The top stories from last week saw significant topics that center on the many cryptocurrency scams and problems within the industry, centering on the darker side of digital coins and their presence in the world. One of the most resounding stories includes "The Truth" Paul Pierce's settlement to the SEC amounting to $1.4 million for the misleading statements he made.
(Photo : Tech Times)
There also is the rise of cryptocurrency scams in the market which users may fall into, especially now that the coins are rallying steadily, alongside the malware present in the US and UK.
Paul Pierce Settlement: $1.4M for Misleading Statements
The Securities and Exchange Commission charged Paul Pierce for his misleading statements made over social media, one where the former NBA star and Hall of Famer failed to disclose the payments he received.
Pierce paid as much as $1.4 million for what happened, made over to the SEC.
"The Truth" was promoting the up and coming coin called EthereumMax or EMAX via Twitter, but the basketball star did not disclose that he received payments in the form of tokens from the company.
According to Engadget, the Hall of Famer received as much as $224,000 worth of EMAX crypto which he failed to disclose in the filings.
The tweet containing the screenshot from 2021 is now deleted, and it states that Pierce made more money with EMAX than during his time on ESPN.
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Cryptocurrency Scams are Rising Now
(Photo : Jack Taylor/Getty Images)
In this photo illustration of the litecoin, ripple and ethereum cryptocurrency 'altcoins' sit arranged for a photograph on April 25, 2018 in London, England. Cryptocurrency markets began to recover this month following a massive crash during the first quarter of 2018, seeing more than $550 billion wiped from the total market capitalisation.
Cryptocurrency may be healing now, and it seems to be returning to its normal rate with the rise in Bitcoin and Ethereum's valuation, but the coins which are entering the market now are rid of scams. One in four cryptocurrencies printed in the present are scams, and this is something that people need to be wary of, especially in its present state.
According to Chainanalysis's post, their research found that this is evident in the market now, with many falling to the wrongdoings of those who pose as fake crypto.
Additionally, Crypto Crime claimed that these coins and scammers are thriving in the market, with their inconspicuous acts and operations that remain prevalent in the market.
Crypto Malware in the US and UK
One of the largest cybersecurity agencies in the world, Cisco Talos, reported two new malicious files in the form of malware that are now present in the market, targetting unknowing customers of crypto.
Their malware is working unknowingly in the United States and the United Kingdom markets, which mainly targets investors.
The MortalKombat ransomware and Laplas Clipper malware copy the investors' wallet information, personal data, and others which it can siphon from its victims.
It capitalizes on inattentiveness when entering these details, then proceeds to steal their information and use it for its creators' gain.
Related Article: Ever-Increasing US Regulations on Digital Currencies Dump Crypto Markets into a Slump
