Bitcoin Daily: In UK, Warnings On Crypto Scams, While Bitcoin Wilts

Amid the volatility of cryptos, and across the pond, warnings of scams abound.

As noted by financial publications and sites such as Crypotovest, in the United Kingdom, the U.K. Financial Conduct Authority (FCA) updated its warning on those aforementioned scams, with a nod to the fact that complaints have been on the rise. Among the cautions: Some scammers tout investment products that use cryptos as assets, social media continues to be a lure, and celebrity-linked advertisements and images are used.

The re-emergence of the crypto warning from the U.K. comes even as the bounce seen among bitcoin and its brethren — at this writing at least — seems short-lived. The bounce had been impressive, as that marquee name and peers had come, over the past several trading sessions, off their lows. Make that impressively off their lows, to the tune of 25 percent of nadirs seen at the beginning of last week.

Bitcoin began the week down as much as 2 percent on Monday (Aug. 20), before recovering a bit to around $6,465, and the marquee name, noted MarketWatch, would have a “way to go before the move is considered to be anything but a temporary bounce.”

In the annals of crypt-related crime, reports have come via China that police — in arrests that come across multiple cities — have snared three individuals who allegedly stole bitcoin and crypto to the tune of $87 million. That report comes from the Chinese news agency Xinhua, which said over the weekend that the trio was arrested Aug. 15 in the wake of a complaint by an alleged victim, who said he had been bilked — after being hacked — by more than $14 million. The trio was charged with cyber break-ins of several corporate and personal computers and networks beyond that initial theft.

Separately, in individual company news, shipping firm UPS has filed for a patent that aims to build out distributed ledger tech (DLT) for shipping across the globe. The application comes courtesy of the U.S. Patent and Trademark Office last week, and ties in to storing data across package information, as well as how and where it is moving, along with transport plans.