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$1B Lost in Crypto Scams

$1B Lost in Crypto Scams

Today is Tuesday, June 7, 2022.

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$1B Lost in Crypto Scams Since 2021

More than 46,000 people have lost over $1 billion in cryptocurrency to scams since the start of 2021, according to a report from the U.S. Federal Trade Commission on Friday.

Details: 70% of the scams were attributed to Bitcoin. And people ages 20 to 49 were more than three times as likely as older groups to be impacted by the scams.

Causes: The report outlined three big causes behind crypto scams: The lack of a bank or centralized authority to monitor the market, the fact that crypto transfers can’t be reversed, and the lack of awareness of how crypto works.

Social: Nearly half of the people who lost money to crypto scams said that the scams started on a social media platform. More than half of those losses on social media were investment scams.

Background: As crypto adoption grows, so do the concerns about potential scams.

Final Thoughts: Crypto prices had a solid few days, despite this FTC report raising several red flags.

Notables

Notable Earnings Today: Academy Sports & Outdoors (Nasdaq: ASO), Dave & Buster's Entertainment (Nasdaq: PLAY), Cracker Barrel Old Country Store (Nasdaq: CBRL), Casey's General Stores (Nasdaq: CASY), G-III Apparel Group (Nasdaq: GIII), Smartsheet (NYSE: SMAR), United Natural Foods (NYSE: UNFI), Guidewire Software (NYSE: GWRE), J.M. Smucker (NYSE: SJM), Verint Systems (Nasdaq: VRNT), Hello Group (Nasdaq: MOMO), ReneSola (NYSE: SOL), Chico's Fas (NYSE: CHS), Limoneira (Nasdaq: LMNR), Torrid Holdings (NYSE: CURV), Rev Group (NYSE: REVG).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: Ohiya Networks (SMBX), Noodlepig (Honeycomb), Puraclenz (StartEngine).

Notable Economic Events Today: Imports/Exports/Trade Balance (8:30 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

Peloton Gets New CFO

Photo by Giorgio Trovato / Unsplash

Shares of Peloton Interactive (Nasdaq: PTON) ticked up 1.36% in after-hours trading on Monday after the exercise equipment company announced a new chief financial officer.

Details: Liz Coddington will become Peloton’s new CFO on June 13. She is currently the vice president of finance for Amazon Web Services. The current CFO, Jill Woodworth, is stepping down from the role and serving as a consultant for Peloton on an interim basis.

Background: It’s been a rough few months for Peloton. Sales are down, there was a voluntary recall, and some have called for the CEO to resign. A report last month from The Wall Street Journal said that the company wanted to get a minority investment to help the business.

Numbers: Peloton’s stock is down 70% in the past six months.

Final Thoughts: The new CFO may not turn everything around, but having a new CFO can’t hurt.

June Economic Dates to Circle

June could be a critical month for the stock market in 2022. Here are two dates to remember.

Consumer Data: The Consumer Price Index (CPI) is out on June 10. It’s an important data point about the state of prices and inflation.

Fed Meeting: The U.S. Federal Reserve meets on June 14 and 15, and the next rate hike could be decided at that point.

Final Thoughts: The current state of the market really comes down to inflation and interest rate hikes.

Trends to Watch

Big Stock Market Change: SEC Closes In on Rules That Could Reshape How Stock Market Operates (The Wall Street Journal)

8 Billion Reasons: Kohl’s in Exclusive Talks Over Franchise Group’s $8 Billion Bid (Bloomberg)

Bad News for Affirm: Apple Pay Later is the company’s take on a buy now, pay later service (The Verge)

It Can Only Go Up, Right?: Bitcoin rises after snapping longest-ever losing streak as investors seek a market bottom (CNBC)

LinkedIn for Real Estate: Zump, a Social Network for Property, Raises £236,380 via Crowdcube (Crowdfund Insider)