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Crypto Scam Preventative Measures
Here's a list of six types of cryptocurrency scams and tips on how to avoid them:
Phishing: Be wary of unsolicited emails or messages, double-check the website's URL, assure a link is from an official source before clicking, and never enter personal information unless you are certain who is receiving it.
Ponzi Schemes: Be wary of investments that promise high returns with little to no risk, be skeptical of unsolicited offers, and do your own research on the company or individual behind the investment.
Exit Scams: Be wary of investments that seem too good to be true, be skeptical of companies that don't have a clear business plan, and do your own research on the company or individual behind the investment.
Pump and Dump Schemes: Be skeptical of hype surrounding a particular cryptocurrency, be wary of unsolicited tips or recommendations, and do your own research on the cryptocurrency in question.
Cloud Mining Scams: Be skeptical of companies that promise guaranteed returns, be wary of companies that don't disclose information about their mining operations, and do your own research on the company.
Impersonation Scams: Be wary of unsolicited messages or emails, double-check the website's URL, and don't click on links or enter personal information unless you are certain it's legitimate. Also, verify the authenticity of the person or the organization through the official website or through other means before making any transactions.
Most Burned Tokens
According to Crypto Insights, SFM was one of the most burned tokens over the last 24 hours!
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Images & Videos
Amazon NFT Initiative Coming Soon
Amazon to Launch Digital Assets Enterprise, NFT Initiative Expected in Spring, according to sources. Amazon has been shopping its digital collectibles effort to industry players such as layer-1 blockchains, gaming startups and exchanges. Focus is on blockchain-based gaming and related NFT applications. An example in the works is getting Amazon customers to play crypto games and claim NFTs. The effort is still developing with a public announcement expected in April. This move is a big one for crypto, affecting existing players if executed well, says one source. [Source: Blockworks]
US Tax Season Incoming: IRS Reminds Taxpayers of Crypto Income Reporting Ahead of 2022 Filing
As the deadline for filing 2022 federal income tax returns nears, the IRS - an agency enforcing US federal tax laws - released a list of reporting requirements for the public dealing with cryptocurrencies. The IRS updated their reporting forms to use the term "digital assets" instead of "virtual currencies". All US citizens must report information about their cryptocurrency holdings, even if they haven't conducted any transactions. [Source: Cointelegraph]
Latest in Crypto Hiring: Former Nike, Apple Marketing Pro Joins Segment
This week, some crypto firms announced layoffs while others hired high-level executives. Algorand named Jessica Tsai Chin as its new CMO. This comes after Algorand hired Chief Marketing Officer Michele Quintaglie, formerly from Fidelity Investments and Visa. Quintaglie will continue in her role, with Chin leading the foundation side. Chin was formerly Head of Brand for Global Privacy at WhatsApp, where she led the metaverse efforts for the marketing team.
Before WhatsApp, she worked in global brand marketing at Nike, developing mobile-first growth initiatives for platforms like SNKRS and Nike Run app. She spent around 4 years at Apple, leading global special projects for enterprise tech products. Blockchain.com's former Chief Compliance Officer, with a strong background in traditional finance, has moved to Kraken to serve in the same role. [Source: Blockworks]
Blockchain in Action: California DMV to Digitize Car Title Management System via Tezos
The California DMV is experimenting with digitizing car titles and transfers using a private Tezos blockchain. It's part of a partnership between the DMV, Tezos, and blockchain firm Oxhead Alpha, who announced a successful proof-of-concept on January 25th. Oxhead Alpha is building on a private Tezos testnet called a "shadow ledger", a blockchain version of the DMV's current database.
The DMV's Chief Digital Officer, Ajay Gupta, aims to have the shadow ledger completed in the next three months and then plans to introduce digital wallets for holding and transferring car title tokens with the DMV serving as a mediator. Gupta believes the DMV's image of being outdated will change with the blockchain initiative, which will have many uses for the agency in modernizing its paper-based systems. Oxhead Alpha's President, Andrew Smith, mentions that the blockchain initiative will prevent transaction fraud, where car sellers conceal information about the vehicle's condition. [Source: Cointelegraph]
Food For Thought
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