Author: Dren.H

Grok memecoin, influenced by Elon Musk’s AI project with the same name. crashed 74% following scam claims. The Grok memecoin, inspired by Elon Musk’s Grok AI project, witnessed a dramatic fall in value. This plunge, amounting to a staggering 74%, followed claims that its creators were involved in a scam. Investigations revealed that the social media presence of Grok was not original but rather a rebranded version of an earlier, dubious token project. Blockchain expert ZachXBT played a pivotal role in unmasking this deceit. His investigative work, shared on the social media platform X (formerly known as Twitter), highlighted the…

The FDIC scandal reveals deep sexism in banking, sparking debate in the crypto industry about traditional financial institutions. As the Federal Deposit Insurance Corp. (FDIC) prepares to testify before the Senate, recent revelations of sexism and misconduct within the organization have sparked heated discussions in the cryptocurrency industry. A Wall Street Journal report exposed a culture of sexual harassment and misogyny at the FDIC. This report has led some crypto leaders to recognize the prevalence of sexism in traditional banking, while others question the timing of the report’s release. Culture of Sexism in Traditional Banking The FDIC, a key banking…

ERC-4337 smart accounts face low adoption and operational challenges, despite initial optimism for their impact on EVM-compatible blockchains. Ethereum’s latest innovation, ERC-4337 smart accounts, was introduced with high expectations but recent data shows its adoption is lagging. John Rising, a proponent of Ethereum account abstraction, recently shared insights on the current status of ERC-4337 smart accounts. Despite the initial enthusiasm, these accounts have not seen the expected growth in user numbers and transaction activity. Launched unexpectedly at WalletCon in Denver on March 1, the ERC-4337 standard got praise as a breakthrough for Ethereum users. It promised a more user-friendly experience…

Reddit Moons token surges 130% as it becomes fully decentralized, with a capped supply and enhanced community-driven utility. Reddit’s cryptocurrency community, r/cryptocurrency, has witnessed a remarkable surge in the value of its native token, Moons. The token’s price has rocketed by over 130%, reaching nearly $0.13, as reported by CoinGecko. This dramatic increase follows significant developments from the community’s moderators regarding the future of Moons. Decentralization and Supply Cap The moderators of r/cryptocurrency have outlined a bold new direction for Moons. The Reddit administration team plans to step away from the Moons contract, making the token entirely decentralized. This move…

SlowMist uncovers a phishing scam using fake Skype and Binance apps to steal cryptocurrency in China. In the ever-evolving world of cryptocurrency, staying vigilant against scams is crucial. Recently, a sophisticated phishing attack has emerged, utilizing a counterfeit Skype application to pilfer crypto funds. This concerning development was brought to light by SlowMist, a leading blockchain security firm. The scam particularly targets users in regions like China, where direct internet downloads are often the norm due to the unavailability of official app stores. Understanding the Phishing Scam The modus operandi of this scam is alarmingly effective. The perpetrators crafted a…

In 2023, Bitcoin millionaire wallets tripled to over 81,000, with a slight increase in ‘wholecoiner’ addresses. The Bitcoin landscape has witnessed a remarkable surge in the number of millionaire wallets in 2023. As of now, an impressive count of over 81,000 wallet addresses hold Bitcoin valued at $1 million or more. This significant growth marks a 237% increase from the beginning of the year, when only 23,795 addresses reached this milestone. The source of this data, BitInfoCharts, highlights the dynamic nature of Bitcoin’s value and its influence on investor wealth. It’s crucial to note that these millionaire wallets do not…

In 2023, Tether minted 4 billion USDT, significantly expanding its stablecoin presence and planning innovative projects for 2024. In the dynamic landscape of cryptocurrency, Tether, a leading stablecoin issuer, has significantly ramped up its minting activities. Over the past four weeks, the firm has created 4 billion USDT, a staggering figure that represents nearly 18% of all USDT issued in 2023. This development underscores Tether’s expanding footprint in the stablecoin market. The minting process, executed on blockchain platforms like Tron and Ethereum, has been a consistent effort. Whale Alert, a renowned blockchain data provider, tracked these activities, revealing a pattern…

Ripple CEO Brad Garlinghouse advocates for a multichain blockchain future and stresses regulatory clarity and utility at Dubai event. The recent Ripple Swell 2023 event in Dubai was a platform for Ripple CEO Brad Garlinghouse to express his views on the future of blockchain technology, stressing the importance of embracing a multichain world, moving away from the single blockchain ideology that dominates much of the crypto discourse. Garlinghouse highlighted his efforts in steering the conversation away from being overly focused on one particular cryptocurrency. During his keynote session, Garlinghouse shared his optimism about the diverse potentials within the crypto space.…

Binance halts ruble deposits and withdrawals, exits Russia, and transfers operations to CommEX amidst speculations of ongoing ties. In a major move, Binance, the renowned cryptocurrency exchange, is set to cease accepting deposits in the Russian ruble effective November 15, 2023. This decision is part of Binance’s broader strategy to gradually withdraw from the Russian market. The company’s recent announcement emphasized the need for Russian users to initiate the withdrawal of their ruble holdings. They have been granted a deadline until January 31, 2024, to complete this process. This step marks a significant shift in Binance’s operations in Russia, following…

Lloyds Bank warns of a 23% rise in crypto scams, mostly initiated via social media, targeting younger investors. In a recent alert, Lloyds Bank disclosed a worrying surge in crypto scams, with an increase of 23% compared to last year. These scams, primarily targeting younger investors, have become increasingly sophisticated and prevalent. On average, victims are losing £10,741, a staggering amount that surpasses losses in other types of consumer fraud. The bank’s analysis reveals that social media platforms, notably Instagram and Facebook, are hotbeds for these scams, with two-thirds of investment scams originating there. The allure of quick profits from…