On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Bitcoin-related investment scams have already exceeded $18.5 million, an increase of 44% compared to the total loss of nearly $12.8 million in 2020.
Investment scams in Australia cost investors more than 70 million Australian dollars ($50.5 million) in the first six months of 2021, with crypto scams contributing to more than 50% of the losses, according to Scamwatch data.
As reported by the Australian Competition and Consumer Commission (ACCC), Scamwatch data shows a 53.4% increase in investment scam-related reports, which is set to exceed $101 million by the end of this year.
Based on the 4,763 reports received in 2021 alone, ACCC deputy chair Delia Rickard stated that 2,240 of the complaints were related to cryptocurrency scams, and mainly attributed to Bitcoin (BTC).
Rickard said that scammers lure investors into using fake trading platforms and celebrity endorsements that promise high profitability. While the trading platforms initially allow investors to withdraw some profits using other victims’ assets, the scammer eventually stops unwary investors to withdraw their investments. “Be wary of investment opportunities with low risk and high returns. If something sounds too good to be true, it probably is,” she added.
Bitcoin-related investment scams in Australia have already exceeded $18.5 million, a steep increase of 44% compared to the total loss of nearly $12.8 million in 2020.
Other types of scams plaguing Australian investors included Ponzi scams, imposter bond scams and romance baiting scams.
Related: Australian regulator issues warning about unlicensed crypto businesses
On Aug. 18, the Australian Securities and Investments Commission (ASIC) asked Australian citizens to stop investing in cryptocurrency through unlicensed entities.
The regulator has advised investors to choose financial institutions that hold an Australian Financial Services license. As per the reports received from investors, the ASIC noted that most of the losses related to crypto investments were due to “excessive leverage, platform outages, or unfair liquidations.”
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