Crypto Weekly: Kim pays a price
STORY: From why Kim Kardashian is counting the cost of promoting crypto, to a new craze on digital asset markets, we round up the week’s big stories in the world of alternative money.
There’s a new gold rush in crypto markets, with investors snapping up domain names like coin.crypto.
They’re a novel breed of NFTs that can replace the jumble of numbers and letters that form digital wallet addresses.
With tags like .crypto, .nft and .wallet, traders say some are changing hands for as much as $100,000.
That may be a relief for NFT fans, after new figures showed trading in the digital assets plunged 60% in the latest quarter.
A cost of living crisis is driving interest in crypto - and a potential surge in scams.
[Source: London Academy of Trading]
New research shows nearly one in six Britons are now considering crypto as a way to supplement their incomes.
Paddy Osborn at the London Academy of Trading says newbie investors are vulnerable:
“I think there's certain desperation there's, people are really getting desperate because the cost of living is going up and up and up and they simply don't have the money. So they are very susceptible to these enticing invitations that people put out there.”
And Kim Kardashian has agreed to pay $1.26 million for unlawfully touting EMAX coins, according to the U.S. SEC.
Regulators say she failed to disclose that she was paid to promote the tokens on Instagram.
EMAX has lost around 98% of its value since the influencer posted about it in June last year to her then 225 million followers.