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Blockchain Firm AmaZix is Tackling Crypto Scams on Telegram

When something becomes popular, illegal activity tends to follow. The cryptocurrency market knows this all too well, which is why AmaZix this week opened up its “moderation bot” so crypto scams can be booted from Telegram, a popular messaging app.

Here’s what we know.

Telegram Crypto Scams

On Wednesday, AmaZix, a blockchain advisory firm, said it was opening up access to its “moderation bot,” in an attempt to boot the crypto scams that have found their way to the Telegram app. For the past two years, AmaZix has used the bot to create a blacklist of Telegram users. According to CoinDesk, this list has more than 50,000 banned users. Many of these users were banned for impersonating admins and posting fake offers. Users were also banned for posting fake giveaways and links for other websites.

“Through our service, which takes the form of a bot that is added to a group, we offer free, real-time threat intelligence for Telegram. As soon as a user posts malicious content on any of the groups we monitor, they are automatically banned from all our groups, and added to our global blacklist.”

Creating this blacklist will do a lot of good in terms of preventing further crypto scams on Telegram; but what if someone gets wrongly blacklisted? If that happens, there is no need to panic. According to Dejan Horvat, COO of AmaZix, if someone is blacklisted and they didn’t do anything wrong, that individual can report it to the team. Then, the team will “investigate the situation and remove you from the blacklist if appropriate.”

>> Bitcoin (BTC) Recovers as Momentum Returns on Strong Technical

Takeaway

What do you think about AmaZix trying to remove the various crypto scams on Telegram? Do you think creating a blacklist is a smart move, or will it cause more problems?

Let us know your thoughts in the comments below!

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Cryptocurrency Retirement Funds | SEC Warns Against Crypto IRAs

If you were planning on using Bitcoin to retire, you might want to think again. Why? Well, because the SEC has recently warned against cryptocurrency retirement funds.

Here’s why.

Cryptocurrency Retirement Funds

As people approach retirement, many are nervous about where they are sitting financially. For these reasons, people are turning to self-directed IRAs, which are savings accounts that allow for alternative investments.

When it comes to self-directed IRAs, typical investments include company stocks and precious metals. However, thanks to the crypto boom, virtual currencies have been added as an option.

But the SEC doesn’t appear to support the addition. According to the commission, just because people can use their retirement funds to invest in cryptocurrencies doesn’t mean they should. There are still a number of risks.

What Did the SEC Say?

The Office of Investor Education, which is a branch of the SEC, issued an investor alert this month. It said the attraction of virtual assets has the potential to be used by fraudsters.

Specifically, the SEC said that now that there are cryptocurrency retirement funds, it’s important to know about the risks and “fraud involved with these kinds of investments that may not be registered.”

Fraud, Fraud, and More Fraud

Are we surprised to see that the SEC is warning investors of the potential for crypto fraud? I’m certainly not. It’s perhaps one of the most common arguments against cryptocurrencies.

It’s not solely to do with cryptocurrency retirement funds, either. Whether you’re crypto investing or crypto trading, there is always going to be the possibility of fraud and crypto scams.

The Takeaway

It’s not as if the SEC made retirement funds investing in cryptocurrencies illegal (like Saudi Arabia has done with crypto trading), so at the end of the day, it’s up to the individual whether they want to continue or not.

That said, bear in mind what the Office of Investor Education said this month.

Stay alert, find a good custodian, understand the rules of self-directed IRAs, and do your homework before giving the green light for an investment!

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