China News Daily Official TheBitTimes.com

The Bank of International Settlements (BIS) recently showed skepticism about the potential role of crypto in the global monetary framework, citing flaws that originate from the incentives of validators rather than the technology itself. In a comprehensive report, the BIS argued that the reality of the crypto ecosystem deviates significantly from the vision of decentralization commonly championed by enthusiasts.  You might also like: FTX customer claims portal remains offline hours after launch The bank pointed to the 2022 collapse of the FTX crypto exchange as a stark reminder of this dichotomy, stating: “Cryptocurrencies often boast of decentralization, yet we see the rise of new centralized intermediaries that have become instrumental in directing capital flow into the crypto world.” A report for the #G20 reviews the key elements of the crypto ecosystem and assesses structural flaws, risks and data gaps #G20India https://t.co/AXSbvoWAzs pic.twitter.com/iS...

A crypto giveaway scam utilizing a network of more than 1,000 fraudulent websites has reportedly stolen more than $5 million from victims since 2021.  According to research published last week by IT security expert Trend Micro, the Scam , run by the Russian-speaking group Impulse Team, is said to have some linked sites going as far back as 2016.  “This massive campaign has likely resulted in thousands of people being Scam med worldwide,” Trend Micro said.  The operation tricked users on social media platforms, including Twitter, TikTok, and Mastodon, into believing they’d won a crypto giveaway. They were then convinced to open an account on one of the scam websites and enter a promo code that they were told would guarantee them a prize of 0.78632 bitcoin (over $20,000) . An Impulse Team Telegram channel with bots documenting transactions made to the scam websites. However, to authenticate the account, users were required to make an initial deposit worth 0.01 bitcoin (around...