Crypto Guides, Knowledge & Insights

President of Peru Central Bank Criticizes Crypto, Citing Lack of Intrinsic Value and Climate Change

Julio Velarde, the president of the Central Bank of Peru, attacked the value of cryptocurrencies and referred to negative effects they are said to have on the environment. In a recent interview with local media, Velarde said the Bank did not consider bitcoin a payment method. Instead, Velarde referred to it as a “highly volatile financial asset,” that people purchase for this volatility risk.　　President of Bank of Peru Blasts Crypto　　Julio Velarde, the president of the Central Bank of Peru, recently shared his opinion and the considerations that the bank has about cryptocurrencies. The official stated that these new elements in the economy had some defects compared to their fiat counterparts.　　Velarde first referred to the volatility of bitcoin and other cryptocurrencies, stating that they are “highly volatile financial assets.” Velarde also explained that this is the attractive part of cryptocurrency because people and traders purchase them because of this risk.　　One of the reasons for this volatility is the lack of intrinsic value of these assets, according to Velarde. He explained that due to this, “people may lose interest in having it, and then the price can drop to anything.”　　Velarde also explained that there were environmental concerns regarding the use of cryptocurrencies,

2022-02-22Deep Dive

Malaysian Authorities Seized $13M Worth Crypto Mining Equipment in 2021: Report

Bitcoin (BTC) mining operations have started to spread worldwide and invade not-so-friendly territories. In Malaysia, illegal crypto mining operations are at a record high.　　Drastic Rise in Bitcoin Mining　　Bukit Aman Criminal Investigation Department (CID) chief Datuk Seri Abd Jalil Hassan revealed that in 2021 alone, Malaysia had 570 investigation papers opened, 528 people arrested, and around $13 million worth of mining equipment seized.　　According to the report by Malay Mail, only 20 papers were opened, 26 individuals were arrested, and about $301K worth of equipment was seized. All in all, from 2020 to 2021, there has been a rise of an astonishing 4,200% increase with respect to confiscated items.　　The chief reportedly pointed out that the majority of the suspects were between the age of 18 to 30 years old, who he believes to have been lured by the promise of high returns. Interestingly, the oldest offender is 61 years old.　　Electricity Theft for Crypto Mining Operation　　While Malaysian policymakers have not entirely banned cryptocurrency mining, there are strict laws with regard to power use. As of August 2021, stats show that Malaysia accounts for around 3% of all the global bitcoin miners, placing it in the top ten mining destinations in the world.　　But bad

2022-02-22Deep Dive

Meta's Horizon Worlds Userbase Grows Tenfold in Three Months

Horizon Worlds Grows Amidst Metaverse Push　　Metas focus seems to be picking up steam among the VR crowd. The company announced that Horizon Worlds, one of its flagship metaverse apps allowing users to build and inhabit their own spaces, has reached a monthly active user base of 300,000 users for the first time.　　The information was shared by Chris Cox, the company‘s CPO, during a virtual meeting last week. The executive also stated this constituted a tenfold increase in this metric in just three months, according to The Verge. The app was recently featured in Meta’s Quest 2 Super Bowl ad, something that might have contributed to its newfound popularity alongside the rise of the metaverse as a new technology.　　While the company celebrates this achievement, the growth of the tool is closely linked to the number of VR headsets available for users. This is because the app is only available for users of these headsets, able to experience the worlds in an immersive way. However, there seems to be a growing interest in the metaverse app, as it announced recently that users had created over 10,000 worlds.Horizon Worlds Expansion Plans　　The company plans to keep expanding its userbase by allowing more users to

2022-02-21Deep Dive

JPMorgan Opens a Lounge in the Metaverse After Stating the $1 Trillion Market 'Will Likely Infiltrat

JPMorgan on the Metaverse　　Global Investment bank JPMorgan recently published a report titled “Opportunities in the metaverse.” The report is authored by Christine Moy and Adit Gadgil. Moy is the global head of Liink, Crypto & the Metaverse at Onyx by J.P. Morgan. Gadgil is the head of e-commerce solutions at J.P. Morgan Payments.　　The JPMorgan report details:　　The metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues.　　The report cites research by Grayscale Investments which states: “The metaverse is estimated to be a trillion-dollar revenue opportunity across advertising, social commerce, digital events, hardware, and developer/creator monetization.”　　“As a result, we see companies of all shapes and sizes entering the metaverse in different ways, including household names like Walmart, Nike, Gap, Verizon, Hulu, PWC, Adidas, Atari, and others,” the authors wrote.　　JPMorgan proceeded to outline its approach to the metaverse. “The success of building and scaling in the metaverse is dependent on having a robust and flexible financial ecosystem that will allow users to seamlessly connect between the physical and virtual worlds,” the authors explained, adding:　　Our approach to payments and financial infrastructure will allow that interoperability to grow.　　The investment bank

2022-02-21Deep Dive

What is The Difference Between NFT and Cryptocurrency?

We can see that the world is shifting towards the digital financial market sector from the traditional one. Now people are investing more in cryptos than stocks, assets or other currencies that deal in the traditional market. And why wont they？ The traditional market can get influenced by various factors such as financial institutions, any organization and the new policies of the government. In contrast, the digital financial market cannot get influenced by any of these factors. 　　If you wonder how？ Well, you need to understand that the digital financial market is decentralized, and thus it restricts the interference of any financial institute, organization or even the government. And this can help you to earn a great amount of profit without any intervention from a third party. 　　Now when you know about the digital financial market, you might be thinking about cryptocurrency, but that is not all; apart from cryptos, there are various other options available such as NFT. NFT works like crypto, but it is different from cryptocurrency. If you want to know the difference between the two, you must consider reading our blogs. Here we have discussed the actual difference between NFT and cryptocurrency. 　　What is NFT　　All you

2022-02-21Deep Dive

Bit2Me becomes Spain’s first crypto exchange

Bit2Me has become Spain‘s first recognized crypto exchange after the country’s central bank approved its application.　　The central bank approved the company to provide “services for the exchange of virtual currency for fiat currency and the custody of digital wallets.”　　The approval will allow Bit2Me to offer Spanish banks a white-label service enabling crypto trading on their platforms.　　To celebrate its approval, the company is conducting an airdrop that will run through March 2.Spain and Crypto　　Spain has historically had a favorable stance toward crypto, with banks in the country engaged in various blockchain projects since the early days.　　Banco Santanders One Pay FX service was built in partnership with Ripple and allows customers to send money across borders instantaneously at a very low cost. The lender has also been exploring the possibility of using the Ethereum blockchain for digital cash.　　Santander also announced plans to launch a crypto ETF in November 2021. Meanwhile, other banks in the country are also looking to offer crypto services.　　Amid a favorable view of crypto, the central bank of Spain issued instructions on how companies could register under the regulator to officially offer services related to digital assets in the country.　　The application process takes roughly three months and obligates firms

2022-02-21Deep Dive

North Korea’s “Lazarus Group” becoming more sophisticated

A new report by the Center for a New American Security (CNAS) has identified that the North Korean state-sponsored hackers Lazarus Group deploy high-level techniques to steal and launder crypto profited from various cybercrime attacks.North Korean hackers use sophisticated laundering methods　　The CNAS report mentioned that most cybercriminal attacks led by the group were carried out using sophisticated techniques, ranging from high-level hacking and smart laundering techniques made possible through a professional mixing service and new DeFi platforms.　　However, the report noted that though the hackers tend to use sophisticated techniques to perpetuate and conceal their actions, their actions are easily traceable and identifiable as they can be tied to a single origin.　　“Although the hackers used different Bitcoin addresses to move the stolen funds, they still combined them into a handful of clusters, making it easier to link their ownership to a single origin.”Lazarus Group funds North Koreas missile program　　The government-backed cybercrime unit is better known as the Lazarus group. The group previously was thought to be a rogue team of hackers; however, the growth and sophistication of their methods show that they enjoy the backing of their government.　　The funds gotten through the illegal means by the hackers are used to fund

2022-02-21Deep Dive

OpenSea suffers “phishing” attack, users lose NFTs worth millions

Users of OpenSea were once again the victims of hacks yesterday, with millions worth of NFTs stolen.　　While the source of the attack remains undetermined, the CEO of the NFT marketplace, Devin Finzer, tweeted that its likely a phishing attack and not connected to the platform directly. However, he pointed out that investigations were still ongoing.OpenSea users lose their NFT holdings　　Blockchain records show that hackers were able to get access to users wallets and steal several NFTs. So far, NFTs stolen include Bored Apes, Mutant Apes, and several other popular collections.　　The attacker stole close to $2 million worth of NFT. Finzer also confirmed this by stating that the attacker has $1.7 million worth of Ethereum in their wallet from selling some stolen NFTs.　　It also appears that some of the stolen NFTs were returned. In one case, the hacker returned all the NFTs stolen from a wallet except the Bored Ape.　　However, OpenSea is still struggling to determine what happened and stated that investigations are ongoing.　　We don‘t believe it’s connected to the OpenSea website. It appears 32 users thus far have signed a malicious payload from an attacker, and some of their NFTs were stolen.　　He also encouraged those affected by the attack to

2022-02-21Deep Dive

Romance and dating enter the metaverse on this Indian app

On a mission to disrupt the conventional dating app scene, Indian startup Mingout recently took two of its loyal users to a romantic rendezvous in the Metaverse.　　A virtual date “took place” in outer space, as the couple enjoyed a romantic dinner in a moon-based setting.“Where you can date, not just match” 　　“We thought about the most romantic date possible–and in an instant, the answer was clear,” Mingout Co-Founder Navdeep Kamboj said in the press release. 　　“The moon represents the two tenets of Mingout–romance and revolution. What‘s more romantic than moonlight, and what’s more revolutionary than humanitys first step on the moon,” he elaborated.　　The moon date in the Metaverse (Mingout Valentines Week on Meta)　　The app markets itself as the only dating app in the world “where you can date, not just match,” and as such wants to play a pioneering role in what it calls a “dating revolution.”　　In addition, hosting virtual events and with 100 other date ideas, the app is casting its net beyond just singles–also trying to appeal to people with partners who are looking for a new dimension for experiencing romance. Immersive, fun and interactive experience　　“You dont have to be single to date,” Mingout Co-Founder Harshveer Jain said.

2022-02-21Deep Dive

Understanding U.S. Millennial appetite for crypto

Compared to the global average, reduced financial well-being observed among US millennials could be connected to their increased interest in alternative financing methods, according to the data published in a recent report by Morning Consult.　　Amid rising financial vulnerability, roughly every other millennial in the US owns cryptocurrency, however, Gen Z adults have also picked up on the trend and are rapidly growing in share.Financial well-being score　　According to the report, the financial well-being score is “a reflection of consumers impressions of their financial security and freedom of choice,” and based on polls conducted monthly among 2,200 or 4,400 US adults, this particular demographic is having a tough time finding both.　　Financial well-being scores: All US adults compared to millennials (Source: Morning Consult)　　Millennials score well below average globally, with the exception of Spain and Latin America, noted the report. However, American and Canadian millennials are particularly under the weather.　　Millennial financial well-being across countries (Source: Morning Consult)　　In order to meet their wide range of financial goals and needs, millennials are more likely to seek financial advice and are more social about their finances than other demographics, the report found.　　“Far from being shy, millennials are more likely than other generations to report discussing their finances,”

2022-02-21Deep Dive

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