Crypto

Is the Cryptocurrency Craze the Modern-Day Gold Rush?

Published

2 years ago

May 10, 2022

Is the Cryptocurrency Craze the Modern-Day Gold Rush?

There have been few traits lately which have captured consideration fairly like cryptocurrency. The frenzy of leaping on the following large digital foreign money to earn money is paying homage to the gold rush of 1849, when over 380,000 fortune-seekers made their strategy to California to earn their riches. Whereas the 2 markets differ, with cryptocurrency traders with the ability to mine their fortune from the consolation of their very own houses, there are similarities in that they each have created a hotbed for prison exercise.

Each gold and cryptocurrency show an irresistible lure for fraudsters seeking to exploit money blissful traders. The market within the 19^th century was riddled with “idiot’s gold”, whereas at the moment, crypto is equally plagued with rip-off choices, exchanges, phishing campaigns, and ‘pump and dump’ scams. In 2021, fraudsters all over the world even took house a file £10.5bn in stolen cryptocurrency.

Being conscious of the strategies utilized by cyber bandits to commit cryptocurrency fraud is crucial for traders to keep away from discovering themselves in an empty gold mine.

Leaping on the crypto bandwagon

With crypto, traders typically get caught up within the hype and skip the fundamentals. Some will make investments a whole bunch of 1000’s of kilos in a foreign money with out actually understanding the way it works, how their pockets works, what personal keys do, and who truly has management over their account. We’re all used to how conventional banks function, and whereas there are some similarities, crypto actually differs.

With cryptocurrency, each pockets has its personal distinctive personal key that can be utilized to switch cash – just like the perform of an individual’s signature. Nevertheless, not all wallets are created equal, notably from a safety perspective. For a lot of, in case your personal secret’s misplaced or stolen, entry to your cryptocurrency may very well be misplaced eternally as the one who controls the personal key has all the ability and might spend and transfer foreign money digitally. Understanding these fundamentals is after all essential, however crypto traders should additionally concentrate on the fraud threats they face. With this in thoughts, listed here are three of the scams that cybercriminals favour:

1. Rip-off Preliminary Coin Choices

Cryptocurrency initiatives have Preliminary Coin Choices (ICOs) that spin up hype across the launch of a brand new coin. Nevertheless, scammers can develop a pretend ICO that guarantees traders substantial rewards, with little or no cash or effort. For instance, SQUID coin was a rip-off ICO that capitalised on the favored Netflix sequence Squid Recreation to achieve publicity, permitting the creators to money in on over £2.3mn.

Creators of faux ICOs promise huge returns however maintain the lion’s share of the cash in their very own wallets, sit again and watch as individuals change bodily cash for his or her foreign money. Because the coin positive aspects traction, the homeowners of a rip-off ICO can then unload all their cash without delay and disappear – generally known as a “rug pull”.

2. ‘Pump and dump’ scams in cryptocurrency

‘Pump and dump’ scams see cybercriminals pull the rug as soon as sufficient cash is invested, inflicting a market to crash immediately. A gaggle of merchants, resembling a coin’s founders or collaborators, will hype a coin, utilizing photoshopped photographs, pretend testimonials, and false claims to artificially drive up its worth. As soon as the worth has risen sharply sufficient to achieve its peak, the fraudsters unload their shares abruptly, leaving consumers with ineffective foreign money.

Identical to the dot-com bubble, it may be engaging to get in on the following sizzling factor, but it surely’s necessary to grasp precisely what altcoin you’re shopping for and why.

3. Cryptocurrency exchanges are exploited

One other avenue fraudsters exploit is exchanges. Binance, the world’s largest crypto change, processes £58bn price of cryptocurrencies day-after-day, so it’s clear why exchanges are such big targets for prison exercise because of the sheer quantity of wealth they maintain. It’s beneficial that customers don’t hold their cryptocurrency on an change – particularly if it’s a big quantity – as they don’t personal the rights to regulate it. Nevertheless, many are unaware of this recommendation.

Billions of kilos of cryptocurrency and 1000’s of person logins have been stolen from exchanges via model abuse, rogue cell apps, phishing scams, and brute-force assaults. Organised crime rings will use these strategies to steal credentials and personal keys. As soon as a personal secret’s stolen, the funds are moved into the fraudster’s pockets, leaving the customer coin-less.

Discovering an answer to unregulated cryptocurrency

Whereas cryptocurrency is at present unregulated, the business is taking steps to forestall fraud. Exchanges are investing in community safety and doubling down on figuring out model impersonation. Given the quantity of wealth held on exchanges, policing messages, manually reporting pretend accounts, and sending takedown requests is a near-impossible activity. Nevertheless, advances in synthetic intelligence and machine studying imply that exchanges can no longer solely detect fraud, however utterly stamp it out earlier than it reaches customers.

There are additionally steps customers can take to maintain themselves secure. In the beginning, it’s essential to maintain your personal key and login credentials to your self, irrespective of how convincing somebody could sound. Getting ready earlier than any funding can also be crucial, from coin analysis to avoiding something that sounds too good to be true or utilizing on-line boards to get completely different opinions earlier than shopping for any foreign money. To guard towards phishing, customers can take easy measures like putting in anti-virus software program, and never retaining massive quantities of foreign money on an change.

Discovering a gold mine, or leaving empty handed?

With surging costs, unprecedented development, and a clamour to take a position, it’s clear why many are evaluating the crypto craze to the gold rush. Now, the growth in crypto has opened the door to monetary alternative for coin consumers and fraudsters alike. With crypto bandits coming from each angle, the business should assist and defend consumers from malicious assaults. These crypto traders should even be cautious, do their analysis, and take enough steps to guard their belongings – or might see themselves left with nothing however “idiot’s gold”.

In regards to the creator: Mark Crichton is the Head of Product at Outseer – the California-based fintech on a mission to liberate the world from transactional fraud. He has over 20 years’ expertise in architecting, deploying, growing and strategic consulting inside the realm of worldwide IT safety and fee safety options.

Crypto

Whales Scoop Up 20,000 BTC In 24-Hour Buying Spree Amid Bitcoin Price Drop

Published

42 mins ago

May 25, 2024

Press Room

Whales Scoop Up 20,000 BTC In 24-Hour Buying Spree Amid Bitcoin Price Drop

ZyCrypto

Bitcoin (BTC) has continued its volatility trend, with recent fluctuations heightening the attention of seasoned investors on its next likely trajectory. Notably, the top crypto asset’s price has been consolidating its gains in the past few weeks, hovering around the $68,000 mark after reaching an all-time high above $73,000 in March.

Meanwhile, amidst the ongoing pullback, Bitcoin whales have embarked on a buying spree, acquiring a staggering 20,000 BTC in just 24 hours, according to insights shared by crypto analyst Ali Martinez.

The significant purchase, totaling approximately $1.34 billion at current market rates, occurred as Bitcoin prices dipped below the $67,000 mark. This sudden surge in whale activity suggests a renewed confidence in Bitcoin’s long-term potential despite short-term market fluctuations.

Martinez’s revelation comes just after crypto analytics firm IntoTheBlock revealed that addresses holding between 1,000 and 10,000 BTC have been the primary accumulators during Bitcoin’s recent surge to $70,000. On Thursday, the firm noted that these addresses added 20,000 BTC ($1.4 billion) to their balances over the past seven days, further solidifying Bitcoin’s position as a preferred asset among institutional and large-scale investors.

Other analysts have also closely monitored Bitcoin’s price movements and market dynamics. Glassnode, a leading on-chain data provider, highlighted a notable decline in Bitcoin Long-Term Holder (LTH) supply leading up to the cryptocurrency’s all-time high (ATH) of over $73,000 in March 2024. However, this distribution pressure has eased off in recent weeks, signaling a shift in market sentiment favoring bullish tendencies.

Adding to the bullish sentiment, cryptocurrency analyst “Gaah” from CryptoQuant highlighted the Puell Multiple, a metric used to gauge Bitcoin miner profitability following halving events. The recent decline in the Puell Multiple indicates a potential market adjustment to increased scarcity, potentially paving the way for a future rally in Bitcoin prices.

“The reduction in miners’ daily revenue indicates that mining has become less profitable, unless the price of Bitcoin increases significantly. The current range in which the Puell Multiple is quoted confirms Price discount, meaning that the network is potentially cheap. The decrease in the supply of new bitcoins could create upward pressure on the price, especially if demand continues to grow. Investors may interpret the fall in the Puell Multiple as a sign that the market is adjusting to a new phase of scarcity, potentially preparing for a rally.” The pundit noted.

Despite market uncertainties, Bitcoin appears to be encountering minimal resistance as it hovers around key support levels. Data from IntoTheBlock suggests that the cryptocurrency faces a crucial supply zone between $70,180 and $70,600, where over 450,000 addresses acquired 273,000 BTC. This accumulation by retail investors further reinforces the bullish outlook for Bitcoin in the near term.

According to CoinMarketCap data, BTC was trading at $69,173 at press time, reflecting a 2.72% price surge over the past 24 hours.

Crypto

Harnessing cryptocurrency to widen financial inclusion in Africa

Published

8 hours ago

May 25, 2024

Press Room

Harnessing cryptocurrency to widen financial inclusion in Africa

As we commemorate Africa Day, it’s crucial to reflect on the strides made toward economic empowerment and financial inclusion across the continent. Amidst the array of challenges, one notable phenomenon stands out: the rise of cryptocurrency.

Cryptocurrency adoption in Africa has sparked significant transformations. Across the continent, it is enabling individuals to access financial services previously out of reach for many. This technological advancement is narrowing the gap between the banked and the unbanked, offering a lifeline to millions excluded from traditional financial systems.

Think of a migrant worker sending money back home to his family overseas. In many countries, there are sizeable groups of people who cannot afford to sustain a bank account. At the same time, such people would struggle to meet the fees associated with conventional remittance services.

This challenge represents a vast segment of the global population. Globally, an estimated 1.4 billion people remain unbanked as of 2021, as per the most recent comprehensive estimate by the World Bank. This number is equal to roughly a quarter of the global adult population.

In light of these challenges, cryptocurrency is enabling individuals from all walks of life to access financial services previously out of reach for many from traditional financial systems.

At the forefront of this evolution are industry leaders like Binance, contributing to positive changes in Africa’s financial landscape. Through user-friendly platforms and educational initiatives such as Binance Academy and Binance Charity, they facilitate transactions and promote financial literacy and philanthropy. These efforts underscore the potential for crypto adoption to reshape financial norms.

The recent surge in Bitcoin prices further underscores the potential of cryptocurrencies to generate wealth and economic opportunities. Africa’s cryptocurrency landscape witnessed a remarkable surge in February 2024, echoing the global trend, with total market capitalisation soaring by 40 percent. In December 2023, the monthly change in crypto market capitalisation was 15.2 percent, but February 2024 witnessed a remarkable acceleration to 40 percent.

Beyond benefiting investors, this surge provides ordinary Africans with new avenues for prosperity. Whether through remittances, cross-border trade, or protection against inflation, crypto adoption offers a decentralised alternative that transcends borders and empowers individuals.

However, amidst the promise, challenges persist. Regulatory uncertainties and infrastructure deficiencies pose obstacles to widespread adoption. Collaboration among governments, regulators, and industry stakeholders is essential to cultivate an environment conducive to crypto innovation. Clear regulatory frameworks, investment in technological infrastructure, and education, are vital to unlocking the full potential of cryptocurrency adoption in Africa.

Looking ahead, Africa stands at a crossroads. The adoption of crypto presents a unique opportunity to redefine the continent’s financial landscape, fostering inclusivity and economic empowerment for all. With visionary leadership, strategic partnerships, and a commitment to innovation, Africa can lead the world in harnessing the transformative power of cryptocurrency.

On this Africa Day, let us celebrate the progress made and recommit ourselves to building a more prosperous and inclusive future for all Africans, driven by the transformative potential of crypto adoption, one step at a time.

Binance, the largest cryptocurrency exchange by trading volume, serving 190 million users across 100 countries, is taking pizza to the moon for Bitcoin Pizza Day. Over six days, Binance will be distributing more than 5,000 pizzas globally to reach consumers worldwide for Bitcoin Pizza Day. Binance is taking steps to truly own the holiday on a global scale, delivering on its mission to educate and engage with both crypto and non-crypto users.

Hannes Wessels is the Country Head for Binance in South Africa

Crypto

Technium International: Pioneering the Future of Cryptocurrency Trading

Published

15 hours ago

May 25, 2024

Press Room

Technium International: Pioneering the Future of Cryptocurrency Trading

In the rapidly evolving world of cryptocurrency and blockchain technology, Technium International has emerged as a significant player, quickly rising through the ranks of the tech giants. Founded in 2018 and based in Seychelles, Technium International gained recognition by leveraging the latest advancements in Artificial Intelligence (AI) and blockchain technology.

The company’s rise to prominence can be attributed to the leadership of its founder, Jacob Steffan, a seasoned expert in the blockchain industry since its early days in 2009. Under his guidance, Technium International has positioned itself as a global leader in cryptocurrency trading and technology. Steffan’s extensive knowledge of real-world applications and the transformative potential of blockchain has been instrumental in driving the company’s success.

Technium Matrix Protocol: A Groundbreaking Initiative

Central to Technium’s rapid ascent is the Technium Matrix Protocol (TMP), an innovative initiative that integrates cryptocurrency trading with big data analysis. TMP has not only transformed the landscape of cryptocurrency trading but also established Technium as a beacon of innovation and excellence in the tech industry. By utilizing a robust infrastructure that includes big data, cloud computing, and Graphics Processing Unit (GPU) rendering, Technium has optimized every aspect of the trading process.

Big data analytics provide deep market insights and risk assessments, cloud computing ensures scalability and real-time execution, and GPU rendering enhances the speed and efficiency of market monitoring and strategy adjustments. These technologies collectively ensure that Technium’s operations are efficient, secure, and profitable.

Technium Sentinel Strike: Streamlining Cryptocurrency Trading

Building on the success of TMP, Technium developed the Technium Sentinel Strike (TSS), an in-house strategy for cryptocurrency trading. TSS aims to streamline the trading process, offering users the tools to navigate the complex cryptocurrency markets with precision. By combining advanced technology with financial expertise, Technium has created unparalleled opportunities for individuals worldwide to confidently engage in cryptocurrency trading.

TSS utilizes sophisticated algorithms to interpret vast amounts of data, surpassing traditional trading methods by offering superior insights and precision. This approach addresses several key barriers in the cryptocurrency trading market, including market volatility, misinformation, and complex interfaces.

Breaking Barriers in Cryptocurrency Trading

Technium aims to mitigate the challenges posed by market volatility, which often deters new traders due to unpredictable price swings. The platform enhances information reliability by filtering out misinformation and providing dependable sources for decision-making. To bridge the knowledge gap, Technium offers educational resources and simplified trading strategies, empowering newcomers with a better understanding of market dynamics.

Additionally, Technium simplifies complex interfaces and technical terminology, making trading more accessible to users of all experience levels. The platform also prioritizes customer support to address trader inquiries and issues promptly. By minimizing the human factor in trading, Technium reduces emotional decision-making and streamlines portfolio management processes, ensuring timely trade execution and maximizing profitability for users.

Expanding Blockchain Accessibility

With the growing global acceptance of cryptocurrency, Technium is poised to lead a transformative shift towards widespread blockchain adoption. The company’s forthcoming ecosystem is designed to include Real World Assets (RWA), game-fi, cloud mining, and cryptocurrency staking, representing a significant shift in blockchain accessibility and utilization.

Technium’s ecosystem aims to democratize access to blockchain technology, empowering individuals from all walks of life to participate in the digital economy. RWA integration brings tangible assets into the digital realm, while game-fi offers immersive experiences that incentivize engagement and education. Cloud mining allows users to participate in cryptocurrency mining without the hassle of hardware maintenance, and crypto staking transforms utility tokens into dynamic assets, earning rewards for passive income.

At the heart of Technium’s ecosystem are robust AI algorithms that leverage big data for unparalleled insights and decision-making. The Technium Trading GPT (Generative Pre-trained Transformer) exemplifies this innovation, revolutionizing cryptocurrency trading with its predictive capabilities and real-time market analysis.

A New Era of Innovation and Empowerment

Through this comprehensive approach, Technium International is set to redefine the blockchain landscape, ushering in a new era of innovation and empowerment. By harnessing the collective power of AI, big data, and blockchain technology, the company is ready to make blockchain adoption a tangible reality for all, paving the way for a future where blockchain technology is accessible and beneficial to everyone.