As a seasoned analyst with a decade-long career in the financial industry, I’ve seen my fair share of market fluctuations and scams. The insights shared by Philip Martin, Coinbase’s Chief Security Officer, during the Ripple Swell event are a testament to the evolving nature of the crypto space – where old tricks may be as outdated as floppy disks, but new ones keep popping up faster than we can say “Bitcoin halving.
At the ongoing Ripple Swell gathering, one of the keynote speakers is Philip Martin, who holds the position of Chief Security Officer (CSO) at Coinbase. In a cozy conversation with Deborah McCrimmon, Ripple’s Vice President and Deputy General Counsel, Martin delved into the subject of fraudulent activities in the realm of cryptocurrencies.
Crypto scams easier to track than USD scams: Coinbase CSO
In response to their ongoing development, Martin pointed out that countermeasures for resisting and thwarting them are keeping pace.
Martin pointed out that today’s investigators of cryptocurrency scams have access to significantly more data than in the early days. They can analyze individual transactions as well as aggregate data, providing them with a wealth of information to help uncover fraudulent activities.
As the number of assets being looked into increases, it means law enforcement will be more determined to continue their investigation.
Cryptocurrency scams are becoming more sophisticated, but so is our knowledge on how to dodge them. Here’s a helpful discussion between Deborah McCrimmon, Ripple’s VP and Deputy General Counsel, and Philip Martin, Chief Security Officer at Coinbase, about the significance of ongoing learning and providing essential advice on safeguarding your assets…
— Ripple (@Ripple) October 17, 2024
Specifically, he highlighted that contemporary technology enables investigators to examine the number of transactions and follow their end points. They can make judgments as to whether the final location is legitimate or not. Martin emphasized that this would be a challenging task when it comes to scrutinizing similar activities with U.S. dollar transfers.
Ripple close to launching its enterprise-grade stablecoin
According to a report from U.Today, Ripple recently produced and moved 42 million units of its stablecoin, RLUSD, over a span of two days. This was done in six separate transactions, with the largest ones containing 18 million RLUSD and two transfers each holding approximately 9 million RLUSD.
As a crypto investor, I’ve been closely following the developments with Ripple USD. Since early August, it’s been in private beta. Towards the end of August, Ripple started creating and destroying RLUSD tokens. Lately, there’s been a significant surge in the number of stablecoins they’re minting. It started at one million, and then skyrocketed to millions.
Earlier this week, Brad Garlinghouse, CEO of Ripple, reminded his followers in a post on X, this development has been underway for nearly a year now. His aim is to establish RLUSD as the benchmark for enterprise-quality stablecoins. Lately, Ripple announced its partner cryptocurrency exchanges and market makers who will assist in providing liquidity for the upcoming stablecoin.
Although each asset won’t be utilized independently from XRP, as stated by Ripple President Monica Long, they are intended for joint use instead.
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2024-10-17 16:18