AUS
NZ
UK
CA
USA
IND
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Highlights
- Financial services minister Jane Hume has warned Australia not to be left behind by fear of the unknown
- A UK man has shared a horror crypto story where he lost US$2 million worth of Bitcoin after hackers stole his password
- The team behind the Shiba Inu altcoin, which has reached a US$24 billion valuation this year, has issued a fraud alert
Financial services minister Jane Hume has warned the government and industry that cryptocurrency is not a fad and should not fear the rise of decentralised finance.
Hume, yesterday, spoke at an Australian Financial Review summit and said that crypto is not going away any time soon.
Minister Warns Crypto is No Passing Trend I Crypto Horror Story I Shiba Inu's Scam Warning
Hume’s comments come just days after Reserve Bank of Australia’s head of payments policy, Tony Richards, told the Australian Corporate Treasury Association he could see potential future scenarios that could lead to a crash in the value of cryptocurrencies, which currently have a market value of US$2.6 trillion.
Richards said such a crypto crash would likely occur if strong regulatory frameworks were established for stablecoins – that is, crypto-assets that are more stable in value and tied to an existing asset, like the US dollar.
Hume, however, warned Australia not to be left behind by fear of the unknown.
Crypto Horror Story
A UK man has shared a horror crypto story where he lost US$2 million worth of Bitcoin after his password was stolen by hackers.
Reddit user who goes by the handle, TomokoSlankard, claims hackers broke into the server where the code was stored – making off with his 33 bitcoin.
The story highlights the dangers of getting involved in the crypto market due to the lack of regulation and recourse when a hacking event occurs.
Altcoin News
The team behind the Shiba Inu altcoin, which has reached a US$24 billion valuation this year, has issued a fraud alert, warning investors that online scammers are targeting its community.
The SHIB team posted a video on Twitter saying it’s been made aware of a fake Shiba Inu Telegram group is being shared across social media where the scammers impersonate official accounts and reply to general posts busing hashtags associated with shiba inu.
The group also warned investors not to share wallet keys or provide email addresses or passwords to anyone. They added that there is no: Breaking News, big Event or Shiba Airdrop.
Winners and Losers
Source: Coinmarketcap.com, based on top 100 cryptos.
Image Source @ 2021 Kalkine Media
