The Latest Crypto News of the Blockchain Industry
From the Binance CEO refuting claims that its US arm is meant to evade regulations to PayPal finally throwing its weight behind cryptocurrency, the virtual currency space is not short of stimulating happenings. Below, we look at the latest crypto news making headlines across the globe.
PayPal and its New-Found Crypto Love
Since the advent of cryptocurrencies, most traditional financial institutions have been in a fighting mode. Unfortunately, with BTC, ETH, and other cryptos keeping a vigorous growth and adoption rate, legacy institutions have no option but to give in.
Take PayPal, for example. Recently, it announced that it would add functionalities that would enable shoppers to pay using virtual currencies.
The service will first be enjoyed by its customers in the United States. It will include BTC, ETH, as well as Litecoin (LTC) and Bitcoin Cash (BCH). Apart from shopping, the financial firm will also allow users to buy, sell, and hold digital assets. PayPalâs CEO had praised cryptocurrencyâs speed, inclusion, easy access, and resilience.
A 19-year old Indicted for Stealing
Cryptocurrencies Through SIM Swapping
A 19-year-old Kyell Bryan was indicted together with his friend Jordan Milleson for fraudulently acquiring virtual currencies via a SIM swapping scheme. The scheme landed them an illegal $16,847 worth of cryptocurrency belonging to a crypto investment firm.
To successfully carry out the scheme, Milleson harvested the login credentials of victims using phony websites. With most crypto accounts requiring the userâs mobile phone for 2FA verification, Bryan swapped SIM cards to get full access to the victimsâ crypto accounts.
Unfortunately, when Milleson got the funds, he decided to sideline Bryan, causing Bryan to retaliate. The two were charged in the Maryland federal district court for multiple offenses, including wire fraud and intention to defraud victims via unauthorized access to private computing devices.
