It looks like Google and Facebook has declared war on crypto-currency
On the 14th of February, the giants have decided to ban crypto-currency ads from its platforms. The ads banned are the ones linked to initial coin offerings, Bitcoin exchanges, digital wallets, and training advice. Scott Spencer (Director of Sustainable Ads) said recently in a blog post.
This policy should be introduced in June but Google didn’t explain why and how those measures will take place. The BBC suggests that it was to protect users from speculative and complex trades. This action follows Facebook’s choice to also ban all crypto-currency ads because some companies were not acting in “good faith”. “We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception,” said Rob Leathern, product management director of Facebook Business.
One of the technique thieves were using is called « crypto jacking ». This trick is basically hackers who add new code to websites and ads that enables them to utilize the power of other people’s computers to mine crypto. It’s cheaper than buying a cryptocurrency mining space heater. The compromised computers are doing all the work for the thieves and some hackers had already stolen more than just power of random computers but millions of dollars to NiceHash, read more about it there.
Crypto-currencies: Danger and benefits
The control on crypto-currency looks more and more reinforced this times, for instance, the SEC scrutiny of crypto-currencies said that online crypto trading platforms should register with the SEC as regulated national securities exchanges or alternative trading systems.
Christine Lagarde, the leader of the International Monetary Fund said: “The rapid growth of crypto-assets, the extreme volatility in their traded prices, and their ill-defined connections to the traditional financial world could easily create new vulnerabilities.
In other words, crypto-currencies should be welcomed for their potential but also watched carefully because of their risks.
The ban had consequences on bitcoins market
In fact, $60 Billion worth of bitcoins have been wiped out in 24 hours. This is a direct consequence of the crypto-currency ban, learn more on this video from CNBC.