Deepshova, Author at BitMala

Mbappé’s Social Media Hacked to Promote Fake Crypto Scam

Recently one of the most popular footballers Kylian Mbappé’s official social accounts were involved in the scam. The scam was for a fake cryptocurrency which has led to huge losses for many people. They were able to use his X (formerly twitter) to launch a scam coin known as $MBAPPE. It launched with an intention of pumping and dumping it which caught many people in the scam.

An investor lost more than one million dollars in one hour. Blockchain tracker Lookonchain said the now-infamous investor registered a new address. They performed a operation involving 7,156 SOL, which at the time was approximately $1.03 million. However, the token’s value plummeted shortly and their investment went down to $9,200 only, a loss that amounted to 99%.

The $MBAPPE token initiated by using the Solana-based meme coin platform named Pump.fun. Even though the platform makes it quite easy for users to create tokens. It received a lot of backlash for making it easy to conduct such scams as this one. Subsequently to the posts made by the hacker on Mbappé’s X account, the price of $MBAPPE rose within minutes. However, when it reached the top, the value dropped to severely low levels. This proved devastating to most of the investors.

While most lost a great deal of money, one or two traders benefitted greatly out of the confusion that ensued. One investor, who invested only 2 SOL (about $286), sold at the correct moment and realized an incredible profit of 1,398 SOL. Another seasoned trader made a 4,330x return in just three minutes by cashing out with a massive 866.14 SOL, after just spending 0.2 SOL.

This is one of the latest in what is becoming a common occurrence of attackers using the name of famous personalities to benefit financially from those they con. In January this year, hackers also appropriated McDonald’s Instagram account to advertise a fake currency known as Grimace; this had a real ripple effect costing millions of dollars.

Fortunately for now, Mbappé deleted the posts but the damage was already done.

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Binance Ready for Cardano Chang Hard Fork as Preparations Peak

Binance through its official channels claimed readiness for the Cardano Chang hard fork increasing the readiness level of exchanges. The team originally planned the upgrade for the 27th of August. But, shifted it to the 1st of September because some exchanges were not prepared.

Earlier this week, August 24 to be precise, the founder of Cardano, Charles Hoskinson made the announcement. In that period, only 31 exchanges were ready to accept the hard fork. Of the total $41 million liquidity, 73% were in the exchanges. Those needed more time to comply with Cardano exchange requirements.

Now, Binance has joined 37 exchanges that are now ready for such an upgrade. Other platforms of a similar size are Bithumb, Bybit and Gate. The Ministry of internal affairs and other stakeholders have also prepared as well. Nevertheless, Bitfinex preceded others in signaling its readiness after it revealed it’s plans in the early part of the month.

We can also consider the introduction of the Chang hard fork a positive development for the Cardano ecosystem. Exchange readiness needed to achieve an exchange. Currently, there is 64 % of exchanges that are already ready for it. While, 17 % exchanges are still preparing for it. Some of them are HTX (formerly Huobi) and Bitget that are leading this progress with 7.25% and 4.13% liquidity.

But 11 exchanges in particular have not begun preparing. P2B is a Lithuanian exchange which at present is only 3 years old. With regard to preparation for contingencies, respondents with liquidity of less than 21% are the highest that indicates that they have insufficient preparation.

Furthermore, most of the wallets supported on Cardano are ready for exchange as well. Currently, Ledger, Trezor, and Keystone of the hardware wallets have come forward with their support. The light wallets such as Lace and Nami are also ready This implies that all the light wallets within this application are ready for live use. IOHK which has been working on the development of the Daedalus wallet released an important statement on 20th of August.

At present, 92% of SPOs confirmed their readiness for the update and assure that Cardano’s ecosystem is prepared for it.

Trump Presidency Not Needed for XRP’s Rise

Xena challenges the idea that Trump’s re-election is crucial for XRP.
Ripple’s legal victories are more important than U.S. political leadership.
Trump’s pro-crypto stance has boosted market confidence, but Xena sees it as unnecessary.

Xena, an influential member of the XRP community debunked the idea that Trump must get re-elected for XRP to succeed. She went on social media to share her views. She points out that trials in the Ripple’s court are more important for the future of XRP. Rather than, the holder of the presidency in the United States.

The large number of supporters for Trump in the community has raised increased hope. A hope in the possibility of the XRP benefiting from Trump’s strong pro crypto moves. They mention that his speech on June 2024 that triggered the Bitcoin and the altcoins such as XRP to rise. The incumbent president also voiced more friendly policies. Policies towards crypto if he is to again be elected for a second term.

However, Xena was quick to note that both Trump’s and Biden’s tenures had not been disruptive in Ripple’s context. She quoted Ripple chairman Chris Larsen, who said that neither administration has aided the crypto market. Before the recent win in the lawsuit, Xena noted Ripple is well positioned to move forward no matter which of the two next presidents.

Another community member, Chad Steingraber also shares the opinion stating that Trump’s comeback may take XRP to $40. However, Xena cleared this as a myth, as she believes that XRP has already set off to become the coin of the future.

India Proposes a Global CBDC Interoperability System

The RBI which is the central bank of India has recently introduced a new concept known as the “plug-and-play” that is going to make cross border payments better. This system will also assist in enabling proper connection between numerous CBDCs of different central banks.

RBI Governor Shaktikanta Das emphasized that ensuring compatibility of these systems with each other would result in optimum benefit. This could help in accelerating the payment between nations and as well help to bring down the cost.

However, a challenge remains: Other countries may want to create their own system based on domestic circumstances for that nation. In this regard, Das was offering a structure that is highly scalable and will also pay respect to each country’s sovereignty.

India has already started implementing this idea and they expect it will be of great help to many countries. Adding to that, Das mentioned that for real improvement, CBDC systems should be interconnected. Also, conventional payment systems from various nations must also be able to interface with CBDCs.

India assumed the G20 presidency in December 2022.It has also intended to introduce new rules on digital assets which are expected to be released later in the year.

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DOGS Meme Coin Causes Major Disruption to TON Blockchain

TON, the Telegram Open Network was recently disrupted by the introduction of a meme coin called the DOGS. On 28 August, TON stopped to take new transactions and create blocks for more than six hours. This was due to an increased activity, after the release of DOGS on August 26.

They declared that the instability of the network was coming from the large expectation of DOGS in Tonk Inu. Tonk Inu is a community platform in TON. The meme coin soon became popular after it was listed on exchanges such as Binance and OKX. It was listed with a trading volume of $1.7 billion in just 10 hours. Nevertheless, the price of token DOGS declined from $0. 0018 to $0.

The last recorded confirmed transaction on the TON blockchain was made in block 45341899. This has left users worried about the network’s performances when there is congestion. The impact led to a 5% decline in Toncoin and saw a 28% reduction in trading volumes. 63%.Toncoin, which has been trending down since then, fell from $5.47 to $5.12.

As a result of the outage, a major cryptocurrency exchange Bybit halted all deposits and withdrawals in the TON network. Maintenance of the blockchain, the job of the validators, became difficult due to an increase in the number of transactions. A member of the TON Foundation said that validators are aware of the fact that they have to restart the network to bring it to its normal state. The constant airdrop of the DOGS memo also caused congestion on the TON network. It slowed down Binance’s upgrade process for the network.

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Binance Urges U.S. Help as Exec Marks 6 Months in Detention

Binance CEO Richard Teng wants the U. S. to intervene. As, Binance executive Tigran Gambaryan, a former U. S. federal agent, has been in detention in Nigeria for six months. Gambaryan was detained in February 2024 with another employee, the British-Kenyan Nadeem Anjarwalla, at an airport in Abuja. While Anjarwalla was able to escape Nigeria in March this year, Gambaryan is still incarcerated with his situation becoming worse.

Teng states that Gambaryan has many health problems such as a slipped disc and is bedridden most of the time. Despite the state of his health, Nigerian authorities have refused to provide him the medical attention. Legal warrants for his medical records, as well as humane treatment, have also been violated by the court.

Teng is appealing to the U. S. government quoting humanitarian reasons to consider Gambaryan in the list of unlawfully detained citizens. He continued to argue that the detention is not warranted.As, Binance has resolved legal matters in other jurisdictions without force.

As stated at the office of Gambaryan’s family, his attorneys have been prevented from seeing him since July 25, 2015. Although they were only allowed to visit him on August 15, 2015 briefly. This has made it difficult for the team to prepare for his trial, a situation that is unfavorable according to the Nigerian law.

While Gambaryan remains detained, Binance is urging the U. S. authorities and the international organizations to act and free the man.

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SEC Charges Brothers in $60M Crypto Ponzi Scheme

The U.S. Securities and Exchange Commission(SEC) charged brothers Jonathan and Tanner Adam with running a $60 million Ponzi scheme using sham crypto trading bots. The scam affected nearly 80 investors who invested in the said company.

He and Tanner conducted their business through two firms namely GCZ Global LLC and Triten Financial Group LLC. They vowed to help investors earn big profits by employing use of automated crypto bot to hunt for revenue making opportunities. However, the cooperatives utilized the money on personal expenses and for to pay others who had invested in the scheme, which is characteristic to a Ponzi scheme.

The scheme was between January 2023 and June 2024. The brothers tendered themselves that they would give the investors a 13. 5% monthly return rates of their investment. They said that they were using the money to fund smart contracts as well as arbitrage trades. However the SEC was to discover that there was no such thing as a trading pool. The investors’ capital was embezzled thus used to cater for personal needs.

In its complaint, the SEC said that Jonathan Adam, who previously had securities fraud convictions. He deceived customers through providing fake credentials. The scam raised $61. 5 million. Of this, $53,The staff spent $9m on compensations and stole US$2m. They utilized the cash to buy a condominium in Miami worth $30m, a house in Texas worth $1.8m, and $480 000 on cars and other luxuries.

They left $400,000 in the accounts yet spent the big deal of the funds. From this result, it is clearly seen that they did not use the money as stated. Also, they invested the money but did not protect it.

It shows that the occurrence of crypto scams is becoming higher with the expanding of trading in cryptocurrencies. The SEC’s actions prove that there is a need to introduce higher standards in the crypto industry as a way of safeguarding investors from con artists.

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Shiba Inu to Launch DAO, Empowering Token Holders

Shiba Inu has a new decentralized autonomous organization (DAO) on the horizon that puts it in a different league. This step might bring the token holders in the company more influence in the direction of the project.

They will also be able to govern the DAO hence participate in the decision making of Shiba Inu. This would make it a part of Shibarium ecosystem which would consist of tokens like BONE and LEASH. It is not clear when precisely the concept of the DAO will release.

Shiba Inu coin emerged from the meme coin population but has since expanded to become a project. Now it has its own decentralized exchange, the blockchain, and such service as liquidity mining. It is thus seen as a means of extending more decentralisation of the community in the operations of the new DAO.

The DAO is to comprise of two central councils. Charity Council’s primary goal will be the further promotion of the token and the development of supporting initiatives in the field of charity. Therefore, the Culture & Heritage Council will engage in their efforts to protect the community ad maintain Shiba Inu’s fundamentals.

The DAO is expected to increase the utility and use cases of the token as well as provide means for every holder to shape its future. It could help Shiba Inu to build a better stance in the saturated world of cryptocurrencies.

In total, the DAO is another step in the development of Shiba Inu from the status of a meme coin to a much more worthy and useful project involving its users.

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Russia to Start Crypto Payment Trials Next Week

Russia targets to introduce trials of crypto for payments next week. Thus, seeks ways of dealing with the barriers that involve sanctions. The trials will begin on September 1, and the regulators will establish whether the crypto exchanges. The tokens’ transactions will serve as effective cross-border payment tools.

During these trials, the exchange of Russian rubles with the cryptocurrencies will facilitate through the National Payment Card System. It comes in the wake of new legislation that allows crypto mining. It sets out circumstances for employing distributed digital assets as instruments of foreign transactions, all supervised by the central bank.

The difficulties connected with the current sanctions and linked punishments influence more and more Russian businesses in international payments. Permanent metal producers in Russia have already included stablecoins in the performance of transactions with China as traditional payment options are limited.

Besides the trials, Russia intends to open at least two Internal Crypto Exchanges on its territory. One exchange may develop based on the infrastructure of SPIMEX, while the other might locate in Moscow.

Developed by the central bank of Russia in 2014, the National Payment Card System supports Mir together with interbank systems. That is why trials were conducted using it, since it already has a developed infrastructure.

If successful, the trials could pave way for more cryptos in the Moscow Exchange and the St. Petersburg Currency Exchange next year. The experiment will allow using various current cryptocurrencies as a mechanism for payment.

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Vitalik Buterin Defends Ethereum’s DeFi Stance Amid Criticism

During the recent critique of Ethereum, one of its co-founders-Vitalik Buterin-took very active part in the debate. The debate was for “not caring” about decentralized finance. It started when Kain Warwick, the founder of yield farming, aired his bitterness on a talk show. Warwick said that Buterin’s comments were self-centered on the place of DeFi in Ethereum. Also, the Ethereum Foundation not developing the sector.

For this, Buterin made an attempt to put up some clarity with a post that he made on social media. He supported DeFi that comprises of decentralized exchange and stable coins like RAI. However, he also ridiculed some, like the 2021 frenzy of liquidity farming, saying it cannot be long-term sustainable.

Buterin was clear on his part that the DeFi is important but it should be in coherence. It should be conformity with Ethereum’s core values of decentralization and permissionless. He emphasised that DeFi must be ‘use the case’ and ‘stick around’.

This debate also arises because, quite recently, the Ethereum Foundation transacted 35,000 Ether, worth approximately $96 million, thereby triggering several discussions about the treasury management activities of EF.

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