Developers of the Tornado Cash platform could face liability if the code they wrote was used “solely for the purpose” of committing crimes or supporting criminals. This statement was made the day before by representatives of the Dutch Fiscal Information and Investigation Service (FIOD), which had previously arrested one of the developers of Tornado Cash. The FIOD’s comments could, in theory, set a precedent for prosecuting even other blockchain platform programmers. Read more about what’s going on.

Recall that the U.S. Office of Foreign Assets Control (OFAC) imposed sanctions on Tornado Cash because of the cryptomixer’s use in money laundering, and the wording was direct and open. A little later, a member of the platform’s team was arrested in the Netherlands.

Continue reading here:https://altcoin.ng/cryptocurrency-developers-around-the-world-are-facing-legal-problems-but-why/

Last Monday, the U.S. Treasury Department blacklisted the cryptocurrency mixer Tornado Cash, banning U.S. citizens from using the service because “since its creation in 2019, more than $7 billion worth of virtual currency has been laundered through it.

On Tuesday, the automated mailing service Mailchimp deactivated the account of the news resource Decrupt without warning. The same thing happened later with a group of other cryptocurrencies, including Messari and Edge Wallet. The scope of these events varies, but they are all part of the movement against cryptocurrencies, which is supported by everyone from the government to corporations.

If nothing changes, this trend will soon spread throughout society. The bear market, the collapse of Terra, Celsius, and other irresponsible and ill-conceived projects that should not be seen as representative of the industry has given opponents of cryptocurrencies arguments that the whole industry is a fraud and a pyramid scheme.

Continue reading: https://altcoin.ng/is-the-blocking-of-tornado-cash-the-beginning-of-u-s-war-on-cryptocurrency/

Brazilian cryptocurrency exchange BlueBenx blocked withdrawals and transfers, citing a hack, and fired employees, Portal do Bitcoin reported. Assuramaya Kuthumi, a lawyer representing the platform, claims that about $32 million was stolen in the hack.

The crypto exchange BlueBenx, with offices in Brazil, Portugal and Estonia, positioned itself as “a high-performance platform that provides regular income to its customers.” The company’s Web site says that by 2025, it expects to generate a return on investment of +1,800%.

According to the publication, BlueBenx customers were skeptical about the report of the hack because the company did not disclose any details of the incident. The exchange sent an e-mail to all users to report the hacker attack on its liquidity pools in the criptomoedas network, as a result of which it decided to immediately suspend all transfers and withdrawals.

BlueBenx also fired at least 30 of its employees, shut down its social media accounts, and the whereabouts of the exchange’s CEO Roberto Jesus Cardassi are unknown, the article said. A lawyer representing BlueBenx estimated that more than 160 million Brazilian reais (about $32 million)
were lost because of the hack, meaning the investments of about 2,500 customers. Kuthumi said he is cooperating with the police on the matter.

Earlier, cryptocurrency exchange Hotbit reported that it was suspended due to the freezing of some of its assets by law enforcement agencies. According to the company, its former manager, who resigned in April 2022, is under investigation.

https://altcoin.ng/brazilian-cryptocurrency-exchange-blocks-customer-accounts-and-fires-staff/

In preparation for the Video Music Awards, a famous music channel and entertainment company MTV together with the Roblox platform have created a virtual world similar to the metaverse. Users can go to a virtual The VMA Experience to take part in parties, games and cast their votes for their favorite artists in the “best performance in the metaverse” category.

This year marks the first time the metaverse category has been included in the Video Music Awards, and nominees include artists such as Charli XCX, Twenty-One Pilots, BTS, Ariana Grande, Blackpink, and Justin Bieber. They have been recognized for their performances on gaming platforms such as Roblox, Fortnite, Minecraft, PlayerUnknown’s Battlegrounds, and Wave.

Paramount Media Networks and MTV Entertainment Studios marketing director Amy Campbell considers one of the most exciting aspects of the metaverse to be being able to participate in the ceremony regardless of location. The advent of MTV in Roblox opens the door for more artists and music companies looking to capitalize on a presence in the metaverse. In addition, this way MTV communicates with younger fans.

https://altcoin.ng/mtv-video-music-awards-ceremony-to-hold-place-in-the-metaverse/

Hackers continue to infiltrate the crypto sector to steal digital assets. Hackers are now using SEO techniques to direct users to phishing websites of wallet providers such as Metamask and cryptocurrency exchanges such as Coinbase and Kraken.

Hackers are inventing new ways to steal cryptocurrency

The Netskope report showed that cryptocurrency phishing campaigns are now being conducted through several platforms such as Google Sites, Microsoft Azure, and SEO. Phishing campaigns have been the cause of huge losses for crypto investors over the years.

The sites targeted by these schemes are created using Microsoft Azure and Google Sites. Users on these platforms are tricked into providing their data, allowing attackers to steal funds from them.

This is the first type of crypto-fraud that Netskope has been able to track down. Netskope is an online security company that provides SEO-related services. The company’s 2022 report also stated that hackers used blog posts as tools to send out links.

Hackers placed links containing SEO content in blog posts, which allowed them to rank higher in search results. This shows that the links will be accessible to many people who will open them, assuming they are linked to real cryptocurrency websites. Instead, these links direct users to phishing websites that look like legitimate cryptocurrency websites such as MetaMask. Some hackers mimic leading exchanges such as Coinbase, Gemini and Kraken.

Phishing campaigns

Phishing campaigns have become very common in the crypto sector. Phishing sites are usually hosted on platforms such as Microsoft Azure and Google Sites. They are designed to trick users and steal their personal information.

This information is used for several purposes, such as obtaining the private seed phrases of users’ wallets by giving them access to the data. This is the method used by the phishing site on Metamask.

Hackers also obtain account details of exchanges participating in the campaign. When users provide their information, the sites are prompted to contact customer service, after which the hackers get more information about the users and how they can get their funds.

Netskope also said that users are advised not to provide their account credentials after clicking on the link. Instead, users are encouraged to go directly to the site they want to access. Institutions should also use a secure web gateway to detect and block phishing in real-time.

The address of the site the user goes to and leaves their information should be checked very carefully. You should not click on links received from suspicious addresses, nor should you enter your credentials, much less the secret phrase from a cryptocurrency wallet.

https://altcoin.ng/hackers-use-google-sites-and-microsoft-azure-to-launch-crypto-phishing-campaigns/

During an interview with Stansberry Research on August 13, Michael Saylor, MicroStrategy’s CEO, said that bitcoin will surpass gold in various aspects, such as savings, and will eventually replace the precious metal.

Saylor admitted that bitcoin’s competition with gold will be characterized by ups and downs. In his opinion, unlike gold, BTC has more chances to be accepted as currency by more jurisdictions.

Critics and analysts don’t understand cryptoeconomics, they don’t understand bitcoin and they hate volatility… Bitcoin will gradually demonetize gold over time,” Saylor said.

As for concerns about bitcoin’s volatility, Saylor noted that long-term investors shouldn’t worry because price fluctuations are part of the asset’s journey. He believes bitcoin is volatile because investors want to make money in the short term.

In that sense, MicroStrategy’s bitcoin investment plan was based on a long-term strategy, which is why he is not concerned about price declines. Saylor suggested that the recent rise in the cryptocurrency market indicates that bitcoin has bottomed out. It is worth noting that after a difficult first half of the year, bitcoin along with Ethereum (ETH) led the cryptocurrency market in a short-term rally.

https://altcoin.ng/ceo-of-microstrategy-says-bitcoin-will-gradually-replace-gold/

The metaverse is the next generation of digital platforms. It includes a whole stack of technologies, including virtual reality, augmented reality, blockchain, and artificial intelligence.

It is a virtual “sandbox” where users create space themselves. They choose what they want to do. With the help of cryptocurrencies and NFT in metaverses, it is possible to monetize any activity.
Meta, formerly Facebook, is developing its own Horizon Worlds metaverse. Mark Zuckerberg described the metaverse as “an Internet where you are in, not just looking at it.

Other major digital world projects are Otherside, Decentraland, The Sandbox, Axie Infinity. Each of them has its own peculiarities. For example, in one metaverse you can buy land, and in another, you can grow unusual creatures.

Continue reading here: https://altcoin.ng/what-is-a-metaverse/

A bull trap is a term used in trading to describe a scenario in which the market “fools” an investor by sending a false signal to buy an asset but then reverses course.

The inability or unwillingness of traders to maintain an upward movement results in a bull trap.

If an investor makes emotional, rushed, and poorly thought-out judgments based on a small set of trading tools, the probability of slipping into a bull trap increases.

How may one get caught in a bull trap?

This circumstance arises when the market exhibits the first indications of sustained growth or a potential switch from an asset’s declining price movement to an increasing one.

The “trick” of the market is that while buyers (the “bulls”) expect that the tendency for price growth will continue, the selling (the “bears”) actually hold the real power in the market.

Continue reading here: https://altcoin.ng/how-to-avoid-bull-traps-in-trading-and-what-are-they/

One of the most rapidly expanding markets for digital currency is DeFi. Several billion dollars are currently the market value of the industry. Let’s examine decentralized finance, its applications, and associated risks.

Characteristics and elements of DeFi

Decentralized finance, sometimes known as DeFi, refers to products and services that are based on blockchain technology. Customers have access to a vast, open financial system thanks to them.

DeFi was developed as an alternative to conventional finance and as an open-source protocol replacement for antiquated technologies.

Participation in DeFi happens without the need of middlemen. Digital protocols called “smart contracts” carry out the work on their behalf. They fully automate the process and use computer programming to create participant interactions. The primary distinction between centralized and decentralized systems is this.

read more here: https://altcoin.ng/what-is-defi/

Another trend on par with NFT and meta-universes is DeFi (decentralized finance), sometimes known as decentralized finance. In order to offer quick and transparent transactions with low commissions, decentralized finance was developed as a counterpoint to traditional financial tools.

DeFi does, however, come with significant risks in addition to rewards, such as fraudulent ventures. Rug pulling is the process by which a team abandons a project, withholds any liquidity, and causes the native token to lose value.

How can one spot shady practices in an unregulated setting?

read more: https://altcoin.ng/how-to-spot-a-scam-defi-project/

Bitcoin will no longer return to its historic high of $69,000, the cryptocurrency price will fall below $10,000, Chief Market Strategist at Euro Pacific Asset Management Peter Schiff is sure. In an interview with Kitco, he called the digital asset a “big fool’s scheme” that will inevitably fail.

“The market is going to go down. I think people should take advantage of the rally they have right now and get out. A lot of people still have profits in these tokens. They have to leave because otherwise, the market will take those profits,” Schiff warned.
In May, the investor claimed that the bitcoin rate broke the support line, so it is now heading towards $8k. At that time, the first cryptocurrency was trading at $30k, as of August 12, its price is $23.9k.

Peter Schiff is one of the most famous critics of the first cryptocurrency. In 2011, when BTC was around $1, he said that he would rather invest $10k in gold than in bitcoin, as it is unknown what will happen to it in a few years. Since then, the first cryptocurrency has gone up 2.3 million percent.

https://altcoin.ng/bitcoin-critic-peter-schiff-believes-bitcoin-will-drop-below-10000/

Law enforcers in the Netherlands arrested a developer allegedly linked to the Tornado Cash mixer.

The man was detained in Amsterdam. He is suspected of involvement in money laundering and concealing criminal financial flows through the cryptocurrency mixer.

In June 2022, the Dutch Financial Information and Investigation Service unit launched a criminal investigation into Tornado Cash.

Readmore here: https://altcoin.ng/tornado-cash-developer-arrested-in-amsterdam/