https://beincrypto.com/major-token-unlocks-december/

Nearly $334 million worth of tokens will be unlocked in December, with. Aptos, Optimism, and 1inch introducing a significant amount of new tokens.

December has begun, marking the start of the holiday season. However, token unlocks show no intention of taking a break, even during the last month of the year.

December Kicks Off With $34 Million 1Inch Token Unlock

According to TokenUnlocks, the decentralized exchange (DEX) aggregator 1inch is set to release tokens constituting approximately 9.48% of its total circulating supply. Within one hour of publication of the press release, a total of 98.74 million 1INCH tokens, with a value of $33.97 million, will be introduced into circulation.

The project’s team, investors, and venture capitalists (VCs) are the beneficiaries of this token unlock.

Read more: Crypto Hedge Funds: What Are They and How Do They Work?

Aptos (APT) to Release $175 Million Worth of APT Tokens

At least 25 projects have scheduled token unlocks in December. However, as of writing, the data shows that Aptos’ $175 million unlock is the highest compared to other projects’ token unlocks.

In addition to this, the project will unlock 24.84 million APT tokens, which notably consist of 8.95% of the circulating supply, on the upcoming date of Dec. 12.

Lastly, the screenshot below shows that there are four beneficiaries of Aptos’ token unlocks:

• 1.33 million tokens worth $9.40 million for the Foundation.
• 11.88 million tokens worth $83.72 million for the core contributors.
• 8.42 million tokens worth $59.39 million for the investors.
• 3.21 million tokens worth $22.63 million for the Aptos community.

Interestingly, Aptos’ previous unlock occurred on Nov. 12, during which the project released the exact same amount of tokens. The screenshot below shows that APT is down by around 16% since Nov. 12.

Optimism (OP) Will Unlock 24.16 Million Tokens for Core Contributors And Investors

Last, but not least, Optimism will unlock 24.16 million tokens worth $41.31 million on Dec. 30. The 2.74% supply will be unlocked for core contributors and investors through the following allocation:

• 12.75 million tokens worth $21.80 million for the core contributors.
• 11.41 million tokens worth $19.51 million for the investors.

Read more: What Is Optimism?

Do you have anything to say about December token unlocks or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post December Brings in Whopping $334 Million Worth of Token Unlocks – Aptos (APT), Optimism (OP), 1inch Lead Way appeared first on BeInCrypto.

https://beincrypto.com/microstrategy-aggressive-bitcoin-purchase/

Michael Saylor’s MicroStrategy and its subsidiaries have purchased an additional 16,130 Bitcoin for approximately $593.3 million.

While Bitcoin bull Saylor continued holding on to his Bitcoin portfolio throughout the bear market, he has turned into a more aggressive investor as the crypto winter seemingly comes to an end.

MicroStrategy Makes Largest Bitcoin Investment Since 2021

Saylor, the founder of MicroStrategy, announced that the firm had acquired 16,130 BTC at an average cost of $36,785 per Bitcoin. In total, the firm invested approximately $593.3 million in the Bitcoin purchase during November 2023.

The form 8-K filed with the US Securities and Exchange Commission reads:

“As of November 29, 2023, MicroStrategy, together with its subsidiaries, held an aggregate of approximately 174,530 Bitcoin, which were acquired at an aggregate purchase price of approximately $5.280 billion and an average purchase price of approximately $30,252 per Bitcoin, inclusive of fees and expenses.”

As Bitcoin crossed $31,000 during October end, Saylor finally became profitable after holding the assets throughout the bear market. Excluding November’s Bitcoin purchase, Saylor Tracker, a website that tracks the Bitcoin portfolio of MicroStrategy, shows that the firm has an approximate unrealized profit of $1.2 billion.

Moreover, according to data from Saylor Tracker, today’s announcement is the largest Bitcoin purchase since February 2021. On Feb. 24, 2021, Michael Saylor announced the purchase of $19,452 Bitcoin worth $1.026 billion. 

The community is particularly impressed with Saylor’s strong conviction on Bitcoin as he kept on dollar cost averaging throughout the crypto winter. During the lows of November 2022, MicroStrategy was at an unrealized loss of around $1.8 billion. Yet Saylor was adamant that the firm wouldn’t be selling. In fact, it continued buying more Bitcoin in December 2022.

Read more: What Is Dollar-Cost Averaging (DCA)?

Do you have anything to say about MicroStrategy’s Bitcoin purchase or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post MicroStrategy Bitcoin Shopping Spree Continues With Purchase of 16,130 Bitcoins appeared first on BeInCrypto.

https://beincrypto.com/rari-foundation-testnet-launch-rari-chain/

The RARI Foundation has launched a testnet of the RARI Chain on Arbitrum, offering royalties to the creators at the node level. The non-fungible token (NFT) marketplace Rarible will utilize the RARI chain, similar to its competitor Blur, which recently launched its native chain, Blast.

A new trend has emerged in the NFT sector, as the marketplaces launch their native chains with the aim to support the NFT infrastructure better. 

Why RARI Foundation Launched Its Native Chain

According to a press release shared with BeInCrypto, the RARI foundation has unveiled the testnet of the RARI chain. The press release mentions that it is an Ethereum Virtual Machine (EVM) equivalent blockchain on Arbitrum.

The screenshot below shows that NFT volume has been attempting a recovery since September 2023. However, the RARI Foundation believes that there is a problem with royalty payment for creators. Hence, it claims to solve the challenge by embedding royalties on the node level through the RARI chain.

Read more: 6 Best NFT Marketplaces You Should Know in 2023

The NFT marketplace Rarible will be one of the first adopters of the RARI chain. Alex Salnikov, Chief Strategy Officer and Co-Founder of Rarible, said:

“We believe that Web3 should be a creator-centric ecosystem where artists can thrive. With RARI Chain, we are taking a step forward in protecting their deserved continued earnings. By enforcing royalties at the node level, we are ensuring that creator royalties are more than just a promise, they are a guarantee.”

Rarible is not the only NFT marketplace that will adopt a native chain. On Nov. 21, BeInCrypto reported that Pacman, the founder of NFT marketplace Blur, launched a Layer 2 solution, Blast, on Ethereum.

Within hours of Blast’s announcement, its total value locked skyrocketed to over $60 million in anticipation of an airdrop. Moreover, Blast has raised $20 million from notable investors such as Paradigm, Standard Crypto, eGirl Capital, and Andrew Kang.

Read more: Rarible Review: Everything You Need To Know About the NFT Marketplace

Do you have anything to say about the RARI chain or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Innovating for the Future: RARI Chain’s Promise of Guaranteed Creator Royalties appeared first on BeInCrypto.

https://beincrypto.com/nobitex-12-5-m-suspicious-transaction/

According to blockchain security firm Cyvers there have been suspicious transactions worth over $12.5 million from the hot wallet of the Iranian crypto exchange Nobitex.

Cyvers detected multiple suspicious transactions with Nobitex exchange, that drained around $12.5 million worth of digital assets. Nobitex has yet to comment on whether these were authorized transactions or whether hackers are responsible for the activities.

As of writing, one of the suspicious addresses holds over $12.5 million worth of assets.

This is a developing story…

Do you have anything to say about this article or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Blockchain Security Firm Reports Suspicious Transactions Worth $12.5 Million by Crypto Exchange appeared first on BeInCrypto.

https://beincrypto.com/florence-finance-loses-1-45-million-hackers/

Hackers have reportedly stolen around $1.45 million worth of USDC from the real-world asset (RWA) lending project – Florence Finance.

Crypto projects are often vulnerable to sophisticated attacks, draining significant amounts of funds. One such technique is address poisoning.

How Florence Finance Lost 1.45 Million USDC to Phishing Attackers

Web3 security platform Cyvers told BeInCrypto that Florence Finance has potentially lost over $1.45 million in the stablecoin USDC. The screenshot below shows that the RWA lending project sent over 1,456,162 USDC to the phisher’s wallet – 0xB087. 

The attack happened through address poisoning, which is a common phishing technique in the crypto realm. Meir Dolev, the co-founder and CTO of Cyvers told BeInCrypto:

“Address Poisoning involves the creation of a wallet address that closely resembles a legitimate address that a user might frequently use. The attacker generates these addresses by modifying a few characters of the original address.

“When a user transacts cryptocurrencies and relies on autofill features or quick glances at their address book, they might accidentally select the fraudulent, look-alike address. As a result, the funds are sent to the attacker’s wallet instead of the intended recipient. This method relies heavily on human error and the difficulty in distinguishing between similar-looking wallet addresses.”

The Florence Finance hack happened in three steps, according to Dolev:

1. The victim sent USDC to some legitimate address (normal activity).
2. Scammers poisoned the victim’s address by sending fake tokens from the victim’s address with the same amount and to a very similar destination address (hash of scammer address) like the legit one.
3. The victim accidentally copied the scammer’s address and sent them real tokens like USDT or USDC

Scammers Bridged Funds to THORChain

The phishing wallet 0xB087 then sent the funds to another wallet, 0x18d8, which then transferred the funds to 0x88E2. As of writing, 0x88E2 has been bridging the funds to THORChain after converting them to Ethereum (ETH).

While the suspicious transactions happened on Tuesday, Florence Finance has yet to make a post on X (Twitter), informing the community about the incident.

Read more: DeFi Community Building: A Step-by-Step Guide

Deddy Lavid, co-founder, and CEO at Cyvers believes that there is a need for greater security measures. He said:

“Our investigation reveals that the attack was a well-orchestrated phishing scheme. Such attacks highlight the need for heightened vigilance and sophisticated security measures in the digital finance sector.”

Moreover, Dolev told BeInCrypto that they are working with Florence Finance to enhance their security protocols and prevent future phishing incidents. 

Indeed, heightened security measures are becoming increasingly necessary as hacks worth millions are a regular occurrence in the Web3 industry. For instance, last week, the decentralized exchange (DEX) aggregator KyberSwap lost over $45 million to hackers.

Also, hackers stole over $100 million from Justin Sun’s HECO chain and crypto exchange HTX.

Read more: RWA Tokenization: A Look at Security and Trust

Do you have anything to say about the Florence Finance hack or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Real-World Lending Project Florence Finance Suffers $1.45 Million Hack appeared first on BeInCrypto.

https://beincrypto.com/bitcoin-hit-100000-2024/

The British multinational bank Standard Chartered believes that Bitcoin (BTC) will hit the milestone of $100,000 in 2024. But what will propel the growth?

During the late 2022s, many mainstream financial experts believed that Bitcoin and the broader crypto market were set to be doomed. However, a lot has changed in the past 12 months, with Bitcoin rallying almost 150%.

Crypto Spring Has Sprung: Standard Chartered

According to Business Insider, Standard Chartered said in a note that Bitcoin will hit $100,000 by the end of 2024. Geoff Kendrick, the Head of Crypto Research at Standard Chartered believes that the following are the key drivers that will push the Bitcoin to $100,000:

• Bitcoin miners’ accumulation of BTC
• Bitcoin halving
• Approval of a spot Bitcoin exchange-traded fund (ETF)

Indeed, the screenshot below shows that the Bitcoin miners’ BTC balance has continued to increase from December 2022. But, it is worth noting that there has been a heavy decrease in miners’ balance since late October 2023.

Indeed, Bitcoin halving introduces a supply shock in the circulation of BTC. On every halving, the block rewards given to miners get divided in half. Specifically, the 2024 Bitcoin halving will reduce the block reward allocation from 6.25 BTC to 3.75 BTC.

Read more: Bitcoin Halving Cycles and Investment Strategies: What To Know

Standard Chartered Sees Spike in Bitcoin (BTC) Demand

However in 2024, Standard Chartered believes that along with supply shock, there will be a demand spike with the approval of a spot Bitcoin ETF. Kendrick wrote:

“We now expect more price upside to materialize before the halving than we previously did, specifically via the earlier-than-expected introduction of US spot ETFs. This suggests a risk that the $100,000 level could be reached before end-2024.”

In July, BeInCrypto reported that Standard Chartered predicted Bitcoin to hit $50,000 by the end of 2023. 

However, at the end of November 2023, BTC is hovering around $38,000. The question is can the flagship crypto asset manage a more than 30% gain in the last month of the year?

Read more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach

Do you have anything to say about Standard Chartered Bitcoin prediction or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Standard Chartered Predicts Bitcoin at $100,000 in 2024 appeared first on BeInCrypto.

https://beincrypto.com/base-network-aerodrome-marketplace-compromise/

Aerodrome, the largest decentralized exchange (DEX) on the Base network, has reported a compromise on its front-end and asked users to avoid interacting with it.

The official Aerodrome account wrote on X (Twitter):

Our frontend is currently compromised. Please do not interact with Aerodrome for the time being. The team are investigating and will communicate more here when we have it.

Also, Velodrome, the largest DEX on Optimism, reported a similar front-end compromise. Moreover, some users have reported that they had unusual transaction suggestions while connecting their wallets.

The on-chain sleuth ZachXBT wrote that the stolen funds are being sent to wallets 0x02BA, and 0xf64f. In total, both these wallets have a balance, of approximately $68,000.

This is a developing story…

Do you have anything to say about the Aerodrome front-end compromise or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Largest Decentralized Exchanges on Base and Optimism Report Front-End Compromise appeared first on BeInCrypto.

https://beincrypto.com/coingecko-zash-acquisition-nft-market/

CoinGecko and CoinMarketCap are two of the most popular crypto data aggregators. Now, along with crypto data, CoinGecko plans to provide non-fungible token (NFT) data.

Various blockchain ecosystems facilitate NFT collections, especially after the assets’ popularity in 2021-2022. However, very few NFT data providers are well-known among the community members.

CoinGecko Acquired Zash to Offer NFT Data 

In a press release shared with BeInCrypto, CoinGecko has announced that it is acquiring NFT data infrastructure and intelligence company Zash. However, the financial terms of the deal are not mentioned in the press release.

Read more: Exploring Collaborations and Partnerships in NFT Marketing.

Parit Patel, the founder and CEO of Zash, said:

“We believe that NFTs will continue to evolve and unlock new use cases globally, creating value for companies and consumers. We foresee our NFT data infrastructure – well-positioned at CoinGecko–playing a pivotal and impactful role in shaping this industry’s future.”

Through this acquisition, CoinGecko aims to provide the following data by the second quarter of 2024:

• Indexed NFT data across Ethereum, Polygon, Binance Smart Chain, Bitcoin Ordinals, and Solana
• NFT metadata and historical trades
• NFT lending data
• Wash trading detection for Ethereum

Crunchbase shows that Zash has raised funds from eight investors across two rounds. However, the company has not disclosed the valuations and the amount raised. Its latest funding round was in February 2023.

The development comes at a time when many consider that over 95% of NFTs are worthless. While Bitcoin trades over $35,000, the NFT market still struggles to recover. The screenshot below shows that the NFT volume is far below its peak.

Nonetheless, the NFT volume has started its gradual uptrend since the end of October.

Read more: How To Start NFT Trading: A Step-by-Step Guide

Do you have anything to say about CoinGecko, Zash, or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Zash Acquisition Sets CoinGecko on Path to Offering Comprehensive NFT Data appeared first on BeInCrypto.

https://beincrypto.com/shibburn-disturbing-allegation-shiba-inu/

The Shiba Inu (SHIB) burn tracker platform Shibburn has made several allegations against Shytoshi Kusama, the lead developer of the ecosystem.

The Shiba Inu ecosystem, which is known for the loyalty of its community, known as SHIB Army, has apparently become a hotbed of infighting. 

Shibburn Alleges Shytoshi Kusama is Not a Real Developer

Shibburn has apparently had a falling out with other members of the Shiba Inu ecosystem. Targeting Shytoshi Kusama, Shibburn wrote:

“See Shytoshi tends to hide from the truth a lot. It’s why they want anyone who calls them out, ‘the Fudders,’ eliminated. Shytoshi knew they would get properly exposed, and wanted to make sure everyone turn a blind eye when it happens, and dismiss it as… well you guessed it, ‘FUD.’”

Shibburn claims that Shytoshi is not a real developer, alleging that ShibaSwap is a SushiSwap fork. ShibaSwap is the Shiba Inu ecosystem’s decentralized exchange (DEX).

Read more: Shiba Inu Burn Rate Explained: Understanding Token Burning.

Moreover, according to Shibburn, even the Shiba Inu ecosystem’s Layer 2 solution, Shibarium, is “no actual work,” but a Polygon fork. The burn tracker platform questions about the utility of the funds if Shibarium and ShibaSwap were forks of other projects.

In simplest terms, forking means copying the code of a project and making slight changes to it.

Finally, Shibburn also claims that Ryoshi, one of the founders of Shiba Inu, owns more than $1 billion worth of SHIB tokens. While Ryoshi has maintained that he owns zero tokens. Shytoshi Kusama yet to comment on the allegations.

According to Shibburn, over two million SHIB tokens have been burned in the last 24 hours.

Read more: How To Buy Shiba Inu (SHIB) and Everything You Need To Know

Do you have anything to say about Shibburn’s allegations or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Financial Impropriety, Historical Revisionism and More: Shibburn Takes Aim at Shiba Inu Leadership appeared first on BeInCrypto.

https://beincrypto.com/justin-sun-heco-chain-exploit/

On-chain security platform Cyvers Alerts has detected that suspicious addresses have received over $85 million from the HECO chain bridge, which suggest an exploit maybe underway.

HECO chain has reportedly suffered from an over $85 million exploit. Details are still emerging.

In 2022, Justin Sun merged the TRON and BitTorrent bridge ecosystem with HECO. Lately, Justin Sun’s various projects have suffered from hacks.

For example, earlier this month, BeInCrypto reported that the Poloniex exchange suffered from a $117 million hack. Prior to that, the HTX exchange was a victim of an $8 million hack.

This is a developing story.

Do you have anything to say about the HECO bridge exploit or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Over $85 Million Transferred From HECO Bridge to Suspicious Address appeared first on BeInCrypto.

https://beincrypto.com/ethereum-layer-2-potential-airdrop-opportunity/

Users are racing to bridge their assets to Blast, a new Layer 2 protocol on the Ethereum (ETH) network. However, there’s a catch.

Ethereum Layer 2s, such as Arbitrum, Optimism, Polygon, and others have attracted huge community interest. Meanwhile, another project has entered to compete with the established Layer 2s in the market.

New Ethereum Layer 2 Blast by Invitation Only

On Monday, Blast announced early access to the project, where users will be able to bridge to the platform after getting an invite code. The project claims that it is the only Ethereum Layer 2 with native yield for ETH and stablecoins.

Read more: Layer 1 vs. Layer 2: What Is the Difference?

The project received huge community interest, particularly because it is built by “Pacman”, the founder of the non-fungible token (NFT) marketplace Blur. Additionally, Blast has raised $20 million from notable investors such as Paradigm, Standard Crypto, eGirl Capital, and Andrew Kang.

The screenshot below from a Dune dashboard shows that over 19,000 addresses have deposited funds to Blast.

Within hours of the announcement of early access, the project has hit nearly $60 million in total value locked (TVL). Out of that, the project has staked over $50.6 million on the liquid staking platform Lido, and over $8 million is allocated to earn yield on Maker. Whereas $1 million worth of crypto assets remain idle.

Read more: Top 7 High-Yield Liquid Staking Platforms To Watch in 2023

Airdrop Hype

Airdrop hunting is mainly believed to be the reason for the huge community interest. Plus another Layer 2 project, Arbitrum, conducted a $120 million airdrop earlier this year.

Read more: Best Upcoming Airdrops in November 2023

Also, Pacman’s primary project, Blur, received hype to a sizeable airdrop for the platform’s users. Pacman hinted at Blast’s airdrop and wrote on X (Twitter):

“In the meantime, if you participated in Blur’s Season 2, you can claim your S2 airdrop today. Blast is powering Blur Foundation’s Season 3.”

But, on the flip side, users who deposit their assets io Blast cannot withdraw them till February 2024. The project will only enable withdrawal after its mainnet goes live in February. On-chain analyst Hitesh Malviya wrote, warning about the risk of locking funds on Blast:

“If you deposit into Blast your ETH or stablecoin will remain locked until February, and you get smart contract related security risk too. Beware of this.”

Some also fear the possibility of rug pull. A crypto trader, “ImNotTheWolf, wrote:

“What if Blast is a rug pull scam with Ponzinomics advertising?”

Do you have anything to say about the new Ethereum layer-2 or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Blast’s Early Access Generates $60 Million TVL: Exciting Launch or Potential Rug Pull? appeared first on BeInCrypto.

https://beincrypto.com/ripple-move-90-million-xrp-unknown-wallet/

Whale Alert, a crypto tracking platform, has notified the community about three substantial XRP transactions, collectively exceeding 200 million tokens (approximately $122 million).

Ripple Labs is implicated in these transactions. The community’s attention has been piqued by these sizable XRP transactions as XRP enters a short-term downtrend.

Ripple Moves 90 Million XRP Tokens to Unknown Wallets

The screenshot below shows three large XRP transactions:

1. 25.5 million XRP tokens (approx $15.6 million) from an unknown wallet to Bitstamp crypto exchange
2. 85 million XRP tokens (approx $51.99 million) from an unknown wallet to another unknown wallet
3. 90 million XRP tokens (approx 55.24 million) from Ripple to an unknown wallet 

Read more: How To Buy XRP and Everything You Need To Know

At first sight, it may look like 200 million XRP tokens have been moved. 

However, the detailed on-chain data shows that Ripple first transferred 90 million XRP tokens to wallet address “rJqiMb.” Later, “rJqiMb” transferred 85 million XRP tokens to “rP4X2h.”

Read more: How To Evaluate Cryptocurrencies with On-chain and Fundamental Analysis.

It is worth mentioning that around the start of every month, Ripple unlocks a certain amount of tokens from escrow. The screenshot below shows that on Nov. 1, it released around a billion XRP tokens.

Not to mention, days after these escrow transactions, XRP failed to close above the resistance at $0.7338. After taking the rejection, the token entered a short-term downtrend, falling roughly 16.5%.

While escrow release is a routine business for Ripple, the purpose of today’s transaction is not clear. BeInCrypto has reached out to Ripple, but we have not received a response.

Do you have anything to say about XRP transactions or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Ripple Moves $55 Million Worth of XRP Amid Market Downtrend appeared first on BeInCrypto.

https://beincrypto.com/loopring-user-targetted-phishing-hackers/

Loopring’s official X (Twitter) account is seemingly compromised by phishing attackers as they ask community members to claim the LRC airdrop.

Blockchain security company PeckShield informed the community members that Loopring’s X account had been compromised. The bad actors are trying to redirect the Loopring community to a phishing website by using airdrops as bait.

This is a developing story…

Phishing attacks are common occurrences in the crypto realm. Users should cross-verify when there are suspicious airdrops or giveaway announcements.

Read more: 15 Most Common Crypto Scams To Look Out For

Do you have anything to say about this article or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Warning: Loopring (LRC) X Account Compromised by Phishing Attackers appeared first on BeInCrypto.

https://beincrypto.com/dogecoin-prepares-moon-journey/

A physical Dogecoin (DOGE) and Bitcoin (BTC) will set off for their journey to the moon on December 23, 2023. Meanwhile, DOGE has formed a double-bottom pattern on the weekly timeframe. 

Every crypto enthusiast is aware of the saying, “to the moon,” which indicates a rapid rise in the price of an asset. However, now, Dogecoin and Bitcoin will be literally sent to the moon.

How Dogecoin Will Travel To The Moon?

Dogecoin X (Twitter) handle announced that Astrobotic will send a physical Dogecoin in a DHL Moonbox through Peregrine spacecraft on December 23, 2023. The American company Astrobotic develops space robotic technology for lunar and planetary missions.

Talking about Peregrine spacecraft, the company explained:

“Think of the Peregrine spacecraft as a delivery vehicle in space. Just as shipping companies like DHL send packages around the world, Astrobotic sends items to the Moon. 

Governments, universities, nonprofits, and individuals can all purchase room aboard Peregrine and work with the Astrobotic team to meet their lunar goals. On this first mission, Peregrine will carry a diverse suite of scientific instruments, technologies, mementos, and other payloads (or cargo) from seven different countries, dozens of science teams, and thousands of individuals.”

DHL Moonbox will carry various mementos, including a physical Dogecoin sent by the meme coin’s community. Along with Dogecoin, BitMEX previously announced that it will send physical Bitcoin in collaboration with the Bitcoin Magazine.

Read more: 11 Hot Meme Coins and Altcoins that Trend in 2023

BitMEX wrote:

“Future generations will be able to interact with the token from Earth or in space, and send personal items such as Bitcoin Ordinals to the Moon via the public address.”

It is worth mentioning that in 2021, Elon Musk’s SpaceX announced its lunar mission – “Doge-1.” However, the mission has been repeatedly postponed, now reportedly set to launch in the first quarter of 2024.

Meanwhile, the chart below shows that DOGE is forming a double-bottom bullish pattern on the weekly timeframe. If the coin gives a weekly closing above $0.08378, the price of DOGE can potentially start a strong uptrend.

Read more: What Are Crypto Trading Patterns? A Basic Introduction

Do you have anything to say about the Dogecoin Moon or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Dogecoin Ready for Lift Off: Can New Mission Send DOGE to the Moon? appeared first on BeInCrypto.

https://beincrypto.com/ukrainian-officials-fight-crypto-crime/

Ukraine law enforcement officials have received training in advanced techniques and tools to investigate crypto crimes.

Due to the sophistication of crypto technology, certain criminals use it for illicit transactions. Hence, law enforcement officials must be equipped with the knowledge to track the funds and control financial crimes through cryptocurrency.

Ukraine Buckles up to Fight Crypto-Related Financial Crimes

According to an Organization for Security and Co-operation in Europe (OSCE) blog, 14 Ukrainian officers were enrolled in a course that focused on controlling crypto-related financial crimes. 

The Office of the Coordinator of OSCE Economic and Environmental Activities (OCEEA) organized the course. The United Nations Office on Drugs and Crime (UNODC) also partnered with the OCEEA to train Ukrainian officers on tackling crypto crimes. Ralf Ernst, acting coordinator of OSCE Economic and Environmental Activities, said:

“This is the second training on investigation of virtual assets for Ukrainian officials, and the OSCE will continue to support Ukraine’s efforts to combat money laundering, particularly through virtual assets and cryptocurrencies.”

As of August 2023, Ukraine has approximately 3.43 million crypto users. Statista forecasts crypto users to grow to 5.36 million by 2027.

Read more: How To Build a Loyal Crypto Community From Scratch

Along with Ukraine, other countries’ authorities are also equipping themselves with crypto knowledge. In October, BeInCrypto reported that Singapore launched dedicated task forces to fight tech and crypto crimes.

Also, India is developing a Cryptocurrency Intelligence and Analysis Tool (CIAT) to deal with high-profile crypto fraud and theft cases. 

Read more: Crypto Social Media Scams: How to Stay Safe.

Do you have anything to say about Ukraine’s crypto crimes or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post How Ukraine Law Enforcement Officers Plan to Tackle Crypto Crime appeared first on BeInCrypto.

https://beincrypto.com/liquidity-impact-bitcoin-btc-rally/

In recent weeks, the price of Bitcoin (BTC) has risen to its current level of $36,300. Of course, this all has to do with the enthusiasm surrounding the arrival of the spot Bitcoin exchange-traded fund (ETF) in the United States, which really seems like a matter of time at this point.

However, the strange thing about all this growth is that liquidity is currently very low and hovering at Q4 2022 levels.

Bitcoin Liquidity Yet to Recover After FTX Collapse

According to Kaiko data, Bitcoin liquidity is currently at the level after the November 2022 collapse of FTX. Along with market liquidity, BeInCrypto previously reported that the trading volume has also not recovered significantly.

Kaiko posted:

“Although BTC rallied more than 20% in October, the ‘Alameda gap’ has persisted. Market depth remains well below its pre-FTX levels.”

After the collapse of FTX, Alameda Research, the trading arm of Sam Bankman-Fried’s empire, also collapsed. As a result, “market depth” dropped by 60%, and Bitcoin has still not recovered.

Read more: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell

What Does it Mean?

This mainly means that smaller amounts of capital can generally result in larger price movements. Now, this is not entirely a positive phenomenon, as a small amount of short selling can also push the Bitcoin price down. So, market participants need to be especially vigilant regarding Bitcoin.

However, some anticipate that the liquidity will return if the Bitcoin spot ETF is approved. Slowly, but surely, liquidity is starting to return to past levels. In the meantime, it increased from 60% to 50%.

The possible approval of a spot Bitcoin ETF could mean another improvement in market liquidity. This increase in liquidity is important because it is particularly important for large investors.

The more capital circulating in the market, the less likely unexpected price movements will occur. In this respect, the emergence of a spot Bitcoin ETF could also be good for Bitcoin’s stability.

Do you have anything to say about Bitcoin liquidity or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Bitcoin Price is Rising, But What is Wrong appeared first on BeInCrypto.

https://beincrypto.com/socialfi-adoption-30-billion-valuation/

SocialFi projects were the center of attention, even during the bear market. Now, with the Bitcoin (BTC) halving around the corner, which can trigger the new bull market, can it also kick-start the adoption of SocialFi?

Traditional social media platforms revolutionized the internet and communication as we know it today. However, it has some disadvantages due to the centralized control.

Social media finance (SocialFi) projects run on blockchain technology, bringing in decentralization and better monetization opportunities for the users. The advent of the popular project Friend.tech in 2023 added to the hype of the SocialFi sector.

How User Retention is Primary Hindrance to SocialFi Adoption 

The screenshot below shows that in 2023, there are approximately 4.89 billion social media users worldwide. Moreover, the users’ growth is forecasted to hit around 5.85 billion by 2027.

This proves that the SocialFi projects have a large market to capture. 

Arash Ghaemi, the growth marketing lead at the SocialFi platform DeSo, believes that the next wave of crypto adoption will come from the consumer-facing apps such as SocialFi projects that people use daily. However, user acquisition and user retention are primary hindrances.

He told BeInCrypto:

“Part of the issue with SocialFi apps today is they are being built on blockchains that weren’t designed for SocialFi. For example, Ethereum was built for decentralized finance, not social media. 

“They are what is called a finite-state blockchain, where the state isn’t always changing, and you really only need the starting and ending balance of a transaction to make it work.”

While many believe that Layer 2 can solve high costs, Ghaemi says that it is the wrong direction when it comes to user experience (UX). He explains:

“Layer 2 adds another step, which is the wrong direction when it comes to UX. With UX improvements, you need as few steps as possible to attract more users.”

He also cited the example of Friend.tech, and how the active users drastically declined. Friend.tech, which is built on the Layer 2 project Base Network, was the center of the hype recently but failed to maintain strong user retention.

Read more: What is Friend.Tech? A Deep Dive Into The Web3 Social Media App

As a result, DeSo claims to be focused on improving the user experience. Ghaemi elaborated:

“For the last two years, we have relentlessly focused on improving retention and UX so everyday users can use the apps. Also, DeSo was custom-built for social media and is an infinite-state blockchain with lost costs and higher speeds. It’s designed to offer better UX.”

$30 Billion in Fully Diluted Valuation?

Renowned on-chain analyst Hitesh Malviya believes that SocialFi has huge potential, but its hype is driven by airdrop hunters as of now.

Read more: Best Upcoming Airdrops in 2023

According to Malviya, for user acquisition, projects need aggressive marketing campaigns, similar to how the now-defunct crypto exchange FTX used to market its offering. He explained:

“SocialFi failed to garner any appeal outside the Web3 echo chamber. 

“I believe marketing campaigns like FTX and other exchanges from the last cycle will be required to bring masses on these platforms where they can potentially give some tokens as a signup bonus.”

Read more: A Deep Dive Into the 7 Best SocialFi Art Marketplaces

Malviya added:

“That was also the strategy used by the Brave browser to reach 100 million users. They used to give five Basic Attention Token (BAT) tokens per sign-up in the last bull cycle.”

Moreover, Malviya also has some suggestions for a better user experience. He explained:

“Product should be Web2 friendly, account abstraction is needed, which I think is implemented by some products like Lens and Cyber Connect. Transaction fees should be lowest, and performance should be fast.”

That being said, Malviya believes that with the new bull cycle, the SocialFi hype can push some of the projects between $20 billion to $30 billion in Fully Diluted Valuation (FDV). He said:

“On the token side, it’s a new narrative with its first bull cycle in play. The hype-driven thesis will work more than anything else in Web3 social, and you can’t even throw numbers on peak valuation as it’s uncharted territory.”

FDV is the theoretical market capitalization of a project if its entire supply is in circulation.

Do you have anything to say about the SocialFi adoption or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Crypto Bull Run: An Opportunity for SocialFi’s Widespread Adoption? appeared first on BeInCrypto.

https://beincrypto.com/class-action-lawsuit-tether-closes/

The class action lawsuit against crypto exchange Bitfinex and its sister company, the USDT stablecoin issuer Tether, has concluded, with the plaintiff deciding not to appeal the judgment.

Stablecoins are constantly under the public and regulators’ scrutiny regarding their backing, maintaining the peg, illicit transfers, and other reasons. USDT, being the largest stablecoin, has also been subjected to frequent lawsuits and regulatory actions.

Tether Calls Class Action Lawsuit Meritless After Final Dismissal

Through a blog post, Tether announced that the class action lawsuit filed by Shawn Dolifka and Matthew Anderson has been completely dismissed. The dismissal came as Dolifka decided not to appeal the judgment of Chief Judge Laura Taylor Swain.

In August, Judge Swain of the US District Court for the Southern District Of New York issued an order dismissing the class action lawsuit, which was filed in 2021. Dolifka and Anderson alleged that USDT was not backed one to one by the US dollar.

Read more: 8 Best Crypto Wallets to Store Tether (USDT)

Tether believes that the class action lawsuit was meritless and said:

“Quite unlike Dolifka’s ill-advised decision to file the action in the first place, his decision to forego his appeal rights was the correct decision. His claims were entirely meritless, and no amount of further litigation would have resulted in Dolifka or his attorneys realizing anything monetarily or otherwise.”

While this lawsuit was in Tether’s favor, it has previously paid heavy penalties to regulators. 

For instance, in 2021, Tether signed an $18.5 settlement with the New York Attorney General over USDT’s backing. Also, in October 2021, the US Commodity Futures Trading Commission (CFTC) imposed a $41 million fine against Tether regarding the same matter.

The controversies around USDT’s backing might possibly cool down in 2024, as new CEO Paolo Ardoino declared that the firm would start to publish real-time data on its reserves. Despite the legal challenges, USDT’s circulation has increased compared to its largest rival, USDC.

Read more: What Is a Stablecoin? A Beginner’s Guide

Do you have anything to say about the Tether lawsuit or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Chapter Closes on Tether Lawsuit as Plaintiff Drops Appeal appeared first on BeInCrypto.

https://beincrypto.com/microsoft-helps-blind-be-my-ai-partnership/

Microsoft is partnering with “Be My Eyes,” a company focused on helping blind users deal with everyday challenges. Through this partnership, Microsoft plans to use artificial intelligence (AI) and offer a better service experience for its blind users.

AI products have fascinated tech enthusiasts and even layman users with the advent of chatbots like ChatGPT and Bard. However, this technology also has the potential to make lives better for people with disabilities.

How Be My AI Tool and Microsoft Can Help Blind Users

According to Bloomberg, Microsoft has integrated AI in customer service for blind users through the Be My Eyes partnership. The Denmark-based company Be My Eyes has developed the tool, Be My AI, a digital visual assistant, using OpenAI’s GPT-4 model.

Read more: How To Build Your Personal AI Chatbot Using the ChatGPT API.

The Bloomberg article says:

“The collaboration will let users of Microsoft products who are blind or visually impaired resolve hardware issues or navigate such tasks as installing a new version of Windows software or describing a PowerPoint presentation — all without human assistance.”

Sam Altman, the CEO of OpenAI, mentioned Be My Eyes’ use of GPT during OpenAI’s first developers’ conference. Moreover, Brad Lightcap, the COO of OpenAI, said:

“OpenAI is proud to work with Be My Eyes. They’ve used our AI models to significantly enhance the daily lives of people with low vision or blindness.”

According to Be My Eyes’ test data, its AI tool has resulted in blind users spending four minutes on a call, on average, compared to the previous average of 12 minutes with human assistance. And only 10% of the Be My AI calls were escalated to human customer service representatives.

Read more: Will AI Replace Humans?

However, Snapchat’s My AI, which also uses OpenAI’s technology, came under regulatory scrutiny in the UK. The regulators believe that Snapchat failed to adequately assess risks to millions of My AI users.

As a result, only the upcoming time can determine the success of Microsoft’s Be My Eyes partnership.

Do you have anything to say about Microsoft’s Be My Eyes partnership or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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The post Microsoft Teams Up with ‘Be My Eyes’ to Leverage AI for Helping Blind Users appeared first on BeInCrypto.

https://beincrypto.com/kazakhstan-conducts-digital-tenge-transaction/

Top crypto platforms in the US | November 2023

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The post National Bank of Kazakhstan Takes Giant Leap with Digital Currency Launch appeared first on BeInCrypto.

https://beincrypto.com/bitcoin-continue-uptrend-funding-rates-reset/

In the past 24 hours, over $300 million has been liquidated in the crypto market, as Bitcoin (BTC) sharply crashed by around 5%. With that, the skyrocketing funding rate is now back to the ground.

The funding rate is a fee that helps keep the price of an asset’s perpetual future contract in equilibrium with its spot price. If the perpetual futures contracts are trading at a premium, the long traders will pay the funding fees to short traders, and vice versa.

Traders Anticipate Continued Uptrend After Bitcoin (BTC) Funding Rate Resets

The screenshot below shows that in the past seven days, long traders had to pay funding rates in the range of 0.21% to 0.38% for Bitcoin. These fees went as high as 0.89% for altcoins such as XRP.

Funding rates, apart from being just fees that help maintain the futures price near the spot price, also act as an indicator. High Bitcoin funding rates, in the positive direction, indicate that there is over-optimism in the futures market.

During such a scenario, there are increased chances of unexpected crashes, liquidating the long positions.

Read more: Where To Trade Bitcoin Futures: A Comprehensive Guide

On Tuesday, the open interest in the futures market stood at $33.67 billion. While in the options market, Bitcoin open interest hit a new all-time high, surpassing $17 billion.

Open interest indicates an interest in the derivatives (futures/options) market. A high open interest means that larger amounts of derivatives trades are active in the market.

Read more: Best Crypto Derivative Exchanges in 2023

On Tuesday, Bitcoin fell by nearly 5% to $35,000, slightly cooling down the open interest while bringing the funding rates nearly back to neutral. 

The 5% pullback resulted in liquidations worth over $300 million in the past 24 hours.

That being said, some traders anticipate that Bitcoin is ready to continue its uptrend. A crypto trader, Mister Crypto, wrote on X (Twitter):

“Bitcoin Funding Rates got reset, Most long positions got flushed out of the market. Ready to continue our trend to the upside.”

Do you have anything to say about the Bitcoin (BTC) funding rate or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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The post Bitcoin Futures Funding Rate Resets as BTC Plummets Nearly 5% appeared first on BeInCrypto.

https://beincrypto.com/poloniex-hacked-49-million/

Crypto exchange Poloniex has been hacked for at least $49 million. The blockchain analysis platform PeckShield pointed towards the suspicious transactions.

PeckShield alert informed crypto exchange Poloniex and Justin Sun about the suspicious transactions. BeInCrypto discovered through the on-chain data that the following tokens were transferred to a new wallet:

• 4900 Ethereum
• 726,859.21 Sandbox
• 397,778.61 Polygon
• 102,084.79 Lido DAO
• 188,797 DAI
• 168,476.02 FRAX
• 1,158,260 CRO
• 10,027,719.43 HEX
• 1,058,674.96 CHZ
• 28,491.81 APE

This is a developing story

Top crypto platforms in the US | November 2023

Paybis
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The post Crypto Exchange Poloniex Hacked of at Least $49 Million: Reports appeared first on BeInCrypto.

https://beincrypto.com/gamefi-crypto-explode-gta-game-launch/

Rockstar Games, the studio behind the popular Grand Theft Auto (GTA) games, has announced that it will release the trailer of the new GTA game in December. There are rumors that the latest game will have crypto integration.

Rockstar Games fans have been eagerly waiting for the release of the new game in the GTA series. Since the release of GTA V in 2013, the studio has not released its successor in the past 10 years.

Will GTA Incorporate Crypto Rewards?

To celebrate its 25th anniversary, Rockstar Games announced the release of the first trailer of the next GTA game. This announcement sparked excitement among the crypto community members as there are rumors that GTA VI will incorporate crypto rewards.

An X (Twitter) user, Alex Wacy, informed his 44,500 followers:

“GTA 6 could be the very catalyst for Web3 Gaming’s extensive growth.

“If the rumors of crypto integration are confirmed, I predict that the beginning of 2024 will mark the extensive growth of the sector.”

Wacy believes that there will be many positive developments in the GameFi ecosystem in the upcoming period. 

The Ethereum-based AAA games announced its release on the Epic Games store. AAA is the classification that denotes high-profile games.

After Illuvium’s announcement, its native token, ILV, has increased by over 17% in the past 24 hours.

Read more: Crypto Gaming: What Is It and How Does It Work?

Nonetheless, the broader GameFi market has been showing signs of recovery lately. For instance, the price of Axie Infinity’s token AXS is up by nearly 50% since mid-October. Axie Infinity is considered one of the most popular Web3 games.

BeInCrypto reported in late October that Axis Infinity active wallets had reached a 100-day peak. It would be worth spectating that the GameFi sector has managed to recover from the lows of 2022 when it was struggling for users.

Read more: What Is GameFi?

Do you have anything to say about GTA crypto integration or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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The post Rockstar Games to Release Trailer of New GTA Game: Is GameFi Set to Explode? appeared first on BeInCrypto.