Tag Archives: Crypto Trading

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.

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 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.