redeployed the team to other areas.

The move also comes as two other Canadian pension funds have written off their investments after the collapse of crypto exchange FTX and crypto lender Celsius earlier this year.

CPPI pension fund did clarify that it has not made any direct investment funds into cryptocurrency.

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Australian woman looking for love loses thousands in crypto scam

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Australian woman

Australian woman looking for love on Hinge loses $160,000 in crypto scam

Crypto scams are on the rise right around the world as thieves develop clever new ways to steal your hard earned cash.

Now, it seems they’ve even taken to dating apps.

An Australian woman, going by the pseudonym Cheryl, has shared her heartbreak after a match on Hinge scammed her out of $160,000.

Speaking to News.com.au, the 30-year-old says she was looking for love but wasn’t having any luck on Bumble or Tinder.

This is when she turned to Hinge and soon stumbled on a user called Jackson.

Jackson was chatty, friendly and the pair even shared intimate photos with each other.

After several weeks and hundreds of messages, the individual convinced Cheryl to invest in a cryptocurrency share platform, known as Blackstone Trading.

She started with a $1000 investment and, as her profits continued to grow, she invested more and more.

But the account was later frozen due to so-called “suspicious activity”. Cheryl was told she would need to deposit 50 per cent of her balance – which was around $50,000 – to unlock it.

Cheryl did this, but it didn’t work. The company asked for another 20 per cent, before Cheryl caught on and realised it was all a scam.

“I ended up blocking him on WhatsApp, I deleted him from my Hinge account, I’ll never use Hinge ever again.”

Unfortunately crypto scams like this are becoming more and more common.

Dating platform Hinge has responded to this incident, saying they take fraud “very seriously”. Meanwhile, they are “continuing to invest in new updates and technologies to keep users safe”.

“We encourage users to verify their accounts and match with others that have verified their profiles.”

But it’s too late for Cheryl. Her money is gone and so too is Jackson.

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