Twitter hackers targeting accounts of prominent individuals isn’t something new. In fact, there have been several high-profile cases of social media accounts like Twitter of celebrities, politicians, and sports personalities that have been breached over the years.

While celebrities who’ve had their social media pieces hacked did not have such a huge impact on their followers, it’s a different ball game when politicians get their accounts hacked. The most recent high-profile hack on Twitter was on Indian Prime Minister Narendra Modi’s personal Twitter handle.

INDIA TO TIGHTEN CRYPTO REGULATIONS?

Aaron Raj | 17 November, 2021

According to reports, the Indian Prime Minister’s Twitter handle @narendramodi was very briefly compromised. The matter was escalated to Twitter and the account was immediately secured. However, it wasn’t only until the account had tweeted.

Several screenshots of the tweet read, “India has officially accepted bitcoin as legal tender. The government has officially bought 500 BTC” and would be “distributing them to all residents of the country.” The tweet which came with a possible scam link has since been deleted.

The Twitter handle of PM @narendramodi was very briefly compromised. The matter was escalated to Twitter and the account has been immediately secured.

In the brief period that the account was compromised, any Tweet shared must be ignored.

— PMO India (@PMOIndia) December 11, 2021

The Twitter account has more than 70 million followers, which is one of the most for any world leader. While it is unsure who exactly hacked the Twitter account, the damage may have already been implicated to the followers.

Modi’s has already made headlines in crypto news when the government announced plans to regulate cryptocurrencies with some officials even calling for a ban on crypto trading in the subcontinent to protect their citizens. India is also one of the many countries that do not recognize Bitcoin as a legal tender.

Interestingly, it is not the first time the Prime Minister’s Twitter account has been compromised. Last year, the Prime Minister’s relief fund was taken over and a series of fake tweets were sent out seeking donations to an account belonging to the hackers.

Last week, Reuters reported Modi saying that emerging technologies such as cryptocurrencies should be used to empower democracy, not undermine it. Indian policymakers felts unregulated transactions in digital currencies could hurt macroeconomic and financial stability. While India initially planned to ban cryptocurrencies, the Modi government is now instead considering legislation to regulate their use.

India’s plan to regulate cryptocurrencies comes at a time whereby the global adoption of crypto is also increasing. In Southeast Asia, countries like Singapore and Thailand are already seeing higher crypto adoption among their citizens with some financial industries in both nations also accepting crypto payments.

Meanwhile, Australia’s Commonwealth Bank announced plans to allow users of its CommBank app to trade cryptocurrencies while Japan is planning to limit the number of issuers of cryptocurrencies. In the US, three US agencies have issued a joint statement that they plan on making regulations between banks and cryptocurrencies clearer. Over in China, the government has declared all cryptocurrency transactions illegal and banned citizens from working with crypto-related companies.

Despite this, El Salvador became the first country in the world to adopt cryptocurrency as legal tender. Last month, the country’s president Nayib Bukele said he planned to build the world’s first “Bitcoin City” which is funded initially by Bitcoin-backed bonds.

Twitter hackers are one thing, but crypto hacking could be potentially a problem in India. The question now is, how will the market react once India launches its official digital currency and regulate crypto.

The post Did crypto hackers target Indian PM’s Twitter? appeared first on Tech Wire Asia.

Despite increasing adoption and interest in cryptocurrencies, several countries have already begun looking to implement more regulations on the usage of crypto.

In Asia, China has already imposed a ban on crypto trading while India is also looking to tighten crypto regulations. Over in Australia, the adoption of crypto is slowly increasing while in Singapore, regulators are closely monitoring crypto exchanges for any illicit activities as well.

APAC DATA CENTERS PLAGUED BY SKILLS SHORTAGE

Aaron Raj | 19 November, 2021

Part of the reason why cryptocurrencies have an uncertain future is that the funds are being increasingly used for the wrong reasons.

Put simply, cybercriminals are leveraging cryptocurrencies in getting paid for ransomware attacks on organizations.

According to cybersecurity predictions by Palo Alto Networks, the meteoric rise of bitcoin will create a well-funded adversary. Over the past year, the APAC region has seen a variety of cyberattacks, but the one that has truly risen in prominence is ransomware attacks.

The 2021 Unit 42 Ransomware Threat Report revealed that the average ransom paid by an organization in the first half of 2021 was US$570,000, which is an 82% increase from the year before. This demonstrates how cybercriminals continue to profit and dominate the cyber threat landscape.

But what’s more concerning is the use of cryptocurrency to fuel the ransomware economy. For example, despite its volatility, bitcoin’s value is anticipated to continue rising. It reached a new all-time high in October, and some experts expect the coin’s value to hit $100,000 by early 2022.

ARE STABLECOINS BETTER THAN CRYPTOCURRENCIES?

Jamilah Lim | 8 December, 2021

Furthermore, the decentralized nature of cryptocurrency offers attackers anonymity and protection of their identities. As the currency is not tied to any central bank or financial institution, it makes it hard for regulators to trace back to the criminals.

Cybercriminals can move their illegitimate proceeds across countries without detection and engage in money laundering to further fuel illicit activities. Viewed through this lens, cryptocurrency has become a vehicle for cybercriminals to supercharge their unlawful deeds.

With the future value of cryptocurrency expected to reach greater heights, it is not surprising that it also signals further growth and evolution of cybercrime. Cybercriminals who have received ransom payments in cryptocurrency will have more funds and resources to launch bigger attacks on critical infrastructure. Beyond monetary loss for businesses, the systems and services that entire populations depend on could be crippled.

“We can also expect cybercriminals to take data exploitation to the next level. Attackers are now launching “shameware” attacks, which double extortion in ransomware campaigns, in a bid to inflict lasting reputational damage on targets who do not accede to their ransom demands. The emergence of double extortion tactics points toward how attackers plan to take confidential information public. We will also see quadruple extortion tactics coming to the forefront, as threat attackers add pressure points to coerce their victims into paying up,” said David Rajoo, Country SE Head, Cybersecurity Engineering at Palo Alto Networks.

Cybersecurity, cryptocurrencies and the future

(Photo by JACK GUEZ / AFP)

While countries are expected to impose some regulations on cryptocurrencies in the future, this may not be a hindrance for cybercriminals. In fact, they may take it as a challenge and target more organizations, demanding higher ransoms in crypto or even launch attacks on crypto exchanges as well.

“As a first step, organizations can improve their cybersecurity posture by undertaking a Ransomware Readiness Assessment to determine their level of preparedness for an attack or run tabletop exercises to identify any security gaps that need to be addressed,” commented David.

He added that organizations should tackle the root of the problem by adopting a prevention-based approach to cybersecurity. This includes examining how to reduce the attack surface and building capabilities that prevent both known and unknown threats are essential. As attackers’ techniques become more sophisticated, he felt that organizations should include AI and other new technologies as part of their arsenals. Correlation capabilities that provide continuous validation of authorized use and accurate detection of anomalous activities will also help.

At the same time, closer collaboration between cybersecurity providers, cloud and telecommunications operators is critical to disrupting successful ransomware attacks and imposing real costs on adversaries. Cybersecurity providers have access to threat intelligence and information on the activities of ransomware gangs, while the infrastructure of the latter is used by ransomware actors to propagate attacks.

“Cybersecurity is a team sport where everyone – individuals, businesses, and the authorities – needs to work together to safeguard the data and integrity of assets belonging or connecting to any organization’s network. The more united we are in our approach against cyber attackers, the harder it will be for them to put our finances at risk, steal our information, and disrupt our livelihoods,” added David.

NFTS EXPLAINED: HERE’S WHY THEY’RE NOT CRYPTOCURRENCIES

Jamilah Lim | 7 December, 2021

Apart from cybercriminals demanding more ransom in cryptocurrencies in the future, David explained that as physical and digital lines blur, who or what organizations trust will impact cybersecurity even more.

“As we enter the era of Web 3.0, the spatial web will be brought to the forefront. We will be interacting with smart devices that have intuitive and sensory triggers such as geolocation, computer vision, and biometric or commands. Digital information will exist in physical spaces, meaning that security breaches of such devices could lead to far-reaching consequences in the real world,” explained David.

David pointed out that Palo Alto Networks also predicts the API economy to usher in a new era of digital fraud and exploits while cyber attackers will also set their targets on critical infrastructures of nations. And with remote and hybrid work ongoing into 2022 for some organizations, there will continue to be a convergence of network and security. Organizations need to extend their corporate networks and bring unified security policy management to their work-from-home employees.

The post Will cryptocurrencies fund more cyberattacks in the future? appeared first on Tech Wire Asia.

According to a new report by Elliptic, a firm that tracks movements of funds on the digital ledgers that underpin cryptocurrencies, growth in the use of DeFi over the past two years has been staggering. In fact, the total capital locked in DeFi services has grown by over 1,700% to $247 billion in the past year alone. While the figures are promising signs for investors, the reality is, the losses are also high.

CRYPTO SCAMS: WIN SOME, LOSE SOME

Aaron Raj | 24 November, 2021

Elliptic’s report shows that the same openness and innovation that makes DeFi so powerful also brings with it new risks. As the underlying technology is still in its early days, hackers have been able to compromise it to steal users’ funds. At the same time, the deep pools of liquidity have allowed criminals to launder the proceeds of crimes such as ransomware and fraud.

This is part of a broader trend in the exploitation of decentralized technologies for illicit purposes, which Elliptic refers to as DeCrime. The report highlighted that DeFi users and investors have suffered more than $12 billion in losses due to theft and fraud. These losses are accelerating, with losses totaling $10.5 billion in 2021 to date, up from $1.5 billion in 2020.

(Photo by JOE RAEDLE / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)

For Gunnar Jaerv, co-founder and COO of First Digital Trust (FDT), a Hong Kong-based trust and custodian, it’s no surprise that the need for crypto regulations has increased given that DeFi crime has risen quite significantly in the past year.

With a TVL of $104 billion in DeFi, this space has grown to be more lucrative and attractive to not just investors but criminals as well. Crypto regulations are inevitable and necessary to help protect investors.

“We have seen through natural selection that as the crypto industry matures, it is the companies that comply with security regulations that thrive. For those who refuse to comply, they are not only putting themselves at risk but their consumers at risk too. Crypto companies can minimize data leaks by implementing proper security infrastructures such as network firewalls and vulnerability scanning,” explained Gunnar.

Meanwhile, Antoni Trenchev, Co-Founder of Nexo, the leading regulated financial institution for digital assets, believes the noise around DeCrime growing is not 100% on point. He felt that it’s being measured mostly based on how much funds have been stolen. While the rise is concerning, Anotoni pointed out that the scaling of the decentralized finance industry isn’t being taken into account. Proportionally to how much money is now in DeFi, DeCrime hasn’t actually risen as drastically as suggested.

“Since October 2020, the total value locked in DeFi has grown 40 times to over $250 billion. Simultaneously, the funds funneled away through illicit activity in late 2020 amounted to roughly $1.5 billion, while this year, it increased to a little over $10 billion. The roughly 10x DeCrime increase is about four times smaller than the growth of DeFi’s TVL, so it may not necessarily be that this subset of crime is on the rise but that the losses are simply larger because there are far more funds locked in DeFi to steal,” said Antoni.

Antoni also reiterated that the solution wouldn’t be to abstain from DeFi, though. He felt that the opposite needs to happen, which is to keep innovating to create a safer space.

The post DeFi ecosystems report US$ 10.5 billion losses in 2021 appeared first on Tech Wire Asia.

But this could soon change thanks to a new study that found nearly half of Australians would be open to using cryptocurrencies if they were made legal tender. The survey conducted by Saxo Markets found that 50% of the population is interested in using cryptocurrency and believe it will become an accepted form of currency in the near future. 

COMMONWEALTH BANK OF AUSTRALIA NOW PROVIDES CRYPTO TRADING SERVICES

Aaron Raj | 8 November, 2021

This represents a significant increase from the 38% recorded last year, with respondents aged 18 to 34 most likely to use digital currency (63%). 

 In October 2021, Australia had the third-highest rate of cryptocurrency ownership. The country has expressed a recent desire to compete against the UK, US, and Singapore in the cryptocurrency sector. 

According to Australian Senator Andrew Bragg, Australia can become a significant leader in digital assets. 

Despite the growth in crypto popularity, only 11% of people surveyed stated they thought they understood what “Crypto” means. 21% of males believed they fully understood the term, whereas 7% answered the same. Perhaps unsurprisingly, only 5% of people aged 65 and over fully understood the term “Crypto”, but on the other hand, the number of 25 to 34-year-olds that understood was almost 4x higher (19%).  

Accommodating Crypto adoption 

(Photo by MARIO TAMA / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)

Cryptocurrencies have grown in popularity over the years, particularly among traders. In Australia, cryptocurrencies such as Bitcoin and Ethereum are becoming increasingly common in mainstream society. 

According to survey data, 38% of Australians have heard of Bitcoin, and 12% have heard of Ethereum. Meanwhile, only 8% of Australians said they had heard of Dogecoin, 6% of Binance Coin, and 2% acknowledged they knew of Cardano. This data is interesting as the virtual currency has a market cap of around USD60 billion.

Australia has been attracting crypto investors for years now, and it is a hotspot for investment and innovation, with more businesses accepting crypto payments than ever before. But there’s one area where it lags behind the rest of the world: regulation.

The Senate’s Committee on Australia published a report stating that the country needs to introduce new regulations for digital asset miners to be “competitive with Singapore, the UK and the US. This includes tax discounts and a licensing regime for crypto exchanges, 

The report also stated that due to its high risks, many of Australia’s top financial institutions have not engaged with the cryptocurrency sector, despite its huge growth in the past year. It also calls for clarity on rules about when banks can refuse to deal with a business customer involved in cryptocurrency.

Australia is struggling to keep pace with the growth in the digital asset economy. This covers blockchain-based security tokens, crypto exchanges, and non-fungible tokens, or “NFTs”, which offer ownership of online properties.

A dramatic increase in trading since early 2020 has been reported by The Australian Taxation Office. This was when Covid-19 lockdowns sparked a flurry of online investment activity, the report said, sending prices of some cryptocurrencies to record levels.

The post More Australians are open to crypto adoption appeared first on Tech Wire Asia.

For the last few years, Thailand has constantly been ranked second in the world in terms of crypto ownership. In fact, it is estimated that over 3.6 million people or 5.2% of Thailand’s total population currently own cryptocurrency. Recognizing the potential, the country is now laying the groundwork to be a “crypto-positive community” and build a new tourism ecosystem that can attract more crypto millionaires to boost the country’s travel industry.

A Bloomberg report indicated that the Tourism Authority of Thailand (TAT) is currently working with the Securities and Exchange Commission, the Bank of Thailand, and Bitkub Online Co., the nation’s largest crypto exchange, to pave the way for the acceptance of digital tokens for travel, its Governor Yuthasak Supasorn said.

Thailand, like many other nations, still doesn’t recognize cryptocurrencies as a legal tender, hence it may take a while before travelers can actually start using Bitcoin, Ethereum and other digital tokens for travel. However, Yuthasak said the state tourism authority is laying the groundwork for its wider acceptance by the time global travel returns to normal.

MASTERCARD: THE FUTURE OF MONEY REVOLVES AROUND CRYPTOCURRENCIES, CBDCS

Dashveenjit Kaur | 22 November, 2021

To give a context on how widely crypto is in use in Thailand, 9.9% of all the internet users in the country own cryptocurrency, data suggest. To top it off, BitKub, the dominant crypto exchange in Thailand, recorded a growth of 600% in 2020 alone.

Converging crypto and travel 

Yuthasak even told Bloomberg that TAT will also set up a new unit next year to handle the issuance of its own crypto coin, produce a wallet, and build a new tourism ecosystem. In fact, TAT has been looking into launching its own utility token called TAT Coin since September as part of a planned “crypto tourism” campaign. 

Basically, the initiative aims to attract crypto wealthy digital nomads and the TAT has been in discussions with the Stock Exchange of Thailand regarding TAT Coin’s issuance. According to a report from the Bangkok Post last week, the infrastructure behind the TAT Coin is “ready” to go and is now awaiting the green light from the Thai government.

Even the founder and CEO Bitkub Jirayut Srupsrisopa have urged policymakers to approve the rollout of TAT Coin. “Private sectors are ready to provide digital infrastructure, but we’re just waiting for the government to press the button by enacting laws, regulations or even policies to help facilitate digital asset markets.” Srupsrisopa believes the national GDP could grow six times if the crypto market is strengthened.

The Bangkok Post report also quoted Yuthasak explaining that the “cryptourism campaign” consists of “building a new tourism ecosystem which utilizes digital technologies to allow wealthy populations, including cryptocurrency holders, to channel their money directly to tourism operators without agents or brokers.”

Thailand is among the first jurisdictions in Asia to enact cryptocurrency legislations, regulating the offering of digital assets and opening its doors to crypto-related businesses. It was in early 2018 that Thailand began to adopt a more liberal and progressive stance towards cryptocurrencies, having legalized the trading of seven approved digital currencies. Eventually, over time, regulations continued to evolve into a more sophisticated framework, with the emergence of new offerings in the digital asset space, such as security tokens and exchanges.

The post Here’s what Thailand’s doing for crypto travel and tourism appeared first on Tech Wire Asia.

Digital currencies are becoming increasingly sought after by governments and stablecoin is one way of doing it. Pegged to a market value, a stablecoin is like cryptocurrency. And one country that is hoping to create the world’s first government-issued national stablecoin is the Republic of Palau.

An archipelago of islands in Oceania, Palau has partnered Ripple to explore the national digital currency and its use cases with the XRP Ledger. The partnership will initially focus on developing strategies for cross-border payments and a USD-backed digital currency for Palau.

THE RIPPLE EFFECT FOR CRYPTO ASSETS

Aaron Raj | 15 November, 2021

This could see the implementation of the world’s first government-backed national stablecoin in the first half of 2022 for which Ripple would provide Palau with technical, business, design, and policy support. Meanwhile, exploring a USD-backed stablecoin and associated use cases—such as a corporate registry—on the XRP Ledger could provide a viable alternative to central bank digital currencies (CBDCs) for countries like Palau.

“As part of our commitment to lead in financial innovation and technologies, we are delighted to partner with Ripple,” said President Surangel S. Whipps, Jr. “The first phase of the partnership will focus on a cross-border payments strategy and exploring options to create a national digital currency, providing the citizens of Palau with greater financial access.”

Palau understands the potential for financial technologies, including blockchain, to transform its economy and position the country as a highly desirable country to do business with. The same technologies will also transform how its citizens access financial services and enable efficient cross-border remittances.

The XRP Ledger provides financial institutions and government bodies such as Palau the ability to fully settle transactions for fractions of a penny and in just 3-5 seconds. To date, more than 5,400 currencies have been issued and traded on the XRP Ledger via its integrated decentralized exchange (DEX) and custom token functionality that makes it easy to create, issue, and manage any asset—including stablecoins.

“We are excited to be working with Palau to achieve its financial and climate-related goals,” said James Wallis, VP of Central Bank Engagements at Ripple. “We have a wonderful opportunity to bring together our technology and experience with the unique characteristics of Palau to make a real economic and social impact for the country.”

As an established leader in the global climate debate, Palau chose Ripple because of its extensive experience in blockchain and building global payment systems, and the XRP Ledger because it’s carbon-neutral and 120,000x more energy-efficient than proof-of-work blockchains. What’s more, the XRPL provides significant benefits such as scalability, speed, and low cost.

Palau is just one of the many countries that are looking to leverage the benefits of cryptocurrencies. Earlier this year, El Salvador became the first country in the world to accept bitcoin as a legal tender. The country also just announced that it plans to construct a “Bitcoin City” near a volcano that will be funded by the cryptocurrency.

Nigeria became the first African country to roll out a national digital currency several weeks earlier while the Bahamas released the Sand Dollar in October 2020. Japan also recently announced plans for a new digital currency backed by bank deposits. The effort will involve the nation’s top banks and about 70 other companies and organizations.

The post Stablecoin to be Palau’s first digital currency appeared first on Tech Wire Asia.

Non-fungible tokens (NFTs) adoption are slowly picking interest among Internet users in the last couple of months. While many still do not understand what NFTs are or how they work, users in Southeast Asia represent a high percentage of global NFT users.

According to statistics from Finder.com’s Global NFT Adoption report, Southeast Asian users make up the most NFT users based on the 20 countries surveyed. The Philippines has the most NFT owners (32%) out of the 20 countries compared, followed by Thailand (27%), Malaysia (24%), the UAE (23%), and Vietnam (17%). On the other end of the spectrum, Japan has the smallest percentage of Internet users with NFTs (2%), followed by the UK and the US (3% each), Germany (4%), Australia (5%), and Canada (6%).

NFTS AND MOVING BEYOND THE HYPE: ENTERPRISE USE CASES

Jamilah Lim | 30 November, 2021

NFTs are essentially digital tokens that carry data and are stored in an immutable blockchain ledger. Its main purpose is to represent assets and prove their authenticity and ownership.

They carry data and are stored in the immutable blockchain ledger. When an asset with the NFT token undergoes a transaction digitally or in real life, the blockchain creates a new ‘block’ with the information of the new owner.

There will be a chain of information for every transaction carried out, and traceability of ownership along the chain is easily done in order to establish the authenticity and provenance of the item. As such, NFTs can serve as a secure way to establish the authenticity of an asset that’s digitally represented.

While the Philippines has the highest number of NFT owners, the survey also showed that Nigeria is expected to have the biggest growth in NFT adoption from 13.7% to 35.3% – an increase of 22%. Other countries that are expected to see huge growth in NFT adoption include Peru, Venezuela, and United Arab Emirates.

Surprisingly, Singapore’s internet users are still far behind compared to their global counterparts. From a survey of more than 28,000 internet users, just 6.8% of Singaporean own NFTs, which is below the global average of 11.7%. Interestingly, an additional 11% plan to own NFTs in the future meaning the adoption rate will hit 17.8%.

Finder.com’s cryptocurrency editor Keegan Francis believes that it’s still very early days for NFTs in Singapore. 41% of Singaporean internet users currently know what NFTs are and the adoption is expected to grow with awareness.

“Singapore’s forecast to have the 7th biggest increase in NFT adoption among the countries surveyed, behind countries like Nigeria, Peru, and Venezuela but ahead of those like Malaysia and Hong Kong. Men are currently the biggest adopters, with 7.4% saying they own NFTs compared to 6.2% of women.”

Francis also pointed out that NFT adoption is much higher in countries that have a lower average wage of working citizens.

“In some of these countries, people are quitting their jobs because they can make money trading NFTs or earning them in games. NFTs can be a great gateway to cryptocurrency ownership, especially because many NFT games don’t require ID. If you want to buy NFTs directly then you’ll need to set up a wallet, purchase cryptocurrency, and choose an NFT marketplace”.

With cryptocurrency usage also increasing in Singapore, it won’t be surprising if NFTs follow suit in the next couple of months. Either way, the trend is increasing and users are beginning to realize the full potential the token can offer to them.

The post NFT adoption on the rise in Singapore appeared first on Tech Wire Asia.

Crypto scams continue to be a big problem in the industry today. As cryptocurrencies are unregulated, crypto scammers are making huge profits, by luring victims into investing their funds and making the most out of it.

In fact, increasing crypto scams are part of the reason why some governments have limited or banned crypto trading. Some countries are now looking to implement more regulations on crypto trading to not only protect users but also reduce crypto scams.

CRYPTO PAYMENTS BECOMING A TREND AMONG SINGAPOREANS

Aaron Raj | 1 November, 2021

The Federal Trade Commission in the US reported that since October 2020, crypto scam reports have skyrocketed, with nearly 7,000 people reporting losses of more than US$ 80 million on these scams. ActionFraud UK reported some £146,222,332 has been lost to cryptocurrency fraud since the start of this year, with the average loss per victim just over £20,500. More than half (52%) of victims were aged between 18 and 45.

In Asia, both China and India have been making headlines for crypto scams, with China officially announcing a ban on crypto trading last month. Meanwhile, India has become a hotbed for crypto frauds, with more users showing interest in crypto trading. The subcontinent is currently investigating its largest crypto scam involving bitcoins.

Over in Southeast Asia, Singapore police received 533 reports of crypto-related cheating, fraud, or other crimes between 2018 and 2020, with investors losing around S$29 million. The Monetary Authority of Singapore continues to warn people that cryptocurrencies are volatile and highly risky investment products unsuitable for retail investors. Interestingly, Singapore also sees itself as a crypto hub in Asia some day.

So why crypto scams are increasing and dangerous?

Just as any investment scam, a cryptocurrency scam involves criminals stealing money from people who think they are investing in digital currency. As most crypto assets and services are not regulated by financial regulators, the funds are not protected, compared to other regulated investments.

This means, if a crypto scammer cons a user into investing their funds, the is no possibility of the funds being able to be recovered at all. And because genuine cryptocurrency trading can offer high value in returns for some users, there has been a mad rush into the industry in recent times.

A recent example of a major crypto scam is the Squid Game token. The Netflix show has already been making headlines around the world and scammers also thought this would make a good scam. And they were right.

The BBC reported that Squid, which marketed itself as a play-to-earn cryptocurrency, had its price soaring by thousands of percent. But, users were criticizing it as they were not allowed to resell their tokens. The scam called a “rug pull” is when the promoter of a digital token draws in buyers, stops the trading activity, and makes off with the money raised from sales, which in this case was an estimated US$3.38 million.

Today, crypto scams are pretty much like social engineering attacks, whereby the scammer targets gaining personal information, especially security authentication codes for transactions. What’s scarier is the way scammers are targeting victims, with many using social media ads and dating apps.

According to a report by Sophos, scammers are now combining romantic lures with crypto scams. For example, a fake IOS cryptocurrency app in the US and Europe managed to con victims of at least US$1.4 million. Another example is in Malaysia whereby a businessman lost RM186,923 after being duped in a crypto scam introduced by a friend he met on social media.

How to avoid crypto scams?

Well, fortunately, there are ways to detect and avoid crypto scams. However, at most times, users tend to ignore the facts and just go for the investment. In any case, here are three ways to avoid crypto scams.

• Research – The best way to avoid any form of scam is to always do some background research on a particular cryptocurrency. Many websites provide information on fishy crypto tokens and potential scams. Users just need to take the initiative to research them a bit more before making any investment.
• Review websites and social media pages – This one is when it can be a bit tricky. Social media today has a lot of pages and advertisements promoting crypto assets and crypto trading. The trick is, to always check the history of these accounts and pages. Before investing any funds, be sure to also do more research outside of social media to check the trading platform’s status and genuineness.
• Maintain privacy – Never share passwords or authentication codes for a crypto wallet with anyone. Users should also enable multi-factor authentication wherever available.

The reality is though, cryptocurrencies are becoming mainstream in society. Not only are more companies enabling crypto payments, but the adoption of crypto in society is also increasing. The only question now is, will society be vigilant enough when trading and investing in cryptocurrencies.

The post Crypto Scams: Win some, lose some appeared first on Tech Wire Asia.

Even in Australia, a country where crypto-assets continue to see immense activity, the Commonwealth Bank of Australia announced that they will enable crypto trading services on the bank’s app for customers.

CRYPTO PAYMENTS BECOMING A TREND AMONG SINGAPOREANS

Aaron Raj | 1 November, 2021

Mastercard has also announced that it is partnering with three Asian crypto companies to launch bitcoin payment cards. They include Hong Kong’s crypto finance firm Amber Group, Thailand’s crypto exchange Bitkub and Australia’s trading platform, Coinjar.

The partnership intends to introduce cryptocurrency-linked credit, debit, and prepaid cards for both individuals and businesses across the Asia Pacific. Cardholders will be able to instantly convert bitcoin and other digital currencies into fiat currencies, which can then be spent online or offline with any of the merchants that accept Mastercard payments.

Yet, despite the increased usage and demand for crypto assets management platforms and such, Binance, which is the world’s largest crypto trading exchange has been banned in some countries in Southeast Asia. In fact, China has also announced a complete halt to crypto trading and has begun cracking down on privately mined cryptocurrencies.

The Monetary Authority of Singapore (MAS) also warned of sharp speculative wings and potential risks for retail investors who invest in cryptocurrencies. Speaking at the Singapore Fintech Festival, Ravi Menon, managing director of MAS said the Singapore central bank “frowns on cryptocurrencies or tokens as an investment asset for retail investors”.

Interestingly though, according to the Crypto Asset Management Market 2021-2025, the global crypto asset management market size is projected to grow to US$1.2 billion by 2026, with the APAC region expected to provide significant growth opportunities for vendors operating in the cryptocurrency management market during the forecast period.

(Photo by Ozan KOSE / AFP)

The report highlighted that rapid advancements in the network infrastructure, cloud computing, economic growth, and stable geopolitical system have provided a platform for the growth of solution providers in the APAC region.

Also, mobile apps created for exchanging cryptocurrencies have been making things easier for asset traders and miners. There have been several stock market apps that now feature cryptocurrency apps which not only allow to have total control over the digital assets but trade with them. When powered by blockchain, these cryptocurrencies can be used for all sorts of payments and transactions.

The report also showed that electronic wallet apps tend to store digital assets and money allowing the user to spend on transactions involving blockchain technology. These digital asset tracker apps are trying hard to provide updated information about the rates, trades, market dynamics, and a portfolio of various cryptocurrencies. Examples of crypto asset management providers include Coinbase, Gemini, and Crypto Finance, Vo1t, and BitGo.

Buying, selling, and trading crypto assets

As such, Ripple, a provider of enterprise blockchain and crypto solutions, will be launching its Ripple Liquidity Hub in 2022. Currently available in preview mode, the solution will allow customers to seamlessly access crypto assets from a variety of global venues, including market makers, exchanges, OTC desks, and in the future decentralized venues. The product will support turn-key integration and smart order routing to source digital assets at optimized prices giving customers the ability to easily buy, sell, and hold crypto assets.

For nearly two years Ripple has leveraged Liquidity Hub for internal liquidity management as part of its On-Demand Liquidity product, powering millions of transactions, worth billions of dollars. Now Ripple will make the product available for its hundreds of customers globally, as well as any financial institutions, banks, fintech, or corporates who need support preparing for an inevitable crypto-first world.

“We understand firsthand the need for easy and efficient liquidity management – and as such, we’ve received questions from our customers who require solutions that can be a one-stop-shop to buy, sell and hold crypto assets. The combination of Ripple’s crypto DNA and long history working with financial institutions makes us uniquely positioned to address this problem for our customers as they prepare for a tokenized future,” said RippleNet GM Asheesh Birla.

Unlike existing solutions available, Liquidity Hub is designed for enterprise customers and their unique needs through easy onboarding by offering a streamlined API for accessing digital assets from a breadth of liquidity pools. There will also be optimized pricing for a breadth of digital assets, enabling enterprises to provide their customers with the best price from a variety of liquidity venues. Enterprises won’t be required to pre-fund accounts for Liquidity Hub and can receive access to working capital through Ripple to fund their business operations.

Ripple’s first partner of the alpha product is Coinme, the largest licensed cryptocurrency cash network in the U.S., with thousands of locations across the country. Initially, Coinme will utilize the underlying technology platform of Liquidity Hub, with plans to unlock additional functionality as it becomes available.   

The post The Ripple effect for crypto assets appeared first on Tech Wire Asia.

But it’s not just cybercriminals enjoying crypto payments. Several organizations are now offering crypto payment rewards through various programs and offers. For example, MasterCard recently announced that it would allow partners on its network to enable their consumers to buy, sell and hold cryptocurrency using a digital wallet, as well as reward them with digital currencies under loyalty programs.

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Another example is Geolancer, an application to collect manually verified Point of Interest (POI) data on the ground by Quadrant.  It provides cryptocurrency rewards for Geolancers who collect POIs in their neighborhood.

Earlier last month, El Salvador became the first country in the world to adopt bitcoin as legal tender as well.  The Economic Times also reported that Indian, Pakistani, Bangladeshi and Filipino expats in Qatar are increasingly experimenting with cryptocurrencies to remit money to their families back home and save on commissions charged by wire transfer companies and other middlemen.

The situation may not be the same in China though. The government declared all financial transactions involving cryptocurrencies illegal. This move finally brings the final hammer down on the digital trade in China after years of salvos on the volatile currencies.

The rise of crypto payments in Singapore

In Singapore, more Singaporeans have been reported to be investing in cryptocurrencies or using them to pay. In fact, 37% of Singaporeans %) were found to be paying or interested in paying for purchases with cryptocurrencies, according to the latest Worldpay from FIS’ Generation Pay research.

The research explores the spending habits, purchasing experiences, and payment preferences across different generations, from Gen Z to baby boomers. While it may still be a long way to go for cryptocurrencies to become a mainstream mode of payment, the high adoption rate proves that more people are beginning to understand how crypto payments work.

A considerable percentage of Singaporeans (37%) were found to be paying or interested in paying for purchases with cryptocurrencies, according to the latest Worldpay from FIS’ 2021 Generation Pay research, which explores the spending habits, purchasing experiences, and payment preferences across different generations, from Gen Z to baby boomers. Gen Y (58%) is the most open and boomers (16%) are the least open in crypto payments.

On the whole, findings showed that central bank digital currencies CBDCs (23%) are preferred over cryptocurrencies (11%) when it comes to using digital currencies as a form of payment. Another 22% indicated they have no preference and are willing to use both to pay. At a generational level, Gen Zs (18%) is the least interested in CBDCs. 24% said they have no preference and will use both CBDCs and cryptocurrencies. Similarly, a high number of Gen Ys (29%) said they have no preference and will use both CBDCs and cryptocurrencies.

For those who prefer to use cryptocurrencies, the primary reason is that it is decentralized and gives them more autonomy with their money (67%). This is a particularly compelling reason for Gen Y (74%). On the other hand, the main reason cited by those who prefer to use CBDCs is that it would be more secure being backed by the government (64%). Other reasons turning them away from cryptocurrencies include their perception that crypto wallets are more vulnerable (31%) and that cryptocurrencies might be used in illegal activities (30%).

Creating a crypto ecosystem 

Phil Pomford, General Manager for Global eCommerce, APAC, WorldPay from FIS believes that the world is currently in the second wave of wide crypto buying, with quite a bit of institutional money entering the market, but still a few years out from mainstream cryptocurrency usage.

However, he pointed out that there are still various challenges still exist within the ecosystem. For instance, in APAC, Phil explained that crypto merchants are struggling to navigate new regulations or find a partner bank in the region. Some settlement banks are also not willing to process transactions for crypto merchants through their banking facilities.

“Nonetheless, we see demand for crypto rising in certain sectors such as NFT marketplaces which are built on DLT and require the usage of cryptocurrencies. It is also worth noting that there are key players in payments and banking cementing their confidence in the crypto space, such as DBS Bank who is launching its crypto exchange,” said Phil.

Highlighting the excitement in digital currencies, Phil added that FIS is making crypto more accessible to consumers by enabling card-to-crypto payments on exchanges. There is an uptake in card payments by crypto exchanges versus traditional reliance on bank transfers. As crypto continues to gain traction, consumers are increasingly seeking simple, convenient payment methods for making crypto-based purchases using cards and other familiar financial products.

“Our global partnership with crypto merchants (some of the recent ones include CEX.IO, Moonpay, and OKCoin) is also in part driving how other retailers view crypto. Retailers currently want fiat cash backing crypto if they are going to accept it, and this depends on the exchanges to settle transactions,” concluded Phil.

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