Cryptocurrency

Top Ten Cryptocurrency Frauds Of 2023

Published

2 weeks ago

January 17, 2023

Understanding the top cryptocurrency frauds and solutions to them is crucial since cryptocurrency is speculative and unpredictable

The number of scams in the crypto industry that are reported on an annual basis is enormous. Regulators often claim that cryptocurrency frauds are foreseeable, but one should proceed cautiously before trading. Scams potentially flourish the cryptocurrency market for a number of reasons. Due to the scenario with fiat currencies, there are neither banks nor centralized agencies to flag suspect transactions and work to prevent fraud before it occurs. Cryptocurrency transactions are irreversible; if cash is lost, it cannot be recovered, even if the user reports transaction fraud. Considering how scams evolve over time, we’ve compiled ten cryptocurrency frauds that are most probably going to be prevalent in 2023. cryptocurrency frauds of 2023 to deliberate.

Fake or anonymous identities- A key concern with the blockchain’s extensive use is the absence of KYC processes, this is the top cryptocurrency fraud concern among many others. Numerous No-KYC markets let cryptocurrency users transact anonymously without disclosing any information that may be used to identify them. Scammers use this to their advantage and commit fraud.
Phishing scams: To obtain personal information, like the user’s cryptocurrency wallet important information, phishing scams write emails with suspicious sites. When victims accidentally open the link Scammers can access victims’ cryptocurrency for an indefinite period of time if they gather enough data.
Investments scam: Scams involving investments frequently start over social media and promise endless opportunities. Cryptocurrencies might be used as offered investments or financing options in this scam. Invested cryptocurrency immediately enters the scammer’s wallet.
Scams using business identities: In a plot to impersonate a company, the offenders pose as a reputable online source, like Amazon, eBay, or a client bank, and convince individuals to send them money by purchasing cryptocurrency. The cryptocurrency that scammers sell is frequently fake.
Sentimental scam: A infatuation poachers on emotions and may involve financial investment. Once the culprit has the user’s confidence, they seem to be wealthy and smart and casually provide investment advice to further their scheme. Once a bond is made, the victim is urged to send the fraudster cryptocurrencies.
Ponzi scam: Cryptocurrency-based Ponzi schemes operate similarly to conventional payment systems. Fraudsters cannot provide real investment opportunities; instead, they raise cash from new investors to pay back existing investors, leaving investors back.
Rug-pull fraud- In rug-pull frauds, fraudsters boost a new business, nonfungible token (NFT), or token to attract investors. The fraudsters suddenly vanish with the money after obtaining it. These investments’ software forbids anyone from selling bitcoin after buying it, leaving them with a worthless investment.
Attack by a man-in-the-middle- Scammers are able to access bitcoin users’ personal information when they log in from a public place. Any data exchanged over a public site, including credentials, cryptocurrency wallet details, and banking information, is susceptible to theft by scammers.
SIM fraud: SIM exchange fraud happens whenever anyone acquires a duplicate Sim for the phone in order to see the data on the phone. Scammers can access money and account data by stealing the multiple authentication code needed to open a user’s crypto account using the user’s data.
Employment offers- Scammers will also pose as employers and job searchers to gain access to cryptocurrency accounts. By using this trick, they present a compelling job while demanding cryptocurrency in exchange for workplace training.

Conclusion

Red flags and preventative measures that can be employed to avoid becoming a victim of fraud pertain to crypto scams just like they do to other scams. Cryptocurrency is a risky transaction as it is not covered by the Federal Deposit. The best course of action in digital investing or other activities is to be informed and cautious. It also assists that scammers can easily accomplish by sacrificing victims.

The post Top Ten Cryptocurrency Frauds of 2023 appeared first on Analytics Insight.

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Bitcoin Price

Crypto Market Turns Red – Here Are The Key Events To Watch This Week

Published

14 hours ago

January 30, 2023

Elena R

Crypto Market Turns Red – Here Are The Key Events To Watch This Week

The crypto market started the year on a positive note where most of the cryptocurrencies doubled their value. Since the start of 2023 Bitcoin has jumped nearly 40% and managed to hit a high of $23,861 just a day before, on January 29. This phenomenon pushed the overall cryptocurrencies on a brighter side where even the global crypto market cap has moved beyond the $1 trillion mark.

At the time of writing, Bitcoin is valued at $23,236 after a fall of 1.32% over the last 24hrs.

However, many industry experts have claimed that the upcoming week will not be a cakewalk for the crypto market. This is because they expect many global events that might rebound the positive market and the same is already felt as BTC loses nearly 2% in the last 24hrs.

Top Events Affecting Crypto Market

Fed’s Interest Rate Hike

The Federal Open Market Committee or also known as FOMC is set to have its next meeting on February 1st. Even though most of the investors and traders expect the US Federal Reserve to reduce the interest rate hike by 25bps, the possibility for 50 bps is still under consideration. Further, this interest rate hike will influence Fed Chair Jerome Powell’s approach.

Interest Rate Hike By European Central Bank

Next, as per the reports, the European Central Bank is expected to increase interest rate by 50 bps. Along with the European Central Bank, even the Bank of England is set to hike interest rates by 50 bps on February 2nd.

Major Tech Companies To Release Quarterly Results

It’s a known fact that the crypto market is always correlated with the US stock market, especially Nasdaq 100. This week major tech companies like Meta, Apple, Google and Microsoft are set to release their quarterly report which will have a deep impact on Bitcoin.

US Unemployment Data

This week the US Bureau of Labor Statistics will release the non-farm payrolls and their unemployment rate data. As of December 2022, the US unemployment data has decreased to 3.5% as the country’s economy had added 223,000 jobs during the same time.

The coming week will be extremely important for the crypto market because of which the traders and investors will have to reconsider their investment decisions.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Cryptocurrency

Top Cryptocurrency Prices Today: Bitcoin And Ethereum Trade Higher

Published

1 day ago

January 30, 2023

Jayanti

Top Cryptocurrency Prices Today: Bitcoin And Ethereum Trade Higher

Bitcoin with many others register hikes. Analytics Insight lists the top cryptocurrency prices for today

Top cryptocurrency Prices today were trading higher and the world’s largest and most popular digital token Bitcoin is trading at more than US$23K. The value of Ethereum also surged by more than 2 percent and is trading above the US$1,600 mark. Other top Cryptocurrencies such as Solana, Tether, BNB, and XRP also posted decent gains. The global cryptocurrency market cap was trading higher at the US$1.08 trillion mark, registering a hike of nearly 2 percent in the last 24 hours.

Below, Analytics Insight enlists the top 10 cryptocurrency prices for January 30, 2023.

Bitcoin: US$23,719.99 (up by 0.02%)

Ethereum: US$1,635.12 (down by 0.12%)

Tether: US$1.00 (down by 0.00%)

BNB: US$314.66 (down by 0.20%)

USD Coin: US$0.9999 (up by 0.01%)

XRP: US$0.4119 (down by 0.62%)

Binance USD: US$$1.00 (up by 0.03%)

Cardano: US$0.392 (down by 0.18%)

Dogecoin: US$0.06051 (down by 0.23%%)

Polygon: US$$1.16 (up by 0.09%)

According to coinmarketcap, the global crypto market cap is standing at US$1.08T, indicating an increase of over 1.63% over the last day.

The post Top Cryptocurrency Prices Today: Bitcoin and Ethereum Trade Higher appeared first on Analytics Insight.

Big eyes made $17.5 million at presale

Big Eyes Just Made $17.5 Million At Presale. Should Delisted Shiba Inu And Doge Expect A New Member Of The Meme Gang?

Published

2 days ago

January 29, 2023

IndustryTrends

Big Eyes Just Made $17.5 Million At Presale. Should Delisted Shiba Inu And Doge Expect A New Member Of The Meme Gang?

Meme coin OG Shiba Inu (SHIB) was delisted by Binance. At the same time, the latest meme coin Big Eyes (BIG) just ranked at more than $16 million at the presale. Is this the end of Shibu?

Binance is a highly respected crypto exchange, one that everyone in the crypto trading world looks to when in need of advice. It caused shockwaves, when Binance delisted the popular crypto coin Shiba Inu from its trading floor. Don’t fear though, SHIB isn’t going anywhere.

According to Finbold, SHIB was the third-watched cryptocurrency last year, meaning people are still interested in SHIBA. However, Binance has made absolutely no statement on why they have chosen to remove the coin. Some sources state SHIBA’s low liquidity is to blame.

Despite this, Binance has a lot more to worry about. Due to the withdrawal of the exchange from a last-minute deal to rescue FTX, speculation surrounding the future of the exchange arose. Binance has, despite this, announced mass hirings, meaning they are still committed to company growth, no matter how controversial this is amongst investors.

When SHIBA burst onto the scene of crypto in 2020 they were called the “Dogecoin killer” by the crypto community. They managed to become one of the most successful meme coins ever, with Binance owning 16% of their total coins (worth over $700 million). This can perhaps point to Binance not fully letting go of Shiba Inu anytime soon.

SHIBA has managed to keep afloat, alongside its main competition, Dogecoin. DOGE is considered to be the first meme coin. Founded by software engineers Billy Markus and Jackson Palmer, the coin was a satirical take on all the buzz being made around crypto. The currency ended up being hugely successful until Shiba Inu took some of that market share. Now that Shiba Inu has been knocked down, to a degree, by Binance, is there room for one more?

Enter Big Eyes Coin, a new cryptocurrency that has been able to gather $17.5 million in presales. Big Eyes is a community-led coin/ meme token that has gained traction in the cryptocurrency and the NFT market. The NFT itself is cutesy and feline-themed, maybe an obvious contradiction to DOGE and SHIBA’s dogs. Big Eyes made a splash with investors with a donation wallet, where 5% of all profits would go to marine conservation projects. This environmentalism taps into a new Gen Z/ Millennial demographic, where climate change overwhelmingly gets support.

Big Eyes has been able to cement itself into the meme coin world, it’s clearly on the path to overtaking DOGE or SHIBA. It won’t be too long before we can see it gain traction. However, as we have just seen with Binance, even when a coin struggles, it doesn’t go away that easily. Rather than an overtake, we could be witnessing a new face in meme coins. Maybe raining cats and dogs won’t be such a bad thing after all!

Big Eyes Coin (BIG)

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

The post Big Eyes Just Made $17.5 million At Presale. Should Delisted Shiba Inu and Doge Expect A New Member Of The Meme Gang? appeared first on Analytics Insight.