2022 was one of the hardest year for crypto world. FTX bankruptcy finally damaged users’ trust in centralized exchanges and they began to wonder whether the storage of client funds was really secure. A wave of mistrust had swept across almost all the top exchanges, including Binance.
Meta, formerly known as Facebook, was notorious for its somewhat hostile attitude towards cryptocurrencies when it banned cryptocurrency ads. However, the company recently announced that it is rolling back the ban and allowing more crypto ads on its social media platform.
Following Google's announcement of lifting the ban on Bitcoin and cryptocurrency ads on its website platform, the prices of major coins have skyrocketed dramatically. The total market cap has increased from $1.664 trillion to over $1.742 trillion, indicating a massive and bullish growth in the entire market of about 5%.
While scammers take advantage of celebrities’ names without them knowing about this, some of the stars willingly take part in fraudulent projects. Thus, a famous US rapper known as T.I. agreed to pay a fine amounting to $75,000 for promoting a fraudulent ICO.
Related to the growing number of Bitcoin (BTC) and other cryptocurrency scams using fake advertising, it becomes obvious that the industry needs regulation. Advertising influences people's purchasing decisions, therefore, good social engineering can turn it into a great instrument for luring customers into various digital currency-related scams.
While many community members complain that YouTube is demonstrating hostility to cryptocurrency-related projects, scammers using the platform to trick people prove such measures are somewhat reasonable.
The UK Finance Conduct Authority researched the country’s cryptocurrency market to understand the citizen’s attitude towards digital assets. Curiously enough is that they do it right before the registration deadline set for companies dealing with cryptocurrency.