Investors in high spirits Why the DAX rushes from record to record

Status: 14.06.2021 4:03 p.m.

While the economy is only slowly picking up pace after the Corona openings, the German stock market does not seem to be stopping. What are the main reasons for the price boom? From Lothar Gries, tagesschau.de The German leading index DAX rose by up to 0.7 percent in the morning and climbed to a record high of 15,802 points – the 23rd record this year. The index has risen by 15 percent since the beginning of the year. The stock exchanges are also in record-breaking mood at the European level. The Stoxx 600 index, comprising 600 values, also climbed 0.7 percent today and reached its 38th high this year with 460.51 points. The stock markets are fired from several sides. The most important driver is the expansionary monetary policy of the central banks in the USA and Europe. Since the European Central Bank (ECB) lowered the key interest rate to zero on March 10, 2016, i.e. more than five years ago, the returns on traditional savings offers from banks and savings banks have also shrunk to such an extent that even risk-averse German investors are looking for alternatives have looked around. In addition to real estate and precious metals, stocks are very popular.

More and more shareholders

In this country there were as many shareholders last year as last year in 2001, as determined by the German Stock Institute (DAI). According to this, 12.4 million people in Germany have invested in the stock market, i.e. they owned exchange-traded securities such as fund shares or stocks. Compared to 2019, that’s an increase of 2.7 million or 28 percent. The downward trend of previous years has thus been completely reversed. After the dot-com bubble burst in 2000, the number of equity investors in Germany steadily declined – until interest rates sank to virtually zero. But the ECB has not only boosted the number of shareholders and thus share investments, it is also active on the capital markets itself. In order to keep the economic effects of the corona pandemic as low as possible, the central bank is pumping many millions of euros into the market every day. To do this, it buys bonds issued by governments and companies. By the end of March 2022, she wants to spend the gigantic sum of 1.85 trillion euros, a number with twelve zeros. A considerable part of it flows into the stock market and drives prices to ever new heights.

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No end of the flood in sight

In the past few weeks, there have been repeated suspicions that the central banks in Europe and the USA will soon be able to turn the money off again because inflation is reporting back and price increases have shot far beyond the monetary authorities’ targets. But both Jerome Powell, the head of the US Federal Reserve (Fed), and ECB President Christine Lagarde initially gave the all-clear. Just today, Lagarde said in an interview with the magazine “Politico” that the time was not yet ripe for a discussion about an end to the crisis bond purchases by the central bank. “It is far too early to debate these issues,” said Lagarde. The economic recovery must be firm, solid and sustainable. Don’t take a patient’s crutches off until the muscles begin to build up sufficiently – so that the patient can move on their own two legs again.

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V-shaped economic recovery expected

In addition, investors are assuming that the pandemic-related restrictions will end soon. “The pandemic is no longer an issue at the latest with the now significantly lower number of new infections, and investors also seem to be able to come to terms more and more with the fear of inflation,” says market expert Milan Cutkovic from brokerage firm Axi. With the decline in Covid-19 restrictions, growth expectations are skyrocketing around the globe. The Organization for Economic Cooperation and Development (OECD) expects the global economy to grow by 5.7 percent this year. For Germany, the federal government expects growth of up to four percent. The prognosis from the beginning of the Corona crisis that there will be a V-effect in which the economy first collapses, but then quickly recovers, seems to be confirmed. This is rather good news for equity investors, because they hope that a growing economy will generate increasing profits and thus rising prices for listed companies.

Price turbulence ahead?

This combination of a zero interest rate policy, a glut of money from the central banks, a growing number of shareholders and the expectation of a rapid recovery in the global economy is driving share prices to ever new heights. But the air is getting thinner. Many investors are watching the Fed’s monetary policy deliberations this Wednesday. It is true that the Fed is not expected to deviate from its current course and end the boom in the financial markets. “But their projections on inflation, interest rates and the economy could cause price turbulence,” says Naeem Aslam, chief market analyst at the brokerage firm AvaTrade.

Price capers of the Windeln.de share The dangerous game of gamblers

Status: 10.06.2021 6:24 p.m.

Small investors let shares of the baby outfitter Windeln.de shoot up first – then they crash. This risky game is powered by social media. Newcomers in particular make a lot of mistakes. From Angela Göpfert, tagesschau.de From the so-called penny stock to the investor’s favorite: The story of Windeln.de reads so seductively simple at first glance. Within a few days, the paper soared from around 70 cents to 6.92 euros – a staggering price increase of almost 900 percent. The share of the online baby outfitter was not driven by new, positive news about the development of the company, but by a host of gamblers who drum for the company in investor forums such as Reddit and on social media.

Report of loss in April

They drummed for a company that made a net loss of 13.7 million euros in 2020 and officially announced in April that it had suffered a loss of more than half of its share capital. In other words: Windeln.de obviously needs fresh money. The notification of loss was by no means voluntary. Rather, Windeln.de thus complied with an obligation imposed by the legislator: Companies must inform if losses have exceeded a critical limit and there is an urgent need for action.

“Flagpole” as a warning signal

The course of the Windeln.de share seems all the more absurd. Experts speak of such a steep, almost vertical rise in price “Flagpole”. Many stock market beginners are attracted and seduced by such price patterns. One would have loved to have this share, since it would have enabled one to multiply one’s capital in a very short time.

The so-called “Flagpole” is clearly visible in the Windeln.de chart. Image: tagesschau.de For technical analysts, i.e. stock market experts who analyze price developments and other market data, this is the “Flagpole” but one thing above all: symbol of an exaggeration phase on the stock markets – and thus a clear warning signal. The Federal Association of Consumer Organizations (VZBV) is also critical of the current price developments at Windeln.de, Nanogate, Clover Health, Gamestop and other stocks with particularly noticeable highs: “This has nothing to do with investing, it is pure speculation”, said Christian Ahlers, speaker in the financial market team tagesschau.de .

A “Fireworks” of investor errors

At Mojmir Hlinka from the Swiss asset manager AGFIF International, the alarm bells are ringing when stocks like Gamestop or Windeln.de are mentioned: “These are pure speculative objects, without any substance.” The Swiss expert makes a whole in this context “Fireworks” on the basis of typical investor errors, especially the neglect of the likelihood that certain events can occur. Experts speak of “neglect of probability”. “The tiny probability of making a profit on such stocks is massively overestimated by investors. In contrast, the great probability of a loss is clearly undervalued”, told Hlinka tagesschau.de .

When emotions are involved

Hlinka’s perspective on the markets is a special one, as he operates asset management on the basis of the so-called “Behavioral Finance”. This economic research direction is based on the findings of the psychologists Daniel Kahnemann and Amos Tversky. Accordingly, the investor does not act rationally, but is controlled by his emotions and typical behavioral patterns. As a result, he makes mistakes that reduce his profits. Such a typical mistake has a lot to do with paying attention to certain papers. “These stocks are widely reported in the media, especially on social media”, emphasizes AGFIF expert Hlinka. “This means that more information is available to them more easily. That automatically makes them more interesting for investors.”

Social media fuel herd instinct

Another problem for the normal investor is the herd instinct: Many people like to do what the masses do. “This phenomenon can be observed in any stock market hype. People feel safer in the herd”, emphasizes Hlinka. “Investors’ herd instinct is currently controlled primarily via social media. Quasi real sects are forming in the investor forums.” Consumer advice center expert Ahlers is similarly critical and warns: “Tip givers and sellers can also be found in social networks, who may do more than exchange investor experiences and may also advertise dubious investments.”

Financial regulators advise caution

The German financial supervisory authority BaFin has now recognized this: “BaFin advises all investors to check the information provided on social media very carefully with the help of other sources”According to the agency’s website. “Chat groups in social networks are often only used to entice investors to buy certain stocks so that the senders can benefit from the rising prices of these stocks.” As new as the influence of social media on share prices may be, the mechanisms behind the current excitement about papers like Windeln.de have been well known for centuries. The first big hot topic in financial history was tulip bulbs. Numerous other bubbles followed – from railways, the South Seas, the Internet industry to US real estate, to name a few. “Each of these bubbles has burst so far”, says Hlinka. “History has proven that. At some point this hype will also burst.”

Massive price drops

Perhaps the bursting of the bubble has already begun with a look at some of the shares: Today the Windeln.de share rushes down by up to 35 percent. Clover Health stocks fell 24 percent on the Nasdaq yesterday. When exactly a bubble will burst is difficult or even impossible to predict, even for experts. But the stock exchange world has also found a technical term for this: the “Greater Fool Hypothesis”, according to which prices will continue to rise as long as there is one in the market “even bigger fools” there who pays even more.

Accordingly, US investors have made a profit of up to $ 4.1 billion by investing in this world’s number 1 “virtual currency”. Right behind the US is China with 1.1 billion USD. The remaining positions in the top 5 include Japan ($0.9 billion), UK ($0.8 billion) and Russia ($0.6 billion). Notably, this list also includes the presence of Vietnam. According to Chainalysis estimates, Vietnamese investors have earned $0.4 billion in 2020 by investing in Bitcoin. On a global scale, Vietnam ranks 13th in the world in terms of Bitcoin-related profitability. Vietnam is also the 4th country in terms of cryptocurrency profits, just behind China, Japan, and South Korea. Ranking of the 25 most profitable countries from Bitcoin in 2020. According to Chainalysis, due to the decentralized nature of the technology, it is very difficult to find out where the parties are in a cryptocurrency transaction. The published results were estimated using transaction data from services that Chainalysis tracks. In its analysis, Chainalysis measures the total volume of Bitcoin transactions at each crypto exchange. They estimate the amount earned by the difference in the price of Bitcoin at 2 times of entering and leaving the exchange. Chainalysis then distributes this profit based on each country’s share of web traffic on each exchange. By doing this, Chainalysis has produced a report on how much return investors in each country will make with Bitcoin in 2020. Even so, Chainalysis’s methodology is approximate and not yet available. regardless of the profits from the digital assets still in the exchanges. Vietnam currently ranks 10th on the Global Cryptocurrency Acceptance Index. According to Chainalysis, Vietnam is a perfect example of a country where the level of participation in cryptocurrency transactions far exceeds the ranking of the economy. Although only ranked 53rd in GDP with about $262 billion and ranked as a low-middle-income country, Vietnam still has a fairly high level of acceptance for cryptocurrency transactions. Accordingly, Vietnam ranks 10th out of 154 countries in the Global Cryptocurrency Acceptance Index. This is one of the rare indexes where Vietnam has the same rank as developed countries such as the US, China or South Africa, even more than many other developed countries such as the UK, France, Germany, and Spain. , Japan, Korea,… With such popularity, Chainalysis is not surprised that Vietnamese investors ranked 13th in the world in terms of income earned from Bitcoin in 2020. Many Vietnamese Bitcoin investors have won big in 2020. Similar to Vietnam, this phenomenon also occurs in a number of other countries such as the Czech Republic (54th in GDP, 18th in income from Bitcoin), Turkey (25th in GDP, 16th in revenue). Bitcoin income) and Spain (19th in GDP, 9th in Bitcoin income). On the other hand, despite having the 4th largest economy with the 2nd largest population in the world, India is being left behind in the crypto economy. In 2020, the country’s investors only made 241 million USD from the increase in the price of Bitcoin, ranked 18th in the world. This is because the Indian government does not seem to be very friendly with cryptocurrencies. India used to ban all cryptocurrency transactions in the country, until the Supreme Court of India lifted the ban in March 2020. Although many Vietnamese investors are making big profits from cryptocurrencies. Having said that, investing in Bitcoin or other cryptocurrencies is a very risky investment. Therefore, investors need to be careful and learn carefully before deciding to enter this harsh market.

The victim said that on June 18, 2020, he had invested in GBhub Company and was introduced to this business as a partner of… Google. The reason is that after consulting and researching, this retail investor saw that GBhub Company has a logo similar to Google’s logo, and there are many websites associated with the “giant” of technology Google. Therefore, Mr. Du trusted him, so he invested without thinking much. To open an ID (account) to log into the company’s website, Mr. Du must pay an account activation fee and receive weekly interest. CEO of GBhub . Company After officially becoming an investor of GBhub Company, Mr. Du was given a promise to make investors throughout the provinces and cities in the country more confident such as: opening a visa payment gateway in August and September 2020; open a private exchange of GBPro coin for investors to trade on the exchange quickly; opened an investment fund company, a Block Chain academy in Vietnam in October; and finally opened the “banking portal” GBCloudbank (self-proclaimed international affiliated bank; trading more than 22 different currencies around the world) in November of the same year. Through this “banking portal”, GBhub company said it will pay interest daily and withdraw money directly from USD to VND. Initially, the company paid interest for regular withdrawal so that investors had confidence in the future of the business, so some people in different provinces and cities also put their savings to invest in. However, up to now, GBhub Company has not fulfilled any promises, only opening GBCloudbank and allowing investors to withdraw money in the first month. After that, this account… does not allow withdrawal anymore. For example, investors deposit 10,000 USD, then they will receive interest of 40% of the deposited amount. The next week, they paid $6,000 again, and got a 40% interest again. The third time, they have to enter 10 thousand USD, this time they can withdraw 40% of the amount paid. The fourth time, they paid another 10 thousand USD and the company… locked the phone. GBhub . Company’s “explosive” advertisement From January 2021 up to now, virtual currency participants have not been able to withdraw a single coin from the bank portal and were also emailed by a representative of Google Vietnam “warning about abuse of power and spreading fake logo images”. by Google”. The money that they are receiving daily interest will be sold to the so-called “managers” in Vietnam at extremely low prices compared to the USD price.Currently, the company has blocked the contact of phase 1 investors. with stage 2 and lock the ID (password) so that these victims can do nothing more. According to our research, many victims have used money in savings books, even borrowed, mortgaged real estate documents… to participate in playing virtual money and “lost money”. On April 6, GBhub Company held an office opening ceremony on Le Hong Phong Street (P2Q10) but did not have… a license to operate. Then, on April 24, this business also opened an office in Nghe An, located on Nguyen Quoc Tri Street (Hung Binh Ward, Vinh City). The director of this company is both Malaysian and Vietnamese. On its website, the company advertises that “global membership will surpass one million in the next three years”. LS Nguyen Thi Sinh (Ho Chi Minh City Bar Association) said that the Ministry of Finance needs to coordinate with departments and sectors to come up with regulations to protect the rights and interests of investors when investing in the virtual currency market. Despite always being warned about potential risks, what makes virtual money still attractive to investors is the huge profit offered to attract. Not to mention, more sophisticated, many virtual currency exchanges also entice investors to buy real virtual currencies, then use these virtual currencies to buy back “junk” virtual money to make high profits, then investors lose everything. their investment amount. Currently, many people are interested in investing in GBhub, especially the elderly in rural areas. It is easy for them to lose money for real money investment games on virtual networks because the servers are located abroad. The company will call from person to person to transact with cryptocurrencies in a short period of time, to avoid statements and documents. After that, the company will close the server (server), that is, delete all original data information of customers, causing them to lose money.

“This group leaves cash in specific places – behind a bush or under a bus seat – for criminals to get. They send specific location instructions. This is a whole new profession.” Financial Times quoted Dr. Tom Robinson, founder of Elliptic organization specializing in analyzing cryptocurrency transactions. The dark web site Hydra (Russian) offers a variety of methods for criminals to exchange cryptocurrency for cash, for example exchanging Bitcoins for gift certificates, debit cards or iTunes vouchers. Special software is required to access the Hydra dark web. Photo: ZDNet. Anonymous but still leaving traces According to experts, the ability to store cryptocurrency without providing an identity makes this currency especially attractive to many criminal gangs, especially hackers specializing in breaking into networks of businesses. and demand ransom. Statistics from research firm Chainalysis show that in 2020, businesses and organizations paid at least $350 million in cryptocurrency ransoms to a number of hacker groups, including DarkSide, the group that attacked the pipeline system. Colonial Pipeline earlier this month. But while anonymous, cryptocurrency transactions are recorded on an immutable blockchain system, leaving a clear trail for anyone with any knowledge of the technology. A number of investigative firms have been established to assist national authorities in tracking various criminal gangs by analyzing the flow of cryptocurrency transactions. Chainalysis (headquartered in New York, USA) is one such company. Binance cryptocurrency exchange. In 2011-2019, cryptocurrency exchanges supported the conversion to cash of about 60-80% of Bitcoin transactions by criminal groups. Photo: Binance. Chainalysis raised $100 million in its initial public offering, reaching a valuation of over $2 billion. There are also Elliptic (headquartered in London, UK) and CipherTrace, a company supported by the US government. Chainalysis said that in 2020, some illegal organizations receive about 5 billion USD and transfer 5 billion USD to other organizations. This represents almost 1% of all global crypto flows. Initially, the criminals only withdrew funds through major cryptocurrency exchanges. Elliptic estimates that between 2011 and 2019, cryptocurrency exchanges supported the conversion of about 60-80% of Bitcoin transactions by illegal organizations into cash. Take advantage of crypto ATMs Since last year, exchanges have been concerned about the tightening of regulations by many governments, so they have begun to apply anti-money laundering (AML) and customer identity verification (KYC) processes. This change pushes criminals to unlicensed exchanges. Still, expert Michael Phillips of online insurance company Resilience said that unlicensed exchanges have low liquidity, making it difficult for criminals to convert crypto to fiat. “The goal is to make it more expensive for criminals to convert money,” he explained. However, criminals still have a way around. Research by Chainalysis shows that some intermediaries are quietly assisting gangs in conducting many illegal money conversion transactions. Meanwhile, small-scale transactions still flow through more than 11,600 crypto ATMs worldwide without any control, or through gambling sites that accept crypto payments. Criminals can use crypto ATMs to get cash. Photo: EPA. Faced with that situation, crypto security companies use the technology of analyzing blockchain transactions and intelligence to determine which crypto wallets belong to criminal gangs. At the same time, they provide an overview of the global crypto crime ecosystem. As a result, companies discovered that many hacker groups lease ransomware to criminal networks. Kimberly Grauer, director of research at Chainalysis, said hackers also pay support services to other criminal groups in cryptocurrency. Thus, a criminal cryptocurrency ecosystem has been formed on a global scale. “We were able to see the ransom transactions, how the gangs split the money and how that money went to groups in the system,” Grauer said. The tricks are getting more and more sophisticated However, cybercriminals are increasingly using a variety of high-tech tools to obscure the traces of cryptocurrency transactions. Some criminals use “chain-hopping” – repeatedly switching between different cryptocurrencies – to avoid the eyes of security companies. In addition, they use a “privacy cryptocurrency” like Monero, which has a high degree of anonymity. Another tool commonly used by criminals is a “mixer,” a third-party service that mixes illegal cryptocurrencies with clean money, before pushing them back onto the market. In April, the US Department of Justice arrested a Swedish citizen of Russian origin, who specialized in operating a “mixing” service called Bitcoin Fog. During the past 10 years, this guy has transferred a total of 335 million USD in Bitcoin. Governments need to modernize confiscation and asset freezing processes to make it easier to confiscate cryptocurrencies from exchanges. Tom Kellerman, director of cybersecurity strategy at VMware V “It is possible to untangle mixed cryptocurrencies. However, that requires high technology and a lot of processing and data power,” said Katherine Kirkpatrick, director of law firm King & Spalding. According to Elliptic, the popular 2020 coin mixers are highly anonymous “personal wallets”. They supported 12% of Bitcoin wash transactions last year. Tom Kellerman, director of cybersecurity strategy at VMware and a member of the US Secret Service’s advisory board, said that governments need to modernize the process of confiscating and freezing assets for law enforcement. easily confiscate cryptocurrencies from exchanges. In the past, blockchain security experts have floated the idea of ​​sharing a “blacklist” of crypto wallets used by criminals with exchanges, analytics firms, and governments. “Now is the right time to consider that initiative.” he Kemba Walden of Microsoft’s Digital Crimes Unit.

Even recently, a “virtual currency” called Phuong Hang token has also appeared on social networks. This is a cryptocurrency that is created and works based on an existing token. (Screenshots) (Photo: Facebook NN) Specifically, Phuong Hang token is developed based on the Binance Chain platform. This virtual currency is codenamed MPH (short for Mrs Phuong Hang). The development team said that the creator of the virtual currency Phuong Hang has canceled the token owner rights and left it to the community to manage. The total issuance of Phuong Hang token is 26,011,971,000,000 (26 trillion tokens). The number of tokens created according to the birth date of giant Nguyen Phuong Hang is January 26, 1971. (Photo: Facebook NN) 60% of these tokens will be liquidated on the Pancake virtual currency exchange and locked for 1 year, 30% burned and 10% used for marketing and airdrop costs. Currently, investors can buy Phuong Hang virtual currency for 1 MPH to exchange 0.00000000279451 USDT (Each USDT is equivalent to 1 USD). (Screenshots) Similar to Dogecoin, Shiba coin or Akita coin, … Phuong Hang virtual currency or Phuong Hang token is actually a type of meme coin (virtual money born for entertainment purposes). This currency is very easy to manipulate by celebrities. Their value can also turn around at any time. Therefore, investors need to be very careful when speculating or hoarding this virtual asset.

According to the Businesstoday , immediately after appearing on several exchanges, the price of this cryptocurrency increased by 1,000% in just 24 hours. From around 0.17 USD per coin, the price of DubaiCoin increased to 1.13 USD on May 27. The developer claims that DubaiCoin will soon be used in a series of product and service transactions both offline and online, replacing traditional fiat currencies. Currently, the value of DubaiCoin has reached 0 USD after the Dubai government announced that this digital currency has not been approved by any authority. DubaiCoin rapidly increased in price after its launch. Photo: Businesstoday. Not too long ago, an emerging coin that also caught the eye was Polygon from India. The famous “shark” billionaire on the show Shark Tank, Mark Cuban, has publicly supported and invested in this cryptocurrency. Currently, Polygon’s market capitalization is over 10 billion USD and is among the 20 largest cryptocurrencies in the world. On May 28, the cryptocurrency market showed signs of recovery. Bitcoin was trading at above $38,000/BTC at around 9am. This coin has still not been able to surpass the $ 40,000 mark in the context of China’s strict policies on mining and trading in coins. Since mid-April until now, the Bitcoin price has dropped by about 30% due to China’s policy and Elon Musk’s open tweets. The owner of the net shop unplugs the machine, digs coins and waits for the translation to end Due to the impact of the Covid-19 epidemic, Mr. Nguyen Minh Quan (Thu Duc City) had to close the net shop, remove the graphics card to dig coins, earn extra income waiting for the reopening of the shop. Businesstoday

The move comes after Chinese Vice Premier Liu He said last week in a statement that it was necessary to “suppress the behavior of Bitcoin mining and trading” to prevent “the transmission of personal risk to social spheres”. Those comments are seen as Beijing’s intention to further block Bitcoin trading and other crypto-related activities. Inner Mongolia’s latest draft proposals are aimed at telecommunications and internet companies involved in cryptocurrency mining. The Inner Mongolia Development and Reform Commission said such companies could have their business licenses revoked if they are found to be involved in Bitcoin mining. In addition, cloud computing or data centers may have their government incentives revoked. In addition, there are severe penalties for individuals involved in money laundering through cryptocurrencies. Inner Mongolia’s tough stance on crypto mining began in March after it announced plans to ban new crypto mining projects and shut down existing operations to cut consumption. energy. China’s Northern Region failed to meet Beijing’s energy use targets in 2019 and subsequently set out a plan to reduce power consumption. In the case of Bitcoin, miners purposefully use computers to solve complex mathematical puzzles that allow a Bitcoin transaction to take place efficiently. These miners are rewarded with Bitcoins. But because the computer has a large capacity, it consumes a lot of energy. According to the Cambridge Bitcoin Electricity Consumption Index, Bitcoin mining consumes around 112.57 terrawatt-hours (TWh) per year, more than the consumption of countries like the Philippines and Chile. China accounts for about 65% of the world’s Bitcoin mining. Of that, Inner Mongolia accounts for about 8% globally due to cheap energy prices, a larger share of Bitcoin mining in the United States. China’s tough stance towards cryptocurrencies is not new. China previously shut down local cryptocurrency exchanges in 2017 and that same year also banned initial coin offerings (ICOs). But Bitcoin trading continues to operate in China even though exchanges have moved overseas. Inner Mongolia’s scrutiny of Bitcoin mining activity in particular comes as China tries to continue the move. Chinese President Xi Jinping said last year that China has set a goal of becoming carbon neutral by 2060. But according to a study published in Nature Communications in April 2021, Bitcoin mining could “undermine emissions reduction efforts” going on in the country. The energy consumption of Bitcoin mining operations came back into focus in early May after Tesla CEO Elon Musk said the electric carmaker would stop accepting the digital currency for the reason due to environmental concerns. On Monday (May 24), Musk said in a tweet that he has met Bitcoin miners in North America and that they are “committed to announcing current and planned uses of renewables.”

Many people are curious about the owner of the Dogecoin account worth 12 billion USD – Photo: iStock. The story behind the man who owns the world’s largest Dogecoin virtual currency account is probably not as attractive as the story of investors on social networks like Elon Musk or his fans. However, since the beginning of the year, with the price of Dogecoin increasing by more than 100%, the account value has reached 12 billion USD, making many people curious about its owner. According to Business Insider, this Dogecoin “shark” account has the address DH5yaieqoZN36fDVciNyRueRGvGLR3mr7L, owning a total of 36.7 billion Dogecoins since 2019, equivalent to 28% of the total number of Dogecoins in circulation. Many analysts and investors began to dissect who is behind this “huge” virtual currency account. Some people even send a small amount of Dogecoin to the above “shark” account to try to find out the identity of the owner. “The above account could be linked to a cryptocurrency exchange,” said Patrick Lodder, a core developer of Dogecoin. Working for the Dogecoin project since 2014, Lodder said that anyone can send Dogecoin coins to a public account, but the amount deposited into an account cannot be a “clue” for identification. account holder, unless it is an extremely large amount. Buying Dogecoin since 2019, the above “shark” account is rarely sold. The last sale was 100 million Dogecoin in April 2021 and is also the only sale this year. Based on this information, CoinDesk’s director of research suggested that the account must be owned by an individual, not a transaction. In response to this information, Lodder said it could be a cold wallet of an exchange. “An exchange that manages a lot of Dogecoin might not keep it on a server but store it offline – on a cold wallet, for example. This explains why there are not many sales from this account. With such a high value virtual currency account, it is safer to store it in a cold wallet,” Lodder analyzed. Lodder said the only way to determine for sure who the account owner is is for the person to speak up and present evidence, but this is a risky job if you look at the “terrible” account value. “above. On social networks, countless speculations about the owner of the above account. Following the data on the blockchain, an account on the news site Reddit hypothesized that this “shark” address could be one of the cold wallets of Robinhood – the famous free-to-use stock exchange. in U.S.A. This theory is agreed by more than 4,000 people in the Reddit community. However, many others believe that this account may belong to “Dogecoin father” Elon Musk. Like many other cryptocurrencies, Dogecoin is a decentralized currency, not managed by an authority or entity. This makes it more secure and less vulnerable to change by any entity. However, this also creates rumors of lack of control and endangers the coin. “Rumours of ‘sharks’ selling Dogecoins can scare investors into selling,” Lodder said. Dogecoin was born in 2013 as a satire to the crazy craze of virtual currency and was designed with the design concept from the famous “Doge” trend on the Internet. Dogecoin was not originally created as a means of payment but simply as a joke. However, this virtual currency is still bought and sold on virtual currency exchanges. Dogecoin often increases in price when it is promoted by famous individuals on social networks. In early 2021, Dogecoin was only $0.004, even when Bitcoin – the largest virtual currency on the market – skyrocketed to nearly $30,000. In early May, this virtual currency set a record of $0.718/Dogecoin.

This coin is developed based on the Binance Smart Chain platform and is tradable similar to Bitcoin or Dogecoin. Currently, STOPELON is priced at about 0.0000537493 USD/VND. However, buying and selling this coin is quite complicated. The issuer only allows users to trade on the PancakeSwapv2 exchange. The symbol of the coin STOPELON. Photo: ManOfMany. Even so, the developers have some policies to make STOPELON attractive to investors such as 6% refund of transaction fees. The destruction rate of this coin is 40% of the total 1 trillion coins to fight inflation. STOPELON shows the anger of investors with billionaire Tesla when this coin once had a strong growth of more than 4,000% in just 1 day. In addition to STOPELON, the market also has available cryptocurrencies created to oppose Elon Musk such as FuckMusk, FElon… According to the InputMag , Elon Musk has made a lot of profit after the crypto craze. However, investors believe that the market volatility created by Musk will soon come to an end.

“BlockFi has always had provisions for loss in accordance with its accounting policy. This is part of the provision so it doesn’t have a big impact on the equity or operation of the platform,” Prince said that the mis-transfer problem has been fixed dress. BlockFi also developed additional measures to prevent a similar situation from happening in the future. A BlockFi user received 701 Bitcoins due to the crash. Screenshots. BlockFi’s Twitter page states that some participants in the promotion may “see incorrect bonuses in transaction history”. Those withdrawing to cold wallets were emailed by BlockFi asking to send their funds back. Share with CoinDesk , a BlockFi user said he withdrew a large amount of Bitcoin received from BlockFi to a cold wallet, claiming that this was a reward of a promotion. After realizing the problem amount, he requested to cancel the withdrawal. However, it is not clear why the Bitcoins are still withdrawn to cold wallets. The next day, this user received emails and calls from BlockFi, threatening to get legal intervention if the money was not returned. On the Internet, many BlockFi users have shared images of receiving large Bitcoins from “falling from the sky”. “I thought BlockFi was going to transfer 701 USD but mistaken it for 701 Bitcoin”, Twitter user Ric Burton share. Another said that he received 5 Bitcoins but was also asked to return it by BlockFi. “I got to be a millionaire in 3 hours”, account nebrijo comment, with a picture of an account balance of more than $1.5 million before transferring the mistakenly sent Bitcoin to BlockFi. According to the Bloomberg , BlockFi is a platform that provides lending and trading services for cryptocurrencies. Despite having just experienced a sharp price crash, the world’s most valuable cryptocurrency is trading at around $40,000, as of May 21. BlockFi’s large Bitcoin transfer by mistake is reminiscent of last year’s incident, when Citibank mistakenly transferred $900 million to several creditors of cosmetics firm Revlon, instead of just paying $8 million in interest. Expensive price for Bitcoin mining Since the advent of cryptocurrencies, the amount of electricity required for mining has increased significantly. This leads experts to believe that cryptocurrency mining is not environmentally friendly.

Recognizing the importance of developing the science and technology market, the Hanoi Party Committee (XVII session) issued Program No. 07-CTr/TU (March 17, 2021) on “Promoting development development of science, technology and innovation in Hanoi city in the period of 2021-2025.” Accordingly, one of the important requirements is to soon build a Hanoi technology trading floor, moving forward. As a national technology exchange, connecting with major technology centers of the world, implementing this task, Hanoi city has assigned the Hanoi Department of Science and Technology to develop the “Project to build a project” building and operating the technology trading floor of Hanoi city”. Technology exchanges play a core role in the development of the science and technology market. In the context that the Fourth Industrial Revolution is taking place strongly, when building the Hanoi technology exchange, it is necessary to ensure all modern features of technology – techniques, most convenient for users. , bringing real benefits to the participants. In addition, there should be a connection with domestic and international exchanges, creating an organic link between research and application of scientific and technological results, commercialization of scientific and technological products. … For the exchange to work effectively, the participation of businesses, scientists, research institutes and universities is essential. The business community needs to improve the quality of governance, build a suitable human resource; actively “shake hands” with universities and research institutes to closely follow market demand and create products with high technology content. At the same time, it is necessary to ensure close association with intermediary organizations and scientists, improve the capacity to absorb, master and apply new technologies. Another important requirement is to focus on the human factor. For the field of science and technology, market development personnel will have more special requirements than other fields, not only needing knowledge of business and law but also knowledge of science, technology… Therefore, it is necessary to have attractive mechanisms and policies to attract a team of good experts, capable of consulting, closely connecting supply – demand; trained human resources with expertise and skills to effectively manage and operate the trading floor. The Hanoi Technology Exchange, which is built and soon comes into operation, will contribute to promoting the science, technology and innovation market. This will be the main driving force for the capital’s socio-economic development in the coming time.

In the world, it is true that there are many digital currencies (like Bitcoin) that are recognized by countries and in fact many entrepreneurs have become billionaires thanks to it. Many technology experts believe that digital currencies in the future will be encrypted with top secret, able to cross space, time, and transact easily… Of course, the current operating environment is only for transactions in one multinationals (there are large American companies that are even richer than a sovereign nation) are experienced enough; did not say anything on the internet. As long as some large enterprises accept the transaction (a certain digital currency) it can circulate within the allowed range. Recently, with the participation of billionaire Elon Musk (famous Tesla boss of South African origin), Bitcoin has skyrocketed in price. Because the community using digital currency is still a minority (compared to real money), it is still called virtual money. Because, transactions are still converted into real money (through strong currencies like USD). Just like real money, there are different types of virtual money. As a general trend, many digital businesses want to create their own currency. For example, even the social network Facebook also formed a coin called Diem (formerly named Libra). The problem is that in Vietnam, the currencies that are used by the world’s billionaires and some countries for the above transactions are not accepted by the authorities in the country. There are many reasons, but it is possible that controlling such coins is not easy. In addition to virtual currencies with “cheek numbers”, many fake “boss” set up floors and set up servers abroad to attract participants with huge profits. These brokers are called binary options trading (a way of betting to predict the price of virtual currencies, stocks rising/falling). Many times, its form is no different from a type of online gambling. Not to mention, with this virtual currency, football betting houses (overseas) or something similar can easily receive bets. Virtual money transfers are also difficult for the state to control through tax collection… Most importantly, both in the world and in Vietnam, many exchanges suddenly closed, collapsed due to the sudden death or escape of the owner. led to the deaths of tens of thousands of “mommoths”. The deaths are similar to the collapse of the multi-level system.

The constant influx of money into cryptocurrencies has a huge impact on billionaires who run SpaceX and Tesla, who identify themselves as Dogefather (roughly translated: The Godfather of Dogecoin). And if the market crashes, Elon Musk said people could call themselves Elongate, a reference to the Watergate scandal that led to the resignation of 37th US President Richard Nixon. Both Dogefather and Elongate have become virtual currency projects attracting thousands of investors with tens of millions of dollars frantically pouring into projects still on this paper. That’s not to mention the effect that Elon Musk created earlier that made another satirical virtual currency, Shiba Inu, also skyrocket in value. Mark Zuckerberg named his goats Max and Bitcoin, immediately fueling the zoonotic crypto craze. But Elon Musk is not alone, the 50-year-old billionaire will soon feel his shark position being violently shaken by characters who are not less popular. Mark Zuckerberg in a recent post with a very simple caption “My goats: Max and Bitcoin” has fueled the fever of fauna virtual money. In just a few hours, anonymous and worthless virtual currencies such as Pig Finance, AquaGoat, Akita Inu or Pitbull suddenly increased in both value and trading volume. The up and down momentum a few times like this is a true reflection of what’s going on in the world of cryptocurrencies, where small investors (called fryers) are buying and selling massively based on celebrities (yes probably the shark) mentioned. It all stems from the fear of missing an opportunity, a term that is extremely popular in the world of cryptocurrency players called FOMO status. By FOMO, a worthless satirical virtual currency Dogecoin has gone from zero to the fourth largest cryptocurrency in the market with a peak cap of $ 90 billion. Dogecoin, after a series of pump & dump fluctuations and sharks is currently trading around the $ 0.50 mark corresponding to a market cap of around $ 66 billion. Very soon, however, another emerging candidate appeared to threaten the Dogecoin dog’s position, which is the Shiba Inu. Just being listed on the world’s largest exchange, Binance, Shiba Inu has dramatically increased in value with a cash flow of nearly $ 20 billion after 24 hours. Ngoc Trinh also joined the virtual money game with a series of bold PR status statuses. Following this craze is not only the technology world, but also art activists like Cao Thai Son. In recent days, the voice of Rain Road not only constantly mentioned virtual money but also livestreamed to show fans how to wisely invest in the virtual money market. But when Cao Thai Son has not revealed how much money to invest in this market, another Vietnamese “shark” has revealed, that is Ngoc Trinh. In just one red afternoon, “the queen of underwear” immediately posted four lines of status referring to virtual money, in which a status showed off a (fake) account with more than $ 10 million, including nearly $ 900,000 invested in virtual currency Shiba Inu. Removed the latest status because of being exploited to borrow someone else’s account, Ngoc Trinh’s four consecutive status lines still attracted tens of thousands of likes, thousands of comments and shares. Although it was confusing and was judged as a PR trick, Ngoc Trinh still showed the height of the hand of a person controlling the game, leading the fry by writing simple, easy to understand correct style “no money. land to eat ”. At the same time as Ngoc Trinh, on the other side of the hemisphere, billionaire Elon Musk, as usual, continues to have a turbulent tweet when he makes a poll to ask people if they want Tesla to accept payment by Dogecoin coin or not. Currently, 76% of respondents said yes. But again, investors need to be wary of their own pockets, not chasing celebrity calls if they don’t want to be victims of this zero-sum game.

On April 22, many Thodex users were surprised by the inability to access the exchange. On the official website, Thodex announced to stop all transactions to re-evaluate the offers from partners. The broker also says the process will take 4-5 business days. Thodex exchange closed, many reports suggest that the CEO has run away with money. Photo: AA. According to data from CoinMarketCap , before stopping trading assets on Thodex about 585 million USD. Thodex has about 400,000 users, 390,000 of whom are active traders, according to the national news outlet Anadolu . Although Thodex’s announcement promises to return soon, the social media accounts of many of the exchange’s managers have been locked. The exchange’s user support team is also inaccessible. CEO and founder Faruk Fatih Özer closed his Twitter account on April 21. According to the Anadolu A lawyer filed a lawsuit against Ozer on allegations of fraud. Oğuz Evren Kılıç, chief financial law officer of the Ankara Bar Association, said zer fled Turkey on the evening of January 20. This information was revealed to Mr. Kılıç by the police. According to the CNN Turk , the Istanbul police also began investigating Thodex with allegations of fraud. Bloomberg Thodex’s bank account was blocked, and police searched the company’s office. The number of cryptocurrency investors in Turkey has increased rapidly in recent years, as many believe that this can be an inflation hedge. On April 16, Turkey’s Central Bank announced that cryptocurrencies would not be allowed to be used directly or indirectly for payments, and the regulation went into effect on April 30. However, trading cryptocurrencies is not prohibited under the new regulations. Therefore, Thodex’s suspension of operations makes many investors concerned. Thodex CEO Faruk Fatih Özer has yet to reappear. Photo: DW. Mehmet, a Turkish investor, said he noticed suspicious signs when Dogecoin traded on Thodex at a much lower price than other exchanges. On April 17, the price of Dogecoin on this exchange was up to 30% lower. As of April 19, Thodex announced a brief shutdown for maintenance related Dogecoin trading. This cryptocurrency, often considered a joke because of its origin, accounts for 53% of transaction value on Thodex. The amount of Bitcoin held on this exchange is only equivalent to about $ 10 million. As announced by Thodex, the exchange stopped trading to consider partnering with an unnamed partner. Blockchain professor Ismail Hakki Polat at Kadir Has University in Istanbul said the announcement could mean the exchange is looking for new investors. Attorney Kılıç is giving legal advice to many Thodex users. Mr. Kılıç argued that these users cannot withdraw money from the exchange, whether in the form of fiat money or cryptocurrency. On April 22, the Thodex website updated with more information that the allegations of fraud against this exchange were not true. The announcement also said that the exchange detected about 30,000 suspicious accounts. According to the Coindesk This announcement may have been written by CEO Özer of Thodex himself. He also confirmed that there is a smear campaign aimed at him.

Some people in the group filing the denunciation said more than 600 applications have been sent to the authorities from April 19 to the present. Investors practiced more than 400 denunciations to send to the Ho Chi Minh City Police on the afternoon of April 23. Photo: TA According to the accusers, Coolcat introduced as the company providing investment transaction insurance platform. Coolcat has an exchange that specializes in trading gold, USD, Bitcoin, short-term price prediction trading. The participants in the system only need to download the Coolcat software to their mobile phones and log in with their phone number to start investing. The job of each investor is to press to predict the price of Bitcoin, gold, and foreign currency up or down. If their guess is correct, they receive 73% of the winnings. If they are wrong, their capital will be deducted. But when losing 6 times in a row, the investor must stop and report to the system for 100% compensation. The insurance reimbursement is committed automatically by Coolcat within the same day. In addition to predicting the price of Bitcoin, gold, and foreign currencies up or down to earn interest or receive insurance money. Investors also make money by introducing new members, commissions up to 1.8 million VND each time. The Coolcat Company’s website advertises that they have a British holding corporation and is licensed by the Bahamas Securities Commission. This company also introduced a representative office located on Nguyen Huu Canh Street, Binh Thanh District. Coolcat Company has held many events at 5-star hotels to increase trust with investors. Photo: Website Coolcat. This website also introduces them as the only company that insures 100% of trading capital in Vietnam, so “absolutely safe, not afraid of losses”. Coolcat has 2 main websites: https://www.coolcat.com.vn and https://coolcatvietnam.com. Currently both websites are inaccessible. According to those who have played Coolcat, Coolcat has organized many events at 5-star hotels and invited investors to attend to increase confidence. On the night of April 17, all the applications related to the Coolcat system suddenly crashed. The websites related to this company cannot be accessed. The entire amount of money the investors submitted to the application are paralyzed, not withdrawn. One investor said that by the time the Coolcat application “collapsed”, there were more than 68,000 members. Many of them have billions of dong frozen in the application. Investors then went to Coolcat headquarters in Binh Thanh district to work with the representative, and found that this was just a virtual location, without any representative offices or people in charge.

Illustration. Source: Internet According to the Department of E-Commerce and Digital Economy (Ministry of Industry and Trade), e-commerce has been bringing many opportunities for SMEs to boost sales and save overall transaction costs. Many violations During more than 10 years of establishment and development, the e-commerce industry has recorded rapid and continuous growth. Data from Center for Information Technology and Digital Technology, Department of E-commerce and Digital Economy, in the past 5 years, the number of businesses and individuals selling goods in the e-commerce market has been increasing. The representative of the Department of E-Commerce and Digital Economy, the Ministry of Industry and Trade also said that the strong growth of e-commerce is giving rise to many new problems, including transparency, customer rights assurance, e-commerce management. on social networks or cross-border e-commerce. Many organizations and individuals take advantage of e-commerce activities to trade prohibited goods and services, smuggled goods, counterfeit goods, infringing intellectual property rights, poor quality goods, and limited goods. business restrictions, goods trading with conditions, expired goods, goods of unknown origin, providing false information to deceive consumers … In the long term, e-commerce activities should not be managed in the “fragmented” style, adjusted for each individual platform. Because, the more we try to control specifically each type of platform, the more small and medium technology enterprises will find it difficult to enter the market. According to the Steering Committee of 389 countries, with the explosive development of e-commerce, commercial fraud activities on e-commerce floors have also increased rapidly in both size and number of cases. In recent times, many social networks and e-commerce applications are being exploited by the objects in loopholes in legal regulations and the management of the authorities to smuggle, trade fraud and trade. sales of counterfeit goods. Analyzing more closely, Mr. Phan Trong Dat – Deputy Secretary General of the Vietnam International Arbitration Center (VIAC) added, e-commerce trading floors often encounter risks when checking, monitoring and comparing information from suppliers. issuing and controlling the quality of goods (fake goods, counterfeit goods, poor quality goods) Supplier problems arise when the quantity and quality of goods cannot be controlled when it reaches consumers, claims about payment, advertising, and promotion. Consumers may face the risk of fraud, receiving poor quality goods, lack or lack of accurate information about the supplier, risks in payment, delivery … It is necessary to legislate current legal frameworks E-commerce is an inevitable trend today. However, the legal frameworks for e-commerce activities and social networking activities have been built mainly since 2013. But these regulations have not kept up with the trend of development, so far it is only a principle. are causing many difficulties in the application process. E-commerce activities in Vietnam are currently developing very quickly and it is difficult to distinguish e-commerce activities on e-commerce trading floors, e-commerce websites and on social networks because these platforms always have the improvement and addition of functions. function is similar. A research report by the Vietnam Chamber of Commerce and Industry (VCCI) shows that the trend of using social networks as a marketing and distribution channel has been on the rise in recent years. Social networking platforms such as Facebook, tiktok, and Instagram are now all becoming e-commerce platforms, in addition, there is also a livestream mode to introduce goods directly to consumers. Using these platforms for sales, it is extremely difficult to control the quality of goods. A series of infringement detection cases, arrests of pirated goods, nearly full counterfeit goods were continuously discovered, such as a household warehouse in Ninh Binh with an average of 1,000 orders / day, or a warehouse of cosmetics and clothing in Ba Vi with an average of over 3,000 applications / day … According to the representative of the Market Control Department, the biggest difficulty in detecting and handling cases in the e-commerce environment is to have clear facts, must have buyers and have specific goods. While online transactions and payments are virtual, there are no business locations, making the information management force unable to check immediately. Not to mention, most of the transactions in this form do not have invoices and documents, so the detection and handling work is even more difficult. Therefore, in order to effectively control goods and transactions on e-commerce transactions, according to Mr. Nguyen Van Tuan – Deputy General Director of VCCorp, 5 issues need to be clarified. First, posted goods must be managed to ensure intellectual property rights. Monday, management is entitled to impersonation. Tuesday , because if not managed, the problem of price competition will arise. Wednesday was, how to handle and remove bad news, even when needed, it is possible to extract “profiles” of sellers as well as buyers – data management. Thursday, manage tax obligations for service providers on social networks. In the long term, according to Mr. Tran Dang Quang – Institute for Policy Research and Communication Development (IPS), it is not advisable to manage e-commerce activities in the “fragmented” style, adjusted for each individual platform. Because, the more we try to control specifically each type of platform, the small and medium technology businesses and startups will face a lot of difficulties if they want to enter the market. Meanwhile, large businesses with potential and experience may have many ways to respond to the stringent conditions required by law.

In recent days, many investors are confused because the Coolcat application (exchange of gold, virtual currency and USD and is committed to 100% capital insurance) suddenly cannot access and can not contact the exchange. . Many investors have come to the authorities to file a denunciation about the appropriation of property. Specifically, when accepting investment on the Coolcat app, investors will be given a code (ID), their job is just to predict the price of Bitcoin (digital money), gold price up or down. If the guess wins, you receive 73% of the winnings. If you lose 6 times in a row, you must stop and report to get 100% compensation insurance. Coolcat offers 6 premium packages for a fee from 54 USD to 9,146 USD (1.26 – 210 million VND). For example, when buying an insurance package with a fee of 210 million VND, investors will receive interest from 3.3 to 9.7 million VND per day. But now, hundreds of people investing in the Coolcat application are sitting on the fire when suddenly the application is no longer accessible. Grow another floor right away However, after information about the Coolcat app with a commitment to 100% capital “collapsed” spread on social networks, Facebook ST Crypto was immediately established and downloaded the step-by-step instruction clips to register for insurance. capital on FORTREX. According to the Facebook owner named NHD – claiming to be an expert in marketing and financial investment, joining the Fortrex exchange is easy. After only 4 steps, including: fill in basic information such as name, phone number, email … and then transfer the amount you want to insure to the insurance support team; Take a screenshot to confirm the successful transfer with a message with the content (username + phone number + insurance package you want to subscribe) to complete the registration procedure. The rest, investors just have to wait until the selected time frame (12 noon or 19 pm daily) to execute buy or sell orders as directed by the insurance support team. According to the Facebook owner named D, investors only need to spend 10-15 minutes in the time frame to register for insurance and follow the instructions, it will easily make a profit of 1-2% / investment amount. in each session and from 26-35% / month. That means if you spend $ 5,000, equivalent to about 120 million, each month you will also get “the most poor” about 30 million. In case the group gives false signals causing the investor to burn out their account, they will be compensated 100% of the capital. To increase confidence, D said that 60 people were 100% capital insured this week and D himself has experienced this Fortrex exchange for a long time, so everyone can feel secure about this exchange. In addition to the 100% capital insurance exchange called Fortrex, the social network has many insurance platforms that operate similarly. For example, with Wefinex, investors have to spend a minimum capital of 500 USD or more, just follow the expert’s instructions, if winning, it is normal to enjoy a profit of 2-3% / day. even higher than 3% / day (equivalent to about 60-90% / month). The remaining losses will be compensated by the specialist. Similar to exchanges such as Fioption, Busstrade … are also advertised by brokers as a 100% capital insurance platform, providing a way to make money long-term in 2021. According to a member of the Busstrade floor, this floor is currently attracting near 8,000 investment members. The “virtual money” line tricked 32,000 investors into collapsed named iFan, Pincoin in 2018, causing many people to lose nothing. White loss is easy to understand Dr. Dinh The Hien, a financial expert, said: The principle when putting money into any investment channel is that they cannot prove that they are holding the investor’s money is legal, protected by the law. All those investment channels are all risky. “Similar stories have happened decades ago and I affirm that they will continue. Is there just a difference in the form of fraud, the scale of the scam”, Mr. Hien affirmed. So the question is why people who know in advance may lose nothing but still close their eyes and legs, the only answer is: Because of super profit. Outlaw investment channels exist because of human greed. Smart investment is when faced with super profits, each person must carefully consult with knowledgeable people about whether to put capital in or not, or when to invest capital to minimize the risk. empty-handed. Sadly, among those who face the risks from these investment channels, there are many who have used their accumulated money to “gamble”. “Therefore, as an individual investor, it is not allowed to pour money into channels that are not protected by the law. Do not seek high profits without knowledge. Because with an investment of about 10 billion. But achieving a profit higher than bank deposits about 30-40% is terrible. For example, the bank deposit interest rate is currently at 7% / year, another investment channel gives you. 11 – 12% / year is already a huge profit “- Dr. Hien emphasized. Deputy Governor of the State Bank of Vietnam Dao Minh Tu said that the provision of services for buying and selling foreign currencies or generating foreign currencies must be licensed by credit institutions licensed by the State Bank to operate. . However, up to now, the State Bank has not licensed any services other than those previously licensed. Therefore, organizations operating like the Forex market today are completely not in compliance with the law. “For people, putting money here is very risky and the law does not protect those risks. Therefore, people must be very cautious, especially with offers for a high percentage of profits. That is a sign of deception “- Mr. Tu warned. Accordingly, Mr. Tu recommends that people be cautious and consult professional people when participating in investment. Similarly, Mr. Tu also affirmed that virtual money is just an encrypted virtual product, not ordinance money or a means of payment. The law does not allow its functional use as the current ordinance currency. “The investment in cryptocurrencies today has many problems that have been evaluated. Authorities are clarifying the issue of legal basis management and virtual currency trading ”- Mr. Tu said.

By Victor Gojdka When stock market trader Oliver Roth comes to his workplace in the Frankfurt Stock Exchange in the morning, he walks past the large, black price board every day. Roth has been in business for the securities trading house Oddo Seydler for years. Little can scare him. But Roth gives thought to the fact that the German leading index DAX is at more than 15,000 points – higher than before Corona. What he could say after three decades on the stock exchange: “The trees don’t always grow into the sky. On the stock exchange, too, there will be other times again,” says Roth.

Record hunting with doubts

Many dealers currently have such doubts on the floor. Outside, in front of the stock exchange, there is a partial lockdown. Inside, on the traders’ financial computers, there is one record after another – regardless of whether it is the German DAX or the American Dow Jones index. Folker Hellmeyer from the fund company Solvecon can explain that. He says: Mainly large corporations are listed on the stock exchange – and they do a lot of business with China, where there has long been no lockdown. “We can see that large parts of the economy are already doing really well,” says Hellmeyer. The profits were bubbling up. “That will also become clear in the current reporting season. That is also and especially the industrial sector. So from there: no overheating.”

Investors fear rising interest rates

But one concern remains, especially when the economy is running smoothly. Then prices could rise sharply in a few months. Central bankers could then raise interest rates as an antidote. And when interest returns, stocks automatically become less attractive. The well-known US finance professor Jeremy Siegel also fears this. “In the end, the central bank will have to step in and say we have a little too much inflation,” Siegel told the US broadcaster CNBC. “But now I’m not yet skeptical, the bull market is still going.” The bull market? In stock exchange jargon, the term stands for rising prices. But the first doubts are there: In a survey by Bank of America, suddenly rising interest rates are the most feared scenario for equity investors.

Impending bubble among young tech companies

Another concern: a suspicious number of hip tech start-ups from the USA suddenly make the leap onto the floor. Exchange trader Roth finds clear words for this: “This is definitely a bubble,” he says. That reminds me a “bit of the New Market at the turn of the millennium, investing in a technology that is initially just a headline. And at some point it will be said: The Kaiser has no clothes on.” But Roth also says: They are still just small stock market players. They are not included in the major indices anyway. On the contrary: tech giants like Amazon and Co. could continue to play their strengths here, says Christian Kahler from DZ-Bank. The big technology stocks – be it Facebook, Google, Amazon – are doing surprisingly well. “They are on the way solid in terms of profit growth,” says Kahler. “These are the titles that should continue to drive the overall market for the next few years.” Because these values ​​now stand for almost 25 percent in the US benchmark index S&P 500. How they are doing sets the tone on stock exchanges around the world. Like so much on the stock market, you can see it as an opportunity – or a risk.

Faruk Fatih Ozer, founder of cryptocurrency exchange Thodex. One of the largest cryptocurrency exchanges in Turkey declared that they no longer had enough financial capacity to continue operating, causing hundreds of thousands of investors to fear that they would have lost all their money poured into this exchange. Meanwhile, Turkish authorities are trying to locate the 27-year-old founder of the cryptocurrency exchange, who has fled overseas, Bloomberg reported. It is not clear how many customers of the cryptocurrency exchange called Thodex lost money in this case, and how much the total damage. In a statement sent from a secret location, Thodex founder and CEO, Faruk Fatih Ozer, promised to return the money to the investor and return to Turkey to face the public. refund after refund. However, the Turkish government has launched a blockade on Thodex’s accounts, and its headquarters in Istabul has been ransacked by police. According to Turkish media, the damage in this virtual currency exchange crash could reach $ 2 billion. A lawyer representing the victims said that the investment capital of about 390,000 investors had fallen into a “irreversible” state. However, through a statement posted on the company’s website, Ozer denied both numbers, saying that only about 30,000 investors were affected. Some Turkish officials see the incident as another reason to increase control of the cryptocurrency market. Over the past years, the rapid rise of virtual currency prices globally has been paralleled with many frauds and frauds related to exchanges. Mr. Cemil Ertem, a senior economic adviser to President Tayyip Erdogan, said that the Turkish government needs to act as soon as possible. “Patterns of pyramid fraud are emerging. Turkey needs to implement surveillance regulations that are both suitable to the domestic economic situation and in accordance with global developments”. Thodex is part of the virtual currency fever that attracts a large number of Turkish investors who want to find a “shelter” for their savings in the context of dizzying inflation and a lack of local currency rates. stability. In March, inflation in Turkey was 16.2%, 3 times higher than the 5% inflation target set by the Central Bank of this country. This year, the Lira rate has dropped 10% against the dollar, marking the 9th consecutive year of decline. On Wednesday, Mr. Erdogan revealed that the Turkish government has “burned” $ 165 billion of foreign exchange reserves in the past two years to protect the local currency rate, but has not brought the desired results. Concerns about inflation and exchange rate motivate the Turkish people to look for alternative investment channels, including virtual currency. On Friday last week, the value of virtual currency transactions in Turkey reached more than 1.2 billion USD, up 3 times compared to a week earlier, according to data from coingecko.com. Meanwhile, the average daily trading value of the Turkish stock market is only about $ 3.1 billion.

The National Online Book Fair 2021 takes place from April 17 to May 15 at book365.vn Compared with the first year organized in the online form, the 2021 Book Association has many new and more attractive features. In which, there are about 70 publishing and publishing units in the country (an increase of nearly 20 units compared to 2020), nearly 30 foreign units, bringing nearly 20,000 good books, newly provided books over 30,000. printed book titles, e-books (an increase of nearly 15,000 book titles compared to 2020) for readers. All books are beautiful and copyrighted publications. Especially, at this year’s event, the Ebook book space and the copyright exchange were piloted to connect domestic online publishers with readers; as well as creating a space for cross-border exchanges between domestic and foreign publishers, creating opportunities to connect, search and transact valuable book copyrights through the application of the latest online 4.0 technology. . This year’s online book fair has made many improvements to its interface as well as technology to create a space for readers to search and select books, and create conditions for units to participate in book exchanges and exchanges. copyright translation is more favorable. In addition, many seminars, online exchanges between authors, researchers, publishers and readers aim to spread the love of books to readers. According to Mr. Nguyen Nguyen, Director of the Publishing – Printing and Publishing Department (Ministry of Information – Communication), Head of the Organizing Committee of the National Online Book Association 2021, this year’s event continues to be an important stepping stone to bring culture. reading activities as well as publishing activities step by step step into digital transformation, apply technology, create habits for readers to experience books on a digital platform. At this same point of view, many publishers believe that while translating COVID-19 has many potential risks, as well as the strong development of the 4.0 technology revolution, the organization of the Online Book Association is the right direction. appropriate, in accordance with the trends and needs of the reader. For publishers, book publishers, book companies … joining the Online Book Association helps them save on site and human costs, and at the same time, promote books more widely to the community. Meanwhile, readers in all parts of the country, especially in places where there is a shortage of books have the opportunity to access, experience digital books, buy useful books without wasting time, instead It only takes a “click” on the computer screen or smart phone, then you have owned the book you want to buy. Up to now, the National Book Association has taken place for the 7th time, annually held to celebrate Vietnam Book Day April 21. This event was jointly organized by the Ministry of Information – Communications, the Central Propaganda Department, the Ministry of Culture, Sports and Tourism and other units to encourage and develop the reading movement in the country. In 2020 and 2021, the National Book Association will be organized in the online form, on the e-floor https://book365.vn of the Ministry of Information and Communications. Over the past 7 years, whether taking place on the electronic floor or on the field, the National Book Association has also received the attention of book lovers and the community, contributing to enhancing the position and role of books in social life. This is also an opportunity to honor readers, participate in composing, publishing, collecting and storing books; to uphold the responsibilities of all levels and branches for the construction and development of reading culture.

However, that is just the surface, but in depth, the online book fair also has many meanings that are not easy to count. 51% of readers buy books from localities outside Hanoi and Ho Chi Minh City; many books to readers in remote, mountainous, island areas and a large number of books are ordered in the fields of politics, science, technology … from the national online book fair last year. showed that this activity satisfies the needs of readers, filling the gaps of existing books in many localities; contribute to building knowledge sources and multiplying positive values ​​for society. In that sense, publishers and publishers need to take the initiative and further improve their professionalism in organizing online book associations in particular and selling books online in general. At the same time, the interests of readers must be put first; have an effective solution to make the online sales channel a reliable place; the book must be of quality, reasonable price and closely follow the tastes of readers. Improving the quality of online book associations as well as online sales channels is a requirement from practice. Therefore, publishers and publishers need to apply advanced and modern technology when opening e-commerce transaction sites as well as simple and suitable payment methods to facilitate all participants. family. From participating in online book associations, publishers and publishers should consider this as the process of accumulating and adding experience to improve the professionalism in digital conversion. Also through this activity to promote the brand, learn the needs and habits of readers, thereby better serving the needs of the market. On the part of readers, besides taking advantage of the advantages and benefits of technology in researching, selecting and buying books from online book associations, it is necessary to be more active in the fight against pirated and non-pirated books. have a copyright … Especially need to have a decisive attitude, not be cheap, but support the fake online book selling sites, contributing to the health of the book market. The excitement of online book associations these days is more and more affirming the right direction in planning a strategy to bring publishing activities and reading culture to digital technology. This inevitable change not only helps publishers and publishers catch up with the development of the times, but also allows books to fulfill their mission of fostering a reading culture, which is “books for everyone”.

This online book fair has attracted more than 70 domestic publishers and publishers to join the book exchange, over 50 domestic and international publishers participating in the book copyright exchange, with over 20,000. title with hundreds of thousands of books for readers. During this event, the Online Book Association has made many improvements in the interface as well as technology techniques to create a space for readers to search and select books, and create conditions for units to participate in the exchange. book translation and Copyright exchange facilitates connection and transaction. Within the framework of the Book Association, many events, seminars and online exchanges between authors, translators, researchers, and publishers will be organized with readers. At the same time, the Book Association also implements a number of attractive programs: book discounts for all customers; exemption or reduction of shipping charges for domestic customers; For remote and economically difficult areas, subsidize 50-80% … Sharing at the press conference, Mr. Nguyen Nguyen – Director of Publishing, Printing and Publishing Department said: “If in 2020, with the situation of Covid-19 translation, we organize an online book fair in a situation of However, when entering the organizing stage, the units realized that this playground should continue to be more regular and professional. That is why this year there is no reason not to deploy “. Mr. Nguyen Nguyen, Director of Publication, Printing and Publishing Department speaking at the opening press conference of National Online Book Association. Mr. Nguyen also affirmed that the National Online Book Association is an important stepping stone to bring reading culture as well as publishing activities and approach readers step by step into the trend of digital transformation and technology application. “Digital transformation is almost an imperative for all industries today, and publishing is no exception,” he said. Therefore, creating a playing field from which units move towards digital transformation is very important ”. It is expected that from April 17, 2021 to May 15, 2021, the Online Book Association will take place on Book365.vn with many exchanges and seminars related to the content of introduction and exchange of literature reading chemistry, digital transformation in publishing and reading approach in the industrial age 4.0, introducing authors and works to readers …

An Nhien Coffee Tea Joint Stock Company with Anni Coffee brand was established and joined Amazon e-commerce floor in 2013. Revenue and customers from this e-trading floor account for 80% of the company’s sales; Growth rates are maintained from 60% to 100% per year. Green Diamond Production and Trading Joint Stock Company with the brand name Light Coffee also participates in the international e-commerce trading floor of Alibaba and has achieved many positive results in business activities.

Livestream connects with many customers to help businesses increase sales efficiency and reduce costs.

In the context that the world economy is affected by the Covid-19 pandemic, the participation in international electronic trading floors helps businesses connect with customers around the world.

Mr. Kuo Yiling, Chief Representative of Asia-Pacific of Alibaba said that Vietnam currently offers over 600,000 products on Alibaba. On average, these partners receive over 50,000 quotation requests from around the world each day.

Customer care and international transactions through e-commerce floors at a tea and coffee exporting enterprise in Ho Chi Minh City.

Mr. Kuo Yiling assessed that Vietnam has the ability to provide competitive goods on international e-commerce floors.

“Alibaba has approached and accompanied many partners in Vietnam for more than 10 years. The number of reputable suppliers from Vietnam has increased rapidly since the first days. We see Vietnam has a great potential for globalization, with the ability to provide competitive goods and the quality of the staff becoming more and more proficient, ”said Mr. Kuo Yiling.

From Till Bücker, tagesschau.de On Wednesday, the largest US trading platform for cryptocurrencies will venture onto the trading floor. Proponents of Bitcoin and Co. see this as a further step towards broader acceptance of digital currencies as an asset class. According to the company’s own information, 114.9 million shares are to be listed under the symbol “COIN” on the New York technology exchange Nasdaq via a direct placement without the support of investment banks and pricing procedures. This makes Coinbase the first crypto company to be listed on a major American stock exchange. Experts also describe the stock market debut as a groundbreaking event for the regulation of digital currencies.

43 million users

The company from San Francisco was recently valued by investors at almost 68 billion dollars. According to the business magazine “Forbes”, Coinbase could achieve an overall valuation of more than 100 billion dollars in the transaction – making it one of the largest IPOs in recent years. In October 2018, the company was valued at just eight billion dollars in a financing round. In 2012, Coinbase boss Brian Armstrong and Fred Ersham, who is no longer operational as a director, founded the platform to enable easy and fair trading in cryptocurrencies – apparently with success. According to the company, around 43 million investors in over 100 countries use Coinbase to invest. 2.8 million at least once a month.

Brian Armstrong is the boss and founder of Coinbase. At least Coinbase is benefiting from the transactions: for 2020, the company reported revenues of around $ 1.3 billion, which was more than double the previous year. The bottom line was a profit of $ 322 million. In 2019, Coinbase had earned a minus of 30 million. The soaring is closely related to the Hype about cryptocurrencies. Bitcoin and Ether in particular have only known one direction since autumn, with minor exceptions: up. Both currencies recently reached a new record high. At the end of September, a Bitcoin had cost $ 10,000. Today, investors have to pay more than $ 60,000 for the oldest and largest cyber currency.

How does trading on crypto exchanges work?

Anyone who wants to trade cryptocurrencies – for example, shares in Bitcoin – has several options. Usually there is different from the stock market no middleman like a bank or broker. Investors can therefore buy and sell mainly via crypto exchanges. In addition to Coinbase, this also includes, for example, the Stuttgart Stock Exchange with its BISON app and the BSDEX (Stuttgart Stock Exchange Digital Exchange) as well as FTX, Binance, Bitstamp, Bitso or Kraken, which are also planning an IPO in the coming year. Investors set up an account at the crypto exchanges and can trade with relatively low transaction costs, store their coins and exchange them for traditional currencies. With traditional exchanges, on the other hand, brokers are always interposed to process the transactions. What is an advantage in terms of transparency is, on the other hand, also a risk. “It can happen that stock exchanges are exposed to hacker attacks and the money disappears,” said Leon Berghoff from the crypto trading company Sixtant. According to a report by the server service provider “Atlas VPN”, there were more than 120 hacker attacks on cryptocurrencies in 2020 alone. A lack of government regulation could also become a problem.

Investors should look carefully

“There are now over 200 crypto exchanges worldwide. Some of them are well done, but others are not”, says Philipp Sandner, head of the Blockchain Center at the Frankfurt School of Finance & Management, in an interview tagesschau.de. Regulation in this country offers the best protection against a total loss of the investment. For example, Coinbase, the Stuttgart Stock Exchange, bitcoin.de or the Berlin crypto bank Bitwala have applied for approval from the Federal Financial Supervisory Authority (BaFin).

Expert Sandner advises paying attention to licenses. “These four companies should get the licenses pretty sure. With all the others, investors should stay away from it if they are not entirely sure,” said Sandner. Many foreign exchanges have not applied for a BaFin license and deliberately circumvented regulation due to high costs.

Security through a good reputation

In addition, a certain reputation is also helpful. “Once a company has built up a good reputation like the Stuttgart Stock Exchange, it will do everything possible not to damage it,” says Sandner. That is an additional protective mechanism. The reputation also contributes to success at Coinbase. The group has always complied with the rules and is therefore even allowed to advertise. In addition, hackers have never got through. “You can compare it a little with airlines. As soon as an airplane had problems, the whole country suddenly no longer wants to fly with it – and vice versa,” said the crypto expert. Investors should first be careful with unknown and non-established crypto exchanges. The IT measures on many platforms have meanwhile become more professional. In general, however, cybercrime can never be ruled out.

CEO Brian Armstrong has made $ 12.4 billion on the list of the world’s billionaires

On April 14, the largest crypto exchange in the US officially went public on the Nasdaq with a value of up to $ 86 billion. This helped the fortune of co-founder and CEO Brian Armstrong rise to 12.4 billion USD, becoming the 175th person on Bloomberg’s list of world billionaires.

After earning a master’s degree in computer science from Rice University, CEO Armstrong founded UniversityTutor, a website that offers online tutoring services and has been running for almost a decade but with little success. He then moved on to work as a software engineer at Airbnb for about a year.

By 2012, founders Brian Armstrong and Fred Ehrsam officially partnered to create Coinbase, a cryptocurrency exchange that allows users to buy and sell more than 40 different digital assets, including cryptocurrencies. like Bitcoin, Ethereum and Litecoin.

It is known that the 38-year-old billionaire currently owns about 40 million Coinbase shares. “I think some digital currencies will eventually be the world’s reserve currencies. I see their future,” said CEO Armstrong.

This Coinbase IPO is considered a turning point in the market because this is the first time that a company associated with a cryptocurrency has been listed on the public.

In the last two years, the value of Bitcoin has increased dramatically, making the names of CEO Brian Armstrong and Coinbase become famous in the tech world with about 56 million users worldwide, managing more than $ 320 billion in total volume. deal.

The bullish momentum of digital currencies such as Bitcoin, Ethereum currently reaching the milestone of $ 63,000 and $ 2,500 respectively are considered leverage to help Coinbase achieve impressive revenue and profit.

In 2020, this crypto exchange had a turnover of $ 1.3 billion. In its preliminary report for the first quarter of this year, Coinbase showed that revenue for the same period increased 9-fold to $ 1.8 billion and net income increased from $ 730 million to $ 800 million.

After the IPO, Coinbase is receiving a lot of expectations from experts as well as those who believe in cryptocurrencies for a solid future in the market.

Steel prices today April 15, many brands suddenly increased their selling prices.

Steel prices in the North

Today April 15, with Hoa Phat steel brand, the price for CB240 steel coil is at 15,890 VND / kg. D10 CB300 steel is currently priced at 16,080 VND / kg.

Vietnam Italy steel brand name today has not changed, CB240 coil is currently priced at 16,040 VND / kg, while D10 CB300 steel increased 300 VND from 15,690 VND / kg (price April 13) to 15,990 VND. / kg.

With Viet Duc Steel (Viet Duc Steel Joint Stock Company) the current price of 2 products is 16,140 VND / kg (with rolled steel CB240) and 16,020 VND / kg (D10 CB300 steel). From March 13 to the present, the company’s steel price has increased by more than 1,000 dong, the highest price in a month.

Kyoei steel factory price remains stable for the 5th consecutive day, with CB240 coil currently priced at VND 15,690 / kg and rebar D10 CB300 currently at VND 15,790 / kg.

Thai Nguyen Steel Company in the evening of April 14 suddenly adjusted to increase prices, currently with 2 CB240 steel coil products, the price is 16,800 VND / kg; also with D10 CB300 steel at the price of 16,240 VND / kg (both products increased by 300 VND).

US steel shows price stability for 12 consecutive days. Currently, the price of rolled steel CB240 is 15,340 VND / kg, while rebar D10 CB300 is at 15,410 VND / kg.

Thus, today, the price of rolled steel CB240 ranges from 15,340 VND / kg to 16,800 VND / kg; while rebar D10 CB300 steel costs from 15,410 VND / kg to 16,240 VND / kg.

Steel prices in the Central region

Hoa Phat Construction Steel has updated its new selling price, slightly decreasing 2 of its steel products. Specifically, the line CB240 steel coil is priced at 15,790 VND / kg; with D10 CB300 steel is currently priced at 15,840 VND / kg.

Viet Duc Steel Joint Stock Company today continues to stabilize prices for the 5th consecutive day (from April 10 to April 15), currently 2 products of CB240 steel and D10 CB300 steel are priced at VND 15,740 / kg.

Pomina Steel, after a strong price increase, continues to stabilize for many consecutive days, unexpectedly increases the price, currently with rolled steel products CB240 is priced at 16,500 VND / kg (an increase of 410 VND); with D10 CB300 steel at 16,600 dong / kg (up 360 dong).

Thus, the price of steel in the Central region with the price of rolled steel CB240 is fluctuating at VND 15,740 / kg to VND 16,500 / kg; with rebar D10 CB300 steel is maintaining the price from 15,740 VND / kg to 16,600 VND / kg.

Steel prices in the South

With the Hoa Phat brand, in the Southern market, the price of its products continues to be adjusted. With rolled steel CB240 is priced at 15,790 VND / kg; and rebar D10 CB300 rebar is at 15,840 VND / kg.

The Pomina brand has a price increase adjustment. With rolled steel CB240 and D10 CB300 steel, the prices are 16,390 VND / kg and 16,500 VND / kg, respectively.

Southern steel brand increased selling price, exceeding 16,000 VND / kg. With rolled steel products CB240 has a price of 16,190 VND / kg; while with rebar D10 CB300 steel is 16,090 VND / kg.

Tung Ho steel factory has also raised selling prices. With rolled steel CB240 is at 16,190 VND / kg, while rebar D10 CB300 price is 15,940 VND / kg.

It can be seen that, in the Southern market today, apart from the steel giant Hoa Phat adjusting and lowering the price, other brands are raising the price of their steel products.

On the Shanghai Exchange

Steel price today delivered in October 2021 on the Shanghai Exchange increased by 6 yuan to 5,137 yuan / ton at the time of the survey at 9:45 (Vietnam time).

On Tuesday (April 14), iron ore futures prices in China rose for the third consecutive session, closing at the highest level on record in the past five weeks, Reuters reported.

Attractive virtual money market

After many sessions close to the old peak, Bitcoin has penetrated the threshold of 62,000 USD and then 63,000 USD / Bitcoin on the evening of April 13. Currently, Bitcoin price is fluctuating around 63,500 USD / Bitcoin, sometimes close to 64,000 USD / Bitcoin. Thus, in the past 1 year, the price of Bitcoin has increased about 9 times, a level of return far exceeding all traditional investment channels such as stocks or gold.

As Wall Street becomes more and more open to cryptocurrencies, Coinbase’s direct listing is attracting great investor interest, according to financial experts. Especially on April 14, Coinbase officially became a public company on the Nasdaq. This is the first major crypto company to list, considered a major turning point for the digital market as well as a test of the level of investor interest in startups. (startup) differs in this area.

Not only Bitcoin, but also many cryptocurrencies issued by exchanges also increased in price ahead of the Coinbase listing. Typically, Binance Coin increased 23% in the first day of the week; Houbi Token and KuCoin Token both went up.

Before the excitement of virtual money, the virtual money market, also known as electronic money in Vietnam, became active again when investors realized that this currency had promising potential. As can be seen, the appearance of Pi, a new cryptocurrency and other virtual currency units in early 2021 has attracted a large number of new investors to join.

In Vietnam, virtual money in general and currencies like Bitcoin, Litecoin … in particular are still not recognized and are not legal means of payment. The issuance, supply and use of virtual currency are prohibited acts and will be sanctioned according to the Government’s Decree No. 96/2014 / ND-CP on sanctioning of administrative violations in the monetary and banking sector. Criminal Code 2015 (amended and supplemented). Previously, the State Bank of Vietnam had warned many times that investing in virtual money caused great risks to investors.

Unpredictable risks

According to market research Statista, Vietnam has the 2nd highest cryptocurrency usage rate in the world, after Nigeria. With millions of dollars traded every month, crypto exchanges are a good prey for cybercriminals.

The technology security companies said that fraudulent acts on electronic transactions are very diverse and sophisticated, such as collecting information from developers and investors; attack with malware, phishing, malicious code, fake notification, navigate to fake website, DDoS … and steal electronic wallet security key.

The famous criminal group in the world that focuses on cryptocurrencies today, such as Lazarus, BlueNoroff (a member of the Lazarus family that specializes in attacking the financial sector) is also said to be carrying out related attacks. to cryptocurrencies in Southeast Asia under the name SnatchCrypto.

The vibrant virtual money market attracts many Vietnamese investors to rejoin (illustrations).

Not only that, the risk of losing money also comes from virtual currency exchanges and can be collapsed at any time. Commenting on this type of investment, Lawyer Pham Duy Khuong, CEO of ASL Law Firm, said that although he is always warned about potential risks, what makes virtual money still attractive to investors. it is too big a profit. But the downside of the coin’s development has actually created a series of risks of “junk” virtual money investment channels appearing more and more.

Worryingly, virtual money “trash” tends to increase sharply and is “sucking blood” of investors. Specifically, with an attractive offer of great profits from virtual currency exchanges, investors massively poured money into “junk” virtual currency floors and then after a short time, the floor suddenly collapsed, when Then new investors fall back to be deceived. More sophisticated, when many cryptocurrency exchanges have “lured” investors to buy real virtual money, then use these virtual currencies to buy back virtual money “trash” “In order to make high profits and then the investors lose all their investment money.

However, according to the experts, it is very difficult to sanction fraud on these type of exchange owners. Because, if investors contribute with real money to the property, it can also be sanctioned, but if you contribute virtual money – a currency that is not an asset or a means of payment, there is no legal status, so it is not. there are grounds for punishment

Chris Connell, Managing Director of Kaspersky Asia Pacific said: “The development of cryptocurrencies is an integral part of digital transformation in the region and in Vietnam. Therefore, we encourage individuals accessing these financial technologies to have a basic knowledge of security measures to keep their cryptocurrencies safe.

Specifically, before investing, learn about cryptocurrency exchanges. These platforms provide the means for buying and selling virtual currency units as there are more than 500 exchanges. Do research, read feedback and talk to experienced investors before going any further.

After buying cryptocurrencies, investors need to know how to choose a digital wallet to keep. Because there are different types of wallets, each has different benefits, technical requirements and security. Therefore, players should research hosting options before investing.

However, according to the warning of financial expert – securities Phan Dung Khanh, Investment Advisory Director of Maybank Kim Eng Securities, do not put all your capital in Bitcoin just because it is the only name you know. There are thousands of options and it’s best to divide your investments by a few different units of money. Even so, cryptocurrencies are a volatile market, so if their investment ability or mental health cannot withstand the volatility, cryptocurrencies may not be a wise investment.

In particular, always uphold security when trading virtual money. Ideally, home trading is safer than using a public network, but you need proper security. For starters, it’s a good idea to change your router’s default password because the root password is usually the same for all routers of the same model, making your Wi-fi vulnerable to attack. In any case, it is best to do all electronic transactions over an encrypted VPN channel, which will add an extra layer of security.

A global customer survey conducted by Statista shows that Vietnam has the second highest cryptocurrency usage rate in the world, after Nigeria.

With millions of dollars traded every month, cryptocurrency exchanges are a good prey for cybercriminals. Fraudulent acts on electronic transactions include developer and investor information collection; attack with malware, phishing, malicious code, fake notification, navigate to fake website, DDoS … and steal electronic wallet security key.

A notorious cybercrime gang that targets cryptocurrencies is Lazarus and its members. Since 2019, Kaspersky researchers’ investigations show that Lazarus is behind the recent attacks in Singapore.

BlueNoroff, “family member” Lazarus specializing in the financial attack, is also said to be carrying out cryptocurrency-related attacks in Southeast Asia under the name SnatchCrypto.

The gang targeted banks, and was also accused of being involved in the theft of $ 81 million by Bangladeshi banks. Kaspersky researchers have been tracking SnatchCrypto since the end of 2019 and found that the guys behind the campaign have resumed operations with a similar strategy.

Chris Connell, Managing Director of Kaspersky Asia Pacific said: “In the near future there will be more new crypto investors across Southeast Asia as the bargains from different cryptocurrencies are undeniable, and Vietnam is one of the countries that are at the forefront of this transformation.

The development of cryptocurrencies is an integral part of digital transformation in the region and in Vietnam, so we encourage individuals who access these financial technologies to have a basic knowledge of security measures to keep our cryptocurrency safe ”.

Experts at Kaspersky share some basic ways to protect yourself against cybercriminals on cryptocurrency exchanges:

– Transaction research: Before investing, learn about cryptocurrency exchanges. These platforms provide the means for buying and selling virtual currency units, but there are over 500 transactions to choose from. Do research, read feedback and talk to experienced investors before going any further.

– Know how to keep your virtual currency: After purchasing cryptocurrency, you need to keep it. There are different types of wallets, each with different benefits, technical requirements and security. When trading, you should research your storage options before you invest.

– Diversification of investment: Diversification is the key to any smart investing strategy, and so is when you invest in cryptocurrencies. Don’t put all your capital into Bitcoin just because it’s the only name you know. There are thousands of options, and it’s best to divide your investments by a few different currencies.

– Prepare for instability: Cryptocurrency is a volatile market, be prepared for volatility. You will see amazing fluctuations in prices. If your investment ability or mental health cannot tolerate volatility, then cryptocurrencies may not be a wise investment.

Cryptocurrency is booming, but it’s still in its infancy. Investing in something new always presents challenges, so be prepared. If you are planning to invest, do your research carefully and invest carefully.

– Always give security: Transacting using your home network is safer than using a public network, but you need the right security. For starters, it’s a good idea to change the default router password because the root password is usually the same for all routers of the same model, making your WiFi vulnerable to attack.

In any case, it is best to do all electronic transactions over an encrypted VPN channel, which will add an extra layer of security.

When choosing a VPN service, pay attention to the connection speed (depending on the number and quality of the server group of the provider).