Daily Crypto News | June 18th, 2022

1. FBI Warns Users Of LinkedIn Crypto Scammers

FBI special agent Sean Ragan, during his interview with CNBC, stated that LinkedIn is a very dangerous place when it comes to crypto investment scam. He believes that “this type of fraudulent activity” is a huge risk to this business-focused platform users, as many have fallen victim to such scamming activities in the past, and there would be more.

LinkedIn currently has over 830 million users from 200 countries, meaning there’s always people exposed to these scammers. To make things worst, scammers are constantly coming up with new and more efficient strategies to lure in even more victims.

2. US Lawmakers Convince EPA That Crypto Mining Is Essential to the US Economy

14 United States senators and House representatives have urged the Environmental Protection Agency (EPA) of the importance crypto mining carries. “Digital assets, and their related mining activities, are essential to the economic future of the United States,” claimed the group of lawmakers.

Included in these 14 lawmakers is US Senator Cyntia Lummis, who was recently reported to have signed the Lummis-Gillibrand Bill to make crypto assets commodities. This letter stresses heavily on the benefits that the government might be overlooking. “Favoring one technology over another, including proof-of-work versus proof-of-stake, can stifle innovation, erode future economic gains, and limit affiliated efficiencies.”

3. Crypto Lending Platform Babel Finance Suspends Withdrawals Due To Liquidity Instability

Following the footstep of crypto lender Celcius, another crypto lending platform, Babel Finance, has announced their suspension on users’ activities that involve redemption and withdrawal. The HongKong-based company stated that it would be best for ucustomers to not withdraw fromtheir accounts amid liquidity issues.

“Recently, the crypto market has seen major fluctuations, and some institutions in the industry have experienced conductive risk events,” said Babel Finance. Due to the cryptocurrency price crash, Babel is now under the presser of not having enough available on-hand assets to facilitate users’ withdrawals.

4. Gary Vaynerchuk Seeks To Help Brands Expand Into The Field of NFTs and Web3

Gary Vaynerchuk, also known as Gary Vee, is an entrepreneur with a growing interest for the world of blockchain and NFTs. He gained his popularity on videos and books that share his experience with success, and now he once again wants to use his knowledge to help guide brands. Hence his foundation of the Web3 consultancy VaynerNFT.

Gary Vaynerchuk has seen the crypto environment growing at a crazy pace, expanding onto many other fields of life, so he seeks to help big firms that consider netering the realm. “Everyone wants to launch an NFT yesterday,” said VaynerNFT President Avery Akkineni, a keen supporter of Vaynerchuk’s idea. “But what is important to doing so successfully is actually having a long-term strategy.”

5. Chinese Government’s Warnings Couldn’t Stop NFT Platforms From Growing Five-fold

The regulations around the use of NFTs have been unclear in China, since there is no official prohibition of such activities, yet government officials are constantly warning Chinese citizens of the risk the NFTs hold. Contrary to the fate of cryptocurrencies in China, NFTs are only gaining more interest and popularity. One apparent proof for this would be the amount of NFT platforms in China, which is around 500 at the moment and 100 back in February 2022.

Due to lack of regulations, the ever-growing crypto space is also bringing in a lot of risks for users along with the benefits that it has. NFTs were a means for people to express themselves in the middle of the COVID-19 pandamic’s impact, but businesses and individuals are always on their feet to make sure they don’t provoke the authorities.

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