Crypto Guides, Knowledge & Insights

$350K Stolen From 93K Victims of Fake Crypto Mining Android Apps (Report)

The cybersecurity firm Lookout detected numerous crypto mining scams employing hundreds of fake Android applications. The fraudulent scheme affected at least 93,000 people and stole more than $350,000 from them.　　 Stealing Money Instead of Mining Crypto　　According to a recent report, the security company Lookout discovered 172 bogus Android applications meant to be used for digital assets mining. Instead, the apps turned out to scam at least 93,000 victims and embezzled some $350,000 from them.　　The applications were categorized into two distinct Android app divisions – BitScam and CloudScam. The bad actors allegedly designed them to target people interested in cryptocurrencies.　　At their core, BitScam and CloudScam advertised crypto mining operations for a fee to the clients. However, the apps did not provide the aforementioned services and pocketed the victim‘s money. What’s more, those applications displayed fake minimum account balances to delude the users. Ioannis Gasparis – Lookout mobile app security researcher noted:　　“These apps were able to fly under the radar because they don‘t actually do anything malicious. They are simply shells set up to attract users caught up in the cryptocurrency craze and collect money for services that don’t exist.”　　Lookout revealed that 25 out of the 172 fake apps were available for

2021-07-12Deep Dive

Study: Bitcoin and Dogecoin are the First Investment for 45% of Young Britons

Nearly half of the UK residents aged between 18 and 29 admitted that their first investment was in digital assets. However, more than 50% of the youngsters used debt to purchase cryptocurrencies.　　Crypto is Attractive for The Young Britons　　A recent poll conducted by Opinium for the investment platform Interactive Investor revealed that 45% of 18-29-year-olds in the UK dived into the crypto market as a first-time investment in their lives.　　Out of all digital assets, bitcoin is by far the most popular among the youngsters as more than 20% of them invested in it. Interestingly, the “meme coin” – Dogecoin – is also one of the most preferred cryptocurrencies.　　However, 56% of the participants admitted that they had taken on debt to fuel their bitcoin purchases. 23% of the attendants used their credit cards to allocate funds in the digital asset, while 17% went for student loans. A further 16% employed another type of loan.　　Myron Jobson – a personal finance campaigner at Interactive Investor – described this percentage as distressing:　　“Young adults using credit cards, student loans and other forms of debt to invest is a worrying trend.”　　He sounded a note of caution for the youngsters that the huge debt could damage their credit

2021-07-12Deep Dive

Ethereum (ETH) Fees in Eight-Month Lows: Santiment

Last month, the Ethereum (ETH) network became overloaded: transactions were inadequately expensive and slow. While many developers and users switched to other blockchains, Ethereum (ETH) fees printed multi-month lows.　　New record　　According to the latest tweet shared by Santiment, a leading on-chain data vendor, both median and average fees for Ethereum (ETH) transactions dropped to levels unseen since the previous year.　　In mid-July 2021, the average fee for sending one Ethereum (ETH) transaction was as low as $2.19. According to other trackers, the median Ethereum (ETH) transaction fee is $2.75.　　Median fees are also sitting at multi-month lows. The median commission for one Ethereum (ETH) transaction is below $1.40.　　Historical Ethereum (ETH) fee highs were registered amidst the “dog-coin” euphoria in mid-May. It was $70 to authorize one Ethereum (ETH) transaction.　　What does this mean？　　As a result, Ethereum (ETH) fees are down 97 percent down from their peak. Santiment analysts treat this as a positive sign for the Ethereum (ETH) network.　　Lower fees mean a lower level of congestion and result in more comfortable transactions on the Ethereum (ETH) network:　　This is a promising sign that $ETHs utility can rise with little impact of fees standing in the way of healthy circulation.　　Amidst the perennial collapse of the Ethereum

2021-07-12Deep Dive

Major South Korean Bank Makes Foray Into Cryptocurrency Custody

Woori Financial Group, South Koreas fourth-largest lender by total assets, has joined the growing list of institutions that have ventured into cryptocurrency custody.　　According to a July 11 report by Woori Financial Group, the major banking group has partnered with local blockchain development company Coinplug to form a joint venture called D-Custody. The JV could be incorporated as early as this month.　　By moving into crypto custody, Woori Bank wants to tap into mushrooming demand for cryptocurrency safekeeping solutions among large South Korean companies that have exposure to the burgeoning asset class.　　Since domestic firms are prohibited from storing their crypto on exchanges, they have to resort to self-custody at their own risk.　　Regulatory roadblocks　　Korea Digital Asset COO Cho Jin-seok claims that crypto custody is more predictable than trading, which is why domestic banks are embracing it.　　While its maritime neighbor, Japan, allows banks to offer crypto custody directly to its clients, South Korea requires setting up a JV, which complicates the process.　　Prior to Woori Bank, KB Financial Group had to follow the same path to enter the crypto custody market.　　Multiple major European and American banks, such as Deutsche Bank, New York Mellon, and Standard Chartered, have already dabbled in the abovementioned market niche.

2021-07-12Deep Dive

Bitcoin (BTC) Acquired by Yet Another Top-League Asset Manager as Accumulation Intensifies

Lincoln Avenue Capital, an investment team that addresses the “affordable housing” sphere shared the details of its eight-digit Bitcoin (BTC) purchase.　　Lincoln Avenue Capital buys its first 1,000 Bitcoins (BTC)　　According to the official announcement shared on its social media channels, U.S.-based asset management firm Lincoln Avenue Capital has bought 1,000 Bitcoins (BTC) at the $33,525 level.　　This $33.5 million purchase constitutes five percent of the net value of the firms assets under management. At the same time, Lincoln Avenue Capital shares its ambitions to increase this figure in the future.　　As per the announcement, Lincoln Avenue Capital may invest up to 20 percent of its AUM into the flagship cryptocurrency.　　Active since 1998, Lincoln Avenue Capital offers its clients various investing strategies with a focus on middle-class real estate objects.　　Welcome to the club　　As of 2021, Lincoln Avenue Capital preserved 4,100 units of property across the U.S. in the “affordable” category.　　Their purchase is announced amidst another wave of accumulation of Bitcoins (BTC). Data by Glassnode leading on-chain tracker indicates increasing interest in long-term holding demonstrated by Bitcoiners.　　According to Bitcoin Treasuries, the largest dashboard dedicated to corporate holdings of Bitcoin (BTC), more than 1.6 million Bitcoins (BTC) are owned by corporations. That is almost eight percent

2021-07-12Deep Dive

Christine Lagarde: 80 Central Banks Looking To Adopt CBDC

According to Christine Lagarde, the head of the European Central Bank, at least 80 central banks around the world are looking at CBDC adoption.　　80 Central Banks To Adopt CBDC　　“We think that its a duty of us to actually have available digital currencies that would operate to the benefit of consumers,” Lagarde said at a press conference, adding:　　“So, what would it look like？ Well, it could be used like banknotes. I dont think it is like banknotes, because it will not have the degree of anonymity that banknotes have.”　　In talks with consumers who answered in large numbers, Lagarde noted that many remarked, “We want our privacy to be safeguarded, but we dont want anonymity because we realize the risk of anonymity.”　　Studies on central bank digital currencies began in China as early as 2014, with Sweden leading the discussion on what an e-krona, e-euro, or e-dollar may look like.　　Commercial banks function as safe guardians of deposits may be jeopardized if central banks give access to everyone, with the design now shifting to resemble the present system, in which central banks issue money to commercial banks, who then distribute it to the general public.　　The public, like now, would be able to access their

2021-07-12Deep Dive

TikTok Is Banning Influencers From Promoting Cryptocurrencies

TikTok has updated their policy on branded content this week, and the social media giant is putting a halt to crypto influencers. The policy could have implications for creators whose content relies on the crypto and broader financial landscapes.　　The Policy Change　　While the policy change does have some exemptions, the newly prohibited bucket of content is “Financial Services and Products”. This category includes, but certainly isnt limited to, topics including crypto, loans and credit cards, trading platforms, forex trading, commemorative coins, investment services, and more.　　However, TikToks advertising policy remains the same, which currently allows financial services companies to advertise to people over the age of 18. Despite this, ads for cryptos and digital assets specifically are already prohibited on the platform.　　However, despite any real means of regulation, TikTok has become a rising tool for financial information for young consumers. The financial corner of the platform, dubbed ‘FinTok’ or ‘StockTok’, is a massive blend of speculation, over-exaggeration, and actual financial insights or perspectives.　　As an extension of this, TikTok has faced increased scrutiny lately for allowing unregulated financial advice throughout the platform.　　A Sign Of The Times？　　Crypto “shilling” is certainly not a rarity on social media channels these days, and TikTok is no exception.

2021-07-10Deep Dive

Survey finds most El Salvador citizens are skeptical of making BTC legal tender

More than half of Salvadorans surveyed dont seem as keen as their president to adopt Bitcoin.　　According to a newly released survey, up to three-quarters of Salvadorans are skeptical over President Nayib Bukeles Bitcoin adoption plans.　　The survey, which polled 1,233 people across El Salvador between July 1 and 4, revealed that only 20% approved of the plan to make Bitcoin legal tender　　The survey, which has a margin of error of 2.8%, was conducted by researcher Disruptiva, which is affiliated with Francisco Gavidia University. According to Reuters, it found that about 54% of people viewed the Bitcoin adoption program as “not at all correct”, while another 24% described it as “only a little correct.”　　Almost half of the respondents, or 46%, admitted that they knew nothing about Bitcoin. Around 65% of them were not open to the idea of being paid in digital currency.　　Head of Disruptivas institute of science, technology, and innovation, Oscar Picardo, commented that “this is a risky bet on digital transformation.”　　The country‘s new Bitcoin law was passed on June 9, and is due to take effect on September 7 making the world’s leading crypto asset a parallel official currency in the Central American nation. Late last month, the government unveiled

2021-07-09Deep Dive

Is BZZ a Scam Despite Being Supported by Vitalik Buterin?

Mining becomes increasingly viral against the backdrop of the turmoil in the market under regulation. The extremely short payback period claimed by a recent project named ‘Swarm (BZZ)’ has drawn numerous investors attention.　　However, any project is risky, and BZZ is no exception. Its business operation has seen countless tricks springing up, especially during its private placement.　　It is reported that a substantial number of individual investors hold amounts of BZZs private placement amid this hype, a range of which from USD 50 to USD 100 even USD 200. It is worth noting that the price of private placement in a primary market is only USD 0.32.　　Profits are vulnerable to encroachment however enormous they are because of the high prices played up in the private placement. The rest of them is no match for the risks borne by investors.　　In fact, profits can be gained based on private placement in the primary market as investors conduct quick entries and embrace low bid prices. However, the likelihood of entering the market at the wrong timing increases with prices growing steadily during the hype, let alone the profitability of entries.　　Investors go nuts in face of windfall profits even if they can lead them to abysses

2021-07-09Deep Dive

Mengapa Token SHIB Masih Mendapat Perhatian ?

Adakah token SHIB akan naik？　　Apa yang diramalkan oleh pakar: Coin Bureau influencer Cryptocurrency baru-baru ini menyiarkan video YouTube baru ke akaun Coin Bureau-nya bahawa token SHIB mungkin naik semula. Dia mengatakan dalam video itu, “mungkin ada lebih banyak tanda ini daripada memenuhi mata.”　　Bureau Coin mengatakan bahawa dia telah mengawasi token SHIB selama beberapa minggu sekarang, terutama setelah desas-desus bahawa Coinbase akan menambahkan token SHIB ke aplikasinya, menurut WikiBit.　　“Shiba Inu adalah salah satu kripto dalam kategori ini, dan ini adalah salah satu yang pernah saya sebutkan dalam konteks negatif. Tetapi ketika saya mendengar bahawa Coinbase akan menyenaraikan SHIB, namun, saya mula mempertimbangkan kemungkinan ada yang lebih banyak bagi Shiba Inu daripada menatap mata, ”katanya.　　Mengapa token SHIB boleh naik lagi　　Coin Bureau mencadangkan bahawa kejayaan token boleh bergantung pada penurunan kejayaan Dogecoin. Dogecoin adalah salah satu cryptocurrency terbesar pada bulan April dan Mei - terutama ketika Ketua Pegawai Eksekutif Tesla Elon Musk menge-tweet dan berbual mengenainya - sebelum jatuh.　　“Di mana Shiba Inu dan Dogecoin berbeza adalah hubungan mereka dengan komuniti crypto. DOGE sebenarnya hanyalah meme dan tidak lebih dari itu. … Seperti yang didorong oleh masyarakat seperti Shiba Inu, pasti ada beberapa orang yang sangat produktif di sebalik projek ini, ”kata Coin Bureau.　　Berhati-hati

2021-07-09Deep Dive

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