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Over $7.7 billion stolen in crypto scams in 2021 and 4 other updates you should know

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over-$7.7-billion-stolen-in-crypto-scams-in-2021-and-4-other-updates-you-should-know-–-cnbc

The top cryptocurrencies by market value remain in the red this week.

Bitcoin is currently trading at around $46,766, according to Coin Metrics, and Ether is trading at around $3,880. Both are down around 6% in the last seven days.

But a few cryptocurrencies in the top 10 managed to withstand the downturn. Terra’s LUNA is up over 29% in the last week and is now trading at $80, according to Coin Gecko. Avalanche’s AVAX is also up 29% in that time frame and is currently trading at $113.

Along with price movement, here are more important things that happened in the crypto space last week.

1. Elon Musk said that Tesla will accept dogecoin as payment for merch

2. Cryptocurrency prices listed on Coinbase and CoinMarketCap briefly glitch

Also on Tuesday, a glitch on exchange Coinbase and price-tracker CoinMarketCap listed inaccurate prices of cryptocurrencies, most of which appeared to be overblown and inflated in value.

Coinbase and CoinMarketCap users were confused, as this issue drastically altered many wallet balances on the platforms.

The issue has since been resolved on both Coinbase and CoinMarketCap.

Coinbase blamed CoinMarketCap and its pricing data for its glitch, but the the exact cause is still unclear.

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3. Senate Banking Committee members mention concern over stablecoins and DeFi

During a Senate Banking Committee hearing on Tuesday, members discussed stablecoins, which are cryptocurrencies that are meant to be pegged to a reserve asset like the U.S. dollar.

Chairman Sherrod Brown, D-Ohio, shared his thoughts on stablecoins and their risks in his opening statement.

“Let’s be clear about one thing: If you put your money in stablecoins, there’s no guarantee you’re going to get it back,” Sen. Brown said. “Stablecoins and crypto markets aren’t actually an alternative to our banking system. They’re a mirror of the same broken system — with even less accountability and no rules at all.”

Senator Elizabeth Warren, D-Mass., agreed. “Stablecoins pose risks to consumers and to our economy,” she tweeted following the hearing.

“They’re propping up one of the shadiest parts of the crypto world, DeFi, where consumers are least protected from getting scammed. Our regulators need to get serious about clamping down before it is too late.”

4. $7.7 billion was stolen in crypto scams in 2021, report says

Over $7.7 billion was stolen in cryptocurrency scams worldwide in 2021, according to a new report by blockchain analytics firm Chainalysis. That’s an 81% rise compared to 2020.

Rug pulls, a type of scam where developers abandon a project and leave with investors’ funds, became the “go-to scam” of the decentralized finance, or DeFi, ecosystem, Chainalysis wrote in its report.

In 2021, rug pulls accounted for over $2.8 billion stolen, or 37% of all cryptocurrency scam revenue, compared to 1% in 2020. 

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TEKNOLOGI

Augmented Reality Can Prevent Blindspot-Based Vehicular Mishaps On Busy Motorways

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Augmented Reality Can Prevent Blindspot-Based Vehicular Mishaps On Busy Motorways


Augmented Reality Can Prevent Blindspot-Based Vehicular Mishaps On Busy Motorways

The involvement of augmented reality (AR) in smart cities and the safety systems of modern vehicles promises to resolve a frequent cause of vehicular accidents—blindspots.

In automotive speak, blindspots are defined as the external spaces that the driver of a vehicle cannot see while driving. External visibility is generally poor for drivers because, apart from the zones visible through the glass areas and the ones reflected by the rear-view and wing mirrors in vehicles, they cannot see much else outside. This may seem like an insignificant problem at first, but dive deeper into the numbers, and you’ll find that about 840,000 crashes and 300 deaths occur every year due to blindspot-related accidents. 

The implementation of AR in smart cities and modern vehicles can be seen as a remedy for this issue. Recently, AR and VR-driven simulations have steadily emerged in vehicular safety testing. So, if vehicle manufacturers need to resolve the blindspot problem, they can look towards a few promising AR-driven concepts and solutions.

AR_in_Accidents.png

Heads-Up Windshield Display

Several vehicles manufactured by companies such as BMW, Bentley, Audi and many others have AR-based heads-up windshield systems that allows drivers to focus on the road ahead instead of being distracted by information on their vehicle’s dashboard infotainment systems. Heads-up display systems involve road signage as well as pedestrian and vehicle proximity data being displayed on the windshield of the vehicle. As you know, the possibilities are endless when it comes to AR, safety and visibility tools. So, manufacturers can configure such systems to project the visuals of pedestrians and other vehicles approaching or standing in blindspot areas of their vehicles (regardless of whether they’re static or in motion). This will let drivers see a simulation of pedestrians or vehicles in blindspots on the windshield of their vehicles, avoiding several accidents in the process.

See-Through Pillars and Panels

This is a slightly more unrealistic way of using AR for blindspot elimination. According to this concept, AR can be used to project the simulated visuals of a vehicle’s external environment on its pillars and other internal panels, vastly improving external visibility for drivers. Several concepts similar to this are currently in various stages of development. The success of this idea will greatly enhance the safety aspect of vehicles of the future.

 

On a basic level, blindspots are a result of the anatomy of vehicles today and will cease to exist if future vehicles are built differently. Until then, the use of AR in smart cities and connected modern vehicles can help reduce the number of accidents caused by blindspots.



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