Crypto Pirates

We are aware that the "Coinbase Effect" has become an industry-wide phenomenon. This is due to the fact that any token's listing on an exchange is known to increase its value.

However, according to a recent Financial Times report, Coinbase is profiting from its listing. For example, last month, crypto-startup Decentralised Social launched its DESO token, which was later listed on Coinbase. Soon after, the value of the token increased by 100 percent, benefiting the venture.

According to the Financial Times, Coinbase's venture arm is a venture capital (VC) firm that is supporting Decentralised Social. While it raises concerns about major conflicts of interest, DESO is only one of at least 20 such Coinbase listings, according to the report.

It is also worth noting that Jack Dorsey, former CEO of Twitter, previously dismissed Web3 as a VC playing field.

In this regard, Faisal Khan, a crypto-analyst, explained how VCs sell crypto to retail investors. He stated,

"If coins, particularly VC-backed coins, consistently underperformed Bitcoin or and Ethereum after listing on Coinbase, it suggests to me that insiders were waiting for a large, dollar-based exchange to list so they could sell – VCs profiting at the expense of retail."

Furthermore, FT's research discovered that Coinbase's token listings have benefited more than just the company as a whole. Andreessen Horowitz and other leading venture capitalists who serve on Coinbase's board of directors benefit as well.

However, Coinbase responded shortly after the report, stating that Coinbase Ventures and Coinbase Exchange are separate entities that are staffed separately. It went on to say,

"We do not coordinate asset listing decisions with anyone who is not a direct participant in our review and listing process."

However, experts argue that such rules are strictly enforced in the stock market. Tyler Gellasch, Executive Director of the investor advocacy group Healthy Markets, told the Financial Times,

"Conflicts of interest must be identified, disclosed, and managed in the securities industry." It appears to be a free for all in the crypto world."

According to Khan's research, the phenomenon is not limited to Coinbase Ventures. He contended,

"Other exchanges, such as Kraken, FTX, and Gemini, are also active in venture capital and have listed their own investments."

As a result, the question arises as to whether disclosure standards alone will be sufficient to protect retail investors in an environment where the VC pool is clearly deep.

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For many years, Dogecoin was the main meme coin, until the Shiba Inu token began to enter the mainstream after gaining widespread support, forming the Shiba community, which is one of the strongest crypto communities. Shiba Inu is one of the most popular cryptocurrencies in search engines, indicating that it has a large following, which is an important factor for merchants to accept a crypto coin.

Aside from that, it has the support of one of the most influential people in the cryptocurrency world, Elon Musk, who has helped push the Shiba token higher. SHIB/USD surged from $0.0000080 to $0.000088 in October, but it has since given back most of the gains, breaking decent support levels and technical indicators as it has been following the crypto market down for three months. Despite this, this coin has increased by nearly 20,000,000% since the beginning of 2021!

Will Shiba Inu continue to fall until it reaches its previous trading range of $0.00000050-0.0000090?

This retreat is also an excellent opportunity for those who have not yet purchased Shiba coins to do so, as this token has a lot of potential. However, Shiba developers should address a few issues in order to make it more appealing, allowing Shiba coin to have another successful year in 2022.

Will Shibarium result in lower fees?

Shiba Inu is an ERC-20 token built on the Ethereum blockchain, but the Shibarium project, which is a layer-2 blockchain, is in the works. Although Ethereum is a solid network, it does have high fees and longer transaction times as a result of congestion, implying that Shiba is not currently competitive. Low transaction fees are required to facilitate simple transactions, and Shibarium is expected to do just that. As a result, if Shibarium is successful, it should contribute to lower fees.

Acceptance of Shiba Coins

The number of merchants who accept Shiba coins is small, but it is growing. In 2021, two major names began to accept Shiba coins: the tech-focused e-commerce platform Newegg Commerce and the cinema chain AMC Entertainment.

Cryptwerk, an online business directory, listed approximately 600 global merchants that accept SHIB coins, as well as approximately 40 bing crypto exchanges. However, if Shibarium lowers its fees, the SHIB should become a more appealing payment option, attracting more retailers, given that the number of SHIB holders recently surpassed 1.1 million. This implies that Shiba has a reasonable retail demand, which should put pressure on retailers, especially if transaction fees become more affordable.

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The platform, which connects lenders and borrowers, is offering hackers $2 million in exchange for the loot.

This is information that the crypto space could have done without. Qubit Finance, a decentralised finance (DeFi) platform that allows users to lend and speculate on cryptocurrency price fluctuations, has been hacked.

According to the platform, on January 27, hackers stole 206,809 Binance coins worth $80 million.

The day after the hack, on January 28, Qubit Finance said it was in contact with the hacker(s) and offered them a reward to return the stolen funds.

However, it appears that they declined the platform's initial offer, as Qubit increased the bounty to $1 million.

Qubit Finance does not say whether the hacker(s) followed up. On Sunday, the platform took to Twitter once more to plead with hackers to return the loot. "We'd like to offer the exploiter the highest bounty in history."

How Did the Crypto Hack Occur?

"The Qubit protocol was subject to an exploit to our QBridge deposit function," the platform explained in a Medium post.

"For non-technical readers, the attacker essentially exploited a logical error in Qubit Finance's code, allowing them to input malicious data and withdraw tokens from Binance Smart Chain when none were deposited on Ethereum. All of this, despite a number of safeguards "CertiK, a blockchain security firm, explained.

In addition to lending and borrowing services, Qubit Finance operates an Ethereum-BSC bridge, which is an infrastructure that connects blockchains. This bridge was the target.

According to DeFiYield, this is the seventh largest hacking in the young history of decentralised finance (DeFi), which eliminates middlemen and is regarded as the future of financial services. The largest hack remains the theft of $602 million from the Poly Network platform in September 2021.

In total, hackers stole nearly $3 billion in cryptocurrency from DeFi platforms.

OpenSea, the eBay of the crypto space, announced this week that it will reimburse users $1.8 million after a bug recently allowed hackers to buy NFTs on the OpenSea platform far below the price offered by the owners.

Aside from DeFi, other sectors of the cryptosphere are being hacked. Crypto.com, one of the largest exchange platforms, was recently the victim of a theft of bitcoin and ethereum worth more than $35 million.

All of these incidents are unlikely to reassure investors, especially since they occur in the midst of a crypto price collapse. It is likely to strengthen regulators' ability to closely monitor the industry.

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When it comes to cryptocurrency, a 34-year-old software engineer and entrepreneur is setting the gold standard.

Toby Odgronik took control of what is often perceived as a volatile and tricky currency and is now profiting like Midas—working alongside his successful film Highstack.co, Odgronik is the only one on his team who deals in crypto. Profits have been approaching $500,000 per month since entering the market and are expected to rise further. He started his journey in January 2021, at the height of the popularity of shitcoins like "Shibu Inu," after poor investment decisions forced him to change course. Odgronik decided to launch them himself, with the assistance of his Highstack team. He also had to compete with Fiverr and Upwork freelancers.

When word got out that these independent workers frequently scammed or left clients hanging, he decided to bring everything in-house and become a full-fledged agency. His decision proved to be correct, as they successfully launched DeFI projects and anything else clients desired by utilising skills his coworkers already possessed.

As their reputation grew, they were soon swamped with client requests. Clients also seemed to appreciate the fact that they were a legitimate agency, as opposed to some of the workers on those sites. To offset some of the demand, they had to raise their rates by 20% for the first time in history. Within a week, their rates were twice as high as usual, and within a month, they had increased fivefold over their previous rates for regular web2 projects.

Profits skyrocketed after switching from web2 to crypto. He's also worked on several other projects, including the delivery of five coin launches, three DeFi farms, two custom DEXs, and one NFT project. Toby and his team build tools for investors and even launch cryptocurrencies and NFTs for clients, rather than chasing gains by investing in cryptocurrency. He believes that most coins and NFTS are fads that will fade away, but he believes that they will continue to launch because it is something that everyone wants right now.

If his experience does not impress you, his monthly earnings will. Many people can only hope to achieve his earnings one day. It's a reality for Odgronik, and the possibilities are endless.

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Binance, one of the world's largest cryptocurrency exchanges, has explained why it has restricted the accounts of 281 Nigerian users.

Changpeng Zhao, the company's Chief Executive Officer, stated in a letter that 38 percent of the affected accounts had been restricted at the request of international law enforcement.

Multiple users of the Binance global exchange had expressed their dissatisfaction on social media.

Some Nigerian users complained that they couldn't access their accounts for no apparent reason from the exchange.

With over 25,000 tweets on Wednesday, #BinanceStopScamming was the third trending topic on Nigerian Twitter. On Thursday, the trend continued with over 10,000 tweets.

Zhao hinted in his response, titled 'A letter from our CEO to Nigerians: Our commitment to user protection,' dated Saturday, January 29, that some of the accounts had been restricted to prevent fraud-related activities.

"The Nigerian community is one that gives me great pride," the letter stated. Nigeria and Africa in general have been very special markets to us and to crypto since the inception of Binance. After hearing the community's concerns, I decided to write to reaffirm our commitment to you.

First and foremost, we apologise for any inconvenience caused by the delays in responding to your customer support requests. Our top priority continues to be user security. We care deeply about our Nigerian community, but we must also ensure the safety of our users. As a result, safeguards such as KYC, anti-money laundering measures, collaboration with law enforcement, and account restrictions are in place to protect our community and prevent fraudulent activity. This is a global strategy that is being implemented in every country.

"These personal account restrictions have affected 281 Nigerian accounts, with approximately 38% of these cases restricted at the request of international law enforcement."

"Regardless, we owe it to you, our users, to provide you with the experience you deserve." Your trust in us is critical, and here's what we're doing to earn it back:

"Ensuring timely resolutions of ongoing user cases related to account restrictions: To date, we have resolved 79 cases and are working through others." All cases that are not related to law enforcement will be resolved within two weeks.

"More customer service personnel will be assigned to the region: We will assign more CS and risk agents who are well-versed in the Nigerian market."

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According to the Whale Alert crypto tracker, Bitso crypto trade moved 36.1 million XRP a little more than eight hours ago.

Whale Alert has discovered that Bitso, a crypto unicorn based in Mexico, has obtained 20 million XRP. According to additional data from the Bithomp examination stage that tracks XRP exchanges, Bitso later moved 16,100,000 XRP between its wallets inside.

Toward the beginning of May 2021, U.Today reported that after closing a significant financing round, Bitso's valuation soared above $2.2 billion, making the Mexico-based crypto trade the first crypto unicorn in Latin America.

Bitso was able to raise more than $250 million in the Series C venture round at the time. In October 2019, the market received an undisclosed investment from Ripple tech supplier and began utilising its XRP-based Demand Liquidity (ODL) tech for settlements in Latin America.

SALES OF ODL ARE IMPROVING

In the recently released Q4 report, Ripple behemoth stated that its XRP deals connected with ODL clients had gone more than an incredible $1 billion in the final quarter 2021, showing a 46-percent expansion and spiking to $717 million contrasted with the $491.74 million deals in the second from last quarter.

According to the report, global interest in ODL has significantly increased at this point, and ODL now has twenty payout markets.

The San Francisco-based tech behemoth has also purchased XRP worth $321.97 million in the secondary market. The organisation has not had any automatic deals since the fourth quarter of 2019, implying that it did not sell any XRP on trades in the fourth quarter.

Ripple CEO Brad Garlinghouse recently stated that his organisation is in its most solid financial position to date, with $1 billion in the bank. Following an offer buyback, the San Francisco-based disseminated record supplier was valued at $15 billion.

According to the report, the global XRP trading volume has decreased by 11.8 percent (from $2.075 billion in Q4 2021 to $1.83 billion in Q4 2021). To make an informed decision, XRP investors should consider the dispute between the US Securities and Exchange Commission and Ripple Labs in the United States, as well as the blockchain organisation's activities in the international market.

RIPPLE XRP EXPANDS ITS WINGS

Ripple's market report for the second from last quarter of 2021 has provided a brief look into the global presentation of XRP following the crypto market slump in May 2021.

Group Ripple was quick to report Uncommon development in on-request liquidity (ODL), which enables clients to reduce their reliance on pre-financed accounts.

Ripple's focus on cross-line ODL is clear in their activism to date. The San Francisco-based blockchain organisation reported collaborations with the Middle Eastern fintech firm Pyypl and the Al Ansari cash trade in the United Arab Emirates.

Furthermore, Ripple is collaborating with public organisations and the Royal Monetary Authority of Bhutan to put the CBDC to the test.

The cycle between the SEC and Ripple Labs will continue one year from now, as the court extended the settlement time frame to January 14, 2022. The SEC recently designated solid XRP deals. In any case, Ripple retaliated, claiming that its resources lag behind Bitcoin and Ethereum.

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Meta, formerly known as Facebook, has registered a trademark in Brazil. The application, which was filed with the Brazilian National Institute of Industrial Property (NPI), covers a wide range of crypto products and services.

Meta's foray into the cryptocurrency sector has propelled it ahead of other tech behemoths. As part of its metaverse plans, Facebook rebranded as Meta towards the end of last year. In addition, the company is working on the Novi crypto wallet.

In Brazil, Meta registers a trademark

The INPI trademark application seeks to enable Meta to launch cryptocurrency-related products and services. Trading, wallet, and cryptocurrency exchange operations are examples of these services.

Meta's product line was not specified in the application. However, the application's details indicate that the services will be focused on Bitcoin and other cryptocurrencies.

Part of the trademark registration stated, "Design, development, and implementation of software for third-party verification services for digital currency transactions, including (but not limited to) transactions involving Bitcoin currency."

On January 25, Meta announced the registration of this trademark. The INPI has not yet approved the registration. According to the publication, Meta filed its trademark application for the first time in October 2021, from Jamaica.

Tech behemoths are concentrating their efforts on cryptocurrency

Meta isn't the only tech behemoth concentrating on cryptocurrency offerings. Apple is also interested in blockchain technology, particularly the metaverse. Tim Cook, Apple's CEO, stated during a recent earnings call for Q1 2022 that Apple would tap into the potential of the metaverse. Apple's stock price recovered slightly as a result of the announcement.

Because of the opportunities available in the metaverse, Cook stated that Apple was "investing appropriately" in it. Apple, however, has yet to make its metaverse plans public, unlike other tech behemoths.

Apple has shifted its focus to augmented reality (AR), with notable success for its product line in this area. Apple is "always exploring new and emerging technologies," according to Cook. He went on to say that the metaverse is "very interesting to us right now."

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Are you one of the many people all over the world who have heard of cryptocurrency and all of its benefits, but have yet to make your first purchase? Perhaps you're unsure where to begin, or you've heard of a crypto coin to invest in but are unsure if the risk is worth it. Perhaps you simply do not understand how to distinguish between coins that will thrive and coins that will sink.

The concept of cryptocurrency is built and destroyed by hype. No one will buy a coin that isn't attracting attention. It can be difficult to distinguish between coins that are completely hyped and coins that have real potential. Some of them may be scams, while others may simply be coins that will not last long enough to generate a profit.

Investigate the coin's use

Buying and selling cryptocurrency can sound like buying and selling just for the sake of buying and selling. Simply put, you're exchanging a small amount of money for a larger sum. Normally, this is not the case.

Many cryptocurrencies, like traditional stocks before them, are intended to fund a business venture. Every coin should be accompanied by a white paper outlining the coin's purpose and team. Read it thoroughly to determine whether you're about to make a wise investment.

Some reading tips for the white paper are similar to what you would see when searching for an online scam website or business: professionalism. If the white paper is vague, full of typos, broken, almost empty of content, and so on, the team behind it is clearly not taking it seriously and isn't serious about luring you to the coin.

Next, consider the coin's purpose. It should, like any other business, seek to solve a problem rather than simply make money for the creators. If the writing appears to be a get-rich-quick scheme with little information provided other than "I want to make money," chances are that's all they're interested in.

Consider the venture if you're satisfied with the coin's intended end use or utility. You must decide whether it is a viable option and whether it will last for a long time. Because the longer you keep your money in the coin, the more it grows, businesses with a short lifespan aren't suitable for your investment. Take a look at their marketing strategy. Is it daring? Do they have any plans for the next three to five years?

Investigate the history of the coin

If the coin has been in circulation for a long time, you can examine its history to determine its stability. The primary distinction between cryptocurrency and stocks is that the cryptocurrency market can be extremely volatile. Their highs are extremely high, and their lows are extremely low, so don't be alarmed if you look at the coin's history. You will have a promising coin if it has a habit of stabilising itself.

If you look around the emerging cryptos during Alt Season, you will notice many undervalued coins with untapped potential. Looking over the history of these coins can help you decide if it's something you want to pursue before doing more research.

Social media is another option. No way, no how. One of the most distinguishing features of cryptocurrency is that it is "The People's Currency," which means that people are frequently online in groups on Facebook and Reddit sharing information about cryptocurrency and various coins. Ask around in forums about your potential coin investment for some insight or reviews on working with the coin, and learn all the jargon online. In finance, for example, ACH payment refers to an Automated Clearing House network used for digital money transfers in the United States.

Investigate the group

Any coin's white paper should also include information about the team that created it, including their background and vision for the coin's future utility. If it doesn't, consider that a red flag. Despite the fact that the decentralised nature of cryptocurrency allows anyone to invest in and create cryptocurrency, there is something fishy about someone who wishes to remain anonymous. Is that a risk you're willing to take with your cash?

The more legitimate cryptocurrency projects will list their board of directors and even partner organisations within their white paper. Look up the companies that are enabling blockchain, even if you don't recognise any of the board members. They should be easily identifiable and easily found via a Google search.

Check out the team's credentials. And, no, celebrity is not a requirement. If you believe YouTubers and celebrities who have been caught promoting cryptocurrency scams, they lack the expertise to differentiate between a legitimate investment and a scam, and if you don't believe them, then ignore any white paper that mentions a name.

Look for qualifications in the relevant industry as well as expertise in cryptocurrency. If you're not satisfied with the paper, look them up on LinkedIn and Twitter to learn more about their business background. Take note of how active they are or whether their profiles have been abandoned.

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In a recent op-ed, crypto advocate/educator Aleksandar Svetski, who is also the co-founder of Australian FinTech startup Amber Labs, which develops the Bitcoin investment app Amber, explained in an entertaining manner who should not invest in Bitcoin.

Amber Labs' Bitcoin-only Amber app, which is available for both Android and iOS, simplifies Bitcoin investing.

Svetski's article, "42 Reasons to Sell Your Bitcoin," appeared in Bitcoin magazine on January 25.

The top three reasons are as follows:

* "If you think it can't get any lower, you're in for a surprise." Exchange your bitcoin for cash.

* What are you doing here if you believe it will not go higher? Exchange your bitcoin for cash.

* If you believe 14-year-old tea-leaf analysts with large Twitter accounts, here's what you should do: If you bought bitcoin on this basis, you should definitely sell it all. Drawing lines on a screen can help you understand "why bitcoin" in the same way that watching someone else exercise at the gym can help you lose weight. To understand bitcoin, you must first acquire some, use it, store it, and read endlessly about how it works, why it is important, and the disciplines it touches (energy, economics, anthropology, complexity, and so on). Unless you believe you can outwit the market and the price, neither matter..."

Svetski concluded his article with the following statement:

* He rejoices whenever the price of Bitcoin falls, not because it allows him to buy more satoshis at a lower price, but because it "shakes out" the weak hands.

* Consider Bitcoin to be an ark, and while "everyone is technically invited, the price of admission is high."

* "Bitcoin is for 'anyone,'" but not "for everyone."

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The cryptocurrency market is currently characterised by extreme fear. However, it appears that now is the best time for most people to enter the market.

The cryptocurrency market has been volatile in recent months. Current data from the "Fear and Greed" index show that the market is trending downward. As a result, Polygon and other projects have displayed "extreme fear," making now an excellent time to invest in the dip.

In this article, you'll learn more about the "Fear and Greed" indicator and why Polygon is so concerned about it.

What exactly is the "Fear and Greed Index"?

As inflation in the United States continues to rise, the Federal Reserve has been working hard to address the problem since the beginning of the year. As a result, large institutional investors are looking for safer and less risky investments, such as bonds. As a result, these investors liquidated their holdings of cryptocurrencies and stocks.

As a result, the "Fear and Greed" index was created to provide investors with an accurate sense of how the market is evolving. This tool reveals the market sentiment of individuals who have invested in a particular asset. Extreme Fear, Fear, Neutral, Greedy, and Extreme Greed are the five levels of the tool.

This indicator allows investors to take a breather and assess whether their perceptions of the market are correct. It also assists them in distinguishing between sentiment and data. As previously stated, the Fear and Greed indicator in polygon is currently set to extreme fear. This demonstrates that $MATIC investors are in a panic, which has resulted in the majority of investors selling their $MATIC holdings.

Fear necessitates the purchase of altcoins by holders

According to a recent tweet from the "Altcoin Fear and Greed" Index, Polygon's Fear and Greed had reached 9, indicating extreme fear. This is one of the lowest (fear) scores of any altcoin.

Fear is frequently a source of concern, but widespread panic in the market could be a positive sign. This means that a price drop may present an opportunity to acquire crypto assets at a lower cost than anticipated. Skilled traders are frequently willing to wait for a price drop in order to buy the dip.

Despite the fact that most investors' market sentiment is negative, now is the best time to accumulate $MATIC at a discount. The best time to buy an asset, according to institutional investors, is when investors have a negative bias towards the asset (as revealed by the MATIC Fear and Greed indicator). Furthermore, the best time to sell or take profits is when investors have a positive attitude towards the asset class. The $MATIC Fear and Greed indicator will be at Greedy or Extreme Greed in this case.

Matic Price Movement

At the time of press, the price of MATIC is $1.67, with a market capitalisation of $11 billion and a 24-hour trading volume of $783 million. In addition, the price of MATIC has dropped 3.3 percent in the last 24 hours.

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