Crypto News | Canadian Crypto Scam Exposed by Regulators

What do you mean, Canadian crypto scam? Canada is known for its cold climate, breathtaking landscapes, maple syrup, and really friendly people. Actually, you’d think that Canadians would be the least likely people to scam you. And you would be wrong. The Financial and Consumer Services Commission (FCSC) of Canada issued a warning against a self-proclaimed Bitcoin bank. has been advertising its services on a classified Canadian website, promising daily returns on deposits and the use of the “BTCB” coin. However, the days when their token can be traded are very restricted. In fact, the first “selling day” will take place on April 23. The Canadian crypto scam came under scrutiny after regulators realized that was not registered to operate in New Brunswick, which means that advertising its services in that province is illegal. Further investigation showed that its California address was fake, that the photographs of the team and developers were taken from various websites, and that the content was copy-pasted from multiple sources, including other crypto exchanges. Fake names, fake photos, fake addresses, but they ask for real money. Will the people who fell for it get daily returns on their investment? Don’t be a fool.

In our second, and a bit more uplifting news of the day, Daimler AG, owner of Mercedes-Benz, took center stage yesterday at the Mobile World Congress 2018 in Barcelona to present MobiCoin, its own virtual currency. The main aim of the project is to reward drivers with environmentally friendly driving habits. Drivers will receive the coins when they drive safe and at lower speeds. The drivers who accumulate the most of these coins will receive special rewards and perks, including tickets to races and auto shows.

Lastly, let us talk about mining for a bit. Miners have managed to stay out of the spotlight after the massive mining heist in Iceland, but now they are filling the headlines once more. This time, it’s good news. GMO Internet, a Japanese IT firm, apparently made over $3.3 million just from mining Bitcoin and Bitcoin Cash, according to a report released on March 5. The company started its mining operations only in December of last year, which makes the feat much more impressive. Its earnings have been incremental, with 23 BTC mined in December, 93 in January, and 124 in February. It would appear that, despite the skeptics, mining is still worth it, at least for some.

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Author: Max Rothstein

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