However, cryptocurrency experts had warned of several tell-tale signs that it was likely to be a scam.
Among those who called it, hedge fund manager Mark Dow wrote almost exactly a year ago about his decision to short bitcoin after future trading on it first began:
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The breach occurred on November 3 when an “unauthorized third party” gained access to information from a number of users.
Business SpotlightHong Kong's 29-year-old crypto billionaire: FTX's Sam Bankman-Fried
Business SpotlightHong Kong's 29-year-old crypto billionaire: FTX's Sam Bankman-Fried
“Every single day, the concept that it could be worth something, it could be a store of value is being continually approved by more large, powerful entities,” Johnson says, pointing to established financial institutions holding digital currencies and large corporations adding them to their corporate balance sheets. “The idea that it’s actually worth something is continuing to grow as adoption and acceptance continues to grow as well.”
“I believe everyone should have a diversified portfolio,” says Daniel Johnson, a financial advisor and founder of RE|Focus Financial Planning in Asheville, North Carolina. Any investment you make should be appropriately weighted against the rest of your portfolio as well as the overall market. Just as you wouldn’t invest all your money in one company, it’s unwise to put every dollar you have into crypto.
Bitcoin. First introduced in late 2008, it is a specific currency in an electronic payment system that acts as an alternative to fiat currency. It exists only on computers and the internet. It is not backed by a government, and its price is not set by a centralized authority.
Safemoon crypto is not a coin, but a token. It has seen major price rises movements over just a few months in 2021. The price surged by tens of thousands of percent in April and May, then lost most of those gains by August. Such volatility is far from unusual in the crypto space.
Outside of Binance there has been a shift to using Coinbase or Gemini, but out of the two reviewed above, there is one clear leader.
These numbers are far greater than Binance.US. U.S. regulations limit the number and types of cryptocurrency that a U.S.-based company can sell to U.S. customers. As a direct result of these rules, Binance.US only offers about 53 cryptocurrencies for exchange to U.S. residents. This number is much lower than Binance’s international exchange but is on par with other U.S.-based exchanges.
IG International Limited is part of the IG Group and its ultimate parent company is IG Group Holdings Plc. IG International Limited receives services from other members of the IG Group including IG Markets Limited.
“I think it’s really important to keep your eyes open,” Johnson says. “Don’t get the FOMO at a fever, because it’s very volatile. No one should invest anything that they can’t afford to lose, and that’s the same advice I give for any kind of an investment.”
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It’s unclear if the company will reach out to everyone but it’s important to remain vigilant.
Crypto exchange urges investors to take ‘long-term’ view while results suggest feverish dealings have cooled
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