Category Archives: cryptocurrency

Not even Google Ads are safe from cryptocurrency scams 

Estimated amount stolen through the Google Ads crypto scam.

By Matt Wille (via InputMag)

When it comes to the still-burgeoning world of cryptocurrency, scams lie around every corner. Even the parts of the internet that seem safest have found themselves home to crypto scammers. But, uh, this one still manages to be shocking: Someone found a way to use Google Ads to carry out their crypto-based cons.

Scammers managed to steal more than $500,000 in cryptocurrency by placing ads for fake digital wallets, according to Check Point Research. The scammers placed ads for their fake wallets under the names of real wallets, like MetaMaskand Phantom, thereby tricking unsuspecting users into downloading the spoofs.

A Google Ad for the fake Phantom wallet.Check Point Research

The misleading ads probably would’ve been enough to trap a handful of crypto newbies, but these scammers really went all-out. The ads linked out to websites that looked eerily similar to the real deal, making it difficult to understand they’d been scammed until it was already too late.

CLASSIC PHISHING, REALLY — This scam is essentially one we’ve been dealing with since the creation of the internet: phishing. Usually, this process would take place via email or a similar messaging service, but the process here is the same. Trick unsuspecting people into giving you their personal information by pretending to be a legitimate entity.

The fake Phantom wallet website.
Check Point Research

In this case, scammers created phishing websites that appear almost identical to the real deal, right down to the branding. These sites then asked victims for the passphrase to their crypto wallet — a red flag, if you’re familiar with how these wallets work, but it might just seem like a genuine question for setting up a wallet to a newcomer.

Check Point Research observed first-hand 11 crypto wallets compromised by the scheme, each containing between $1,000 and $10,000 in cryptocurrency. The full extent of the stolen money — more than $500,000 — was only discovered by cross-referencing these observations with Reddit threads where victims spoke up.

STAY VIGILANT — Check Point Research concludes its public release about this scam with a few tips for spotting similar ones in the future. First and foremost is to never type your passphrase into a website. A passphrase is a key to recovering your crypto wallet — handing it out is even more dangerous than giving someone an account password.

As with all phishing scams, the best line of defense is to double-check the URL you’ve been sent to. In the case of crypto wallets, in particular, Check Point notes that wallets like MetaMask and Phantom are extensions, not websites. If you’re being asked to input sensitive information like your passphrase into a website rather than an extension, there’s a good chance it’s a scam.

As much as we’d like to blame Google for this mess, cryptocurrency phishing scams are a new breed. They’re not easy to spot from afar. We can only hope Google’s crypto scam detection improves as organizations like Check Point release information about them.

When it comes to cryptocurrency, though, even the most legitimate of companies can end up helping scammers achieve their goals. Enter at your own risk.

Jasmy Coin’s Recent Gains Might Not Be Sustainable for Long 

BY ANURADHA GARG (via MarketRealist)

On Oct. 9, the JASMY token was added to Coinbase, which boosted awareness of the token and the trading volume. It rose by nearly 57 percent on Oct. 8 and demonstrated the “Coinbase Effect.” The token rose another 56 percent on Oct. 12. The recent steep rise has taken many investors by surprise and they want to know about Jasmy coin’s price prediction.

Generally, cryptocurrencies have been on an uptrend for the past several months. The total cryptocurrency market cap, which fell below $150 billion in March 2020, is now above $2.2 trillion. As the adoption of cryptocurrencies rises, many altcoins have been gaining importance for their real-world uses.

What is Jasmy crypto?

Jasmy provides an IoT (internet of things) platform, which aims to decentralize the process of coordinating networks of data and devices. It does so with the help of storing and computing data on a decentralized storage network, IPFS.

Jasmy claims that it values the concept of data democracy, which means that it aims to return all the personal data files to the hands of the individuals it belongs to. In the new era of information, Jasmy wants to create an environment where data can be exchanged securely as valuables. JASMY is an Ethereum token that powers Jasmy. The coin can also be used to transfer tokens between devices and as payment for network services.

Jasmy price prediction

  • Wallet Investor isn’t positive on Jasmy’s long-term growth trajectory and sees the coin dropping in value by around 87 percent in one year.
  • Priceprediction.net also has a negative view of Jasmy crypto and sees it declining in value by 75 percent on average by the end of 2021.
  • Digital Coin Price sees an upside of more than 50 percent for the coin from the current levels by the end of 2021.

Is Jasmy a good investment?

Like many other IoT crypto networks, Jasmy aims to end the monopoly of giant platformers like Google, Apple, Facebook, and Amazon. While these platforms let users use the service for free, they collect personal data like behavior history. The data is managed, analyzed, and used for various purposes by their centralized systems. In some cases, the data has been leaked due to cyber attacks, system defects, and human mistakes. At times, the data is misused to deliver specific ads or content.

The future for the IoT space as a whole looks bright. According to Mordor Intelligence, the global IoT market is expected to reach $1,386 billion by 2026 from $761.4 billion in 2020. However, this doesn’t mean that the future of all IoT-related projects is good. Some rivals have advantages over Jasmy. IOTA has an early mover advantage in this space with a lot of established partnerships. Until Jasmy proves its worth in a concrete manner, it’s better to give it a pass.

Where to buy Jasmy

Jasmy has been added to Coinbase and investors can purchase it with ease from the platform. Other top exchanges that trade in Jasmy are ZT, Gate.io, Bittrex, Uniswap, and MEXC.

Decentraland Price Prediction: MANA Could Soar To $10 In November 

By Crispus Nyaga (via InvestingCube)

The Decentraland price bullish momentum is continuing as investors cheer the growing metaverse industry. MANA, its native token, is trading at $3.1960, which is about 427% above the lowest level in October. It is a few points below its all-time high of $5, bringing its total market capitalization to more than $5.9 billion. It is the 36th biggest cryptocurrency in the world.

Why did MANA price soar?

Decentraland is a blockchain platform that was built using Ethereum’s technology. It is one of the biggest platforms involved in the so-called metaverse industry. Precisely, the token allows members to develop a virtual universe where they can buy and sell digital assets like real estate. Ownership of this land is changed through non-fungible tokens (NFTs).

The strong rebound of the Decentraland price is mostly because of last week’s announcement by Facebook. In a statement, Mark Zuckeberg announced that the company will be known as Meta. Meta will be the holding company for platforms like Facebook, Instagram, and Whatsapp. The company will also be a leading player in the so-called metaverse industry.

Therefore, the MANA price soared since investors believe that Facebook’s rebrand will introduce more people into its network. 

Decentraland price prediction

On the daily chart, we see that the MANA price rocketed higher during the weekend. This makes it one of the best performing cryptocurrencies this week. However, the bullish trend seems to have found some resistance. It is, indeed, forming a bullish pennant pattern that is usually a bullish sign. The price is also significantly above the 25-day and 50-day moving averages.

Therefore, this breakout is still unfolding. I believe that the bullish trend will continue in October. If this happens, the next key levels to watch will be $5 and then $10. This view will be invalidated if the price falls below the key support at $1.50.

Decentraland Price

Facebook’s Meta rebrand causes obscure crypto MANA to jump 400% 

BY CHRIS MORRIS (via Fortune)

Facebook’s well-publicized (and often mocked) rebranding elevated MANA, a cryptocurrency that most people have never heard of, into the spotlight, resulting in a three-day price spike of 462% over the weekend.

The crypto has since lost some ground and is currently trading at $3.13, according to Coinbase. That’s still a 306% increase over Oct. 27, the day before Facebook announced its rebranding.

MANA is the token for Decentraland, which describes itself as a metaverse platform that allows users to buy and sell virtual properties. The token runs on the Ethereum blockchain.

Decentraland itself provides a gamelike atmosphere in which people create virtual lands and others explore them and participate in social games. Visually, it’s not unlike Roblox or Second Life.

Using MANA, visitors can buy “property” or upgrade it to whatever environment they want. They can also buy and sell items to use in the virtual world, as well as list their properties for sale. (Prices range from 30,000 MANA to over 1 million.)

Facebook’s big bet on the metaverse has ignited interest in many companies that focus on that space. Decentraland operates a bit differently than Facebook is expected to in the virtual world, though, focusing on user-generated content that lets people make money for themselves, rather than walled gardens that could enrich corporations.

MANA’s not the only crypto to see a surge after Facebook changed its name. SAND, the token for Sandbox, another virtual world, jumped from 74¢ on Oct. 27 to more than $2 on Monday, a 176% increase. (At its peak this weekend, SAND was trading at $2.35, a 218% increase.)

Facebook Rebrand Fuels Metaverse Token Run With Decentraland (MANA) Leading Pack 

By Robert D Knight (Via beincrypto)

IN BRIEF

  • Facebook is rebranding to Meta as it shifts focus to the metaverse.
  • The news has proved bullish for existing crypto metaverse projects.
  • The social media giant has pre-existing crypto interests thanks to Diem.

Metaverse tokens have pumped in the last 24 hours following the announcement that Facebook will rebrand to Meta, as the company shifts its long-term focus from social media and messaging, to immersive 3D virtual environments.

At time of press Decentraland (MANA) is up 54.8%, Axie Infinity(AXS) is up 15.5%, The Sandbox (SAND) is up 23%, and Dentral Games (DG) has recorded gains of 13.8%.

Mark Zuckerberg confirmed the change in focus during his Connect 2021 keynote presentation, delivered on October 28th. Appearing initially from the real world, Zuckerberg then bathed in an otherworldly blue light before being transported to a simulated virtual reality.

“Over time, I hope that we are seen as a metaverse company and I want to anchor our work and our identity on what we’re building towards,” he said. “It is time for us to adopt a new company brand to encompass everything that we do, to reflect who we are and what we hope to build.”

A suite of new features will be rolled out by Meta over the course of the coming year, incorporating Facebook and Instagram into metaverse work environments as well as offering multiple user accounts, allowing users to keep their personal and work lives separate.

While the metaverse is already big news in the cryptosphere, Facebook’s branding change naturally brings greater exposure within the sector and beyond.

Facebook, Meta and Diem

The recent Facebook rebrand is not the first time Zuckerberg has aligned company interests with crypto-related technologies. In 2019 the Facebook CEO set the crypto world into a frenzy when he announced the launch of a new cryptocurrency dubbed Libra.

The plan drew Congressional scrutiny and has since languished in development hell, losing key founding members of its board, paired back its ambitions, and rebranded as Diem.

Zuckerberg and Meta will undoubtedly hope that their next brush with the cryptosphere is less fraught with difficulty.

Coinbase Accidentally Adds $181,000,000 in Shiba Inu to the Wallet of This NASCAR Driver – He Wants None of It 

By Daily Hodl Staff

A popular NASCAR driver woke up to an unexpected sum of Shiba Inu (SHIB) in his Coinbase account but has promptly decided to return the valuable memecoins to the crypto exchange.

NASCAR driver Keith McGee is the first Alaskan to start a NASCAR race and the first disabled veteran in the history of NASCAR.

McGee is a part-time driver reliant on sponsorship funding. On Wednesday, he announced that he was unable to secure funding to participate in the upcoming NASCAR Camping World Truck Series finale at Phoenix Raceway.

“Sadly, I was unable to secure funding for the one race I have been looking forward to the most all season. With that, my 2021 season has come to an end. Thank you to all the partners that helped me reach many goals this year. Time to start working on 2022.”

McGee woke up Thursday morning to $181 million in SHIB in his Coinbase account. However, McGee wanted nothing to do with the surprise money.

“Hey Coinbase, I woke up to having $181 million extra dollars in my account that doesn’t belong to me, and I would like to return it”

Image
Source: Keith McGee/Twitter

Shiba Inu (SHIB) has skyrocketed since the beginning of October, capturing many traders’ attention throughout the cryptocurrency space. At time of writing, SHIB is boasting over a $40 billion market cap according to CoinGecko, up over 1,000% from its $3.62 billion market cap on the first day of October.

At time of writing, Coinbase has yet to respond to McGee about the misplaced sum.

Remember All That SHIB Vitalik Buterin Burned? It’s Now Worth $32.5 Billion 

Buterin could have HODLed but he didn’t, and SHIB fans are all the richer for it.

By Tim Hakki (Via Decrypt)

Remember in early May when Ethereum co-founder Vitalik Buterin burned more than $6.7 billion worth of SHIB tokens? Well, they’re not worth $6.7 billion anymore. 

At today’s prices—which have blown up 98 million percent since New Year’s Day, according to figures taken from CoinGecko,—that figure has almost quintupled to $32.5 billion. 

Here’s how.

Shiba Inu comes to life

The anonymous developers of Dogecoinknockoff Shiba Inu (SHIB) had outlined in their “woofpaper,” a play on the marketing document, that they were sending 50% of the total supply to Buterin’s address to remove it from circulation. 

They banked on the tokens being as good as burned, hoping the gesture would drive the price of SHIB up, as long as demand rose and the supply remained capped. 

At the time of the transaction, Buterin held 505 trillion SHIB, or about $8 billion back in early May when the news hit the press.

Rather than disappoint SHIB fans by suddenly selling his supply, Buterin held onto his memeable trove. Atleast, for a period.

What happened next?

In late May, Buterin sent gifts of SHIB, and various unsolicited crypto donations he’d received, to several different charitable causes around the world. He gave 50 trillion SHIB(about 1.2 billion at the time) to India COVID Relief Fund, for example. 

Five days after the market learned of Buterin’s charitable donations, Buterin then burned about 90% of his remaining SHIB holdings. He sent 410 trillion SHIB ($6.7 billion at the time) to a dead blockchain address, removing them from circulation. 

Buterin attached a note to another transaction at the time, which clarified that he would prefer makers of cryptocurrencies give them to charities, saying: “I don’t want to be a locus of power of that kind.”

Buterin took the high road, destroying what amounts to over $32 billion today. At press time, one SHIB is currently trading hands at $0.00007661, according to CoinGecko

But the reality is, had he held onto it, Shiba Inu might not have reached its current eye-watering figure. Moreover, had he sold it, the price of Shiba Inu would have certainly plummeted from the sudden surplus flooding the market. 

According to Etherscan, Buterin still holds 3,457,471 SHIB, a sum worth just $268.

There’s a Squid Game cryptocurrency… but it could prove to be a risky investment 

Via MalayMail

A mysterious Squid Game token recently appeared on the PancakeSwap marketplace. While it may get attention through its name, it could well turn out to be a scam attempt to lure fans of the series and get money from them.

Is the Squid Game craze taking over the world of cryptocurrencies as well? In any case, a mysterious crypto asset project has been reaching huge sums since its launch on October 26. Launched at a price of US$0.012, yesterday it was worth US$4.50. As of Thursday, it was recording an increase of nearly 2,400 per cent in 24 hours. So why is this cryptocurrency making such a splash? It seems that the only reason is the power of the Squid Gamebrand.

It’s impossible to ignore the recent Korean Netflix series that is a sensation across the globe. The plot focuses on a deadly competition where the prize is a huge amount of money. In order to win, players have to participate in children’s games and a misstep equals death. This series has been breaking records for Netflix around the world.

A potentially dangerous ‘cryptocurrency’? 

Caution is in order however when it comes to this cryptocurrency, whose process is proving to be a bit murky. CoinMarketCap has issued a warning, as many users have found that they could not sell these tokens. The reason? The whitepaper for this cryptocurrency outlines an anti-dumping technology that prevents buyers from reselling their coins if certain conditions are not met. This kind of token is particularly popular right now for certain schemes that involve creating value for the creator and leaving others high and dry. Such cryptocurrencies often have no clear, specific purpose and don’t have any particular new technological project. In short they simply surf on the success of a trend or meme to acquire value.

This particular token was launched as an exclusive form of payment for a “Squid Game” project created by gamer fans, a platform that will allow users to play and win money in an online tournament, known as “play to earn.” This competition will be launched in November and mimics the series by offering six games; the overall winner will win a yet to be determined sum.

The warning from CoinMarketCap comes amid a recent spate of Squid Game-related scams and malware, with cybercriminals looking to lure fans. This cryptocurrency is not officially linked to the series. 

Warning as Squid Game cryptocurrency surges 90,000% in first days of trading 

Prospective buyers have been issued a warning as a new Squid Game cryptocurrency rockets in value in its first days of trading.

By News Australia

A warning has been issued about a new cryptocurrency – inspired by the South Korean survival drama Squid Game – after it rocketed in value in its first days of trading. 

On Tuesday, the Squid coin was trading at $0.01235. By midafternoon Friday, it was trading at $11.16 – a surge of 90,264%. Its (self-reported) market capitalisation was nearly $5 billion.

Squid is a “play-to-earn” cryptocurrency, meaning people can buy tokens to play in online games where they then earn more tokens. These can be exchanged for either money or other cryptocurrencies.

But it’s been criticised for not allowing investors to resell their tokens – with CoinMarketCap issuing a warning to those wanting to buy in.

“We have received multiple reports that users are not able to sell this token in Pancakeswap,” the site says. 

“Please do your own due diligence and exercise caution while trading! This project, while clearly inspired by the Netflix show of the same name, is unlikely to be affiliated with the official IP.”

It’s unclear why some users are unable to sell their tokens, but the white paper description of the coin does lay out an anti-dumping technology that prevents people from selling their coins if certain conditions are not met. 

CoinMarketCap’s rival platform, CoinGecko, said Squid is “most likely a scam”. 

“This token did not meet our listing criteria hence it will not be listed on CoinGecko. It’s most likely a scam,” CoinGecko co-founder Bobby Ong told Cointelegraph.

Gizmodo’s Matt Novak also wrote that the crypto is “a total scam”. 

“You can put real money into the cryptocurrency, but there’s no evidence you can ever take it out. That’s simply known as theft,” he wrote. 

Pointing to the website – available at the domain SquidGame.cash – Mr Novak said the white paper “is filled with poor grammar, bizarre spelling errors, and claims that are impossible to verify”. 

“Other red flags include the fact that the Telegram channel set up by whoever’s behind this scam isn’t open to comments from outsiders. And even the Twitter account makes it impossible for regular people to reply to posts,” he added. 

“But the single largest red flag is the fact that people can put money in, but can’t take it out.” 

Cornell University economist Eswar Prasad told the BBC that Squid “joins a long and growing list of digital coins and tokens that piggyback on random memes or cultural phenomena”.

“Remarkably, many such coins rapidly catch investors’ fancy, leading to wildly inflated valuations. Naive retail investors who get caught up in such speculative frenzies face the risk of substantial losses,” he added.

Coinbase Pulls A Robinhood As Users Are Unable To Trade Shiba Inu During Rally 

By Best Owie (Via Bitcoinist)

Shiba Inu recently rallied to a new high this week. Investors saw massive gains when the meme coin hit a new all-time high of almost $0.00009, resulting from a surge in trading activity in the altcoin. Similar to its predecessor Dogecoin, when the meme coin hit its new high, investors scrambled to sell and take profits. However, Coinbase, which has become known as the leading exchange to trade Shiba Inu, went offline, leaving traders unable to sell their holdings.

This is similar to what happened with Robinhood at the peak of Dogecoin’s rally, Investors had flocked to the trading platform to make their bets on the meme coin. But when it came time to sell and take profits, users alleged that they were unable to do so as Robinhood’s platform was down. Users lamented the issue as they were left unable to profit from the SHIB rally that took the market by surprise.

Coinbase And Coinbase Pro Down

Coinbase’s outage saw trading draw to a halt on Wednesday. The crypto exchange experienced network issues that left traders unable to carry out transactions on this platform. Coinbase and Coinbase Pro were both reported to be down as a result of the outage. The network outage coincided with SHIB’s biggest rally yet. Putting investors in a tight spot when it came to trading the meme coin.

Shiba Inu (SHIB) price chart from TradingView.com

Coinbase took to Twitter to address the issue. It explained that the platform had indeed experienced issues that made users unable to access and use the platform. Delays in trades and transactions were also experienced in this period. The exchange assured users that their funds were safe and that they were working to fix the issue.

Users were however unimpressed with this as this had put a major damper on their trading plans. The nature of crypto trading makes it so that a trader may only have seconds or minutes to make a trade as this could be the difference between profiting and losing on a cryptocurrency. Users have accused the crypto exchange of intentionally sabotaging its traders for its own benefit.

Shiba Inu Trading Back Up With Fix

Coinbase followed up on the issue and issued an announcement that it had fixed the network issues affecting the platform. The exchange assured users that the platform was fully functional again. Hence, there would be no more connectivity issues.