![]() Now, they're essentially worthless.Ĭoncern over the safety of crypto funds parked on centralized platforms has also been gaining traction following the recent collapse of Voyager Digital and Celsius, both popular apps among retail traders because of the double-digit annual percentage yield once offered by the two companies. At their height, luna and UST had a combined market value of almost $60 billion. dollar-pegged stablecoin known as terraUSD (or UST, for short) and its sister token, luna. In one letter, addressed to Sam Bankman-Fried, the CEO and founder of FTX, the committee notes that "while some exchanges review cryptocurrencies before listing them, others allow digital assets to be listed with little or no vetting."īlockchain analytics firm Chainalysis found that 37% of crypto scam revenue last year went to "rug pulls," a type of scheme that involves developers listing a token on an exchange, pumping it up, and then vanishing with the funds.īinance.US, which also received an inquiry from the committee on Tuesday, has been accused in a class action lawsuit of misleading consumers about the safety of investing in the U.S. 1, 2009, which display efforts to combat crypto scams and fraud, as well as show attempts made to "identify, investigate, and remove or flag potentially fraudulent digital assets or accounts," as well as highlight discussions around "whether to adopt more stringent policies." ![]() In particular, the letters ask that the exchanges produce documents dating back through Jan. The committee says that these responses could be used to craft legislative solutions. 12 with information about what they are doing to protect consumers. The letters ask that the federal agencies and crypto exchanges respond by Sept. "The lack of a central authority to flag suspicious transactions in many situations, the irreversibility of transactions, and the limited understanding many consumers and investors have of the underlying technology make cryptocurrency a preferred transaction method for scammers." Raja Krishnamoorthi, D.-Ill., Chair of the Subcommittee on Economic and Consumer Policy. "As stories of skyrocketing prices and overnight riches have attracted both professional and amateur investors to cryptocurrencies, scammers have cashed in," wrote Rep. More than $1 billion in crypto has been lost to fraud since the start of 2021, according to research from the FTC. ![]() Personal Loans for 670 Credit Score or Lower ![]() Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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