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Brazil Explores AI Regulation, and More

Published

2 months ago

July 13, 2024

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BeInCrypto comprehensive Latam Crypto Roundup brings Latin America’s most important news and trends. With reporters in Brazil, Mexico, Argentina, and more, we cover the latest updates and insights from the region’s crypto scene.

This week’s roundup includes stories on Brazil’s efforts to regulate AI, a surge in interest in the Argentine Football Association fan token as the Copa América final approaches, and more.

BBVA: 9 out of 10 Argentines Use Digital Wallets

BBVA Bank recently reported that nine out of every ten Argentines under 40 now use digital wallets. This is a huge increase from 2020 when only 4% paid using QR codes. According to Argentina’s National Institute of Statistics and Census (Indec), 89% of Argentines use smartphones and 88% have internet access, helping modernize financial services.

“The outlook is for growth: the greater adoption of digital wallets among young people allows us to think that their use will be increasingly widespread,” said Joaquín Molina from the consulting firm Taquion.

Popular digital wallets in Argentina that are not crypto-based include Mercado Pago, Ualá, Brubank, MODO, Cuenta DNI, and Tarjeta Naranja. MODO is the only one that integrates services from several banks like BBVA, Santander, Macro, Galicia, Nación, ICBC, and Ciudad.

Read more: 16 Best Web3 Wallets In 2024

Data from Taquion also shows that 55% of Argentines use digital wallets for shopping at local stores, 38% for supermarket purchases, and 30% for buying shoes. Additionally, four out of ten users prefer this payment method for the rewards offered.

In March, Argentina drafted a law to regulate cryptocurrency exchanges and wallets, working closely with the private sector. This move follows the guidelines of the Financial Action Task Force (FATF).

The new set of rules requires Argentine lawyers, banks, and finance companies to report any client operations that seem illegal. This is part of President Javier Milei’s effort to regulate wallet use.

Venezuelan Authorities Warn of Alleged Cryptocurrency Ponzi Using PDVSA Name

In May and June, Venezuela faced controversies over alleged cryptocurrency Ponzi schemes. As July progresses, the issue persists with a new scheme reportedly using the name of Petroleos de Venezuela (PDVSA). The initial alert came from X (former Twitter) user RoamingVzla, known for exposing dubious operations of companies like BTR, HyperAI, and Solesbot.

“Since some major Ponzi schemes collapsed, new ones keep emerging weekly. Some last longer than others. The latest one, supposedly launched on July 2, is called PDVSA_Mall,” tweeted RoamingVzla.

The platform solicits investments in TRON (TRX) or USDT, promising benefits “valid for 40 days.” It also claims that forming a large team can significantly increase earnings.

“Whenever you top up through the registration link, you will receive additional USDT rewards. For instance, depositing 1000 USDT through the link grants an additional 160 USDT rebate,” stated the PDVSA-VIP team.

Alleged List of PDVSA-VIP Members and Their Investments. Source: X/Twitter

The cryptocurrency ecosystem in Venezuela has seen multiple scams, causing significant losses. Previous schemes like Solesbot, HyperAI, and BTR have left Venezuelan investors wary.

The use of PDVSA’s name raises serious concerns, especially without official endorsement. The platform claims to operate under the Central Bank of Venezuela (BCV) and the Bank of Venezuela (BDV) regulations.

The PDVSA crypto scandal, marked by massive corruption within Petroleos de Venezuela, serves as a stark fraud warning. Former Petroleum Minister Tareck El Aissami was arrested for allegedly siphoning billions from oil sales through cryptocurrencies and Venezuela’s National Superintendence of Cryptoassets (SUNACRIP). Estimates suggest up to $23 billion was embezzled, severely impacting Venezuela’s economy.

Brazilian Senate Postpones Vote on AI Regulation Bill

The Brazilian Senate has delayed voting on Bill 2338/23, which aims to regulate artificial intelligence (AI) tools. The bill will undergo further debate, with a vote expected only after the municipal elections. Opposition senator Marcos Rogério proposed the postponement, citing concerns about the bill’s potential impact on the tech sector.

“The bill aims to regulate AI to prevent misuse in elections and establish privacy rules. However, it imposes excessive restrictions on a nascent sector,” he stated.

Rogério warned that the bill’s bureaucracy could hinder technological development, requiring rigorous documentation and state analysis for all systems. Alan Nicolas, founder of the Lendár.IA Community and an AI expert, echoed these concerns. He said the need for legislation to protect against AI misuse but cautioned against stifling innovation.

The push for AI regulation stems from its disruptive potential, especially in elections, where false information can spread rapidly. The Superior Electoral Court (TSE) has mandated AI-created content identification and banned deepfakes for the 2024 elections.

This concern extends beyond Brazil. Tech giants like Google and OpenAI have restricted their AI tools from discussing elections. OpenAI’s terms of service prohibit tools like ChatGPT from creating political content. With elections in Brazil and the US in 2024, it remains to be seen how AI will influence the outcomes, marking the first time elections will occur after AI tools have become widespread.

Copa América Final: Argentina Fan Token Surges

Argentina, the reigning world champions, will play Colombia in the Copa América final on July 14. Argentina is favored to win their 15th continental title.

Soccer fans have enjoyed this major event for a month, but cryptocurrencies have also taken the spotlight. Amid this excitement, the Argentine Football Association Fan Token (ARG) is surging, now trading at $2.09.

ARG token price — ARG Price Performance. Source: BeInCrypto

The rise in fan token prices correlates with the teams’ performances in the tournaments. However, other factors, like the overall volatility of the cryptocurrency market, also play a role. It’s important to note that fan tokens are a new and uncertain asset, involving several investment risks.

After the celebrity meme coin frenzy, hackers have shifted their focus to sports stars, using their accounts to push dubious projects. The latest victims are Lionel Messi and Ronaldinho Gaúcho.

Messi’s Instagram account was hacked on Monday, leading to a 193% surge in the WATER meme coin value. Hackers posted a story featuring an image of Messi with a link to promote WATER.

A similar incident occurred on Tuesday with Ronaldinho Gaúcho’s account. The post remained visible on his profile, with no explanation provided.

Messi Instagram story — Lionel Messi Promotes Water Meme Coin. Source: Instagram

The meme coin promotion reached a significant portion of the combined 577 million followers of the two soccer legends. This exposure created a spike in interest in WATER.

WATER was launched on June 24, 2024 on Solana, valued at approximately $0.00264353. It experienced a sharp decline, hitting a low of $0.00028329 by Monday morning.

The hack on Messi’s account caused WATER’s value to rise exponentially, reaching $0.00123181. However, the price fell again. Another slight surge occurred on Tuesday morning following the post on Ronaldinho’s account, but it failed to sustain the meme coin’s value, which has continued to decline.

As the Latam crypto scene grows, these stories highlight the region’s increasing influence in the global market. Stay tuned for more updates and insights in next week’s roundup.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

$26 Million Stolen in BingX Hack Amid Ongoing Crypto Attacks

Published

29 mins ago

September 20, 2024

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The crypto exchange BingX reportedly lost over $26 million in various digital assets early Thursday morning. This incident adds to a troubling week for crypto platforms as multiple hacks continue to expose vulnerabilities within the sector.

PeckShield, a blockchain security company, initially detected suspicious transactions at approximately 00:37 UTC. Initial reports suggested an outflow of around $13.6 million.

BingX Has Paused Withdrawals

Following this, several crypto security platforms conducted a more thorough examination and confirmed that BingX had been compromised. On-chain analysis firm Lookonchain detailed the stolen assets, which included over 360 different altcoins. The stolen funds were swiftly transferred to the wallet address ‘0xF7e8’ before being exchanged primarily for Ethereum (ETH) and BNB.

The detailed breakdown of the stolen assets includes:

4.44 million USDT ($4.44 million),
1 million WUSD ($1 million),
608,660 USDC ($608,660),
9.38 BTCB ($590,000),
along with numerous other tokens making up the substantial remainder.

In response to the breach, BingX’s Chief Product Officer, Vivien Lin, confirmed the hack and announced the suspension of all withdrawals to mitigate further risks.

“Our technical team detected abnormal network access, suspecting a hacker attack on BingX’s hot wallet. We immediately started our emergency plan, including the urgent transfer of assets and withdraw suspension. There has been minor asset loss, but the amount is small and still being calculated,” Lin wrote on X (Twitter).

Despite the significant amount lost, Lin assured users that BingX would cover the full amount of the stolen assets with its own capital reserves. Furthermore, she committed that BingX will resume withdrawals within 24 hours. This swift response aims to restore trust and stabilize operations after the incident.

Moreover, this week’s hack at BingX is part of a larger trend of increased attacks on crypto platforms. Just earlier this week, DeltaPrime, a decentralized finance (DeFi) protocol on the Arbitrum chain, reported a loss of $5.9 million due to suspicious transactions.

Additionally, last week, the Indonesian exchange Indodax also faced a severe security breach, resulting in a loss of over $20 million. In each instance, the intrusions were identified by blockchain security firms after funds had been illicitly transferred and converted across multiple networks.

These recurring incidents have spurred calls for enhanced security measures across the cryptocurrency industry. Consequently, experts stress the importance of exchanges and protocols implementing strong security frameworks to protect against the sophisticated tactics employed by hackers today.

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Market

Bitcoin Price Pushes Higher As The Bulls Set Sights on $65K

Published

2 hours ago

September 20, 2024

admin

Este artículo también está disponible en español.

Bitcoin price gained pace above the $61,500 resistance. BTC even cleared the $63,300 level and is now consolidating gains above $62,500.

Bitcoin is gaining pace above the $62,200 resistance zone.
The price is trading above $62,500 and the 100 hourly Simple moving average.
There is a major bullish trend line forming with support at $61,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend gains if it stays above the $61,500 support zone.

Bitcoin Price Extend Gains Above $63,000

Bitcoin price extended its increase above the $60,500 level. BTC was able to clear the $61,200 and $61,500 resistance levels to move into a positive zone.

The bulls pumped the price above $62,500 and $63,000 levels. A high was formed at $63,840 and the price is now consolidating gains. There was a move below the $63,500 level. The price dipped and tested the 23.6% Fib retracement level of the upward move from the $59,165 swing low to the $63,840 high.

Bitcoin is now trading above $62,500 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support at $61,500 on the hourly chart of the BTC/USD pair.

Bitcoin Price — Source: BTCUSD on TradingView.com

On the upside, the price could face resistance near the $63,500 level. The first key resistance is near the $63,800 level. A clear move above the $68,400 resistance might send the price higher. The next key resistance could be $64,500. A close above the $64,500 resistance might spark more upsides. In the stated case, the price could rise and test the $65,000 resistance.

Are Dips Limited In BTC?

If Bitcoin fails to rise above the $63,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $62,700 level.

The first major support is $61,500 and the trend line. The next support is now near the $61,000 zone or the 61.8% Fib retracement level of the upward move from the $59,165 swing low to the $63,840 high. Any more losses might send the price toward the $60,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $62,700, followed by $61,500.

Major Resistance Levels – $63,500, and $63,800.

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Market

Is Cardano Price Set to Break $0.47?

Published

3 hours ago

September 20, 2024

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Cardano (ADA) has seen a 5% increase in price over the past 24 hours. This reflects the general cryptocurrency market’s positive trajectory since the US Federal Reserve cut interest rates on Wednesday.

This surge is also fueled partly by the actions of ADA short-term holders, who appear to be holding onto their coins. Over the past 30 days, their reluctance to sell has positioned the altcoin to potentially break through the resistance level at $0.47.

Cardano Short-Term Holders Remain Resolute

According to IntoTheBlock, the number of ADA short-term holders who have held the coins for less than 30 days has increased over the past month. Often referred to as “paper hands,” these holders tend to sell their coins at the slightest sign of trouble.

However, they have adopted a more bullish approach over the past month. Their decision to refrain from selling reflects a gradual shift in market sentiment toward ADA.

Read more: How To Stake Cardano (ADA)

cardano addresses by time held — Cardano Addresses by Time Held. Source: IntoTheBlock

ADA’s attempt to rally above its Ichimoku Cloud on a one-day chart supports this outlook. As of this writing, the altcoin is poised to breach the Leading Span A of its Ichimoku Cloud indicator, which tracks its price trends, support and resistance levels, and potential market reversal points.

The Leading Span A has served as a resistance level where Cardano’s price has encountered significant selling pressure over the past few months. A successful breach of this level would confirm that bullish momentum is strengthening in the ADA market, signal increased buying interest, and hint at the potential for a further uptrend.

cardano ichimoku cloud — Cardano Ichimoku Cloud. Source: TradingView

ADA Price Prediction: $0.47 Is Likely Only If This Happens

Cardano’s Relative Strength Index (RSI) is climbing, signaling increasing demand for the altcoin. Currently at 51.52, the RSI shows that buying pressure is building.

If ADA breaks through Leading Span A, it could rally toward Leading Span B, a stronger resistance level. Successfully surpassing this would position Cardano for a potential 31% gain, targeting a price of $0.47.

cardano price prediction — Cardano Daily Analysis. Source: TradingView

However, if demand slows and ADA fails to break Leading Span A, its price could drop to around $0.27.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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