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Bitcoin latest – Elon Musk scammers stole more than $2million in crypto hacks as regulator reports ‘huge spike’

CRYPTO SCAM

FRAUDSTERS impersonating Elon Musk have stolen more than $2million in cryptocurrency scams, the US Federal Trade Commission said on Monday.

In one type of scam, people are told that if they give a certain amount of cryptocurrency to a "celebrity" they will get more back.

"People have reported sending more than $2 million in cryptocurrency to Elon Musk impersonators over just the past six months," the FTC said.

Scammers also impersonate government authorities or a potential romantic partner, the FTC said.

Overall, nearly 7,000 people reported losses of more than $80 million since October, with a median loss of $1,900, the agency said.

That's twelve times more reports of scams than the same period a year earlier, the agency said.

Read our cryptocurrency live blog below for the very latest updates...

  • WHAT IS CHIA?

    A popular cryptocurrency created by BitTorrent inventor Bram Cohen, Chia is described as “green money for a digital world”.

    Chia launched last week and has already become popular in some countries in Asia, such as Vietnam and China, reports the Telegraph.

    “Instead of consuming massive amounts of electricity… proof of space leverages the over-provisioned exabytes of disk space that already exist in the world today,” Chia claims.

  • CRYPTO TOKEN

    Shiba Inu coins are one of the latest cryptocurrencies to hit the market - we round up five things you need to know.

    It comes as crypto fans are on the hunt for the next success story to follow Bitcoin.

    Buying cryptocurrencies and decentralised finance tokens, as well as stocks and shares, is a risky business.

    Investing is not a guaranteed way to make money, so make sure you know the risks and can afford to lose the money.

    Cryptocurrencies are also highly volatile, so your cash can go down as well as up in the blink of an eye.

    As always, you should never invest in something you don't understand.

  • FAKE ELON MUSK GIVEAWAY FEATURED IN CRYPTOCURRENCY SCAMS

    Fake promised giveaways by celebrities such as Telsa CEO Elon Musk are being used by scammers to cash in on interest in cryptocurrencies, the U.S. Federal Trade Commission said on Monday in noting a jump in complaints about cryptocurrency fraud since October.

    In one type of scam, people are told that if they give a certain amount of crytocurrency to a "celebrity" they will get more back.

    "People have reported sending more than $2 million in cryptocurrency to Elon Musk impersonators over just the past six months," the FTC said.

    Musk had been a supporter of cryptocurrencies but recently knocked dogecoin by calling it "a hustle" on national television. He has also recently said that bitcoin would not be accepted to buy a Tesla because of the environmental costs associated with mining it.

    Scammers also impersonate government authorities or a potential romantic partner, the FTC said. Overall, nearly 7,000 people reported losses of more than $80 million since October, with a median loss of $1,900, the agency said. That's twelve times more reports of scams than the same period a year earlier, the agency said.

  • ETHEREUM CO-FOUNDER 'BURNS' BILLIONS OF DOLLARS IN SHUBA INU THEMED CRYPTOCURRENCY

    One of the co-founders of ethereum has "burnt" billions in Shiba Inu themed cryptocurrency saying that he didn't want to hold onto the viral currency.

    Vitalik Buterin moved coins in a dead wallet address destroying 41 per cent of the currency that was in circulation.

    Buterin kept some of the coins but intends on donating them to charity.

  • WHAT IS BITCOIN?

    Bitcoin got you baffled? Here's what you need to know:

  • WHY IS THE CRYPTOCURRENCY MARKET DOWN?

    Cryptocurrency markets are down after recording major gains and reaching all-time highs since the start of the year.

    Coins plummeted by up to 17% last week after Elon Musk's shock announcement that Tesla would no longer accept Bitcoin.

    It shaved $6.1billion in value from Bitcoin and sent the crypto market into a downwards spiral. Today, Bitcoin and other coins like Shiba Inu, Dogecoin and Yearn Finance are also all down.

    Investing in any cryptocurrency is a very risky business. Cryptocurrencies are volatile which means the price can rise and fall sharply.

    You can be left with less money than you put in and remember, you should never invest money that you can't afford to lose. There have also been warnings around scams related to cryptocurrencies. As always, you shouldn’t invest in something you don’t understand.

  • MARK CUBAN SAYS HE OWNS 3250 DOGECOINS

    Tech billionaire Mark Cuban announced in a tweet on Saturday he owns 3,250 dogecoins he bought with his 11-year-old son.

  • WHAT IS LITECOIN?

    Litecoin entered the cryptocurrency market as a competitor to Bitcoin in 2011.

    Like the other cryptocurrencies - it is run on Blockchain. Each individual Litecoin is known as a token - which is the digital asset that you own when you invest.

    According to GoBankingRates, in 2017 Litecoin was the first cryptocurrency to complete a Lightning Network transaction

  • ARK'S COMMENT AFTER MUSK'S TWEET

    ARK Investment Management has shared a statement following Elon Musk's tweet.

    "In our view, the concerns around bitcoin’s energy consumption are misguided. Contrary to consensus thinking, we believe the impact of bitcoin mining could become a net positive for the environment.

    "With real-world data, we demonstrate how mining could impact the amount of renewable energy provisioned to the grid by transforming intermittent power resources into baseload generation by way of energy storage."

  • WHAT IS CARDANO?

    Cardano is a cryptocurrency that uses blockchain, making it difficult to be hacked.

    It was launched in 2017 and set up by Charles Hoskinson, who was one of the eight co-founders of Bitcoin rival, Ethereum.

    Every time someone buys or sells the cryptocurrency, it's permanently recorded on the platform's blockchain.

    Unlike some other cryptocurrencies, the blockchain is more transparent so anyone can see it. It's managed by the Cardano Foundation.

    The "altcoin" has been designed to make sure that investors can have some say in how the currency is run.

  • SONY'S PATENT FOR BETTING SERVICE THAT COULD ACCEPT BITCOIN

    Sony has filed a patent for a platform that would allow users to bet on esports using physical currency, bitcoin, or even in-game items.

    Bets would come in many forms as the patent states "Wagers may be pecuniary, e.g., money or bitcoin, or may be non-pecuniary, e.g., game assets, digital rights, and virtual currency."

  • WHAT IS DOGECOIN?

    Dogecoin is a cryptocurrency which was launched in 2013 and has been marketed as the "fun" version of bitcoin.

    Originally invented as a joke by software engineers Jackson Palmer and Billy Markus, the Dogecoin has the image of a Shuba Inu dog as its logo.

    Two weeks after its launch, the value of it jumped 300% after China banned banks from investing in cryptocurrencies, according to Investopedia.

    Dogecoin then skyrocketed alongside other cryptos during the bubble that peaked in 2017, and it fell with the rest of them over 2018.

    The price of Dogecoin has risen by 20,000 per cent compared to this time last year.

  • ELON MUSK'S BAN ON BITCOIN COULD DAMAGE ITS VALUE

    Aaron Shields, Executive Director of Experience Strategy EMEA at Landor & Fitch told the Express : "More damage may still come to Musk’s own personal brand, built up through a cult-like following amongst liberals and cryptocurrency investors who will likely be feeling betrayed by the announcement.

    "Bitcoin’s value was already plummeting following Musk’s SNL appearance and Tesla’s withdrawal has caused it to drop further.

    "Individuals who invested in bitcoin because of his endorsements will expect answers and, while Musk has weathered past storms because of his grand visions, he’ll have to use all of his charm over the coming days and weeks to avoid lasting impact on both his and the Tesla brand."

  • WHAT IS ETHEREUM?

    Ethereum is the second-largest cryptocurrency – one which some have said could eventually overtake Bitcoin as the dominant coin in the market.

    It is also a ledger technology – using “blockchain” – that companies are using to build new programmes.

    Blockchain is where encrypted data can be transferred securely, making it nearly impossible to duplicate or counterfeit.

    There were eight co-founders of Ethereum - all of whom boast "huge personalities, huge egos, some more than others,” cryptocurrency author Camila Russo told Decrypt.

  • BITCOIN VS CLIMATE CHANGE

    Last week Elon Musk announced Tesla would stop accepting Bitcoin as payment due to environmental reasons.

    Musk tweeted an image of a statement which said: "Tesla has suspended vehicle purchases using Bitcoin.

    "We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.

    He went on to add: "Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment."

    Alex de Vries, of Digiconomist, told the Telegraph: "Bitcoin mining is a dirty business, and if you are a company selling electric vehicles, it is weird to enable a currency with a substantial carbon footprint.

  • WHAT IS CHIA?

    A popular cryptocurrency created by BitTorrent inventor Bram Cohen, Chia is described as "green money for a digital world".

    Chia launched last week and has already become popular in some countries in Asia, such as Vietnam and China, reports the Telegraph.

    "Instead of consuming massive amounts of electricity… proof of space leverages the over-provisioned exabytes of disk space that already exist in the world today," Chia claims.

  • ELON MUSK'S BAN ON BITCOIN PAYMENTS COULD AFFECT ITS VALUE

    Sam Onigbanjo, Founding Partner, Capital Markets Academy, told Express.co.uk: "Elon Musk's comment on Bitcoin is a very interesting one, seeing he has banned the purchasing of Tesla goods with bitcoin but at the same time has kept all Telsa's bitcoin.

    "I see his 'ban' as a market move that could be used to force down the price of Bitcoin for a period of time.

    "His ban also gives environmentalists another platform to stand on as damage to the environment is most felt with bitcoin as opposed to any of the other cryptocurrencies

    "Some things are clear, firstly Elon Musk's ban will surely slow down the bullish momentum with bitcoin and may even lead to a massive dip in its value.

    "Secondly, Elon Musk and Tesla's ban will shine a light on Environmental issues around mining bitcoins.

  • 'BRING CHESS FANS AND CRYPTO ENTHUSIASTS TOGETHER'

    Andreas Thome, CEO of Play Magnus Group, added: "We are thrilled to announce that FTX is partnering with the Tour to bring the communities of chess fans and crypto enthusiasts together in celebration of these two fast-growing industries.

    "We look forward to bringing first-of-its-kind crypto-themed activations for chess and sports to our Meltwater Champions Chess Tour and broadcasts.

    "For Play Magnus Group, this is a big moment as we, along with many chess players around the world, have been following cryptocurrencies for many years and are passionate about celebrating this fast-growing industry in its very own tournament, the upcoming FTX Crypto Cup."

  • CONTINUED

    The FTX Crypto Cup is organised by Play Magnus Group, a global leader in the chess industry, and FTX, a leading cryptocurrency exchange.

    FTX has also entered into a long-term agreement with Play Magnus Group to become its Official Cryptocurrency Exchange Partner.

    Carlsen, who has reigned as world number 1 for a decade, spoke of his excitement ahead of the event.

    The Norwegian said: "As a big sports fan and NBA enthusiast, I was thrilled to learn that FTX is continuing its move into sports by partnering with the Champions Chess Tour.

    "The Tour has been extremely exciting both as a competitor and a fan, and I feel a renewed sense of motivation now that we’ve found a partner in FTX that shares our common goal to grow chess and the Tour."

  • WORLD'S FIRST BITCOIN CHESS TOURNAMENT

    The world’s first bitcoin chess tournament, the FTX Crypto Cup, is being held from May 23.

    "A cool $100,000 of that is a bonus paid in crypto by new sponsor FTX, the leading cryptocurrency exchange.

    "Fans will be able to track the prize pot's value in real-time throughout the broadcast to see how it fluctuates," says a press release.

    The tournament is the final major in this season’s $1.5million Meltwater Champions Chess Tour, the richest and most prestigious online chess event in history.

    World Champion Magnus Carlsen will take centre stage as the current tour leader, but will face stiff competition in a field of 16 star names.

  • ETHER BOUNCES BACK

    Ether, linked to the ethereum blockhain, fell to as low as $3,123.94, and then bounced back to $3,540 today.

    Meanwhile, Dogecoin fell nearly 7%, with these two, and Bitcoin, well under recent records.

    "A nice pop, but this is small versus the Musk-induced selling that has been taking place lately," said Neil Wilson, chief market analyst at Markets.com.

    "There is nothing new I can say about bitcoin - volatile, highly speculative, easy to manipulate; a bubble."

  • BITCOIN DIPS THEN RALLIES ON MUSK'S TWEETS

    Bitcoin rallied from a three-month low on Monday in a volatile session that saw investors initially selling and then buying cryptocurrencies in the wake of Tesla boss Elon Musk's tweets about the carmaker's bitcoin holdings.

    In his latest tweet, Musk said "Tesla has not sold any bitcoin". This came after weekend tweets hinted that Tesla was considering or may have already sold some of its massive holdings.

    Musk has boosted crypto markets with his enthusiasm for the asset class, but has lately hit trade by appearing to cool on bitcoin in favour of its one-time parody, dogecoin.

    Bitcoin fell more than 9% on Monday to as low as $42,185, its lowest since February 8, but rallied back to around $45,190 as of 9.11 GMT.

  • KISHU INU

    A Cryptocoin marketing itself as "Dogecoin's big brother" has soared in value by almost 30% over the past 24 hours.

    Kishu Inu was only launched last month but a single coin is now worth $0.0000000112 and already has a market capitalisation of $1 billion, according to CoinMarketCap.

    Similar to Dogecoin, Kishu Inu features its own Japanese breed of dog on the face of the virtual currency.

    It claims to be more valuable than Dogecoin, which has an image of a Shuba Inu dog on its logo, as it isn't just based on a meme although it is unclear what its use is.

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