Mike and Karen Taylor say their entire retirement savings has evaporated after they got caught up in a cryptocurrency scam in Australia.
The Melbourne couple say they were traveling around the country in a camper van when they decided to invest some of their savings through a website. Eventually, they tapped into their pension until their total investment reached $633,000 ($900,000 AUD). Months later their money was gone.
Mike Taylor tells local media outlet 7News that the website looked legitimate but after a few months they never saw any return.
Regulators in the US issued a warning last year about crypto scams and created a fake website to illustrate just how easy it is to get enticed – and later ripped off – by a slick, professional-looking website.
Says Taylor, a bus driver,
“That was the whole of our superannuation – that’s now gone.”
According to the report, Taylor will return to work, and he plans to sell his 1965 Pontiac to make some money.
Crypto scams that promise high returns are becoming increasingly widespread in Australia where fraudsters made off with $4.3 million ($6.1 million AUD) in 2018.
A recent study shows that the Taylors are among a growing number of Australians being targeted by cryptocurrency criminals.
“Online scammers generally tricked consumers into buying various cryptocurrencies through fake platforms, but when consumers tried to cash out their investments, scammers “made excuses or were no longer contactable,” explained the ACCC report.
Some investment scams also asked victims to pay in cryptocurrency for forex trading, commodity trading or other investment opportunities, asking victims to visit bitcoin ATMs to convert fiat into the cryptocurrency and then transfer it to them.”
You can check out the full study here.
Ripple’s XRP technical analysis: XRP/USD weekly chart remains largely bearish
- Ripple’s XRP price is trading in the green by some 0.15% in the session on Friday.
- XRP/USD price action via the weekly chart view remains largely tilted to the downside.
- The price is running at its five consecutive weeks trading in the red.
XRP/USD weekly chart
The next major weekly support to the downside is eyed at $0.2000.
XRP/USD daily chart
A bearish pennant can be eyed via the daily, but also a double bottom formation.
Spot rate: 0.2223
Relative change: +0.15%
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Ripple Tries to Dismiss Unregistered Securities Lawsuit
Ripple has made a last-minute attempt to dismiss the lawsuit against the company by filling new documents with the U.S. District Court for the Northern District of California that potentially on Wednesday, Dec. 4 as reported by Coindesk.
According to a new filing from the company Ripple claims the investors who are suing the company for an alleged unregistered securities sale brought their case too late. The filing is apparently the Ripple’s last-minute effort to get the court to drop an amended class-action lawsuit that was filed in August. The hearing is scheduled for January 15th, 2020.
Despite the plaintiff’s claims that Ripple’s engaged in an ongoing offering of XRP which should be considered as securities, Ripple argues that it only began distributing XRP in 2013. Thus, any case brought after the three-year nonclaim statute should be dismissed according to the law.
Ripple’s latest set arguments are predominantly a repeat of what the company stated previously. Apart from the fact that the statute of repose has passed on the case, the company also claims that the plaintiff has not been able to demonstrate any significant evidence that he actually purchased XRP from any of the defendants, either that being Ripple Labs Inc., XRP II, LLC, Bradley Garlinghouse or Ripple’s an initial coin offering. The filing hits at such claims by stating that there was a “one-in-ten-thousand chance” that the plaintiff could have purchased XRP from Ripple or other defendants.
Ripple also questioning the plaintiff’s response, filed Nov. 4, which states “Ripple issues new XRP from escrow for the first time each month for sale to the public.” According to the Dec. 4 filing, by Ripple, this argument contradicts the plaintiff’s original complaint, which suggested that “all 100 billion XRP was created out of thin air by Ripple in 2013, prior to its distribution to investors.” According to the filing, “Ripple’s alleged exchange sales of XRP accounted for .095 percent—less than one-tenth of one percent—of the total volume of XRP sold on exchanges” during the time period Sostack said he bought XRP.
Ripple and Forte Want to Transform Gaming Industry
Ripple partner, gaming company Forte says it’s looking to use XRP and the Interledger Protocol to develop blockchain-based games which will also include XRP tokens as a settlement currency.
In March this year, Xpring an investment arm of Ripple has formed a partnership with Forte with an aim to accelerate the adoption of blockchain technology in games. Ripple and Forte will jointly invest $100 million in companies and projects focused on the development of blockchain-based games that will also utilize cryptocurrency XRP.
In a post on Ripple website, Forte co-founder Brett Seyler stated the company is specifically looking at how the blockchain technology can help companies in the $140 billion industry create free-to-play games with in-game purchase options.
“The free-to-play business model dominates the way games are run now. This model has grown the gaming industry more than any other business model in the last ten years”,
XRP will be a perfect fit for such in-game purchases due to the very low cost of the transaction and its speed.
The difference between traditional games and blockchain games is that the “code and logic of blockchain games could be written in smart contracts and run on blockchains”. The advantages are clear as blockchain technology offers greater transparency and data immutability, thus making games more decentralized and controlled by the gaming community rathert than games being fully under the control of developers.