With the growing popularity and use of cryptocurrencies globally, cases of crypto crimes involving millions of dollars have multiplied. In the United States, federal and other agencies are working hard to limit the financial impact of crypto crimes, and preferably prevent them. In this scenario, the onus also falls on crypto providers big and small, such as Coinbase Global, Inc. (NASDAQ: CURRENCY) and Riot Blockchain, Inc. (NASDAQ: MOVEMENT), to strengthen its technologies against all kinds of cryptographic crimes.
On Thursday, a Wall Street Journal The report revealed that the Federal Bureau of Investigation (FBI) and other investigators managed to recover $30 million in cryptocurrency stolen by North Korean hackers (Lazarus Group) over the years. In another fraudulent activity by the Lazarus Group, the US Department of Justice recovered $0.5 million worth of cryptocurrency in July this year.
It is worth mentioning that the US Department of Justice announced that the main trader of EmpiresX, a cryptocurrency platform, pleaded guilty in a cryptocrime case on Thursday. Joshua David Nicholas confessed to his involvement in stealing $100 million worth of investor funds. Popular cryptocurrencies include Bitcoin (USD-BTC), Ethereal (ETH-USD), and others.
In this article, crypto technology providers, Coinbase Global and Riot Blockchain are discussed. In addition, a consolidated chart, designed with the TipRanks stock comparison tool, is provided for potential investors’ insight.
Coinbase Global, Inc. (NASDAQ: CURRENCY)
The cryptocurrency exchange platform equips its ecosystem partners with stacking, crypto payment, and data access technologies through the Coinbase Cloud. The $16.5 billion company also provides a blockchain analytics tool (Coinbase Analytics) and a technologically advanced product for easy interaction between clients and issuers of crypto assets (Coinbase Earn).
In August, the company stated that it is focused on strengthening the reach and reach of its Coinbase Retail App, Coinbase Prime, Staking, Coinbase Cloud, and Web3 products. By 2022, it expects technology and development and general and administrative expenses to be in the range of $4-$4.25 billion.
Is Coinbase Stock a Buy or a Sell?
At TipRanks, analysts are optimistic but also cautious about Coinbase’s prospects. The company has a moderate buy consensus rating based on eight buys, eight holds and two sells. Because the total number of Holds and Sells exceeds the number of Buys, a wait-and-see approach might be a good idea for potential investors.
Additionally, financial bloggers are only 68% optimistic about COIN shares vs. the industry average of 65%. However, hedge funds are very positive on stocks, having increased their exposure by buying 1.1 million shares in the last quarter.
COIN’s average price target is $102.56, reflecting 40.34% upside potential from the current level. COIN shares are down 70.9% since the start of 2022.
Riot Blockchain, Inc. (NASDAQ:RIOT)
The $1.2 billion crypto mining company is experienced in developing and operating the critical technological framework required in the crypto space. It focuses on the development of Bitcoin mining technologies (immersion cooling) through organic and inorganic means.
In August 2022, the company’s CEO, Jason Les, said, “Going forward, we will continue to focus on execution excellence as we work toward making Riot the world’s leading Bitcoin-powered infrastructure platform.” “.
What is Riot Blockchain’s stock price target?
On TipRanks, RIOT’s average price target is $14.83, which represents 98.79% upside potential from the current level. The highest target price is $17 and the lowest is $12.
Notably, RIOT stock has a strong buy consensus rating based on six buys. Likewise, hedge funds have increased their participation in the stock market by buying 311.8 thousand shares in the last quarter. Meanwhile, financial bloggers are 60% bullish on RIOT stock versus the industry average of 68%.
Year to date, RIOT shares are down 67.2%.
From the above discussion, it is clear that cryptocurrency platforms, crypto technology providers, and investors have a major role to play in preventing fraudulent activity in the crypto space. In addition, the US government is ready to take all measures to safeguard the interests of investors.
In March, President Joe Biden, in his executive order, emphasized the importance of cybersecurity and concerns related to the impact of crypto crime on investors, the economy, consumers, and businesses. In August, the Senate Farm Committee introduced a bill recommending the name of the Commodity Futures Trading Commission (CFTC) to regulate spot trading of digital commodities.
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