Crypto Investors May Lose $3B, US FTC Believes

US watchdog representatives took part at consumer protection workshop on cryptocurrency scams
26 June 2018   1249

Consumers lost $ 532 million due to crypto fraud in the first 2 months of 2018, reports CoinDesk.

Consumers will lose more than $3 billion by the end of 2018.

Andrew Smith

Director of Bureau of Consumer Protection, FTC

One of the main problems complicating the protection of consumers in this area is insufficient attention from investors themselves. This was pointed out by Joe Rotunda, enforcement director for the Texas State Securities Board.

Coin Center research director Peter Van Valkenburgh noted that people are victims of fraudulent schemes, such as exit-scams and pump-and-dump schemes, because they believe in proposals that are too good to be true.

I think nobody should ever buy any more cryptocurrency, put anymore [into] cryptocurrency than what they are completely willing to lose … if you are willing to participate at all. That is a message that needs to be repeated and repeated.[...] If you yourself are not capable of explaining to somebody what a token's supposed to do, you should not buy the token,. If you can't tell the wheat from the chaff, or what is techno-gibberish or actual innovation, you should not participate.

Peter Van Valkenburgh

Research director, Coin Center

Rotunda believes that regulators should take a more active position "oin any type of new market, especially this type" as a cryptocurrency one.

Regulators need to number one, identify companies that are trying to do it right and work with [them]. The companies that are trying to do it right [should] get a telephone call from the regulator, not a cease-and-desist order, right? Not a lawsuit. We can usually work with them ... [and] we need to identify the fraudulent schemes and we need to act quickly and stop them.

Joe Rotunda

Enforcement director, Texas State Securities Board.

As reported, the event also saw calls for approaches to self-regulation, an idea that has seen advancement from both public and private sources in recent months.

Lightning Desktop App to be Launched in BTC Mainnet

The application, which is based on the lightweight Neutrino client, is available for the macOS, Windows and Linux, however, it's oriented fro test environment
24 April 2019   104

Lightning Labs, a leading developer of solutions for the Lightning Network, announced the launch of its desktop wallet in the main Bitcoin network. An application that was previously tested in a test network is available in the alpha version.

The application, which is based on the lightweight Neutrino client, is available for the operating systems macOS, Windows and Linux, however, as the developers emphasize, is still oriented primarily to the test environment. At the same time, more advanced users can also experiment with the wallet interface and get access to their funds.

Lightning App Desktop Version Screenshot
Lightning App Desktop Version Screenshot

The Neutrino client allows non-custodial Lightning wallets to verify Bitcoin transactions without the need to synchronize with the full version of the blockchain.

The new release includes such a function as displaying a single balance, which will allow users to see the cumulative number of coins both in the network base and in the payment channels by percentage.