While the ICO and crypto Industry continues to expand, more hacks, thefts, and scams are being carried out. Government authorities and Regulators are doing everything possible to reduce the occurrence of these nefarious acts by criminals.
Hackers and scammers are flooding the crypto industry, with almost every hacker now focused on Bitcoin and Ethereum. The increased crypto-related criminal activities could be one of the reasons why many influential personalities are against the rise of cryptocurrencies.
According to a post by Bill Harris, the founding CEO of PayPal and Personal Capital, “cryptocurrency is best suited for one use – criminal activity.” This is because transactions can be anonymous thereby making it difficult task for law enforcement agents to trace those who buy and sell cryptocurrencies.
Recently, an advertising firm was suspended by the Bureau of Meteorology following an ad that is connected to a scam report about Bitcoin that was displayed on the official website in January and February respectively.
Both scandals that link the Australian weather bureau firm to cryptocurrency are being said to be a mere coincidence. However, the firm’s offices in Melbourne were later raided by law enforcement agents from the Australian federal police in February over allegations that two of the company’s staff were using the company’s supercomputers to mine cryptocurrencies.
The Bureau of Meteorology director, Dr. Andrew Johnson, told a Senate hearing of the case on Monday that there was ”no connection whatsoever” between both events. He said that the probe into data mining by the ads firm had been going on for long before the Australian federal police decided to go into action in February. But he was unable to give answers to the questions raised by the Center Alliance senator about the progress that has been recorded so far from the investigation.
Dr. Johnson confirmed that the advertising company responsible for the fraudulent ads in January and February is still suspended because of the concern of its ability to stop such activity from reoccurring in the future.
The ads are connected to a news story concerning Tesla boss Elon musk about a bogus CNN look-alike website which connects users to scam most bitcoin sites.
He further said that it was a consistent battle against those that have malicious intent but that the Federal Bureau of Meteorology used a four-phase review policy to help monitor adverts from other organizations.
The website generates about $4 million annually from advertisements.