Crypto currency market drowning in scams and frauds.
The cryptocurrency market is booming across the globe giving the investors an opportunity to invest and earn. But, as the cryptocurrency market is growing in demand, the cyber criminals, fraudsters and scammers have become as active as they have ever been.
Every second or the third day, investors from some part of the world, are made victims of some kind of fraud or scam by these criminals. The regulation that currently prevails in the industry is not as stringent and strict as it should be to nab the criminals. But, to everyone’s surprise, the US fed has ordered two giant companies Apple and Google to explain about the measures and features that the company have made to keep the investments of the investors safe and secure.
U.S Senator’s letter sent to Google and Apple.
Credits: Reuters
According to the recent reports, U.S Senator Sherrod Brown has taken the imperative step to sending an open letter to Google and Apple, demanding them to explain, how they review and approve mobile apps for trading and storing of cryptocurrencies. The news about a series of crypto fraud valuing in more than $40 million lost in less than a year set a warning in the market and also triggered the FED to take necessary steps to save the market.
The brief details about the senator’s letters to Cook.
The Senator went on to write about how easily the app is available to the customers in the market. While, its easy for the customers to download and involve themselves in the trade, it is important to know, how the company reviews the trading activities curbing the incidences of crypto scams and frauds.
Brown is visionary about eradicating frauds from the market.
The senator certainly looks determined to eradicate the incidents of frauds and scams from the crypto industry for once. In his objective, he wants to get transparent information from the crypto companies that have listed their apps in the crypto market and how the companies stop them from transforming into phishing scams.
Writer’s Analysis:
According to me, the market is surely in a deep slump due to these fraudsters and scamsters. It is inspiring to see that the senator has taken the market seriously and is working towards having a fraud free and scam free market. Whether the senator will be successful in achieving his vision or not? Only time will tell.
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