More than 46,000 people reported losing more than $1 billion in cryptocurrency frauds since the start of 2021, the US Federal Trade Commission said in a report on Friday.
Nearly half the people who reported losing digital currencies in a fraud scheme said it started with an advertisement, a post or a message on a social media platform, the commission said.
The craze for cryptocurrencies hit a fever pitch last year, with Bitcoin hitting a high of $69,000 in November.
Reports point to social media and crypto as a combustible combination for fraud, the agency said and added that about $575 million of all losses related to digital currency frauds were about “bogus investment opportunities”.
Nearly four out of every $10 lost in a fraud originating on social media was lost in crypto — far more than any other payment method, with Instagram, Facebook, WhatsApp and Telegram being the top social media platforms in such cases, the report said.
The average reported loss for an individual was $2,600, and Bitcoin, Tether and Ether were the top cryptocurrencies that people used to pay scammers, the commission said.
Coinciding with the report, a milestone environmental measure designed to tap the brakes on the spread of fossil-fuel burning cryptocurrency mining operations was passed by the New York state legislature.
The closely watched bill imposes a two-year moratorium on new and renewed air permits for fossil fuel power plants used for energy-intensive “proof-of-work” cryptomining. Proof-of-work is the blockchain-based algorithm used by Bitcoin and some other cryptocurrencies.
Environment versus economy
The bill, which supporters and opponents say is the first of its kind, now goes to Democratic Governor Kathy Hochul for consideration. The governor has said she wants to make sure any legislation balances economic and environmental concerns.
Environmentalists who lobbied for the bill said natural gas-burning power plants being used for cryptomining operations threaten the state’s ability to meet is long-term climate goals.
“Governor Hochul signing this legislation sends a signal that New York state is serious about meeting its climate mandates,” said Liz Moran of Earthjustice.
“It shows us that we cannot be re-powering fossil fuel power plants for the purposes of private gain in New York, especially as we’re looking to move away from fossil fuels entirely.”
Ms Moran said there are potentially dozens of fossil fuel plants in New York that could be converted into mining operations.
Supporters of the cryptocurrency industry said the measure would crimp economic development in New York while other states court the booming field.
The Blockchain Association, an industry group, said enacting the measure would send “a clear signal that the crypto industry is unwelcome in the state”.
“Now is not the time to cede New York’s position as the financial capital of the world,” executive director Kristin Smith said in a statement on Friday.
The Blockchain Association, an industry group, said the measure would simply prompt mining operations to move to other states.
Cryptocurrency mining requires specialised computers that consume huge amounts of energy. One study calculated that, as of November 2018, Bitcoin’s annual electricity consumption was comparable to Hong Kong’s in 2019.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
TEST SQUADS
Bangladesh: Mushfiqur Rahim (captain), Tamim Iqbal, Soumya Sarkar, Imrul Kayes, Liton Das, Shakib Al Hasan, Mominul Haque, Nasir Hossain, Sabbir Rahman, Mehedi Hasan, Shafiul Islam, Taijul Islam, Mustafizur Rahman and Taskin Ahmed.
Australia: Steve Smith (captain), David Warner, Ashton Agar, Hilton Cartwright, Pat Cummins, Peter Handscomb, Matthew Wade, Josh Hazlewood, Usman Khawaja, Nathan Lyon, Glenn Maxwell, Matt Renshaw, Mitchell Swepson and Jackson Bird.
What is Diwali?
The Hindu festival is at once a celebration of the autumn harvest and the triumph of good over evil, as outlined in the Ramayana.
According to the Sanskrit epic, penned by the sage Valmiki, Diwali marks the time that the exiled king Rama – a mortal with superhuman powers – returned home to the city of Ayodhya with his wife Sita and brother Lakshman, after vanquishing the 10-headed demon Ravana and conquering his kingdom of Lanka. The people of Ayodhya are believed to have lit thousands of earthen lamps to illuminate the city and to guide the royal family home.
In its current iteration, Diwali is celebrated with a puja to welcome the goodness of prosperity Lakshmi (an incarnation of Sita) into the home, which is decorated with diyas (oil lamps) or fairy lights and rangoli designs with coloured powder. Fireworks light up the sky in some parts of the word, and sweetmeats are made (or bought) by most households. It is customary to get new clothes stitched, and visit friends and family to exchange gifts and greetings.
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Allardyce's management career
Clubs (10) - Limerick (1991-1992), Perston North End (1992), Blackpool (1994-1996), Notts County (1997-1999), Bolton Wanderers (1999-2007), Newcastle United (2007-2008), Blackburn Rovers (2008-2010), West Ham United (2011-2015), Sunderland (2016), Crystal Palace (2016-2017)
Countries (1) - England (2016)
If you go
The flights
Etihad flies direct from Abu Dhabi to San Francisco from Dh5,760 return including taxes.
The car
Etihad Guest members get a 10 per cent worldwide discount when booking with Hertz, as well as earning miles on their rentals. A week's car hire costs from Dh1,500 including taxes.
The hotels
Along the route, Motel 6 (www.motel6.com) offers good value and comfort, with rooms from $55 (Dh202) per night including taxes. In Portland, the Jupiter Hotel (https://jupiterhotel.com/) has rooms from $165 (Dh606) per night including taxes. The Society Hotel https://thesocietyhotel.com/ has rooms from $130 (Dh478) per night including taxes.
More info
To keep up with constant developments in Portland, visit www.travelportland.com. Good guidebooks include the Lonely Planet guides to Northern California and Washington, Oregon & the Pacific Northwest.
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The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
England v South Africa schedule:
- First Test: At Lord's, England won by 219 runs
- Second Test: July 14-18, Trent Bridge, Nottingham, 2pm
- Third Test: The Oval, London, July 27-31, 2pm
- Fourth Test: Old Trafford, Manchester, August 4-8
How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
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Profile Periscope Media
Founder: Smeetha Ghosh, one co-founder (anonymous)
Launch year: 2020
Employees: four – plans to add another 10 by July 2021
Financing stage: $250,000 bootstrap funding, approaching VC firms this year
Investors: Co-founders
The Travel Diaries of Albert Einstein The Far East, Palestine, and Spain, 1922 – 1923
Editor Ze’ev Rosenkranz
Princeton
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
