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Cryptocurrency crooks target Vancouver Island residents, locals lose millions – Vancouver Sun

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The victims got dividends for a period of time, but their accounts were also drained.
Just weeks after Saanich police reported that cryptocurrency frauds had cost local victims $1.4 million, Comox Valley RCMP say they’re investigating similar frauds with reported losses of more than $1 million.
Cryptocurrency is a term for digital currencies such as bitcoin.
In two Comox Valley cases, victims were phoned and presented with an opportunity to invest money in return for dividends. The victims gave the scammers access to their personal computers to create trading accounts on a particular platform, but the con artists also used the access to collect personal information.
The victims got dividends for a period of time, but their accounts were also drained.
Other victims wanting to invest in cryptocurrency clicked on Facebook advertisements for cryptocurrency brokers, then transferred money to the brokers and were shown online reports suggestng their investments were doing well. The brokers then encouraged the victims to invest more money, before cutting off communication.
The victims could not access their money after that.
“Once you’ve taken your money from the bank and transferred it elsewhere, you are responsible for where it goes and who is able to access it,” said Const. Monika Terragni, who urged people to take the time to know where their money is going. “Don’t get lured in by fancy websites, online advertisements or unexpected phone calls.”
Saanich police said such cases can be hard to investigate, since they tend to include several layers of fraud and frequently involve scammers based overseas. In addition, the scammers’ methods continue to evolve.
Comox Valley RCMP offered these tips for protecting yourself from this type of fraud:
• Be wary of online and social-media advertisements and be suspicious if you are contacted out of the blue about an investment.
• Do your research and note that scammers will often try to rush you into a decision. Ensure that you are using legitimate ­services.
• Never give anyone remote access to your computer to ­create accounts.
• Remember that if something sounds too good to be true, it likely is.
• More information is available on the RCMP cybersafety web page at rcmp-grc.gc.ca/en/cyber-safety.
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Explained: India's first crypto index and what it means for investors in India – Times of India

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Intel, Block Supporting Mining a Positive for Bitcoin’s Price: Analyst – CoinDesk

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(Shutterstock)
Large tech companies such as Intel and Block (previously Square) delving into making mining more efficient and accessible is likely to help the price of bitcoin by encouraging mass adoption, said an analyst for U.K-based digital asset broker GlobalBlock.
Intel, one of the world’s largest chip makers, said on Jan. 18 it will unveil an “ultra low-voltage bitcoin mining ASIC” which will be a more efficient specialized mining computer, competing with current miners that are in the market. “The fact that a $200+ billion tech firm is providing solutions for Bitcoin mining is more confirmation of big players entering the crypto space,” said GlobalBlock’s analyst Marcus Sotiriou.
The chipmaker said its new miner will reduce power consumption by about 15%, Sotiriou said, adding that such an increase in efficiency will help more institutional investors to enter the sector as ESG (environmental, social and governance) is one of their key investment priorities. If such a scenario plays out, it will likely help support bitcoin’s price.
Read more: How Bitcoin Mining Works
Crypto miner Griid Infrastructure, which is going public via a merger with special purpose acquisition company Adit EdTech Acquisition Corp., has already signed a supply agreement with Intel to potentially buy the chip maker’s new ASIC miners, according to a filing.
Meanwhile, payments giant Block said on Jan. 13 that it’s going ahead with its plan to build an open-source bitcoin mining system to make “mining more distributed and efficient.” If this feature is integrated with Cash App, it might increase the use of bitcoin to pay for goods and services by its users, furthering bitcoin adoption by the masses, Sotiriou noted.
“If successful, this will dramatically increase bitcoin’s use case as a means of exchange, rather than just a store of value – this would result in significantly more adoption and hence help bitcoin reach price figures of over $100,000,” he said.
Bitcoin is now trading near $42,000 since reaching its all-time high of just under $69,000 in November. The stocks of some miners, which are highly leveraged to the price of the crypto currency they mine, have tumbled more than 50% since their peak.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Aoyon Ashraf
Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets
Follow @@Aoyon_A on Twitter
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The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
@2021 CoinDesk

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Dogecoin value 2022: Why did Elon Musk make the cryptocurrency's value rise? – Marca English

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Dogecoin’s value increased by 5,859% over the past 12 months
Dogecoin rose to $0.20 – a 15% increase in value – after billionaire Elon Musk announced Tesla would accept the cryptocurrency for purchasing merchandise.
The cryptocoin with the shiba inu dog meme originally started as a joke, but Musk’s various tweets about it have helped Dogecoin increase by 5,859% over the past 12 months, according to Coinbase. Tesla’s website started accepting Dogecoin soon after, with items such as an electric quad bike for kids priced at 12,020 doge ($2,368), the “Giga Texas Belt Buckle” for 835 doge ($156), and a whistle for 300 doge ($57).
This is just one of many tweets by Musk regarding Dogecoin, the first one coming December 20, 2020 when he tweeted, “One Word: Doge.” Shortly after his tweet, the value of Dogecoin rose by 20%.
Musk followed that post with a barrage of Dogecoin-related tweets in February 2021, including, “Dogecoin is the people’s crypto,” and “no highs, no lows, only Doge”. After these tweets, Dogecoin’s value soared by roughly 40%.
After a full year of showing support for Dogecoin, on December 14 Musk said Tesla would accept the cryptocoin to pay for merch. Dogecoin spiked more than 20% after his tweet.
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