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SEC Raises Warning Against Illegal Cryptocurrency Mining Platform | Key Points | June 19, 2024

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GM. Welcome back to Key Points of BitPina: Easily digestible news in concise formats for easy reading.

Alsothe DICT ICT Summit continues today and we have a reporter on site to cover the latest government initiatives regarding this space.

Let’s check out the latest cryptocurrency news in the last 24 hours.

Market analysis and updates 📈

Cryptocurrency price update

Here are the cryptocurrency highlights from the day:

  • Bitcoin (BTC): $65,461, up 0.1% over the past 24 hours.
  • Ethereum (ETH): $3,567, up 3.8% over the past 24 hours.
  • Solana (SOL): $140.62, up 3.8% from the previous day.
  • Haimer the kitten: $0.5831, up 45% from the previous day.
  • Secure DeFi: $0.0622, up 37% in the last 24 hours.
  • Wizard Hat: $0.0002, up 8% from the previous day.

For daily price updates, see our post on Facebook.

News Spotlight: SEC Issue Notice Regarding Illegal Cryptocurrency Mining Platform

The SEC warned the public about JUMP MINING, JUMP MINING TRADE PLATFORM and JUMPMINING INTERNATIONAL GROUP for offering unregistered investments and possibly operating a Ponzi scheme.

What’s the meaning: These companies are not licensed to sell investments, which means your money is at high risk of being lost to fraud.

AlsoFraudulent investment schemes are becoming more common as the cryptocurrency bull market continues, especially in the mining and cryptocurrency sectors.

The numbers:

  • Investors are promised daily returns of between 4.13% and 10% for short-term contracts
  • For annual investments, investors are promised higher earnings ranging from 1.14% to 1.52 per day.

How does it work: Investors can lease or purchase mining products, with the promise of higher earnings for long-term commitments. Referral rewards are offered to attract new investors.

What the SEC says: The scheme shows signs of a Ponzi scheme, where previous investors’ returns are paid using new investors’ money, making it unsustainable.

  • Legitimate investment opportunities in the cryptocurrency and mining sector they exist, but require thorough verification and compliance with regulatory standards. See the list of authorized cryptocurrency exchanges in the Philippines.

What’s next: The SEC urges the public to avoid these investments and to report any information regarding their operations epd@sec.gov.ph.

Local cryptocurrency news 🇵🇭

  • In progress: National ICT Summit of the Department of Information and Communication Technologies.

  • Make guild games Co-founder Gabby Dizon ON guild protocol, onchain reputation, and the next wave of web3 games.
  • Coins.ph Community Wednesday will be characterized Kusho World NFT Collection.
  • Emerson FonsecaCountry Lead of Superteam Philippines, and Jen Bilango, Country Manager of Coins.ph, will be a part of a round table for the next Solana Summit in APAC on 21-22 June 2024.

Educational Corner 🎓

  • For beginner cryptocurrency investorscheck the summary of the recent BitPinas Webcast 51 in which we talk about portfolio diversification and investment strategies.

Watch Regulations 📜

Stay informed about the latest regulatory updates and what they mean for you:

  • T. D. CowenBiden’s nomination of CFTC commissioners Romero and Johnson could alter crypto policy at the regulator, influencing future regulations and enforcement priorities.
  • The BIS investigation revealed that two-thirds of central banks are developing cryptocurrency regulations, but a third have not yet started.
  • Support Want eliminate USDT and five other stablecoins by July 1 to comply with the EU’s Markets in Cryptocurrency Regulation (MiCA).
  • Taiwanese crypto companies Have format The Taiwan Virtual Asset Service Provider (TVASP) Association will self-regulate ahead of upcoming changes to the country’s anti-money laundering (AML) regulations

Spotlight on the community 🔦

Meet Trexia Olaya: Also known as Professor T Rex on Youtube. He is the head of the Tambay NFT community and assistant manager in PDAX.

  • She is a frequent guest on the BitPinas webcast with 51st episode being his last appearance.
  • Check out the activities and initiatives of his community and Tambay NFT Here.

More Web3 and AI news 💡

Discover the latest news in web3 innovation and artificial intelligence.

  • PoliFi tokens fallen more than 10% following unconfirmed reports that former President Donald Trump is behind the DJT cryptocurrency.
  • The cryptocurrency market is losing appeal as investors focus on AI-powered stocks, but the integration of AI and cryptocurrencies could add up to $20 trillion to global GDP by 2030, second to the experts.
  • Hash key Group plans will list its platform token, HSK, in the third quarter of this year, with a community airdrop expected later this month.

Web3 Gaming Section 🎮

The future of web3 is gaming, and here are the latest news.

  • Maincard.io launched its web3 sports fantasy card game on the TON blockchain mainnet, aiming to leverage TON’s infrastructure and Telegram user base.
  • In the first quarter of 202497,000 unique addresses interacted with games on the Tezos blockchain, marking a 557% increase from the previous quarter, driven primarily by social gaming platform Coin Blast.
  • Heroes of Mavia mobile game it will be soon allow players to earn and use MAVIA tokens on iOS and Android as part of the “Phase 2: Next Frontier” launch.
  • Creators of the Ethereum-based game “OpenSeason” will do so airdrop FU Money token this week for Fractional Uspiring NFT pass holders.

Event announcements 📅

Not to be missed: Upcoming events, webinars and meetups in the crypto space!

Last week on the BitPinas webcast 📺

Join us for another webcast on June 20th at 8pmexclusively on our page, as we investigate scams and phishing exploits targeting cryptocurrency users.

Our hostIcesteam Jimenez of IMPACT – Innovative Movement of the Philippine Association of Cryptocurrency Traders, will share tips on how to safeguard your crypto assets from malicious threats.

This is Webcast no. 4 in our series of beginner’s guides to cryptocurrencies.

Noteworthy 🌟

Key updates and announcements from around the world of cryptocurrency and blockchain:

  • Bind has launched a new synthetic digital asset called aUSDT, backed by physical gold deposited in Switzerland, as part of a new line of “restricted assets”.
  • DRiP Hausthe platform for Solana creators, plans to launch its mobile app in July for Android and iOS.

Stay connected:

We’d love to hear from you! Please respond with your thoughts or questions.

This article is published on BitPinas: SEC Raises Warning Against Illegal Cryptocurrency Mining Platform | Key Points | June 19, 2024



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