Blockchain forensics firm Chainalysis has found that crypto traders in Africa are less likely to have sent tokens to, or received tokens from, known scam addresses than traders in other regions in the past year. In the Chainalysis “2020 Geography of Cryptocurrency Report”, the firm states that the percentage of illicit cryptocurrency activity associated with scams isn’t as high in Africa as other regions around the world. Illicit cryptocurrency activity accounted for just 2% of the region’s roughly $16 billion trading volume from July 2019 to June 2020. Scams accounted for 55% of this low level of illicit activity. “People …

The Tron (TRX) community is accusing the Just Foundation of whitelisting a “DeFi project” that eventually pulled an exit scam, pocketing about $2 million in TRX tokens. According to a post on Tron’s subreddit, the foundation created a token whitelist for its Uniswap clone, JustSwap, to curb instances of fraudulent tokens and projects. The project in question, Tron Supernode, can still be found in the whitelist, even though the website has been completely deactivated as the community reported that withdrawals were disabled. According to the community, the project’s Telegram channels and social media accounts were closed even earlier than the …

The team behind Arbistar, a crypto trading bot developer, announced that it would be shutting down a popular trading tool known as Community Bot. According to a press release published by Arbicorp, the company that runs Arbistar, the platform is not currently allowing deposits. All funds have been frozen, preventing users from withdrawing their money. Users are not even able to access crypto from funds that trade with other bots. This has led financial forensic firm, Tulip Research, to warn users that Arbicorp is actually a billion-dollar crypto Ponzi scheme — a claim they say they have made “many times”: …

It’s been a tough week for Bitcoin. The price has fallen more than 8 percent and dipped below $10,000 on three consecutive days. Analyst Willy Woo, though, thinks it’s all looking good. He believes that on-chain indicators, such as the NVT ratio, suggest a bullish outlook, while Su Zhu of Three Arrows Capital believes that a surge to $100,000 is more likely than a fall to $5,000. The son of gold investor and Bitcoin critic Peter Schiff is convinced. The 18-year-old college freshman just bought some more Bitcoin, against his father’s advice. Asked whether they want to follow the student …

The rapidly expanding DeFi space is becoming riddled with scams as another suspicious project has headed for the exits carrying speculators' money. "A new liquidity mining pool DeFi project, Yfdexf.Finance has exited the market after defrauding investors of $20 million in total funds locked in its protocol," media outlet ZyCrypto wrote on Sept. 10. The project shilled its vaporware hard via Twitter and messaging apps such as Discord over the past 48 hours, ZyCrypto detailed. Cointelegraph tried tracking down details of the effort, but all traces of the scam appear to have been deleted at press time. The DeFi space …

In the wake of the sudden departure of Chef Nomi, the original founder of SushiSwap, FTX exchange CEO Sam Bankman-Fried was left to sort out the mess. Cointelegraph interviewed Bankman-Fried about his Sushi-related adventures and his vision for the future of the project. Bankman-Fried became the holder of the keys to SushiSwap on Sep. 6, just over a week after the launch of the project. Chef Nomi handing these keys over was as sudden for him as it was for the rest of us, he said: “I was asleep on a beanbag and I heard a shout from someone [saying] …

The government of South Korea has issued warnings to the public to avoid real life crypto meetups due to the “high risk” of catching coronavirus in the midst of a second outbreak in the country. Segye Ilbo reports the authorities not only warned about COVID-19-related fears but of the potential for “financial damages to consumers,” following reports about fraudsters holding meetups to attract people into multi-level marketing (MLM) schemes. One of the companies quoted by local media outlets is an “unregistered door-to-door sales company” called Muhan Group, which promotes a multilevel marketing investment opportunity allegedly based in cryptoassets. In reality …

Following the sudden exit of SushiSwap’s anonymous founder, many users have begun to speculate on the identity of this controversial figure. While some focused on the current maintainer of the project Sam Bankman-Fried, the CEO of FTX, others saw Band Protocol’s chief technology officer, Sorawit Suriyakarn, as the person behind this project. The evidence cited primarily involved the Sushiswap.org domain, which is provably shown to be hosted on the same IP address as Band Protocol’s website. In an email conversation with Cointelegraph, CEO of Band Soravis Srinawakoon said that this evidence is misleading, and refuted all allegations that the project …

Crypto YouTuber Sunny Decree recently saw his livestream cut short by YouTube, with the platform stating the video had violated its 'harmful and dangerous policy.’ According to a Sept. 5 tweet from Sunny Decree, the video-sharing platform halted his most recent livestream on his English language channel — based in Switzerland, the content creator also records in German — and warned him a second offense would result in a one-week suspension of service for livestreaming, uploading, and posting. Decree’s channel has been targeted by YouTube before. In December 2019, the platform began aggressively deleting videos with crypto-related content. High-profile channels, …

The Colombian police have issued a warning about fraudsters promoting a Bitcoin scam website to social media users. The “announcement” about the launch of a fake Bitcoin-related investment system was purportedly “approved” by Ivan Duque, President of Colombia. According to Colombia Check, quoting a statement by the Cybernetic Police Center, the site promotes a Bitcoin investment opportunity (BTC) that Duque is quoted as saying will offer “relief to the economic crisis triggered by the coronavirus pandemic.” The post claims that the president signed “the biggest deal of the century” to create a platform named Bitcoin Era, and citizens could start …

The latest ruling in the class-action lawsuit against OneCoin has dismissed Konstantin Ignatov, co-founder of OneCoin, as a defendant after he agreed to testify against his sister. Ignatov is the brother of Ruja Ignatova, the infamous leader and face of OneCoin also known as “Cryptoqueen.” Ignatova disappeared in 2017 and has since managed to evade authorities and the general public. While Ignatov was dismissed from the lawsuit initiated by defrauded OneCoin investors, court documents indicate that this same case will continue to target Ignatova. Both siblings are still the defendants in another legal action brought by the United States Department …

Bitcoin was down a bit this week, stopping just above $11,000. That increase in volatility is only to be expected, say some experts, as we approach the end of some BTC futures and options contracts. Other contributors to increased volatility include Bitcoin’s long period of consolidation and a key resistance level. But what happens next? World leaders have been discussing the role of cryptocurrencies during The Great Reset, the time that will follow the end of the pandemic and the reopening of world economies. As some leaders look for a new kind of capitalism, the cryptocurrency industry is hoping for …