Stablecoins now represent 43% of total crypto transaction volume in Sub-Saharan Africa, driven by local currency devaluation. Nigeria leads in stablecoin adoption, with significant inflows for transactions under $1 million, while Ethiopia experiences rapid growth in retail-sized transfers. In South Africa, institutional clients are increasingly using stablecoins to manage liquidity and mitigate currency volatility, marking a shift in the region’s crypto landscape.
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China’s OTC Crypto Brokers Raise 75 Billion Amid Regulatory Challenges
Over-the-counter (OTC) crypto desks in China have attracted $75 billion in funding over the past nine months, despite the government’s ban on crypto trading and mining. Traders are increasingly using OTC and peer-to-peer methods to circumvent regulations, with 55% of transactions exceeding $1 million. Experts suggest that as long as the regulatory environment remains unfavorable, these services will likely continue to thrive, even as authorities struggle to enforce compliance on international payments.
read moreSEC Charges NanoBit and CoinW6 in Multi-Million Dollar Crypto Scam
The SEC has charged crypto firms NanoBit and CoinW6 with defrauding investors of over $2 million through social media platforms like WhatsApp and Instagram. Investment scams surged to nearly $4 billion in 2023, with the accused using tactics such as impersonating financial professionals and romantic relationships to gain trust before soliciting investments. The CoinW6 scheme involved a “pig butchering” approach, where victims were lured with promises of high returns and faced demands for additional payments when attempting to withdraw funds.
read moreIndia Maintains Lead in Global Cryptocurrency Adoption for Second Year
India has topped the global cryptocurrency adoption rankings for the second consecutive year, despite stringent regulations and high trading taxes. A report by Chainalysis highlights significant usage of both centralized exchanges and decentralized finance assets from June 2023 to July 2024. The country has seen a diverse range of crypto participation, even amid restrictions, with recent regulatory rollbacks, such as Binance’s registration with the Financial Intelligence Unit, likely to further boost adoption.
read moreIndia tops global cryptocurrency adoption for second consecutive year
India has topped the global cryptocurrency adoption index for the second consecutive year, despite stringent regulations and high trading taxes. A report by Chainalysis highlights significant usage of both centralized exchanges and decentralized finance assets from June 2023 to July 2024. The easing of some restrictions, such as Binance’s recent registration with the Financial Intelligence Unit, is expected to further boost adoption in the country.
read moreScammers Shift to Pig Butchering Tactics Amid Increased Law Enforcement Pressure
Scammers are increasingly shifting from elaborate Ponzi schemes to pig butchering scams, which involve building online relationships with victims before luring them into fraudulent investments. The average lifespan of these scams has plummeted from 271 days in 2020 to just 42 days in 2024, reflecting enhanced law enforcement efforts. Notably, 43% of scam inflows this year have gone to newly active wallets, with significant activity linked to notorious operations in Myanmar.
read moreProtecting Your Crypto: Staying Safe in the Volatile Market
Crypto users and projects face increasing cyber threats, with hackers stealing millions through phishing scams, protocol hacks, and untrustworthy exchanges. Security measures such as alert systems, protocol transparency, and off-chain vulnerability monitoring are crucial for safeguarding against these evolving risks. Education and due diligence are emphasized as essential for protecting crypto assets in a volatile market.
read moreReport: 2023 Crypto Crime Trends and Scams Analysis Revealed in Chainalysis Report
The 2024 Crypto Crime Report by Chainalysis reveals a rebound in darknet market revenue, with smaller marketplaces thriving. Crypto-linked sanctions doubled in 2023, totaling 18 sanctions on individuals or entities. Despite a decline in revenue from crypto-based scams, new types like romance scams have seen a significant rise, posing a greater risk to victims. Expert advice emphasizes the importance of digital hygiene and cautious on-chain and online interactions to minimize the risk of falling prey to scams in the crypto space.
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