Latest Crypto News: DeFi Scams Plague Twitter, UK Bill To Include Cryptos, EU To Regulate DeFi

Several new developments have kept the crypto industry on its toes, from scammers using fake websites to steal private keys and the UK’s plans to amend the financial bill to include cryptos to the EU mulling regulating the DeFi space.

Blockchain investigator Peckshield has warned people to enhance the security of their private keys from the growing risk of phishing attacks.

The warning comes after hackers recently gained control of's Twitter account and altered the website’s URL to, a phony website mimicking the crypto exchange.

In a fake promotion, the website claimed to giveaway 500,000 USDTs and encouraged visitors to link their wallets, such as MetaMask, with the platform to collect the cryptos.

UK Mulls Financial Bill Amendment To Include Cryptos

Britain plans to amend its Financial Services and Markets Bill to regulate the crypto market. The bill, introduced by Andrew Griffith, parliamentarian and financial secretary, is being debated in parliament.

Most crypto firms are currently not regulated by the Financial Conduct Authority (FCA). The bill, when passed into law, will make it mandatory for crypto firms to register under FCA by next year. The legislation aims to prevent money laundering and terror financing.

EU To Regulate DeFi Space

The European Union is considering regulating the cryptocurrency space amid growing scams and hacks, said Tarik Roukny, an assistant professor at Leuven University in Belgium.

Roukny told the European Commission, the executive body of the EU, that decentralized finance (DeFi) might need new forms of voluntary regulation to manage the grave threats facing the crypto market.

He said the current measures for the financial market are inadequate to handle the risks as many players involved in providing crypto wallets and stablecoins may conceal their identities.

Still, he said, “DeFi tools hold a credible promise for new forms of financial services adapted to a globalized, competitive, fair, and digital economy.”

Argentina Busts Crypto Mining Farms

Argentina's tax collecting agency AFIP and Buenos Aires provincial authorities have detained 40 people following 70 raids on illegal crypto mining businesses, the government said Thursday.

AFIP has also seized a "substantial amount of cash and crypto mining equipment," it said.

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