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BEWARE: Fake Ledger Devices | This Week in Crypto – Jun 21, 2021

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Users are receiving fake Ledger devices, Paraguay to follow in El Salvador’s footsteps in adopting Bitcoin and a Fidelity executive says he believes the bottom is in? These stories and more this week in crypto.

Scammers are sending fake replacement devices to Ledger customers exposed in a recent data breach. The device came in an authentic-looking packaging, with a poorly written letter explaining that the device was sent to replace their existing one, however, it is rather used to steal cryptocurrency from the wallets. Always use Ledger’s official guide to make sure your Ledger device is genuine.

Shortly after El Salvador accepted Bitcoin as legal tender, another South American country is eyeing the possibility of crypto adoption. A Paraguay official hinted, the country is planning to introduce Bitcoin legislation in July. The news comes after Grupo Cinco, one of Paraguay’s largest entertainment companies revealed, that it is planning to accept cryptocurrencies next month.

American broadcasting giant Fox has launched a new $100 million fund for non-fungible token (NFT) creators. The money will reportedly go towards supporting content creators, IP owners, and advertising partners in building, launching, and selling NFTs and digital experiences. The multimillion-dollar seeding is part of Fox’s greater Blockchain Creative Labs unit, first announced in May.

Grayscale, the world’s leading crypto asset manager, is looking to add more than 10 new crypto assets to the existing crypto investment products it already offers. The announcement includes three top 20 cryptocurrencies by market cap: Solana (SOL,) Polygon (MATIC), and Internet Computer (ICP) tokens along with 10 other altcoins.

Wall Street investment bank Goldman Sachs plans to offer investors options and futures trading in Ether. The bank said that clients see current price levels following the recent rout as a good entry point and that the bank also plans to facilitate trades with exchange-traded notes that track ether as part of a relaunch of its cryptocurrency trading desk which reopened after a three-year hiatus.

According to a survey by the Financial Times, large hedge funds expect to increase their cryptocurrency holdings to 7% within the next five years. The survey was conducted among officers from over 100 global hedge funds and concluded that such an allocation would “represent a large increase” in funds put in various digital assets.

Popular cryptocurrency exchange Coinbase has announced it will be occupying a 30,000-square foot office in New York, a region known for being particularly unopened to crypto businesses. Following the establishment of the restrictive BitLicense measures in 2015, many blockchain firms left New York, though perhaps Coinbase can pave the way for New York’s crypto future.

Jurrien Timmer, director of the asset manager giant Fidelity, expressed his perspective on current bitcoin prices. According to Timmer, the “bottom is in”, believing bitcoin’s price has dropped to its lowest point already. Fidelity has increased its Bitcoin activities in recent times, releasing a dedicated analytics platform and even applying to launch an exchange-traded fund (ETF) this year.

That’s what’s happened this week in crypto, see you next week.

Jack Pellington is a seasoned writer with a deep passion for the convergence of technology and finance. He has spent several years covering the latest developments in blockchain, cryptocurrency, and fintech, providing insightful and comprehensive analysis. Jack's work has appeared in numerous esteemed publications and he holds a degree in Financial Economics. Jack is dedicated to educating his readers about the transformative potential of emerging technologies as he takes his work on the road, exploring Europe.

View all Posts by Jack Pellington

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