Ethereum

A new study by Chainplay and Storible has uncovered a troubling reality for crypto investors—83% have fallen victim to scams or hacks at least once. The findings, drawn from a survey of 2,101 investors and an analysis of 444 crypto projects, highlight the persistent security challenges in the digital asset space. Crypto Scams Are More Common Than Ever On average, investors reported losses of $2,622 per incident, with fraudsters using various deceptive tactics to exploit unsuspecting users. The most frequent types of scams include: Fake social media accounts (34%) impersonating well-known figures or projects Exchange hacks (21%), leading to massive fund losses Phishing attacks (19%) designed to steal user credentials One of the most shocking findings is that crypto exchange hacks have led to more than $27 billion in total losses. While decentralized exchanges (DEXs) are targeted more often, centralized exchanges (CEXs) suffer 27 times higher losses, making them a major weak point for investors. The study also found that each major crypto project is bombarded with an average of eight phishing websites and seven fake X (Twitter) accounts, showing just how widespread and sophisticated online fraud has become. A Wake-Up Call for the Industry With the crypto industry growing at an unprecedented rate, security risks continue to escalate. Experts stress the urgent need for: Better security protocols to safeguard investor assets Stronger regulations to prevent large-scale fraud Investor awareness programs to help users spot scams As digital assets become more mainstream, the battle against cybercrime is far from over. The big question remains: Can the industry step up its security efforts before more investors fall prey to scams?

Itaú Unibanco, Brazil’s largest bank, is exploring the possibility of launching its own stablecoin—but it’s in no rush. The bank is carefully assessing the experiences of U.S. financial institutions and waiting for clear regulations before taking the plunge. Stablecoins on Itaú’s Radar With over 55 million customers, Itaú Unibanco is well aware of blockchain’s potential to streamline transactions. Guto Antunes, the bank’s Head of Digital Assets, recently shared that stablecoins have been a topic of discussion for some time. “Stablecoins have always been on our radar. We can’t ignore blockchain’s ability to settle transactions instantly,” Antunes stated during a recent bank event. The shift in the U.S. government’s stance on stablecoins has also caught Itaú’s attention, particularly since stablecoins are being recognized as tools for strengthening the U.S. dollar’s dominance. Could Itaú Launch a Brazilian Real-Pegged Stablecoin? The bank is open to the idea of introducing a stablecoin pegged to the Brazilian real, but no final decision has been made yet. Itaú is carefully evaluating whether such a move would be practical and beneficial for its customers. For now, the bank is watching and learning, observing how other financial institutions handle stablecoin projects before making its move. Regulatory Hurdles & the Self-Custody Debate One key challenge is regulation. Brazil is still working on a stablecoin framework, and a recent draft proposal suggests banning self-custody—a controversial idea in the crypto space. Antunes believes a middle-ground approach might be the solution. He suggested that instead of an outright ban, Brazil’s central bank could approve a list of verified self-custody wallets to ensure security while allowing users to maintain control of their funds. What’s Next? While Itaú remains cautious, its interest in stablecoins is clear. Whether it launches its own digital asset will depend on regulatory clarity and market demand. For now, the bank continues to explore the future of blockchain-powered finance in Brazil.

Global asset management giant BlackRock has officially secured approval from the UK’s Financial Conduct Authority (FCA) to operate as a crypto asset firm, paving the way for its new Bitcoin exchange-traded product (ETP) in Europe. This approval makes BlackRock the 51st company registered with the FCA, joining major financial players like Coinbase, PayPal, and Revolut. Notably, the FCA has only approved 14% of applications, signaling the regulator’s strict standards. Many firms were reportedly rejected due to incomplete or low-quality submissions. A Major Step for Bitcoin Investment in Europe BlackRock’s iShares Bitcoin ETP (IB1T) is already trading on Euronext Paris and Amsterdam. The fund initially launched with a 0.15% fee waiver that will last until the end of 2024, after which it will increase to 0.25%, matching CoinShares’ $1.3 billion physical Bitcoin ETP—the largest in Europe. Each IB1T share is backed by real Bitcoin, securely held by Coinbase. This product allows investors to gain exposure to Bitcoin without directly holding the cryptocurrency, making it an attractive option for institutional and retail investors alike. BlackRock’s Growing Influence in Crypto This European launch follows the success of BlackRock’s iShares Bitcoin Trust (IBIT) in the U.S., which has amassed over $48 billion in assets. The company is using a Swiss-based special-purpose vehicle to ensure compliance with European financial regulations. The move signals growing institutional demand for Bitcoin investment products outside of North America. BlackRock’s CEO Larry Fink recently expressed concerns about rising U.S. debt, suggesting that excessive government spending could weaken the U.S. dollar’s dominance and make Bitcoin a more attractive store of value. As interest in regulated Bitcoin investment options rises, BlackRock’s entry into the European market could be a game-changer for institutional adoption across the region.

A massive cryptocurrency scam has been shut down in Ezhou, China, where 34 people have been sentenced to prison for running a fake crypto trading platform called OURBIT. Over the course of a year, the fraudulent site stole $64 million (460 million yuan) from nearly 30,000 investors, luring them in with promises of high returns and fake trading features. How the Scam Worked The fraudsters faked everything—from trading pairs and price charts to licenses supposedly from Singapore, the U.S., and the U.K.. The platform wasn’t connected to any real crypto exchanges, and every trade, price movement, and account balance was manipulated behind the scenes to ensure that users always lost money. Victims were recruited through WeChat groups, where scammers posed as “expert traders” and shared fake profit screenshots to create an illusion of success. They even hired fake investors to cheer them on in group chats. Once users invested, they were pressured into high-risk trades designed to wipe out their funds. When someone tried to withdraw profits, the platform either froze their account or demanded more money to “unlock” their funds—only to steal that too. Court Crackdown and Sentencing After investigating the operation, the Ezhou Court ruled that OURBIT was nothing more than a fraud machine built to steal user funds. Cheng and 33 other defendants were found guilty of fraud and sentenced to 3 to 12 years in prison, along with heavy fines. The court also issued a public warning, reminding investors that crypto trading in China is not legally protected, meaning victims often can’t recover their lost money. Lessons from the Scam Beware of “too good to be true” investment promises. Never trust investment tips from social media groups. Verify trading platforms and licenses before investing. Be cautious when dealing with unregulated crypto platforms. This case serves as a harsh reminder of the risks in crypto trading, especially when dealing with unverified platforms. If something seems too good to be true, it probably is.

In a significant move, the International Monetary Fund (IMF) has officially included Bitcoin in its global financial tracking system. This comes just weeks after the IMF urged El Salvador to scale back its Bitcoin adoption. The shift highlights the growing role of cryptocurrencies in international finance, even as institutions remain cautious about fully embracing them. Bitcoin’s New Place in Global Finance On March 20, the IMF released the latest edition of its Balance of Payments Manual (BPM7), introducing a framework to track digital assets like Bitcoin, Ethereum, stablecoins, and even NFTs. This marks the first time that cryptocurrencies have been included in the global financial reporting system, which central banks and financial authorities use to monitor capital flows and trade balances. While the update doesn’t grant Bitcoin legal currency status, it establishes a structured way to measure its impact on the global economy. Until now, crypto transactions—estimated to be in the trillions—were inconsistently reported, making it difficult for regulators to assess their true economic significance. BPM7 categorizes Bitcoin as a non-produced, non-financial asset, placing it alongside natural resources like land and spectrum rights. Other digital assets are classified based on their function: stablecoins as financial instruments, Ethereum and XRP as equity-like holdings, and staking rewards as service income or investment returns. Bitcoin Reserves: U.S. and El Salvador Take Different Paths This shift comes at a time when both the United States and El Salvador are making bold moves with Bitcoin, but in very different ways. Why This Matters With Bitcoin now formally accounted for in global financial reporting, governments may face increased pressure to clarify their stance on crypto. Whether countries choose to regulate, adopt, or resist Bitcoin, they will now have to measure its impact using IMF-endorsed standards. This could influence how Bitcoin is treated in trade policies, taxation, and even diplomatic agreements in the years ahead.