Category: AI

TheBRICSsummitinKazan,Russia,raisedtheissueofinternationalsanctionsandcapitalcontrols.Bitcoin(BTC)miningwasraisedaspotentiallybypassingthesanctions. BRICSmaybringbackdominanceinBitcoin(BTC)miningandusethevaluablecoinsasbettingchipsforinternationalfinance.TheformationofaBRICSgroupasanalternativetoWesterneconomicregionsraisesthequestionofsanctionsandcross-bordercapitalcontrols,whichareoftencircumventedwithcryptousage. IfBRICScountriesmanagetomineBitcoin,theycouldfindbuyersandbypasssomeofthesanctions,expertssuggested.Thistimearound,BRICScountriesmaynotrelyonvoluntarymining.RussianminerswereamongearlycryptoadoptersandusersinthefirstyearsofBitcoin,butthecountrymayaimtobecomeabiggerplayerinmininggeopolitics. Despitethefearsofexperts,itishighlyimprobablethatBRICScountriescouldfloodthemarketwithnewlyminedcoins.Withatransparentblockchain,someofthetransactionsmaybetracked,andexchangescanchoosetoblacklistwallets.BTCisalsotraceableandexchangesmayrefusetocarryouttradesiftheoriginofthecoinsisunknown. EvenOTCtradesmaynotbefreelyavailable.Cryptocoinsandtokenshavebeenusedtobypassbordercapitalcontrols,buttheymaynotbeenoughtobypassglobalsanctions.OnlyVenezuelahastestedusingstablecoinsasanalternativeforoilsales. Russiapreparesfortighterstatecontrolonmining Russia’sbiggestdatacenteroperator,BitRiver,hasbuiltapartnershipwiththeRussianDirectInvestmentFundtobuildminingandAIfacilitiesacrossBRICSnations.TheshifttominingacceptancefollowsapreviouscrackdownonRussianminers,includingthoseinresidentialareas. BitRiveroperates21datacentersinRussia,withanother10underconstruction.Thefirmhasreceivedstatebackinginadrivetoboostthenumberofreliable,high-powerdatacenters.Datacentercompetitionisaworldwidetrend,withtheUSAstillretainingthelead. FromNovember1,Russiawillhavearegistrationregimeforlarge-scaleminingoperations.Miningfarmswillhavetoregisterwithtaxauthorities,whileindividualminerscangowithoutregistration,butmayfacerestrictionstoelectricityaccess. Thestatealsopreservestherighttoissueatotalbanonminingactivities,ifdeemednecessary.Cryptominingisusingup1.5%ofRussia’selectricity,closetotherangeofUSminingtakingupbetween0.6%and2.3%oftotalconsumption. CanBRICSminersreallycompete? DespitethecallforBRICSminers,thosecountriesarelaggingwhenitcomestoBitcoininfrastructure.Brazil,Russia,India,China,andSouthAfricaarenotevenhostingBitcoinnodes,asseenonthelivemap.Thismaymeanminerslocatedinthosecountriesareusingothernodesasaservice,orlinkingtobiggerminingpools. Miningoperationsarealsoblurringtheboundaries,asevenRussianfarmscanjoinanypool.Despitethis,poolslikeFoundry.USAreliesonlocalBitcoinproductionandhassomeofthemostdevelopedmininginfrastructure. NewlyminedBTCmayalsobehighlyvaluable,asithasnotbeentiedtoanyusersorwallets.BRICSminerscouldsellthecoinsontheOTCmarket,orusethemfortrading.TheproblemisthatBTCisnotvaluableenoughtosustainat-scaleinternationaltrading,atleastnotatitscurrentprice. BRICScountrieshaveoneadvantage–mostarehighinthecryptoadoptionbusiness.Russiahasanindexof7,surpassingmostEuropeancountries.Indiaisrankedat1,duetoretailusageandmemetrends.Othercountriesalsousevariouscryptoassets,despitegrayareasinregulations.ChinahasgrownitsusageofUSDTfortradingande-commerce,butalsoasaninformaltooltobypasscapitalcontrols. However,BRICScryptomarketsarewildlydisparateandmaynotturnintoaunifiedblocofminers.Additionally,eveniftheycouldminesuccessfully,theBitcoinrewardshavefallento3.125BTCperblock,limitingthepotentialearnings.TheoneadvantageisthatBitmain’smachinesmaybeeasilyaccessible.Beijing-basedBitmainhassofarnotdeniedanyinternationalminerstheirshipments,andsuppliesmostofthebigminingfarmswithequipment. cryptopolitan.com

Binanceupdateditspolicyondelistingafterreviewingthetokensavailableonitsplatform.TheplatformhasdecidedtoremoveRupiahToken($IDRT),Keep3rV1($KP3R),OokiProtocol$(OOKI),andUnifiProtocolDAO($UNFI). ThisrepresentsaconsistentimprovementbyBinanceintermsofthequalityofthedigitalassetslistedonitsplatformandcorrectlyregulatingtheproperfunctioningofthemarket.Binancesharedthedetailsofrecentdelistingthroughitsofficialwebpage,sharingtheupcomingstrategiesandreasonsbehindthedelisting. DetailsoftheAssetDelisting Binancehasoutlinedthescheduleforceasingallspottradingforthespecifiedtokens,whichwilloccuron2024-11-06at03:00(UTC).ThesetradingpairsincludeKP3R/USDT,OOKI/USDT,UNFI/BTC,UNFI/TRYandUSDT/IDRT.Alltheopenordersaftertradingwillbeclearedwhentradingisover. However,theexchangehasgivenitsusersaclearoutlookonthetimelinesfordepositingandwithdrawingthesetokens.Depositswillnolongerbecreditedafter2024-11-07at03:00(UTC),whilethewithdrawalprocedurewillbeavailableuntilFebruary6th,2025,at03:00(UTC). Thereafter,additionaloptionsmayincludeconvertingtostablecoins,althoughthisisoptionalandguaranteed,asthespecificswillbeoutlinedlater.Afterthis,conversionstostablecoinsmaybeofferedbutarenotguaranteed,withfurtherdetailstobeannouncedlater. ImpactonBinanceServices Binance’sdecisionwillimpactvariousservices,includingBinanceMargin,Futures,SimpleEarn,andBuy&SellCrypto.Forexample,isolatedmarginborrowingsforthesetokenswillbesuspendedby2024-10-25at06:00(UTC),withtheautomaticsettlementandremovalofpositionssetfor2024-10-31at06:00(UTC). Furthermore,BinanceFutureswillcloseallpositionsonUNFIUSDTUSDⓈ-MPerpetualContractsby2024-10-30at09:00(UTC),andtheFundingRateArbitrageBotforUNFI/USDTwillfollowsuit.Usersarestronglyencouragedtomanagetheirpositions,wallets,andrelatedservicesinpreparationforthesechangestoavoidpotentiallosses. Binanceremainssteadfastinprotectingusersandfosteringahealthytradingenvironment.Theplatformensurescompliancewithevolvingmarketstandardsandsafeguardsagainstrisksbyperiodicreviewsoflistedassets.UsersshouldfollowBinance’srecommendationstosecuretheirassetsduringdelisting. blockchainreporter.net

Theblockchaingaming(GameFi)ecosystemisenteringapivotalphaseofgrowthandisexpectedtohitamarketcapof$301.5billionby2030,accordingtoarecentreportbyblockchainanalyticsfirmNansen. Thereportsaidthatgrowthwillbedrivenbythedecentralizedownershipofin-gameassetslikefungibleandnon-fungibletokens(NFT).Itaddedthatimplementingtokensoffersreal-worldvalueandfinancialincentivesthattraditionalgamingplatformscannotmatch. Asaresult,Nansenestimatesthesectorwillexperienceacompoundannualgrowthrate(CAGR)of68%overthenextsixyears. Thereportnotedthat,despitethebroadercryptomarket’svolatility,theGameFisectorshowedresilienceinAugust2024,withdailyactivewalletsrisingby8.94%. Blockchaininfrastructureimprovements—suchasincreasedtransactioncapacity,lowergasfees,andbetterscalability—arehelpingGameFiprojectsthrive. Moreover,leadingblockchainnetworkslikeopBNB,Ronin,andImmutablearegainingattentionduetotheirbalanceofspeed,cost-effectiveness,andscalability,whichareattractingdevelopersandgamersalike. Trueownership GameFi’suniquevalueproposition,whereplayershavetrueownershipofin-gameassets,isrevolutionizingthegaminglandscape.Thisdecentralizedstructurecontrastswithtraditionalgamingecosystems,wherethevalueofin-gameachievementsremainslockedwithintheplatform. Role-playinggames(RPGs)areparticularlywell-suitedtothedecentralizedmodel,astheyallowplayerstoownandtraderarein-gameitemsasNFTs.RPGscurrentlyaccountfor22%ofallweb3games,makingthemthemostpopulargenreinthespace,followedbyactiongamesat17%. TheGameFisectorisalsowitnessingariseinhigh-qualitytitles,labeledasAAAgames,whichboasthighproductionvalueandimmersivegameplay. AlthoughAAAtitlesaccountforjust1%ofWeb3gamestoday,theyareoutpacingtheirtraditionalWeb2counterpartsingrowth,signalingashiftininvestmenttowardblockchain-basedgaming. Notably,GameFiisthecryptosectorwiththefourth-largestamountraisedfromventurecapitalfunds,withover$651milliondirectedatthisindustry,accordingtoRootdatanumbers. Importanceofcommunity Nansen’sreporthighlightedgameslikeIlluvium,AxieInfinity,andSeraphasprimeexamplesofWeb3gaminginnovation.Thesegamescombinehigh-qualitygameplaywithdecentralizedeconomicsystems,offeringplayersreal-worldfinancialrewards. ThereportaddedthatAxieInfinitypopularizedthe‘play-to-earn’model,allowinguserstogenerateincomethroughgameplay.IlluviumandSeraphstandoutfortheirvisuallyimmersiveenvironmentsandrobustNFTeconomies. Thesuccessofthesegamesisdrivenbytheirin-gameeconomies.AxieInfinityusesadual-tokensystem—SmoothLovePotion(SLP)forgameplayrewardsandAxieInfinityShards(AXS)forgovernance—whileIlluviumandSeraphintegrateNFTstoenhancegameplayandplayerengagement. Inadditiontogameplay,thereportpointedoutthatsocialengagementplaysacrucialroleinWeb3gamingsuccess.PlatformslikeX,Discord,andTelegramareessentialtoolsforbuildingandmaintainingactivecommunities. AxieInfinityandSeraphleadthepackwithstrongcommunityengagement,evidencedbytheirlargefollowingsandrapidgrowthacrosssocialplatforms. cryptoslate.com

October31,2024,marks16yearssinceananonymousindividual,usingthenameSatoshiNakamoto,publishedtheBitcoinWhitepaper.SECChairGaryGenslerwishedthecryptocurrencya“HappySweetSixteen”duringaninterviewwithBloomberg,wherehediscussedregulatoryissuesacrossvariousaspectsoftheblockchainindustry. GenslerpointedoutthatthisHalloweenwillmarkthe16thanniversaryoftheBitcoinWhitepaper,originallypublishedonOctober31,2008.Thisdocumentisconsideredbymanytobethemostsignificantinfluenceintheblockchainandcryptocurrencyworld. GaryGenslerReflectsonBitcoinandCryptoRegulations Duringtheinterview,Gensleremphasizedthatdecentralizedledgertechnology(DLT)andsecuritylawscancoexist.Heraisedconcernsaboutinvestorsafety,explainingthat,likeinothermarkets,cryptoinvestorsdeservetounderstandtherisksassociatedwiththeirinvestments. GenslertoldBloombergjournaliststhatheandhisteamhaveseenchallengesinthecryptospacewheremanypeoplehavelostmoney.Hehighlightedthelackoffundamentaldisclosurebyprojectsasacommonoccurrenceintheindustry,associatingitwithinvestmentcontractsandschemeswhereusershavelostfunds. Gensler’sremarksexplainthereasoningbehindtheSEC’songoingscrutinyofcryptocurrencyfirms.MajorplayerslikeBinance,RippleLabs,andCoinbasehavecomeunderintenseSECinvestigation,withseveralcasespendingresolutionincourt. Meanwhile,severalprominentmembersofthecryptocommunityhavevoicedtheircriticismofGensler’sregulatoryapproach.NotablefiguressuchasMarkCubanandAnthonyScaramuccihavebeenoutspokenintheiropposition.Lastmonth,ScaramuccicalledforGensler’sresignation,postingonX(formerlyTwitter)inresponsetoCuban’scriticismofwhathedescribedas“regulationbylitigation.” ItisworthnotingthatbothCubanandScaramucciarestrongsupportersofKamalaHarris.Theyarealsoactiveinthe“CryptoforHarris”advocacygroup,whichwascreatedtosupportHarris’presidentialcampaignandpushbackagainstDonaldTrump’sgrowinginterestinthecryptoindustry. Disclaimer:Theinformationpresentedinthisarticleisforinformationalandeducationalpurposesonly.Thearticledoesnotconstitutefinancialadviceoradviceofanykind.CoinEditionisnotresponsibleforanylossesincurredasaresultoftheutilizationofcontent,products,orservicesmentioned.Readersareadvisedtoexercisecautionbeforetakinganyactionrelatedtothecompany. coinedition.com

HEXexperienceda9.04%pricedrop,sittingat$0.001962withbearishmomentumcontrollingthemarket.Furtherdownsideisevidentfromtechnicalindicatorsunlessstrongsupportisestablishedsoon. HEXisnearingacriticalsupportzoneof$0.00185-$0.00190,whichcoulddetermineitsnextmove. HEXPriceActionandMarketTrend SincethehugespikeinlateSeptemberandearlyOctober,HEXhasbeenonadecliningcourseforthelastfewweeks.Thepriceisoffitsrecenthighs,asredcandlesticksshowheavybearishpressure. Ifthepricedropsbelowthe$0.00180–$0.00185rangesupportzone,furtherlossesarelikelytobeexperienced.Thedeclinefollowsaperiodofincreasedsellingpressure,whichhasovershadowedtheearlierbullishsentiment. Sellersarenowincontroldespitestrongpricemovementearlier,anddownwardmomentumislikelytocontinue.TradersareconcernedwiththeongoingdowntrendandwaittoseeifHEXcansooncatchabottomorcontinuefalling.Theprice,however,withoutareversalinmomentum,mightfallfurther. RSIandMACDSignalBearishMomentum CurrentRelativeStrengthIndex(RSI)ofHEXis39.18,indicatingbearishmomentum.Theindicatorhasbeensteadilydecliningfromapeakof75,indicatingthatthebullishpushseenearlierthismonthhasweakened. 1-dayHEXtradingchart:sourceTradingView TheRSIisnowbelow40,andthemarketisgettingclosertobeingoversoldbutitstillhasroomtofallbeforereachingoversoldterritory. Moreover,theMACDlooksquitebearishastheMACDlineisat-0.000064,farbelowthesignalline.TradersshouldbecautiousoffurtherdownsideriskswhenMACDwidensandRSIcomesclosetotheoversoldcondition. Onbothindicators,theremightbemorepressureonHEXintheshorttermunlesskeysupportlevelsareheld. PotentialDownsideandKeySupportLevelstoWatch AsHEXplummets,technicalsignalssuggestitcouldcontinuetodecline.Animportantleveltowatchwillbethecriticalsupportzonearound$0.00185and$0.00190.Abreakbelowthisareacouldtriggeranewwaveofselling,leadingtofurtherdownside. Ifthepricedoesfindsupportattheselevels,abouncecouldfollow,givingtradersashort-termbuyingopportunity.Nevertheless,fromalongerperspective,thesituationlooksbearish,withoutaclearreversalinmomentum. TheMACDandRSIwillneedtoshowsignsofimprovementbeforeanysignificantrecoverycanbeexpected. TradersandinvestorsshouldcloselymonitorHEXforanysignsofstabilizationorpotentialbottomingtrends.HEXcouldseemoredownsidepressurewithoutastrongrebound. thecoinrepublic.com

Thescalabilityandthefactthatitsupportsmultiplechainsmakeitidealformassivegrowthin2024. NewregulatoryapprovalmayhelpRippleexpandXRP’susageincross-borderpayments. ThefasttransactionspeedandsecurityofAvalancheplaceitwellforachancetochallengeotherDeFiplatformsin2024. Thisishowonemaybeeagerlyawaitingsomethinginthecryptocurrencymarketin2024.Thisgrowthhasbroughtprofitsinvarioussectorsformanycryptocurrencies,suchasPolkadot(DOT),ShibaInu(SHIB),Avalanche(AVAX),BinanceCoin(BNB),andRipple(XRP).Eachprojecthassomuchpotentialthatitbegsfornewcharacteristicstocometothefore,butintermsofinfluencingthemarket,theyareyettoreach. Polkadot(DOT):ExceptionalScalability DuetoPolkadot’sadjustmentability,ithasbecomethego-toinnovationintheblockchainindustry.Itisthisapproachthatmadeituniqueinitsabilitytofacilitatebetterinter-chaincommunicationamongthemultiplechains.Thiscouldmeanthephenomenaldevelopmentofdecentralizedapplications(DApps)makingwhatiscurrentlyanalreadyhighlyeffectivemethodofbusinessandfunctionintegrationevenmoreincredible. ShibaInu(SHIB):PhenomenalCommunitySupport However,ShibaInuhaskeptamazingloyaltyfromitscommunityoffans.Althoughithasitsoriginsinameme-basedcryptocurrency,SHIBhasbecomesomethingmoreseriousrelativelyquickly.Newopportunitiesappearedwithitsentrancetothedecentralizedfinance(DeFi)andnon-fungibletoken(NFT)markets.Thatis,theprojectcanbeadjustedanddevelopedwithinthemarket,whichcancontributetosustainingitsleadingposition. Avalanche(AVAX):UnmatchedSpeedandSecurity ThisplatformhaspositionedAvalancheamongthefastestblockchainnetworksthatprovideunprecedentedtransactionthroughputatalmostzerocost.Byitssuperiorconsensusmechanism,itmaintainsscalabilityandsecuritymakingitoneofthemostrevolutionaryplatformsfordevelopers.By2024itwillbemoreinvolvedinDeFiandenterprisesolutionswhichwillbemoreprofitablegiventheincreasingneedforfast,secure,andcheapernetworks. BinanceCoin(BNB):PremierExchangeUtility TheBinanceCoinisstillapopularcryptocurrencybecauseofitsintegrationthroughouttheBinanceplatform.Theutilitytokenofthelargestcryptocurrencyexchangeintheworld,Binance,theBNB,isstillusedtoofferuniquetransactionalbonusesandadiscount.Thankstothis,thecoin’soutstandingperformanceshouldpersistwithin2024,astheBSCecosystemremainsheavilyreliantonitsfunctions. Ripple(XRP):RevolutionaryCross-BorderPayments Rippleisalsopioneeringbecausenoothercompetitorhasthesameabilitytorevolutionizethecross-borderpaymentssector.Duetoitsconsensusalgorithmandpartnershipwithcolossalfinancialorganizations,ithasbecomeacoalescerofglobalsettlementservices. cryptonewsland.com

AccordingtoveterantraderPeterBrandt,Ethereummighthavejustseenitsfuturelookingbrighter.Knownforhistechnicalforecasts,Brandtfeelsthealtcoinisonthevergeofabullishturnaround. He’sidentifiedaninvertedHeadandShouldersformationonthedailychartofEthereum.Thisisoneofthemostclassicbuysignalsintechnicalanalysis.IfETHcanholdabovethatnecklineat$2,745,wecouldbelookingatabreakout. ThemostinterestingchartdevelopmentsIseerightnowSeethread#1$ETHclosingpricechartinvertedH&SpatternIamflatinETHpic.twitter.com/OCG0GcTdxF —PeterBrandt(@PeterLBrandt)October21,2024 Buttheexcitementdoesn’tstopthere.DatafromIntoTheBlockshowsthatEthereum’snetworkisstrongerthanever,boastingover5millionactiveaddressesacrossitsmainnetandLayer2networks. Thoughmarketmoodisstillmixed,thisstatisticconfirmsEthereum’simportanceinthecryptoecosystem.AlthoughsomeinvestorsseeEthereum’slong-termfutureimproving,othersareworriedbytheshort-termhazards. Therearenowover5millionactive$ETHaddressesacrosstheEthereummainnetandleadingL2networks,outpacinganyotherLayer1assetbyasignificantmargin.pic.twitter.com/W6JaauNvhV —IntoTheBlock(@intotheblock)October21,2024 ALong-TermPlay Ethereumdefinitelyhaditsupsanddowns.Fromapricetagaslowas$10tonearly$4,900inthepast,it’sveryobviousthatETHhasmadequiteafewearlybelievers.Andwhiletakingsuchwildridescanbefullofgut-wrenchingmoments,Ethereumneverfailedtoensurethatitscorestrengthliesinthefacilitationofsmartcontractsanddecentralizedapplicationsintheblockchainspace. However,Ethereum’scostbasisformanyinvestorshasrisenasthemarkethasmatured.Thishasmadeshort-termgainsmoreelusive,leadingsometraderstoapproachthemarketcautiously.Butforthosewithalong-termview,Ethereum’sambitiousroadmapandhistoryofovercomingchallengescontinuetomakeitanattractiveoption. Ethereum:TheNextPath Ethereum’spresentpricingbehaviorhasoneofmorefascinatingtechnicalaspects:itsinteractionwiththePointofControl(POC).Oftenconsideredasasignificantsupportorresistance,thislevelcouldbecrucialindecidingEthereum’snextdirection. AsETH’spricehoversnearthispoint,itsuggestsapossiblebuyingopportunityforthoselookingatthelongterm.IfthePOCholds,Ethereumcouldbuildasolidfoundationforfuturegrowth.Butabreakbelowthislevelmightsignaltroubleahead,soinvestorsshouldstaycautious. WillTheBullishReversalHold? Brandt’sbullishprognosisgivesETHfansoptimism.IfEthereummaintainsover$2,745andtheinvertedHeadandShoulderspatternpersists,itmightclimbsignificantly. Yet,asalways,it’sessentialtoconsiderothermarketfactors—broadertrends,technicalindicators,andmarketsentimentallplayaroleinshapingthefutureofEthereum. WhileEthereumhasitschallenges,thepotentialforabullishbreakoutishardtoignore.Whetheryou’reinitforthelonggameorwatchingcloselyforshort-termgains,Ethereum’snextmovecouldbeasignificantone. FeaturedimagefromAFP/FinanceMagnates,chartfromTradingView newsbtc.com

Ethereumco-founderVitalikButerinhasunveiledthelatestroadmapphase,“TheVerge,”whichproposesagroundbreakingshiftinblockchaintechnologytomaketransactionverificationpossibleondevicesassmallassmartwatches—somethingpreviouslyunimaginable. InadetailedblogpostonOct.23,Buterinexplainedthat“TheVerge”combinestwokeyinnovations:statelessclientsandcryptographicSNARKs(SuccinctNon-interactiveArgumentsofKnowledge). Statelessclients Statelessclientsaredesignedtoserveasfully-verifyingnodeswithouttheneedforextensivehardware,requiringonlyafewgigabytesofstorage.ThisapproachstandsincontrasttothecurrentEthereumblockchain,whichexceeds1TB,makingithighlyresource-intensivetorunafullnode. Byreducingstorageneeds,statelessclientscouldallowmoreindividualstoparticipateinverifyingthenetwork,loweringbarrierstoentry. ButerinalsoemphasizedtheroleofSNARKsinenhancingcryptographicverification.Theseareadvancedcryptographicproofsthatallowuserstoverifydatawithouthavingtodownloadtheentireblockchain. suggestingthatwithSNARKs,userscouldefficientlyvalidatetransactionswithminimalresources,potentiallyonwearablesorothercompactdevices. Hesummarized: “Downloadsomedata,verifyaSNARK,done.” Preservingdecentralization Ethereum’sentireroadmapispartofButerin’svisiontoscalethenetworkwhilepreservingdecentralization.Theroadmapiscurrentlyinitsfourthstage. Previousphasesinclude“TheMerge,”whichtransitionedEthereumtoaproof-of-stake(PoS)system,and“TheSurge,”whichscaledthenetworktohandleupto100,000transactionspersecond,primarilythroughLayer2rollupsandsharding. “TheVerge”buildsuponthesefoundationswithafocusonimprovingaccessibilityforvalidators.Buterin’sgoalistodemocratizenetworkparticipationbyreducinghardwarerequirements,ensuringthatdecentralizationisn’thinderedbytheneedforexpensivesetups. Buterin’sroadmapdemonstratestheplatform’slong-termpotentialtomeetgrowingdemandswhilemaintainingitscoreprinciplesofdecentralizationandaccessibility.With“TheVerge,”Ethereumisonestepclosertoachievingitsgoalofbecomingahighlyscalable,user-friendly,anddecentralizedglobalplatform. cryptoslate.com

An81year-oldwomansaysshe’slostherentirelifesavingstoaSocialSecurityscam. Washington,D.C.-basedGladysBaxleysayssherecentlyreceivedacallfromsomeoneclaimingtobewiththeSocialSecurityAdministration,reportstheCBS-affiliatednewsstationWUSA9. WhenthecallersaidBaxley’sSocialSecuritynumberwasinthehandsoffraudsters,sheaskedhimtoproveit. Shethenreceivedanemailwithafakecertificatesupposedlyfromthe“U.S.SupremeCourtHouse,”statingsheneededtomovehermoneyinordertoprotectit. Afterbeingconvincedbytheemail,Baxleyendedupsendingmorethan$109,000fromherbankdirectlyintothehandsofthecriminalsinseveraltransactions,including$15,000thatshewithdrewincashandmailedviaUPS. Baxley’ssonssaythebankshouldbearsomeresponsibilityforfailingtoinquireaboutthelargetransactions,andbecausethemoneywassenttoillegitimateentities. Baxley’slender,EagleBank,saysitreviewedBaxley’stransactionsandbelievesthebankfollowsproperprotocols. “Although,itisEagleBankpolicytonotcommentonthespecificsofanyofourcustomer’sfinancialtransactions,followingathoroughinternalinvestigation,wedeterminedourteammembersfollowedallcorrectprotocols. EveryeffortisbeingundertakentoworkwithMs.Baxleytorecovermoneyfromthefraudster.” AccordingtotheFBI,scamshittingpeopleovertheageof60increased11%in2022,reaching$3.4billion. GeneratedImage:Midjourney dailyhodl.com

Recentblockchainanalysishasuncoveredalinkbetweenthetwobigcryptohacks,includingBingXandIndonesia’sbiggestcryptoexchangeIndodax.Asperthelatestsecurityreports,theexploiterswhoperformedtheIndodaxbreachandtheBingXexploit,haveutilizedthesamewalletaddressformoneylaundering. 🚨AccordingtoMistTrack’sanalysis🔎,thereappearstobeaconnectionbetweenthe#IndodaxHackerand#BingXHacker.🤔 Theyusedthesameaddress(0x0c74c11443e60e011f884f547729127380ca1992)formoneylaundering.IndodaxHackerwason#Polygon,whiletheBingXHackeroperated…pic.twitter.com/IdAwwh8OkB —MistTrack🕵️(@MistTrack_io)October23,2024 TheSharedWalletAddressUsedinBingXandIndodaxExploitsRaisesSignificantConcerns Thesharedaddress“0x0c74c11443e60e011f884f547729127380ca1992”reportedlyemergedasacriticalpieceofevidenceconnectingthesehacks.Thissignifiesthatthesamegroupordiversepartiesjoininginacoordinatedendeavormayhaveconductedboththeseevents.InthehackofIndodax,theattackeractivelyutilizedthePolygonnetwork.Nonetheless,BingXhackersusedtheBinanceSmartChainforthispurpose.However,bothpartiesemployedrefinedmethodstoshiftandobscurethestolenassets’flow. IndodaxreportedlysufferedasignificantbreachbackinSeptemberthisyear.Onthe10thofSeptember,maliciousoutflowstookplaceasthehackerssiphonedoffnearly$22Mincryptoassets.Theseassetstookintoaccounttwenty-five$BTC,accountingfor$1.4Mand$14MinEthereumalongwithothertokens.Whilerespondingtothis,Indodaxsuspendedtheoperationsthereoftopreventanyfurtherlosses.Itsubsequentlystartedmaintenanceofthesecurity.Theplatformhassincepledgedtoreimburseimpactedconsumers. ThelinkbetweenBingXandIndodaxhacksbecameevenmoreprominentinlinewiththescaleofattacks.TherecentreportshighlightedthatBingX,whichservesasacryptoentityaroundtheglobe,experiencedanoteworthybreach.CryptoexpertspointedoutsuspiciousactivityregardingBingXontheBinanceSmartChain.ThisledtotheidentificationofthesamewalletaddressthattheIndodaxhackerwasusing. TheIncreasinglySophisticatedTechniquesofSuchHacksIndicatetheNeedforAdequateBlockchainSecurityMeasures Thediscoveryofthissharedwalletaddressengagedinthese2majorcryptohackshasmountedconcerns.Itindicatesthatcybercriminalsareusingincreasinglysophisticatedmethodswhileaimingatthecryptoexchanges.Thereisalsoapossibilityofcoordinationbetweenthetwodifferenthackersbehindtheseincidents.However,atleast,bothutilizedsharedtechniquestoleveragesecurityvulnerabilities.Keepingthisinview,thepatternofbig-scalecryptoexploitskeepsdisruptingtheindustry.Thus,ithighlightstheneedforenormoussecuritymeasuresaswellascross-bordercooperationtoeliminatecybercrime. blockchainreporter.net