The volume of internet searches for 'bitcoin scam instagram' has rocketed following incidents of accounts on the Meta platform being hacked.
[The Identity Theft Resource Centre (ITRC)](https://www.idtheftcenter.org/) reported a significant increase in victims of Instagram account takeovers linked to Bitcoin scams since October 2021.

According to ITRC findings, fraudsters construct Instagram posts regarding Bitcoin investments to entice other users. When a user clicks on the link, their money is gone, and their Instagram credentials are compromised.
The victim's Instagram account is then locked, and the account is utilised to post further links to phoney [Bitcoin](/coins/btc) investments.
This is what has sparked the rise in searches for 'bitcoin scam instagram' on Google.

You should never disclose your Instagram account passwords to anybody else. Use a strong password and two-factor authentication to secure your account. If an Instagram post appears too good to be true, it most often is.

Bitcoin Instagram scams and hacked Bitcoin Instagram accounts have been around for a long time. However, the ITRC is witnessing a considerable increase in victim queries concerning hijacked Instagram accounts. The Centre says it is now receiving four times as many reports each month than it has previously.

This heightened awareness is mirrored in the increased online interest in 'bitcoin scam instagram' searches.
According to the ITRC, fraudsters impersonate people their victims know to get personal information. Some victims are discovering that their Instagram accounts have been locked and that fraudsters are posting things in the hopes of defrauding others.

Some victims have complained that even if they did not submit their information to a scammer, they still had a hacked account or account takeover. While it appears that users are being targeted in numerous ways to get login information, their account information may also have been accessed using information from breaches, including Facebook login information, especially if the username and password were never updated.

The ITRC has also seen victims have their accounts faked using their public photos. Cybercriminals then track the victims and send them communications containing a scam or harmful link.

There are steps you can take to protect yourself:

•	Never give out your password or any other sensitive information to anybody
•	Make sure your password is difficult to guess
•	 On your account, enable two-factor authentication (2FA). Go to "Settings," "Security," and then "Two-Factor Authentication" to enable 2FA on Instagram. Tap "Get Started," then either "Authentication App" or "Text Message." Because SMS messages can be faked, the ITRC suggests using an authentication app
•	Check that the email address linked with the account is safe. It is also a good idea to use 2FA to safeguard your email
•	Third-party apps should not be downloaded through a social networking platform. Download software only from Apple, Google, and Microsoft's official app stores

You can contact the ITRC to learn more about stolen Instagram accounts and what you can do to secure the information that a fraudster may have access to.

Bitcoin Scam Instagram: Why this Phrase Matters

According to reports, Goldman Sachs, one of the world's largest financial organisations, has begun exploring the idea of purchasing assets from the crypto lending company Celsius Network, a company with deleveraging complications contributing to the crypto bubble chart as seen in the market of late. They are reportedly working on a $2 billion acquisition deal. 


## Goldman Sachs's involvement in the Celsius acquisition


Goldman Sachs has begun an industry-wide interest aggregation by identifying interested investors and obtaining significant commitments from them. 

According to a Goldman Sachs survey, insurers are exploring the idea of cryptocurrencies. According to the study, 6% of the three hundred and twenty-eight chief investment officers and chief financial officers had invested in or considered investing in cryptocurrency.

According to sources, [Goldman Sachs](https://watcher.guru/news/goldman-sachs-is-raising-2-billion-to-buy-celsius-network-assets) had targeted investors in Web3 crypto funds that specialise in distressed assets and traditional financial institutions. Majority of Celsius assets would most likely be cryptocurrency managed by participating investors. 

However, the CEO of a cryptocurrency trading platform remarked that unless Goldman Sachs explicitly states that they are purchasing Celsius, we should take the claims with a pinch of salt. It could simply be a PR stunt. 

Before its problems, Celsius was one of the top crypto lenders, with roughly $12 billion in assets under administration and 1.7 million members.


## Celsius CEO on the run after contributing to the crypto bubble chart 


A well-known cryptocurrency investor and analyst recently tweeted that Celsius Network CEO Alex Mashinsky was on the run and attempted to flee the USA this week via Morristown Airport before being detained by police. Currently, it is unknown whether he was banned or arrested. 

Celsius CEO Mashinsky was going to leave for Israel; while claiming that the monies were secure, [Celsius Network halted consumer withdrawals](/news/article/celsius-crypto-freezes-withdrawals). It was a significant contributor to the negative sentiment and herding behavior of mass selling resulting in the  second of the two crypto bubbles we have seen. Mashinsky has remained silent since then, and there is no indication of when the customer monies will be returned.


As of 8:56 a.m. (BST), the Celsius crypto bubble chart price is $0.79, a change of -20.60 per cent in the previous 24 hours. The current price movement in Celsius has resulted in a market capitalisation of USD 547,793,645.88. Celsius has changed by -82.59 per cent so far this year. Bitcoin plummeted 14% on Monday after a prominent cryptocurrency lending firm in the United States, Celsius Network, halted withdrawals. 

The Celsius crypto bubble chart price move spurred a sell-off in cryptocurrencies, with their value falling below $1 trillion for the first time since January 2020, raising concerns that the collapse may spread to other assets or firms.

For more crypto business news, visit us at [Moni Talks](/news/category/crypto-business-news).


How Celsius blew up the crypto bubble chart

The UK parliament member, Matt Hancock urged the issue of Bitcoin’s necessity of having an open [regulatory framework](/news/article/crypto-tax-UK) that resulted in a crypto analyst positive stance on the sector.

Hancock recently revealed that even though the crypto market did go through a huge sell-off, that hasn’t shaken his faith in the sector. 

Regarding the recent crash of the cryptocurrency terra (LUNA) (UST), he said that this was just something that happens even in the mature markets.

“The crash of Luna and the pressure on other stablecoins serves as a reminder that cryptocurrencies are still currencies and the age-old rules of finance still apply,” he opined and compared the situation with the dot-com bubble crash in 2001.

“The underlying technology is so powerful … Just because the dot-com bubble crashed in 2001, we didn’t discredit the internet as a technology,” he concluded.

“No country can stop this revolution. We can only choose whether it happens on our shores or happens to us from elsewhere,” he commented and added that the UK can succeed only if and when it decides to embrace the new technology.

This also means, said Hancock, that the government has to be able to adjust to crypto because, in liberal governments, no one should tell “people what they can and can’t do with their money”.

“The job of the regulators is to make sure there is high-quality information and that the market functions effectively. What remit does the state have to tell them what they can and can’t invest in? I think that’s incredibly patronizing, ”Hancock asserted.

Aligned with Hancock’s sentiment, the crypto analyst Madeleine Hume also believes that [crypto integration](https://www.morningstar.co.uk/uk/news/220381/5-charts-on-crypto%2339%3bs-past-present-and-future.aspx) is crucial. “Rather than a swift takeover, we expect that integration with existing systems across financial services and other sectors will likely determine future adoption rates in the space,” she commented.

Hancock is no stranger to being a [crypto advocate](https://www.monitalks.io/news/article/crypto-tax-UK). He is famous for his claims that crypto regulation can be fantastic for the growth of the overall economy but also for making financial systems more transparent and reducing crime. 

“We must understand and harness the potential of new technologies, not fear and avoid their disruptive power,” he said.

Still, he admitted he hasn’t invested in cryptocurrencies himself explaining that he wanted to “speak freely” about it without fear of having a conflict of interest.


Crypto analyst view correlates with UK parliamentary sentiment

The Singapore crypto scene is one of the main attractions in the unregulated digital currency landscape due to the country’s friendliness towards the new financial revolution. 

Unfortunately, the country’s regulator’s tightening on digital finance in[ June](https://cointelegraph.com/news/brutal-and-unrelentingly-hard-singapore-regulator-s-clampdown-on-crypto) contradicts Tharman Shanmugaratnam, a senior minister in the Cabinet who saw a lot of positives in digital assets in the sovereign island country and this has sent shockwaves across the markets. 
On Thursday, June 23, the central bank and financial regulator of one of Asia’s booming economies pledged to be unrelentingly hard and brutal on any transgression from major stakeholders in the digital currency industry. 

These comments were made by Sopnendu Mohanty, the Chief Fintech Officer of the Monetary Authority of Singapore (MAS) who explained in an interview with the Financial Times (FT) which was highly monitored by [MoniTalks. ](/news)

The Fintech Officer also criticized market participants who believe the country is losing its status as a friendly state for alternative finance. 
He responded that his country should not be friendly with decentralized finance because it can only deal with actors in a real economy and not some “unreal economy”.

To many firms in the space, this is a complete turnaround from what cabinet minister Shanmugaratnam said in October 2021. 
At the peak of the markets during the first month of the last quarter of 2021, he pointed out that digital tokens may have a role in future finance that goes beyond illicit finance and pure speculation. 

He added that the country was laying the foundation for becoming a crypto-technology hub which will make it easy for tokenization, trading, and custody services to be provided by companies. 

With that said, Chief Fintech Officer, Sopnendu Mohanty believes the current financial crisis can be attributed to the world being lost in private currency. 

As a result, the Asian state has enacted a painfully slow due diligence process that grants licenses to businesses associated with the digital currency market. 

Singapore crypto became a mainstay in the space because firms enjoyed low taxes. 

Unfortunately, the view in which the minister sees a place for crypto in the Asia hub has been replaced by regulations that aim to pave the way for the introduction of central bank digital currency (CBDC) which could be launched in the next three years. 


Singapore Regulator’s Clampdown on Crypto

Commenting on crypto tax, UK Conservative MP Matt Hancock said that the country needs to be more liberal in its approach to regulation. He argued it should introduce an “attractive” regime so it can maintain its position as the cryptocurrency hub of Europe. 
“The tax and regulatory regime needed to be dealt with quickly”, Hancock stated.

His words were heard by the ex-Chancellor Philip Hammond who said England is slowly trotting after its competitors regarding the regulation of digital assets since some countries, such as Korea, already decided on a [crypto tax](/news/article/south-korea-crypto) that would be optimal for consumers.
He stated the UK must activate itself quickly since, for now, it doesn’t look like it will maintain its position as a global cryptocurrency center.
 “It isn't too late for us to catch up and recover, but we are getting very close to the point where it will be too late,” he said and added development around legislation of the whole digital asset industry moves pretty slowly. 

Hammond stated that the FCA should have been faster in employing the industry experts. “We need the industry, to provide us with the talent to work up the regimes we need to introduce,” he said.


## Crypto tax, UK free zone

Still, there are more possibilities and reasons why we think the UK could become the real global hub when it comes to cryptocurrencies. Let's look at the advantages of being headquartered in the UK Channel Islands. The [Isle of Man](https://www.digitalisleofman.com/sectors/blockchain/) gives investors a pretty good opportunity for their crypto-based, with 0% standard rate of corporate tax, no capital gains tax and personal tax rates that are among the lowest in Europe.

The self-governing British Crown dependency has been a famous IT and financial hub for years and with it being more welcoming towards the cryptocurrency industry – UK Channel Islands seem like an attractive home to the crypto participants.

Also, according to a new PwC Channel Islands report, one in five British citizens already own cryptocurrency. With that in mind and Tether recently [launching a stablecoin pegged to the British pound](/news/article/best-crypto-exchange-uk)  - these are supportive signs that the UK that bodes well for the future prospects of the UK being a crypto hub.



UK tax environment supportive for crypto hub 

Is [Bitcoin Prime](https://bitcoinprimeapp.com/) scam or legit? That's the question investors have been asking after promises of huge returns for little work.
Bitcoin Prime is a trading bot that employs sophisticated artificial intelligence (AI) algorithms to make automatic trades on your behalf. It has a claimed 90%winning rate, per its official website, and the software is completely free to use.

All you have to do is to pay a small fee in commission only when you win. Due to the controversies such as scams and hacks miring the crypto finance market, many people ask, is Bitcoin Prime worth your time and money?
This article looks at all the essential details you need to know about this crypto trading robot.

## What is Bitcoin Prime?

Bitcoin Prime is reputed to be a cryptocurrency trading service that detects trading opportunities in the cryptocurrency markets. Once profitable setups are found, Bitcoin Prime automatically places trades on your behalf.

Because it markets itself under its AI algorithm, its success largely depends on it. Although it has been difficult for software engineers to identify the details of Bitcoin Prime's algorithm, many experts believe it sources data from technical analysis patterns that several day traders use to make money.
Despite being accessible to everyone with internet access, you need $250 as an initial deposit before you make real profits using Bitcoin Prime.
The platform’s revenue comes from charging a 2% commission on profitable trades.

You should note that you would not be subject to commission fees if your account does not turn profits.

## How Does Bitcoin Prime Work?

Despite the phrase 'Bitcoin Prime scam' trending online, it appears to be a legitimate project, and this is how it works.
The crypto trading robot tracks the price movements of 14 different digital assets. They are Binance Coin (BNB), Ripple (XRP), NEO, EOS, Miota (IOTA), Cardano (ADA), Ethereum Classic (ETC), DASH, Zcash (ZEC), Bitcoin Gold (BTG), Bitcoin Cash (BCH), and [Bitcoin (BTC)](/coins/btc).

Once the algorithm detects a price pattern in any of the aforementioned assets, a trade will be triggered.
An order will be entered into your account, which will be monitored, and the position will be closed once the trade expires.
Once done, your funds and any profits will be returned to your account.

Like certain exchanges, such as eToro, Bitcoin Prime provides a demo account. This helps you familiarise yourself with its AI algorithm.
Bitcoin Prime does not store your funds in their wallet. For the purposes of credibility, funds are held in the accounts of a third-party broker. As a result, while Bitcoin Prime can issue orders for the execution of trades, it does not have access to your funds.
You can withdraw funds within a few hours if you are not satisfied with your trading activity.

## Pros and Cons of Bitcoin Prime? 

While the crypto robot offers a unique innovation that has made trading highly volatile assets such as cryptocurrencies easy, it is not a perfect system.
One of the pros of Bitcoin Prime is that it lists several cryptocurrencies for trading. Also, it does not take a huge part of potential profits. A 2% commission fee is relatively lower than some of the fees charged on certain cryptocurrency exchanges.

What’s more, Bitcoin Prime’s association with third-party brokers in executing contract-for-differences (CFDs) shows a commitment to staying up to speed with the space.
The trading service's demo account converts novices to experts, resulting in rave reviews by past and active users of the platform.
With that said, Bitcoin Prime does not offer a mobile application. One of the pros of cryptocurrency exchanges is their accessibility on smart devices powered by Android and iOS. This has made it easy for traders to buy and sell cryptocurrencies.

Aside from that, the minimum deposit for being a customer of the trading service is $250. Several cryptocurrency exchanges have minimum deposits that range from $1 to about $50.

Bitcoin Prime's deposit requirement is five, 10, 15, or even 20 times that of some.

When it comes to answering the questions 'Bitcoin Prime Scam or Legit?' you should conduct your own research.
 
 


Latest Moni

Crypto Business News | Page 16

Read the latest crypto business and market news from around the world.

Bitcoin Scam Instagram: Why this Phrase Matters

How Celsius blew up the crypto bubble chart

Crypto analyst view correlates with UK parliamentary sentiment

Singapore Regulator’s Clampdown on Crypto

UK tax environment supportive for crypto hub

Bitcoin Prime - Scam or Legit?

Zipmex Gets 3-Month Creditor Protection

Reddit Crypto Exchange Partnership with FTX

Polkadot blockchain and altcoin explained