MetaMask adds fiat off-ramp for 10 blockchains to improve crypto accessibility
The complex onboarding process is a major hurdle for reaching the first billion crypto users, industry watchers told Cointelegraph.
India chases decade-old Bitcoin scam with nationwide raids
The GainBitcoin scam, which promised high returns on Bitcoin investments, has left 8,000 investors in India feeling cheated and defrauded. The Central Bureau of Investigation (CBI) has launched a nationwide raid to bring the perpetrators of this scam to justice.
The CBI, India’s premier investigative agency, has been conducting raids across the country in connection with the GainBitcoin scam. This scam, which operated under the guise of a legitimate Bitcoin investment company, lured in unsuspecting investors with the promise of high returns. However, instead of delivering on their promises, the scammers pocketed the investors’ money and disappeared.
The CBI’s raids are a result of a thorough investigation into the GainBitcoin scam, which has been ongoing for several months. The agency has gathered evidence of the scam’s operations and is now taking action to bring those responsible to justice. The raids are being conducted at various locations, including the offices and residences of the accused, in an effort to gather more evidence and build a strong case against them.
The GainBitcoin scam has caused a significant loss to the investors, many of whom were lured in by the promise of quick and easy profits. The CBI is determined to hold the scammers accountable for their actions and ensure that the investors get justice. The agency has also urged the public to be cautious and not fall prey to such fraudulent schemes.
This is not the first time that India has been hit by a Bitcoin scam. In 2018, the country was rocked by the infamous Bitconnect scam, which defrauded investors of millions of dollars. The GainBitcoin scam is yet another reminder of the need for stricter regulations and measures to protect investors from falling victim to such scams.
The CBI’s nationwide raids in connection with the GainBitcoin scam are a step in the right direction towards bringing the perpetrators to justice and sending a strong message to others who may be involved in similar fraudulent activities. The agency’s efforts are commendable and will hopefully bring some relief to the thousands of investors who have been affected by this scam.
Ethereum Foundation pledges $1.25M to Tornado Cash developer’s defense
The Ethereum Foundation has recently made a generous donation of $1.25 million to support Tornado Cash developer Alexey Pertsev’s legal defense. This comes as Pertsev prepares to appeal his conviction for money laundering in the Netherlands.
Pertsev, who is a key developer for the popular privacy tool Tornado Cash, was convicted of money laundering in a Dutch court earlier this year. The charges stemmed from his involvement in a cryptocurrency mixing service, which allows users to obfuscate the origin of their funds.
The Ethereum Foundation’s donation will go towards covering Pertsev’s legal fees as he fights to clear his name and overturn the conviction. This support from the Foundation is a testament to their commitment to protecting and promoting the development of decentralized technologies.
Tornado Cash, which is built on the Ethereum blockchain, has gained popularity as a way for users to maintain their privacy while transacting with cryptocurrencies. The tool uses zero-knowledge proofs to ensure that transactions cannot be traced back to their original source.
The Foundation’s donation not only shows their support for Pertsev, but also highlights the importance of privacy in the cryptocurrency space. As the use of cryptocurrencies continues to grow, so does the need for tools like Tornado Cash to protect users’ financial privacy.
This donation also serves as a reminder of the potential legal challenges that developers in the cryptocurrency space may face. As the industry continues to evolve and innovate, it is crucial for developers to have the support and resources they need to navigate any legal hurdles.
In conclusion, the Ethereum Foundation’s donation to support Alexey Pertsev’s legal defense is a significant gesture that showcases their dedication to the development and protection of decentralized technologies. It also highlights the importance of privacy in the cryptocurrency space and the potential legal challenges that developers may face. We can only hope that Pertsev’s appeal is successful and that this case serves as a reminder for the need to protect and support developers in the ever-growing world of cryptocurrency.
Stablecoin firms should be registered in US — Circle’s Jeremy Allaire
In the world of cryptocurrency, stablecoins have become a popular choice for investors looking for a more stable and secure option. These digital assets are designed to maintain a steady value, often pegged to a fiat currency like the US dollar. However, with the rise in popularity of stablecoins, concerns have been raised about their regulation and oversight.
Jeremy Allaire, co-founder of Circle, a leading digital currency company, believes that all stablecoin issuers should register in the US. In a recent statement, Allaire emphasized the importance of consumer protection and fair competition in the crypto market.
Allaire’s call for registration comes at a time when stablecoins are gaining traction and becoming a significant player in the crypto space. With a market capitalization of over $100 billion, stablecoins have become a crucial tool for traders and investors to hedge against market volatility. However, the lack of regulation and oversight has raised concerns about the stability and security of these assets.
According to Allaire, registering stablecoin issuers in the US would provide much-needed consumer protection and ensure fair competition in the market. By registering, issuers would have to comply with strict regulations and undergo regular audits, ensuring the stability and security of their stablecoins. This would not only benefit investors but also promote trust and confidence in the crypto market.
Allaire’s call for registration is not without merit. In recent years, there have been several instances of stablecoins facing regulatory scrutiny, with some even facing legal action. By registering in the US, stablecoin issuers would have a clear framework to operate within, reducing the risk of facing legal consequences.
In conclusion, as the use of stablecoins continues to grow, it is crucial for issuers to prioritize consumer protection and fair competition. By registering in the US, stablecoin issuers can ensure the stability and security of their assets, promoting trust and confidence in the crypto market.
Metro department store debuts stablecoin payments in Singapore: Report
“Embracing the Future: How Stablecoin Payments are Shaping the Retail Industry”
In today’s fast-paced world, technology is constantly evolving and changing the way we do business. One of the latest innovations to make waves in the retail industry is the integration of stablecoin payments. This new form of digital currency is not only revolutionizing the way we make transactions, but it is also shaping the future of retail.
According to a Metro Store executive, by embracing stablecoin payments, they are not just keeping up with the times, but actively shaping the future. And they are not alone. Many other retailers are also jumping on board and reaping the benefits of this new payment method.
So, what exactly is a stablecoin? Simply put, it is a type of cryptocurrency that is pegged to a stable asset, such as a fiat currency or a commodity. This means that its value remains relatively stable, unlike other cryptocurrencies that are known for their volatility. This stability makes it an attractive option for retailers, as it eliminates the risk of sudden price fluctuations.
But it’s not just about stability. Stablecoin payments also offer a faster and more secure way of conducting transactions. With traditional payment methods, there are often delays and high transaction fees. However, with stablecoins, transactions can be completed almost instantly and at a fraction of the cost.
Furthermore, stablecoin payments are also more accessible to a wider range of customers. In today’s global market, retailers often face challenges when it comes to accepting payments from customers in different countries. With stablecoins, these barriers are eliminated, as they can be used by anyone with an internet connection, regardless of their location.
As more and more retailers adopt stablecoin payments, it is clear that this is not just a passing trend, but a significant shift in the way we do business. By embracing this technology, retailers are not only staying ahead of the curve, but also shaping the future of the retail industry. So, if you want to be a part of this exciting evolution, it’s time to start considering stablecoin payments for your business.
Bitcoin price 'top is not in' as Wyckoff model hints at $100K retest
Could Bitcoin be on the verge of another major price rally? According to recent chart patterns, it’s a possibility that can’t be ignored.
In August 2024, Bitcoin experienced a significant surge in price, jumping from $53,400 to $74,000 in just a matter of weeks. And interestingly enough, the current market conditions are showing a striking similarity to that time period.
Looking at the charts, we can see a clear pattern emerging. In both cases, Bitcoin experienced a sharp drop in price, followed by a period of consolidation before the sudden spike. This pattern is known as a “cup and handle” formation, and it has been a reliable indicator of future price movements in the past.
But what does this mean for Bitcoin investors? Well, if history is any indication, it could mean a potential 40% price rally in the near future. Of course, nothing is guaranteed in the volatile world of cryptocurrency, but this pattern is definitely worth paying attention to.
So, why is this happening? There are a few theories floating around, but one of the most compelling is the idea that Bitcoin is becoming more mainstream and accepted as a legitimate asset. With major companies like Tesla and PayPal now accepting Bitcoin as a form of payment, it’s clear that the cryptocurrency is gaining more widespread adoption.
Additionally, the recent market dip and subsequent recovery have shown that Bitcoin is resilient and can bounce back from even the most dramatic drops. This could be a sign of growing confidence in the cryptocurrency, which could lead to more investors jumping on board and driving up the price.
Of course, only time will tell if this pattern will hold true and if Bitcoin will experience another major price rally. But for now, it’s definitely something to keep an eye on for those interested in the world of cryptocurrency. Will history repeat itself for BTC? Only time will tell.
Bybit hacker launders $335M as funds continue to move
In May 2021, the cryptocurrency world was rocked by a massive hack on Bybit, one of the leading trading platforms. The hackers managed to steal a staggering $1.4 billion worth of digital assets, making it one of the largest crypto heists in history. Since then, the stolen funds have been slowly but surely laundered, with a total of $335 million already converted into untraceable currencies.
But what is even more concerning is that there is still $900 million of stolen assets yet to be moved. This means that the hackers are still in possession of a significant amount of money, and they have the potential to cause even more damage to the crypto community. The question on everyone’s mind is, what will they do with the remaining stolen funds?
The Bybit hack has once again highlighted the vulnerabilities of the cryptocurrency market. Despite its growing popularity and mainstream adoption, the lack of regulation and security measures make it an easy target for cybercriminals. And with the value of digital assets constantly on the rise, it’s no surprise that hackers are increasingly targeting crypto exchanges and platforms.
But what can be done to prevent such attacks in the future? The answer lies in stricter security protocols and regulations. Crypto exchanges and platforms need to invest in top-notch security measures to protect their users’ funds. Additionally, governments and regulatory bodies need to step in and establish clear guidelines and regulations for the crypto market.
In the meantime, the crypto community can only wait and watch as the remaining $900 million of stolen assets loom over their heads. Will the hackers continue to launder the funds, or will they make a move to cash out? Only time will tell. But one thing is for sure, the Bybit hack has once again reminded us of the risks and challenges that come with investing in the world of cryptocurrency.
Hamster Kombat says Season 2 is ‘more than a game’ amid layer-2 launch
The Hamster Kombat team recently revealed to Cointelegraph their plans to utilize the layer-2 network on TON (Telegram Open Network) as a foundation for their upcoming entertainment ecosystem. This innovative approach aims to revolutionize the way we experience and interact with entertainment content.
For those unfamiliar, TON is a decentralized blockchain platform developed by the popular messaging app Telegram. It boasts impressive features such as high transaction speeds and scalability, making it an ideal choice for building complex and interactive applications.
The Hamster Kombat team recognized the potential of TON and saw an opportunity to create a unique and immersive entertainment experience. By leveraging the layer-2 network, they plan to offer a seamless and secure platform for users to access a variety of entertainment content, including games, videos, and more.
One of the key advantages of using TON’s layer-2 network is its ability to handle a large number of transactions simultaneously. This means that users can expect lightning-fast speeds and minimal delays when interacting with the platform. Additionally, the network’s high level of security ensures that user data and transactions are protected at all times.
But what sets Hamster Kombat apart from other entertainment platforms is its focus on community engagement. The team plans to incorporate social features that allow users to connect and interact with each other, creating a vibrant and engaging community. This not only enhances the overall user experience but also opens up opportunities for content creators to showcase their work and gain recognition.
In conclusion, the Hamster Kombat team’s decision to utilize TON’s layer-2 network as the foundation for their entertainment ecosystem is a bold and innovative move. With its impressive features and focus on community engagement, this platform has the potential to revolutionize the way we consume and interact with entertainment content. Keep an eye out for Hamster Kombat as it prepares to launch and join the exciting world of decentralized entertainment.