On Tuesday Lara and Tiffany Trump’s accounts in X were compromised to pump a pump-and-dump token associated with an anticipated World Liberty Financial cryptocurrency venture. It mentioned random links as the ‘official’ blockchain addresses of the project which were fake ones that where hacked.
But the illegitimate accounts were soon revealed to be fake, and Eric Trump said as much to his many followers, urging them not to respond to the fraud. The hack happened only a few hours after information on what is known as World Liberty Financial – DeFi lending platform involving the Trump family – was released by CoinDesk, stating that the platform was to launch soon.
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The crypto market has just fallen and has stirred a lot of turmoil! The cryptocurrency market underperformed pulling BTC and ETH down to 5% of losses.
Investors grapple with fears over the US economy. The Bitcoin price fell below $26000, whilst Ethereum was unable to maintain the $1600 level. This decline is due to fluctuations in the global market. Investors fear the slowdown of the US economy can badly affect risky favourites.
Altcoins weren’t spared either. Solana (SOL), Dogecoin (DOGE) and others were not spared, as the downtrend affected most tokens in the market. Overall market capitalisations suffered a decline and investors are supposed to seek safer options.
What’s behind the crash?
The lack of seriousness has been identified as weak economic signals from the US. Currently, the market remains restless as the Fed’s next step remains unknown and so does crypto.
This is indeed a rude awakening! Reminding everything is not always up in the crypto world. But there are downs too. However, the next move could make the difference.
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South Korean officials are to open a criminal investigation against the messaging app, Telegram over accusations of inciting deepfake sexual assaults. The Seoul Metropolitan Police is now investigating whether the app has contributed to the spread of prohibited content, after complaints about a computer-simulated sexual abuse Telegram channel.
This will be the first investigation of South Korea’s prosecution to concern Telegram’s corporate entity. The country wants to involve French authorities and other detectives as the messenger has not been helpful in the process of exchanging with the users information before it.
Some deepfake content has been deleted on Telegram’s requests, moreover, the South Korean authorities are looking forward to establishing a partnership with the platform and create a hotline for such cases. This action is similar to similar actions taken across the world such as in France and India where governments are stepping up and dealing with all sorts of unlawful operations associated with Telegram.
The Trump family after the failure of their previous attempts are starting a new crypto project called World Liberty Financial, which is a lending and borrowing DeFi platform based on Aave and Ethereum. This can be seen as this project is quite similar to what they have done in Dough Finance that was vulnerable to a hack in July that saw the team lose $2 million.
When officially launched by Donald Trump and his sons, Eric, Don Jr. and Barron, the platform will include a governance token dubbed WLFI. However, the project has creates some controversy due to its resemblance to the previous project known as Dough Finance and the community is curious as to whether this project will go the same way.
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Qatar just dropped its 2024 Digital Assets Framework, aiming to build a secure and transparent crypto ecosystem. The Qatar Financial Centre (QFC) wants this move to attract both local and global players, setting the stage for a booming financial services sector.
Governor Sheikh Bandar Al Thani called it a big step toward their Third Financial Sector Strategic Plan. Yousuf Mohamed Al-Jaida, QFC’s CEO, hopes this clear, new framework will bring in more fintech and startups. Already, 20+ companies have joined since launching their Digital Assets Lab last year.
Now, companies can apply for licenses to provide token services. Qatar is ready to make waves in the digital finance world!
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Metaplanet, aka Japan’s MicroStrategy, linked up with Ripple’s partner SBI VC Trade to supercharge Bitcoin trading, custody and management. This collab is giving metaplanet some huge advantage. It has access to SBI’s next level custody services and the option to use Bitcoin for financing.
This partnership could easily hype up Bitcoin in Japan more than ever. It shows hints of crazier collabs along the line. This link up could indicate big things ahead for both companies.
At the given time, BTC’c at $57,807 down by 0.60%. but the trading volume is up 77%. That’s a clear indication of it being talk of the town.
Solana (SOL) faces a bearish market as the cryptocurrency strives to recover from the impacts of the Sunpump event. Initially, Sunpump was expected to be a bullish catalyst. In the recent times, it has appeared to drive investors to sell SOL, creating another dip. The event denoted high volatility. It fails to keep the SOL price above the critical resistance level.
Market experts observe that after the post-Sunpump event, several traders have become cautious. This has created a gap that SOL prices continue to indicate that they are heading low. Investors are becoming anxious due to the instability in attaining the previous prices. This can cause uncertainty about its short-term prospects.
This has also shifted the overall market sentiment towards the asset. The investors are voicing their fears that the latest movement could dent confidence in Solana. However, it is important to recognize that from a long-term perspective, Solana has attractive fundamentals.
However, there are some analyst in the market regarding the Solana coin’s future. They believe that the coin has a chance of bouncing back as soon as the market comes out of its current grim phase.
For those who want to remain abreast of Solana’s market movement, the key is to watch out for future announcements. Additionally, they need to evaluate the risks and rewards of holding SOL during this volatile period.
Elon Musk just steered clear of a huge legal battle. A U.S. judge tossed away a $258 billion lawsuit accusing Musk and Tesla of influencing Dogecoin.
The lawsuit, filed by investors in June 2022, just cleared up in 2024. The lawsuit claimed Musk was manipulating his twitter following to pump up Dogecoin prices (it spiked over 36,000%) and then let it crash. This manipulation was named “Dogecoin Pyramid Scheme,” pointing to tweets where Musk joked about being Dogecoin’s CEO and even sending it Mars via SpaceX.
On august 29, Chief Judge Alvin Hellerstein stated that Musk’s tweets to be jokes and not financial advice. He cleared it out saying no reasonable investor would take them seriously.
Musk’s lawyers called the claims pure fantasy and the judged agreed and dismissed the case.
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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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.
