According to the new study by Juniper Research, online businesses globally will lose more than $206 bln from online payment fraud by 2025. The figure is almost 10x equal to Amazon's net income recorded in the last year (2020).
In this era of technological revolution, several employers, companies and organizations are trying to adopt machine learning, decentralized technologies such as blockchain and distributed artificial intelligence (DAI) to improve work efficiency and reduce operational costs as the adoption of these tools leads to a reduction in the workforce.
There is an opinion that the Chinese ban is actually good for the bitcoin price in the long run. The ongoing crackdown on bitcoin mining and trading could boost bitcoin and other cryptocurrencies in the future.
The cryptocurrency market has declined from $2.501 trillion to $1.725 trillion in just two weeks, indicating a fall of about 31%. However, hedge funds are interested in cryptocurrency despite the drop.
The Inner Mongolia government has launched a platform that will be used by the general public to report any activity or operation related to cryptocurrency mining within the Mongolic autonomous region of the People's Republic of China.
The number of fraudulent cryptocurrency startups and suspicious companies not properly registered with regulators is growing. This makes governments and watchdogs alerted about the security of their citizens. For instance, the government of Singapore recently passed a warning to all of its citizens of the risk of involvement with cryptocurrency.
Bitcoin adoption is growing dramatically in Canada, but the rate of cryptocurrency fraud is also increasing at a worrying speed. Between 2017 to 2020, digital currency-related fraud in Canada rose by about 400%, as per the report by RCMP.
Kenya, through its central bank, has lately announced a controversial move to employ bitcoin as a reserve currency in a bid to improve the country’s economic performance. However, whether or not this shift will serve the intended purpose remains a matter of debate.
Criminals commonly use cryptocurrency to carry out illicit activities such as money laundering, funding terrorism activities, buying and selling narcotics and many others. According to the new report by the UN, hackers have been attacking exchanges to steal the cryptocurrency and then use it to fund nuclear weapons development. North Korea is leading the game.