Monday, May 20, 2024

Unmasking Scammers Exploiting AI Hype and Blackrock’s XRP ETF Fake Filing

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In the ever-evolving world of technology and cryptocurrencies, scammers constantly search for new ways to deceive innocent individuals. Recently, Google filed a lawsuit against scammers who capitalized on copyright laws and AI hype, using social media platforms, particularly Facebook, to lure victims into downloading malware disguised as an AI platform.

These cunning scammers utilized fake ads adorned with Google’s logo, tricking unsuspecting users into thinking they were interacting with a legitimate AI platform. However, the reality was far from it. The malware embedded within these fake platforms aimed to cause harm and damage. With this lawsuit, Google intends to disrupt the scammers’ scheme, raise public awareness, and prevent further harm to innocent individuals.

The scammers responsible for this fraudulent campaign are believed to be based in Vietnam and have been associated with a prevalent malware campaign. It is essential to emphasize the rise of deepfake technology, which has further facilitated online scams and extortion. As technology continues to advance, it is crucial for individuals to remain vigilant and cautious.

Another incident that recently unfolded involved the asset manager Blackrock, who denies any plans to launch an exchange-traded fund (ETF) for XRP. A fake regulatory filing falsely suggested otherwise, causing a brief surge in XRP’s price. Blackrock has previously filed with the U.S. Securities and Exchange Commission (SEC) for bitcoin and ether ETFs, making the recent filing for an XRP ETF appear authentic. However, closer scrutiny revealed that the filing was indeed fake.

The exploitation of Delaware’s corporate registration process to manipulate crypto prices is not new. While some speculators fell victim to the false news surrounding Blackrock’s XRP ETF, others expressed skepticism. Blackrock’s cautious approach to the crypto sphere and the ongoing litigation between XRP and the SEC were significant factors that debunked the credibility of the news.

In the realm of Bitcoin, the fourth halving event is estimated to be 157 days away. As we approach this highly anticipated event, the supply of Bitcoin has reached unprecedented levels. Glassnode’s report reveals that Bitcoin’s available supply has hit historic lows, with the rate of supply storage surpassing current issuance. The report outlines three stages: the available and active supply phase, the supply storage and saving phase, and the impact of capital flows on market valuation. Traders who engage in halving cycles potentially stand to benefit from higher returns.

As we navigate the ever-exciting yet treacherous blockchain landscape, it is imperative for individuals to remain vigilant and cautious. Scammers will continue to adapt their tactics to exploit unsuspecting victims. By staying informed, raising public awareness, and maintaining a critical mindset, we can ensure a safer and more secure blockchain ecosystem.

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