Despite abandoning plans to build its own Bitcoin wallet, ABN AMRO is not quite done with blockchain tech.

The Dutch banking giant has announced plans to launch a decentralized trade inventory platform in collaboration with Accenture and ING Bank, according to a press release (spotted by CoinDesk ).

Codenamed Forcefield, the project will employ Internet-of-Things (IoT) devices to provide “real-time insight into trade inventories.” ABN AMRO claims the platform’s monitoring features “will lead to more secure physical handling processes and a reduction of costs.”

Upon launch, the project will focus on “refined metals,” but “functionality will be expanded across other dry bulk commodities” in the future.

In addition to ING and Accenture, a number of other companies – including Anglo American, CMST International, Hartree Partners, Macquarie, Mercuria, and OCBC Bank – have also signed a memorandum of understanding to join Forcefield.

Back in January, ABN AMRO teased plans to develop its own cryptocurrency wallet, called Wallie. But as Hard Fork reported, the bank has now ditched Wallie as cryptocurrencies are still “too risky.”

“ We have approached all the people who have shown interest,” ABN AMRO press officer Jarco de Swart told Hard Fork. “We have concluded that cryptocurrencies because of their unregulated nature are at the moment too risky assets [sic] for our clients to invest in.”

ABN AMRO and ING are hardly the only banks looking to get in on the blockchain hype. Indeed, leading banks – including Barclays and HSBC – reportedly poured $50 million into a blockchain-based digital cash system, expected to launch in 2020.

Dubai court rejects appeal for harsher sentencing of Bitcoin scam trio

Prosecutors seeking a harsher sentence for a group of Bitcoin scammers have seen their hopes slashed after a court rejected their claim.

As previously reported by Hard Fork , the group of men scammed Chinese businessmen out of approximately $250,000 in an online Bitcoin scam.

The scam ring of one man from India, one from Bangladesh, and the rest from Pakistan. All were initially charged with confinement and theft.

Each of the men from Pakistan were handed a one year prison sentence by Dubai Criminal Court to be followed by deportation.

Prosecutors sought a harsher sentence to secure a conviction against the five men who were acquitted, according to The National .

Th e Chinese businessmen were enticed by a Facebook post offering cryptocurrency for sale.

When the businessmen showed interest, they set up a meeting which was interrupted by accomplices pretending to be police officers who tied the men up and took $250,000 in cash.

One of the businessmen freed himself and caught one of the defendants, restraining him until the police arrived.

Police were then able to track down the other suspects using the number plate of their getaway car.

What’s a cryptocurrency exit scam and how do I spot one?

Welcome to Hard Fork Basics, a collection of tips, tricks, guides, and info to keep you up to date in the cryptocurrency and blockchain world.

Google ‘ cryptocurrency ’ and the likelihood is you’ll see ‘exit scam ’ somewhere in the results .

But, what are they, how do they work, and more importantly, how can you spot one?

What’s an exit scam?

Put simply, an exit scam is a fraudulent operation orchestrated by unethical cryptocurrency promoters who disappear with investors’ funds during or in the aftermath of an initial coin offering (ICO).

To do so, the scammers typically launch a new cryptocurrency based on a promising concept.

Then, they raise money from investors through an ICO. The business may or may not operate for some time, but eventually the scammers who collected the funds disappear leaving unsuspecting victims in the lurch.

What to look for

Although common – in the first eight months of 2018 more than $100 million in funds contributed to ICOs had been stolen as part of an exit scam – they’re not always easy to spot.

Having said this, consider these tips before making any decisions:

Do your research: Look into the team promoting the ICO and verify their credibility. Check they actually exist and reverse search their photos. Look at their track record, previous employment history and analyze their social media presence, but keep in mind it’s possible to purchase followers. Look into their industry connections, and check whether they’re followed by or interact with key industry figures.

The white paper : This key document will help you get a better understanding about what the company is trying to do, how, and why. If you come across incomprehensible detail, that’s ambiguously written, walk away as this often represents a huge red flag.

Is it too good to be true? Then it probably isn’t true. Go with your gut instinct and don’t let over-optimistic promises sway you to invest without concrete proof that you’re backing a legitimate project. In fact, back in the day, BitConnect promised investors a steady 1% daily return, which would have transformed an initial investment of $1,000 into a return of over $50 million in three years.

Over promotion: If a project is legitimate, it’s unlikely to spend huge amounts on marketing to attract potential backers. It’s not uncommon for ICOs to pay for full-page adds in print media in some countries or to hire online influencers to spread the word online.

If you don’t get it, don’t invest: This sounds like basic common sense, but if you don’t understand the business or product being promoted, and don’t trust the team behind it, don’t hand over your money.