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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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Base Solidifies Lead as Ethereum’s Top Layer-2 Network

Base, a Layer-2 (L2) scaling solution on Ethereum has surged its competitors behind. It has become successful in leading in key metrics that indicate its rate of growth and popularity in the market.

In the past month, Base reported a 19% rise in activity levels of addresses reaching 13.2 million. This growth was faster than major competitors such as Arbitrum One, Optimism, and zkSync, which experienced a decline in their active user bases.

The Base also leads in 30-day transaction count with 110.28 million transactions, surpassing the other Ethereum L2 networks. This figure is more than double that of Arbitrum One, which recorded the most transactions with 52.41 million during the same period.

Factors such as the successful completion of the “basenames” service on the Base network can explain the growth of active addresses and the number of transactions. This new feature attracted over 200,000 new Base.eth usernames within the first week of launch.

Base, introduced in July 2023, by Coinbase aims to increase the scalability of Ethereum while preserving the security. Its exponential growth is not only the great success story that Coinbase has to offer but is also a positive sign for Ethereum’s ecosystem. Base is growing and it has the potential to be a major player in the future of DeFi and blockchain.

Activity on Base can also increase the price of Ethereum because users gather ETH for paying gas fees. Currently, Ethereum is at $2,625, which is a common situation with the fluctuation of the crypto market.

To explore the article on Base Network surpassing 1 million daily active adressess, click here.

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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.

Bitcoin’s 10% Drop: Concerns Over Cryptocurrency Volatility

The article examines the volatility of Bitcoin, the world’s largest cryptocurrency by market capitalization. The digital currency experienced a terrible crash of over 10%, within a single trading session, during a market crash. Its downturn resonated with cryptocurrencies such as Ethereum, Binance Coin, and Solana with similar value drops.

The crash relies on an increase in regulatory activities from the American authorities. The government agencies have intensified their analysis of cryptocurrencies. Moreover, factors such as increased interest rates and inflationary pressures have reduced investors’ confidence in risk in cryptocurrencies.

The recent crash shows the level of risk that is still prevalent and reminds investors of the risks within cryptocurrencies. Though Bitcoin has many times bounced back from similar falls, the recent plunge has now questioned the sustainability of crypto coins in the market.

Industry experts warn that the current crash in the market may be upsetting. It can also be a good time for long-term investors who trust that decentralised finance is a promising industry. However, they need to be prepared for further uncertain states in the short term as the global economy is unstable.

Before the market becomes stable again, the investors are requested to stay updated, have some patience and understand that there is much risk is involved in this new market. The next few days will be decisive to see if Bitcoin has the chances to start a recovery or if it will remain below the average price.

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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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Solana Sees 40% Surge in Trading Volume

Solana (SOL) has perceived a 40% boost in trading volume and that might be on the path of recovery. This surge occurred after a period of inactivity of SOL, dealing with issues concerning network outages and market competition.

The recent rise in trading volume shows a fresh demand for Solana indicating the platform is a high throughput and low transaction costs. Market analysts suggest that the spike was led by different factors like:

Recovery in the cryptocurrency market
Increased activities of developers in the Solana Network
Growing interest in Decentralized Finance (DeFi) and Non-Fungible Tokens (NFT) build on Solana’s infrastructure

Solana has maintained a strong developer community and a robust ecosystem. The network can handle thousands of transactions per second at very low fees. This makes Solana a viable alternative to Ethereum for their operations. This surge depicts the recovery of Solana as the trading volume increases. However, while the volume has gone up it is yet to be seen if this will bring about steady rises in the prices of the various products.

As Solana will be experiencing such important weeks, people in the market will closely watch the activities. The increased traffic means the comeback of SOL revival or new troubles while there could arise further challenges.

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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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Bitcoin Enters the “Banana Zone”: Analyst Predicts Wild Market Swings

Bitcoin is moving into what one analyst has termed the ‘Banana Zone’, where prices could revolve randomly. The term sums up the unpredictable and chaotic character of the present Bitcoin market.

As per the analyst, stable phases have ended in Bitcoin. The market is showing signs of returning to its unpredictable behavior, with frequent ups and downs. The “Banana Zone” is a chart plot where the price of Bitcoin could fluctuate very erratically. The investors are not sure of the next course of action.

Fluctuations in the macroeconomic environment, improvements or regulation changes, and changes in investors’ attitudes cause such instability. At this point, Bitcoin is floating close to the support and resistance levels. The traders for the rate that may greatly spike and cause substantial gains, as well as consequential losses.

The term has quickly entered the mainstream technical lexicon associated with bitcoins and the future speculation on how long it will last in this state. Some view it as a profit-making opportunity due to short-term price fluctuations. But some view it as a lot of danger due to its volatility.

Only time will tell if BTC will remain range-bound in this “Banana Zone” or if the market will continue to swing in a huge fashion. As seen in the unpredictable periods of the cryptocurrency markets, investors bear high levels of risk and ought to be ready to make the most of the threats in addition to opportunities available.

Kaspa Faces Potential 50% Price Drop as Market Uncertainty Grows

Kaspa (KAS), a cryptocurrency that grabbed attention as a possible next-generation blockchain, has experienced a significant price drop. The trader has warned predicting KAS could lose up to 50% of its value with the token being at its worst month.

The warning comes as a challenge for Kaspa as the token shows signs of a decline in the cryptocurrency market. The major reasons recognized are rising volatility levels, decreasing volumes of trading activities, and uncertainty in the cryptocurrency market. Traders analyze that if this continues, Kaspa can face a drastic fall and lose recent gains. This can cause investors at vulnerable to significant losses.

Kaspa gained a lot of attention in the initial phase due to its innovative approach to the blockchain. It experienced massive growth and adoption in recent months. However, the current market is testing the resilience of the token and its community. The potential drop of 50% could discourage new investors and shatter the assurance of existing investors. This has created sinking pressure on the price.

Thus, as long as the crypto market remains indeterminate, Kaspa’s traders & investors are advised to remain alert. Also, they need to keep abreast of the latest inclinations to seek possibilities. Hence, the following weeks will be critical in understanding whether Kaspa can recover, or if other difficulties may arise.

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