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Cryptocurrency scam costs online dating user £20,000 | Cryptocurrencies

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In early May, James Evans* met a man on the dating app Grindr. The man, who said his name was David, was friendly and chatty. “It started off as a normal conversation,” says Evans. “We moved to WhatsApp and exchanged messages. After a few days he started telling me about crypto trading and how he could show me how it worked and how I could earn money from it. It seemed like a genuine connection.”

Unfortunately for Evans, , that wasn’t the case. He hadhooked up with a scammer, who within a week had convinced him to hand over £20,000.

Dating scams surged during the lockdowns, with Which? reporting a 40% rise in cases involving people being tricked into transferring money to people they met online. In Evans’s case instead of asking for financial help the man he met persuaded him to sign up to an fake investment.

First he was persuaded to set up an account with Binance and pay in £500. Binance is a cryptocurrency exchange – a website where investors can buy into digital currencies including bitcoin and ethereum. The City regulator, the Financial Conduct Authority, warned about the website last week, and banned part of the group, Binance Markets Ltd, from operating in the UK.

Recently, it emerged that TSB plans to ban customers from buying cryptocurrencies amid fears there are “excessively high” fraud rates on the platforms where they are sold. Barclays, Monzo and Starling Bank have already done likewise, blocking transfers to Binance and other websites.

Evans used his First Direct account to pay in to the site, and from there the fraudster showed him how to move his money to a trading platform where he could supposedly invest it.

His first payment on a Wednesday night was followed by more on Sunday and Monday, totalling £12,000. Each time the fraudster walked him through moving the money and “investing” it, and the screen appeared to show him making money and being free to transfer it back to Binance.

On Sunday, First Direct queried a payment to Binance for £3,000, which Evans confirmed. “At this stage I was still keen to take part and did not believe I was part of a scam,” he says. “Again, I bought the currency on Binance, transferred it to the trading app, he showed me how to trade using WhatsApp and screenshots, and then transferred the funds back to Binance and into my current account.”

The Grindr app logo amongst other dating apps on a mobile phone screen
Evans met the scammer on the dating app Grindr. Photograph: Leon Neal/Getty Images

But after the transfer on Monday things started to unravel. His “account” on the trading site stopped working and “David” told him to contact its customer services. When he did he was told his account had been blocked and he needed to pay a 50% deposit of his account balance to unlock the funds.

He suspected something was wrong, but “after an anxious 24 hours” decided to pay the fine. Then he tried to withdraw his money, just as he had been shown, but to no avail. A call to “customer services” resulted in another request for cash. “At this stage I was absolutely distraught and knew that I had been scammed.”

Evans says he never intended to invest so much money, but the fraudster spent a week “emotionally and mentally abusing and manipulating” him, and by the time he handed over the last payment he had been convinced it was the way to get his money back.

He reported the case to Action Fraud and contacted First Direct to say he had been conned and ask if it would refund his money. It refused and told him the scam had happened after he transferred the money from Binance, so he needed to make his complaint there.

First Direct said: “We are very sorry Mr Evans has been a victim of an elaborate scam, and fully appreciate how the situation has impacted him. Sadly, there are unscrupulous individuals who carry out criminal activities without any regard for the effect this will have on their victims.

“Upon investigation we have concluded our fraud detection systems worked as intended but, because Mr Evans sent the money to an account in his own name before transferring the money on again, there is no further action we can take.”

A Binance spokesman said: “Binance is very serious about our responsibility to protect users from attempted scams and frauds. Where we are made aware of these kinds of claims, we immediately take action and have an excellent record of working with law enforcement agencies globally to assist in their investigations.”

The spokesman did not explain what, if anything, had happened to Evans’ complaint. He said anyone who suspected they had been scammed should inform its customer services, local police and Action Fraud.

Of the FCA notice, the company said it had “no direct impact on the services provided on Binance.com. Our relationship with our users has not changed.

“We take a collaborative approach in working with regulators and we take our compliance obligations very seriously. We are actively keeping abreast of changing policies, rules and laws in this new space.”

Grindr says it cannot comment on Evans’s case, but that it “takes a number of measures to help protect our users from bad actors”, including using machine learning to detect accounts involved in scamming.

“Unfortunately, scamming is an entire industry, with extensive resources dedicated to bypassing a company’s security and authenticity measures,” it says.

“Social media and dating apps are a prime target for these bad actors, as scammers seek to exploit people looking to make meaningful connections. That is why we also work to educate our users on potential scams. You can see our scam awareness guide here which outlines some common themes we’ve observed. We also publish our online general safety tips page as well as a Holistic Security Guide, available in multiple languages.”

Evans says: “I genuinely thought my interactions with David were genuine, we messaged late into the night, shared voice notes and even made plans to meet up… At no point did I think he was out to manipulate me in this way and neither did I think that I could be manipulated in such a way where someone could take my life savings and everything I have spent years working hard for. I have been left with nothing.

“The police have said they do not have enough evidence to investigate and Grindr, Binance and my bank have all refused to investigate further. I feel a huge sense of injustice and this person is free to scam others – that’s what really hurts about this situation.”

*Not his real name

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NFT sales hit 12-month low after cryptocurrency crash | Non-fungible tokens (NFTs)

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Non-fungible tokens have been swept up in the cryptocurrency crash as sales reached a 12-month low in June.

NFTs confer ownership of a unique digital item – often a piece of virtual art – upon someone, even if that item can be easily copied. Ownership is recorded on a digital, decentralised ledger known as a blockchain.

Sales of NFTs totalled just over $1bn (£830m) in June, according to the crypto research firm Chainalysis, their worst performance since the same month last year when sales were $648m. Sales reached a peak of $12.6bn in January.

“This decline is definitely linked to the broader slowdown in crypto markets,” said Ethan McMahon, a Chainalysis economist.

“Times like this inevitably lead to consolidation within the affected markets, and for NFTs we will likely see a pullback in terms of the collections and types of NFTs that reach prominence.”

The cryptocurrency market, worth about $3tn last November, is now worth less than $1tn.

NFTs rely on a blockchain – the decentralised ledger first used by bitcoin to track ownership of the cryptocurrency – to record who owns them and allow them to be traded. Most are based on the Ethereum blockchain, which is maintained through a carbon-intensive system called proof of work.

NFT chart

At its peak, the NFT market was attracting vaulting sums including $2.9m for a token of the first tweet by Twitter’s cofounder Jack Dorsey. A digital collage by the visual artist Beeple sold for $69m; the main token for the “play to earn” video game Axie Infinity hit a total value of $9.75bn; and Coca-Cola raised more than $575,000 from selling digital items such as a customised jacket to be worn in the metaverse.

According to the Chainalysis data, NFT sales peaked in January. In April an attempt to sell on the Dorsey NFT was abandoned when bids topped out at $14,000.

However, demand for so-called blue chip NFT collections has held up, according to DappRadar, a firm that tracks NFTs and blockchain-based video games.

The price of the cheapest NFT in the Bored Ape Yacht Club has declined by only 1%, to $90,00o, over the last month, according to DappRadar’s head of research, Pedro Herrera. “Blue chip collections are performing vastly better than the vast majority of NFTs,” he said.

NFT sales reached $40bn last year and the 2022 total has already exceeded that, at more than $42bn, according to Chainalysis. Sales in January and February accounted for more than half of the 2022 total so far.

The cryptocurrency market has come under pressure amid volatility in the wider stock markets, amid fears over rising inflation and higher interest rates, which have dampened appetite for riskier assets including tech stocks and digital assets.

Faith in crypto assets has also been shaken by the collapse of Terra, a so-called stablecoin whose value was supposed to be pegged to the US dollar, and troubles at crypto-related financial institutions such as the Celsius Network, a lender that has paused withdrawals.

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We speak to Purism’ CEO about the Librem 5 USA smartphone • The Register

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Interview In June, Purism began shipping a privacy-focused smartphone called Librem 5 USA that runs on a version of Linux called PureOS rather than Android or iOS. As the name suggests, it’s made in America – all the electronics are assembled in its Carlsbad, California facility, using as many US-fabricated parts as possible.

While past privacy-focused phones, such as Silent Circle‘s Android-based Blackphone failed to win much market share, the political situation is different now than it was seven years ago.

Supply-chain provenance has become more important in recent years, thanks to concerns about the national security implications of foreign-made tech gear. The Librem 5 USA comes at a cost, starting at $1,999, though there are now US government agencies willing to pay that price for homegrown hardware they can trust – and evidently tech enthusiasts, too.

We first wrote about the Librem 5 smartphone in 2017, considering it a privacy-centric device with a Linux OS. The Librem 5 USA, as noted, tries to use American companies with US fabrication “whenever possible.” It has a 5.7-inch 720×1440 screen with 3GB of RAM, 32GB of storage, and a user-replaceable 4,500mAh battery.

The goal is to produce a phone that can be trusted from the hardware to the OS and apps, something that Apple and Google have become vocal about, too.

The Register spoke with Todd Weaver, founder and CEO of Purism, about how things are going.

Weaver said Purism is about two weeks away from actually holding stock and selling phones, which isn’t something the company, which began with crowdfunding, has previously had to do. In the past, people have pledged funds with orders, and it has later fulfilled them; now it’s building inventory in anticipation of sales.

“We’re actually transitioning to holding stock and pushing sales,” he explained. “We’ve never had to do that before. We’ve never had to do outbound sales.”

The phone, to start at the hardware level on up, all the way to the operating system, is our manufactured hardware

Previously, said Weaver, the company’s growth has been a result of inbound requests for its products based on the material it has published about its projects.

“The phone, to kind of start at the hardware level on up, all the way to the operating system, is our manufactured hardware,” said Weaver. “It runs on a CPU that is not normally in phones.”

That would be a quad-core Arm Cortex-A53 i.MX8M running at 1.5GHz. Weaver said Purism isolated the device’s baseband modem from Wi-Fi and Bluetooth “so that you can actually turn it off with a hardware kill switch. That basically becomes the ultimate in security.”

A key thing to realize here is that baseband modems are effectively small computers running in handsets and handle the cellular communications; if a modem is compromised or made to run rogue firmware, it can potentially take over the rest of the device, hence Purism’s desire to isolate it, if the user so wishes. In fact, it has three hardware kill switches: one to cut off Wi-Fi and Bluetooth, one for cellular, and one for the microphone and cameras. All three will cut off GPS, too.

The main printed circuit board assembly (PCBA) is made by Purism in the US, and its microprocessor, from Dutch semiconductor maker NXP, is also made stateside.

The chip, Weaver explained, “is normally in airplanes, in commercial-grade devices, and in cars. It’s a quad-core CPU. But the reason we had to do that was we wanted to properly isolate. So in every other phone that’s made, the baseband modem – the cellular modem – is attached to memory and CPU. Fundamentally the carriers have firmware access that’s lower than the operating system.”

To make the phone secure, Weaver said, to protect privacy and individual freedoms, Purism had to consider security at the hardware level and move up the stack.

“There are all sorts of ways that has to be solved,” he said. “We solve it from the hardware, software, applications, data, and even services.”

The point, said Weaver, is to be able to just take the device and have peace of mind and control over your own digital life.

“We started in 2014, initially just crowdfunding laptops,” said Weaver. “My goal was to produce phones. But I knew that I had to increment through because we had to show that we can manufacture devices. We can do hardware, software, and services. Our model is very similar to Apple in that regard – we produce hardware and we have an operating system that’s married to it, so that it works.

“And then we also include services that fully respect you. If you had an iPhone or an Android phone and a Purism phone like Librem 5 sitting all next to each other, the iPhone will leak probably about three gigabytes of data without doing anything. Android devices are worse. Ours will leak exactly zero bits – nothing is sent without your explicit interaction, to make a request for weather information or browsing the web.”

Research last year suggested Android and iOS beam back telemetry to base even when users opt out of these transmissions, and a complaint was raised in 2020 over what appeared to be Android’s mysterious wireless data transfers.

While working toward phone manufacturing with the release of the Librem laptop, mini PC, and servers, Weaver explained his company was refining PureOS, its Linux distribution. “It’s our operating system that doesn’t have any mystery code in it,” said Weaver. “It’s all the source code, from the bootloader on up.”

Librem 14

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Purism, said Weaver, has been working on modifying the PureOS Linux kernel to conserve energy when idle.

“A lot of the things Android initially did to Linux, we are doing to mainline Linux, so that we can actually have these things idle down better,” he said. “Basically, it’s a better way to do nothing.”

He also said the processor tends toward the toasty side. “We pushed really hard with NXP, modified a bunch of Linux kernel development, so that we could get that cooler. It’s just that CPU runs hot. The next iteration, we’ll be using probably I.MX9 … that’s still probably two years away.”

Weaver also said some thought is being given to the possibility of soldering the currently modular modem in place, which would allow for thinner devices and would please government agencies that see a removable component as a security issue.

Asked what sorts of things are possible with a Librem phone that Android and iOS devices don’t offer, Weaver cited the way tethering works. Mobile providers often charge extras for tethering, but with a Librem 5 phone data is just data. He also pointed to disk encryption with user-controlled keys and chat applications that can handle multiple protocols, such as SMS, MMS, XMPP, and Matrix.

For people who want an alternative to Android or iOS, Weaver said it’s an easy sale. “I almost have to back them off to say that, you know, not all your apps are going to run there,” he said. “It’s got calls, text messaging, browsing the web, a calculator, but not Snapchat.”

It’s got calls, text messaging, browsing the web, a calculator, but not Snapchat

Given the benefit Apple and Google get from their respective app stores, it’s not surprising that Purism is trying to deal with what Weaver calls “the App Gap” – the vast number of mobile apps not available on PureOS at the moment.

“Initially, we developed a lot of the core applications,” said Weaver. “We also wrote a library that allows for all the existing GNU/Linux-based applications to shrink down and run on our mobile phone. So by doing that, you don’t have to write a new application, it’s just include our library, and it will now work on the phone.”

That takes some effort, Weaver conceded, and Purism has produced documentation and helped Linux developers adapt their existing apps.

Purism is also enhancing its PureOS Store by partnering with a group that’s funding Interledger, an open payment network federation system.

“We’re actually going to be adding to PureOS Store, which is equivalent to Apple’s App Store or Google’s Play Store, where we allow for people to charge a subscription or charge for an app,” said Weaver. “And then we also have the ability to pay bounties even, for apps that are really needed that aren’t yet developed. So basically, the solution to fill the App Gap is cash.”

“You have to incentivize developers by ‘Hey, you can get paid,'” he elaborated. “The ecosystem grows and also actually puts money towards that effort. Our business model – by selling hardware with high enough margin, having services that are attached – allows us to basically reinvest to fill the App Gap.”

Privacy has always been a tough sell in the tech industry, at least in a mass market context. But over the past decade, the Snowden revelations about the extent of government information gathering, constant privacy scandals, the online ad industry’s unrepentant intrusiveness, pushback against Big Tech and surveillance capitalism, and the always sorry state of data security have buoyed interest in privacy. Add to that trade tensions with China and the supply chain nationalism that has followed, not to mention competition and privacy regulations emerging in the US, UK, and EU, and it looks like an opportunity.

“We’re not make-or-break off any one of those issues,” said Weaver, “but by fundamentally targeting civil liberties, individual freedoms, and privacy rights, then all of those things come out, and as they do, we see an influx of sales.”

“We have devices in every letter-agency in the US and some governments from outside the US,” said Weaver. “And those devices can vary from air gap laptops, to phones and even phone service.”

Weaver declined to discuss Purism’s financial situation in detail, but said the Librem 5 crowdfunding campaign raised $2 million.

“Since then, we’ve grown by triple digits year over year and even during COVID-19, we had a growth year,” he explained. “So overall, our sales have continued to increase. And we’ve grown mostly from revenue, but we’ve also taken on north of $12 million in investment.”

Weaver said the total available market is huge – billions of people have cell phones.

‘When you’re looking at somebody who cares about privacy rights, or they care about ‘I don’t like Big Tech,’ or ‘I don’t like the duopoly a mobile phone the space,’ or ‘I don’t like the intrusion,’ or I would like to advance civil liberties,’ every one of those areas is a potential customer,” said Weaver. “And those areas are immense. So we have not had a demand problem. We have had a supply problem, from parts to actual availability.

“We lost probably about two years on specific parts to actually manufacture this device in the US. China still has a shortage. We’ve never had that lack of interest. Once we get to the point of actually holding stock, then we’re going to be able to resume promoting.”

Soon, then. ®

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This start-up is offering stressed techies the chance to switch off at its cabins

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Slow Cabins is coming to Ireland and aiming to tap into the trend for low-impact, sustainable, digital-free tourism.

A hospitality rental company targeting techies who want to digitally detox is preparing to welcome its first guests in Ireland.

Founded in 2017, Slow Cabins seeks to offer people the opportunity to spend time away from their tech lives in relaxed, remote and eco-friendly surroundings.

It is currently taking bookings in Ireland and will open its first cabins here from 1 August. As well as Ireland, the start-up has operations in Belgium and the Netherlands.

All of its cabin locations are secret to purposely encourage guests to switch off and detox from their day-to-day stresses. Guests book their cabins without knowing the exact location, but all cabins are located within a two-and-a-half hour drive from major cities.

Within about two weeks of the trip, guests receive details with the exact location of their cabin. Even then, they may have to park their cars and hike to get to their accommodation.

The idea behind Slow Cabins comes from low-impact and sustainable tourism. Cabins are equipped with queen-sized beds, log burners, solar panels, dry toilets, fire pits, grills and large windows. Each cabin is powered naturally by sunlight and water.

“Recent European studies show that our resilience improves and stress levels decrease by up to 70pc after a stay in nature,” said Slow Cabins Ireland director Matthew Parkinson.

“Getting away from it all brings peace, energy and a sense of perspective. And that’s where Slow Cabins have an interesting role to play in a fast ‘always-on’ society. Profit is not our only goal, but rather a means to create more positive social and environmental impact,” he added.

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