The top stories of the past week saw major topics focusing on the many cryptocurrency scams and issues within the industry, focusing on the darker side of digital currencies and their presence in the world. One of the hard-hitting stories includes "The Truth" Paul Pierce settling with the SEC in the amount of $1.4 million for misleading statements he made.
(Photo: Tech Times)
There is also the rise of cryptocurrency scams in the market that users can fall for, especially now that the coins are steadily rallying, along with malware present in the US and UK.
Paul Pierce Settlement: $1.4 Million for Misleading Statements
The Securities and Exchange Commission charged Paul Pierce for his misleading statements made on social media, one in which 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, handed over to the SEC.
"The Truth" was promoting the emerging 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 Participatethe Hall of Famer received up to $224,000 in EMAX crypto which he did not disclose in the documents.
The tweet containing the 2021 screenshot has now been deleted and it claims that Pierce made more money from EMAX than he did during his time at ESPN.
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Cryptocurrency scams are on the rise now
(Photo: Jack Taylor/Getty Images)
In this photo illustration of the cryptocurrency altcoins Litecoin, Ripple and Ethereum, pictured on April 25, 2018 in London, England. Cryptocurrency markets began to recover this month after a massive drop during the first quarter of 2018, with more than $550 billion wiped out of total market capitalization.
The cryptocurrency may be healing now, and seems to be returning to its normal rate with the rising valuation of Bitcoin and Ethereum, but the coins that are entering the market are now scam-free. One in four cryptocurrencies printed herein are scamsand this is something people need to be careful about, especially in its current state.
According Chainanalysis publicationHis research found this to be evident in the market now, with many falling for the misdeeds of those posing as fake cryptocurrencies.
Besides, cryptocrime He stated that these coins and scammers are thriving in the market, with their discreet acts and operations still 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 is now present in the market, targeting unknown crypto clients.
Its malware unknowingly operates in the US and UK markets, which primarily target investors.
MortalKombat ransomware and Laplas Clipper malware copy investors' portfolio information, personal data, and other data that they can divert from their victims.
It takes advantage of inattention when entering these details, then proceeds to steal your information and use it for the benefit of its creators.
Related article: Increasing US regulations on digital currencies throw crypto markets into a slump
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