market for nonfungible tokens is in the dumpsMore than 4,600 NFTs were reported stolen this past July – setting a new monthly high for thefts – even as prices plummeted for those blockchain-based assets, according to a report by London-based blockchain analytics company Elliptic.
This uptick in criminal activity is adding insult to injury for ordinary investors, who poured money into NFTs in recent years after succumbing to their FOMO. The NFT craze reached a fever pitch during the summer of 2021. But the ensuing cryptocurrency crash has since cast a chill over the NFT market.Sure, NFTs were always a sucker’s bet. But even gullible people deserve investor protection, which is why the recent surge of NFT thefts ought to light a fire under securities regulators to ramp up both education and enforcement.
“The growing availability of tailored malware that can bypass multifactor authentication is likely to be partially responsible.” It’s clear that securities regulators need more resources to crack down on scammers. Moreover, they need to overcome trust barriers with younger investors to inform them about various risks.One solution, according to experts, is for securities regulators to broaden their outreach to retail investors on social-media platforms.
The human ego persists.
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