TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why crypto crime is on the rise.
Category
🥇
SportsTranscript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:05The action was upbeat on Wall Street amid speculation a bigger than expected interest rate cut could be in the cards.
00:12Fed experts now say it's a toss-up whether the Federal Reserve lowers interest rates by a quarter percentage point or a half percentage point.
00:20Investors will find out soon enough as the Fed meets in the coming week.
00:24Also on the schedule, quarterly results from economic bellwether FedEx.
00:29Turning to other news, scammers stole $5.6 billion in crypto money in 2023, according to the FBI.
00:38That's a 45 percent increase from 2022.
00:42While the number of crypto scams are relatively small, just 10 percent of all financial fraud complaints made to the FBI,
00:49they account for roughly half of all the actual money stolen.
00:53Victims are tricked by many different schemes, but the biggest is investment fraud,
00:58usually concocted through emails, text messages and direct messages on social media.
01:03In 2023, investors will swindle that way out of $4 billion.
01:08According to the FBI's 2023 cryptocurrency fraud report, quote,
01:13Over the years, cryptocurrencies' widespread promotion as an investment vehicle,
01:17combined with a mindset associated with the fear of missing out,
01:21has led to opportunities for criminals to target consumers and retail investors.
01:26And the crypto hoaxes aren't dying down.
01:29A report from blockchain researcher TRM Labs said thieves walked away with over $1.38 billion
01:36in Bitcoin, Ether and other crypto assets in the first half of 2024.
01:41That's double the crypto stolen in the same period in 2023.
01:46That'll do it for your daily briefing from the New York Stock Exchange.
01:50I'm Conway Gittins with The Street.