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Australia suffers loss of $242M in investment and crypto scams

Australians have continued getting deceived by investment and crypto-related scams, losing 242.5 million Australian dollars to scammers so far in 2022, according to latest data. 

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Australians have continued getting deceived by investment and crypto-related scams, losing 242.5 million Australian dollars to scammers so far in 2022, according to latest data. 

From January to July of this year, the majority of all funds lost to scams of all types were investment scams, which range from romance baiting scams to classic Ponzi schemes and cryptocurrency scams. The figure is already 36% higher than the figures across all of 2021, which revealed that Australians lost 178.2 million AUD to investment scams in the year.

It’s a threat that has prompted consumer advocates to push for banks to shoulder more responsibility for reimbursing scams to drive greater investment in stopping fraud.

According to reports from the Australian Broadcasting Corporation, advocacy groups are pushing for reforms requiring banks to check the recipient’s name matches the account name when money is transferred online.

“The key reform is to shift that liability from individual consumers to banks when it comes to scam losses,” Consumer Action Law Centre chief executive Gerard Brody said. However, banks want more customers to take up the optional PayID technology, which allows customers to see the name attached to a BSB and account number.

Australian authorities appeared to have stepped up scrutiny over the crypto space amid a rise in crypto scams, hacks, and the general market downturn. Australian Securities and Investments Commission commissioner Sean Hughes reportedly urged investors to understand that investing in crypto assets is a form of extreme risk-taking.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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