New research by Ernst & Young has been officially out, claiming that over 10% of all the funds raised in the initial coin offerings (ICOs) have been either stolen or lost. The findings have come alongside a new report that is detailing what Ernst and Young believes to be a risk of investing in such low-regulated market.
The truth is, hackers were found to phish and feast on ICOs, and Ernst & Young just told the public the truth. Collaborating with Group iB, they analyzed more than 372 ICOs in the cryptocurrency market. Still,, the professional firm did not designate a certain timeframe for their findings but only pulled data from “public sources across exchanges, ICO reports and trackers or data aggregators”.
The findings were simple. Concerning the ICOs in question, there are more than $400 million out of $3.7 billion in fundraising capital that was stolen or lost. The stolen funds were mostly done through phishing accounts to trick ICO participants into sending cryptocurrency or fiat currency to fraudulent website. The lost funds, on the other hand, were due to the forgotten passwords by the users.
Ernst & Young has shown that hackers made away with as much as $1.5 million from all the stolen funds through phishing only. In an interview with Reuters, Paul Brody who is the company’s main innovation leader, attributed the drop-off to poorly constructed projects that lack quality.
“We were shocked by the quality of some of the white papers, we see clear coding errors and we see conflicts of interest between the companies issuing tokens and the community of token holders. The volume just exploded, people raised their fundraising goals and the quality just dropped,”
At this point, it is wise to do proper research before investing in an ICO – especially because the entire thing is largely unregulated.
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“HotBTC has a dedicated focus on listing ICOs, making it a unique trading platform that will be welcomed by the crypto community all over the world. As an exchange, it also offers great features like lightning-fast trades, no hidden fees, and industry-standard security.’’Trading speeds at the newly launched HotBTC are extremely fast and the token prices get updated every 60 seconds. The users can build a new crypto portfolio with multiple layers of protection and can benefit from the account monitoring, wallet management and full authority on withdrawals and deposits. HotBTC has other amazing features such as profit sharing and has a 50 percent revenue sharing scheme on the profits with qualified users. The qualified traders can become partners and can even receive dividends in BTC. HotBTC has been launched recently and aims to fulfill the wishes and desires of the crypto community, traders, crypto project owners, ICO cryptocurrency ideas and anyone else that is interested in the great future of the cryptocurrencies.
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“The signing of the agreement between the FUB and the Algorand Foundation, signed at the Milan meeting of the European Blockchain Partnership of which Italy is co-president, once again confirms the international role assumed by our country on the subject and the attention of the MiSE towards emerging technologies such as the Blockchain also through the promotion of technical-scientific synergies on the subject.”Going into the future, 2020 will, in the end, prove as an essential year for the “Blockchain Wars” romanticized by Gavin Wood. Only the time will show if Algorand and the similar public blockchain networks can conquer something of the market share of Ethereum before the pending release of the Serenity upgrade of Ethereum. Algorand 2.0 is a compelling start to serving the mainstream world, as opposed to serving only the cryptocurrency world, and at the very least it should poke the interest of developers in the decentralized finance sphere searching to expand the pioneering of the developing open finance movement of Ethereum.
Cornell University Remains Leader In Crypto Education
“The blockchain domain’s interdisciplinary nature makes it very different from any traditional field.’’There was a lot of interest from the business schools to learn blockchain but also from the medical schools, management schools, and even the agricultural school according to Ferrera. He graduated from Cornell School of Hotel Administration and is now working as the business manager of Ava Labs which is a startup that works on decentralized, blockchain-payment network technology:
''We’ve had so many professors reach out to to learn more about blockchain and see how it applies to their field.’’The classes only a small chunk of the story of the university's commitement to blockchain technology so this year there were other analyses made regarding the student-run crypto clubs and other schools that leverage data from google scholar attributions. Among the students, there is distrust in the current financial system as well which is feeding the curiosity around crypto and it cuts across the disciplines. More than two-thirds of the students describe the current financial systems as unstable and inefficient. More than 34 percent of students surveyed expressed interest in taking the course on crypto or blockchain compared to about 28 percent back in 2019. There are twice as many people that took a class on the topic compared to the number reported from 2018.
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