Hello everyone,today is the happiest day of my life as it is my birthday and it feels so good to be here, after all the experiences I had with noise.cash, I couldn't restrain myself from this site. Where I come from, our parents usually told us, wherever we found ourselves, courtesy demands we Introduce ourselves..
Introduction
My name is Rosemary Awafung, today marks my 21st birthday. I am a Nigerian, from Cross River state. I know a lot of people have heard funny things about my country, but trust me, they are also honest people amongst us, and I am one of them. I am a 400 level dental student.
Today being my birthday, and it's my first post, I will be introducing what I call, "cryptoGist and More" this will be a package which will contain, latest news concerning cryptocurrency.
I will try to make the gist simple and brief for faster understanding.
Today we are starting with:
01: 8 Fraudulent Cryptocurrency Apps Removed from Google Play Store
Trend Micro announced the discovery of eight applications on Google Play that sold subscriptions for cloud mining of cryptocurrencies, but in fact simply took money from users. In the report, Trend Micro reported that these fraudulent application took money from users for access to the "cloud Mining". The average monthly payment was $ 15. In addition, they tried to convince users to pay extra money for "increased mining capabilities." After a post on Google, the apps were removed. These are programs called BitFunds, Bitcoin Miner, Daily Bitcoin Rewards, Crypto Holic, MineBit Pro, Bitcoin 2021 and Ethereum - Pool Mining Cloud. The list also includes the Bitcoin cryptocurrency wallet - Pool Mining Cloud Wallet. According to Trend Micro, there are many of such scam apps remaining on Google Play. Their number exceeds 120 units, and some of them have more than 100,000 installations. "Applications that do not provide real mining capacity and simply deceive users were used by at least 4,500 people between July 2020 and July 2021," the report says. Recall that in early June, Google announced the lifting of the ban on advertising cryptocurrency exchanges and wallets in the United States.
02: Hacked Poly Network Hacker Returned All Crypto Assets
The story with the largest hack in the DeFi ecosystem and the theft of cryptoassets for $ 611 million ended in zero. The "white hacker" returned all the stolen tokens to the project developers.
An anonymous hacker who hacked the Poly Network using a fatal vulnerability in the project's security system completed the return of all stolen crypto assets. Poly Network developers thanked the "white hacker" on Twitter and said that they are ready to further develop the project.
Dear "Hacker",
Thank You! We are ready for a new journey.
Poly Network Team https://t.co/djwsVJRXrN
- Poly Network (@ PolyNetwork2) August 23, 2021
The DeFi Poly Network was successfully attacked in the first half of August, resulting in the theft of $ 611 million worth of crypto assets from Binance Smart Chain, Ethereum, and Polygon. Due to the size of the hack, which could become one of the largest in the history of cryptocurrencies, the incident has riveted the attention of the community. Interest in the attack began to grow due to the hacker's behavior after the incident.
The hacker said he could have stolen more, but is not interested in shitcoins. He said that he had little interest in money and was ready to return the stolen goods. During the first days after the hack, the hacker returned most of the stolen tokens. In addition, within the framework of several transactions, the hacker answered questions from journalists and developers. According to him, he is engaged in hacking out of interest and does not pursue financial gain. When hacking the Poly Network, he decided to move the tokens in order to "keep them for users."
Poly Network developers did not miss the opportunity to stir up attention to the project and offered the hacker the position of chief security advisor and a reward of $ 500,000. Despite the fact that the hacker refused the reward, the developers transferred money to his address. Whether he accepted the job offer is unknown, but judging by his previous actions, this is unlikely.
03: Binance denies market manipulation allegations
Cryptocurrency exchange Binance has denied allegations of market manipulation and actions contrary to the interests of users.
Binance writes on Twitter, that the management of the stock exchange intends to clarify its position with regard to the statements of some individuals posing as employees of the exchange. Their claims that the platform is manipulating the market and trading against its own users spread fear, uncertainty and doubt among them.
Binance said it has no objection to providing accurate information to ensure the trust of the community, but reserves the right to take legal action to protect its business reputation.
“Binance has never traded to the detriment of its clients' interests or influenced the market. We will never do that. "
The exchange did not report the specific incident for which such a statement was made. It was published following claims from a Twitter user under the pseudonym RealFulltimeApe that Binance monitors high levels of liquidity and then deliberately orchestrates "pump and dump" schemes for its own benefit. This user claimed to have previously worked at Binance as a Big Data Analytics Engineer.
According to him, he has several audio and video files, testifying to the rapid liquidation of long and short positions before the fall and rise in the price of cryptoassets, which allowed the exchange to increase the insurance fund and the company's profits. At the same time, the user did not provide any evidence, and now his tweets are no longer available.
Recently, Binance has come under attack from regulators in various countries. They state that Binance operates in their country without a license and urge investors to be careful. Among these regulators were the Central Bank of the Netherlands and the Commission on Companies and Exchanges of Italy ( CONSOB ).
However, Binance is making every effort to comply with international regulatory standards. Last week, the marketplace tightened its customer verification requirements.
04: Iran to lift mining ban in September
In May, the Iranian President signed a ban on mining companies due to congestion on power grids. Licensed cryptocurrency mining companies will be able to continue operating on September 22. In July, it was reported that Iran had suspended licensed mining farms. However, the lion's share of the market is occupied by unlicensed miners, and their energy consumption is estimated at between 2,000 and 3,000 MW. For comparison, this is about half of the energy consumed by the Iranian capital, Tehran. However, as reported Iranian company for the production, distribution and transmission of electricity Tavanir ban on mining for licensed companies will be lifted on September 22, and now employees of such firms can prepare the equipment for operation. Mining was legalized in Iran back in 2019, but there are a lot of unlicensed companies in the country that illegally connect to energy networks and steal electricity. In this regard, there is a shortage of energy in Iran and restrictions are periodically introduced for mining companies. Law enforcement agencies often raid unlicensed companies and confiscate equipment. Earlier, Iranian President Ibrahim Raisi instructed the Central Bank and the Tax Service to improve the regulatory framework for cryptocurrency trade and legalization of digital assets trading.
05: Shandong Provincial Court: "investment in cryptocurrencies is not protected by law"
The High Court of China's Shandong Province has dismissed the cryptocurrency investment lawsuit, warning that there is no legal status for cryptoassets in the country. According to the South China Morning Post (SCMP), this is an appeal against the ruling of the Jinan Intermediate Court filed by a local resident in January this year. The plaintiff lost 70,000 yuan (about $ 10,750) by investing in cryptocurrencies in 2017 on the advice of friends. After the People's Bank of China banned financial institutions from serving cryptocurrency transactions in 2018, the plaintiff's accounts were closed, resulting in the loss of digital assets. In January 2021, a Jinan court ruled that the fraud charge filed by an investor against the issuers of cryptoassets was unfounded as cryptocurrencies do not have legal status in the country. This means that cryptocurrency investors cannot count on legal protection. In March, the plaintiff appealed against the court's decision, but the judge did not change the verdict. This weekend, the Shandong High Court dismissed yet another appeal by the plaintiff, explaining that "investment in cryptocurrencies and trading in digital assets are not protected by law." The court's decision is consistent with the position of other provincial courts in China. For example, last year a Fujian provincial court also dismissed a cryptocurrency case on the grounds that virtual commodities are not protected by Chinese law. However, earlier, the Shanghai Intermediate People's Court ruled that a certain married couple should receive compensation for stealing their bitcoins. It resonates with the decision of the Arbitration Court of China in 2018. He recognized the need for legal protection of bitcoin as a property with economic value. Despite this, the decision made by the Shandong High Court could set a legal precedent with negative consequences for cryptocurrency users in China. This may be due to the tightening of the Chinese authorities in relation to mining and digital asset trading. In July, the People's Bank of China's Business Administration Department and the Beijing Finance Bureau shut down a cryptocurrency trading software firm. In addition, the People's Bank of China recently announced that it will continue to exert regulatory pressure on the industry.
06: Glassnode: Bitcoin transaction volume remains low
Despite the growth in the price of BTC by 14% per week and the temporary overcoming of the $ 50,000 mark, the volume of transactions on the network remains at a "historically low level". According to the latest report by Glassnode, despite the rise in Bitcoin in recent days, "transaction volumes are declining and the Bitcoin network processes transactions worth about $ 18.8 billion daily." At the same time, during the peak of the BTC price in May and the rally to $ 65,000, this figure was twice as high. Moreover, this week there was a noticeable surge in the volume of transactions among the "old" coins that were in wallets for at least five months - some of them were transferred, possibly for sale. At first glance, it might seem that HODL users have decided to cash out their long-term investments. However, another indicator analyzed by Glassnode shows optimism among this group of investors. Despite the fact that sales of "old" coins have increased, the amount of BTC in the wallets of long-term holders has increased. Glassnode considers coins to be long-term investments that have not been spent within 155 days from the moment they appear in the user's wallet. The number of such coins has grown to a record level of 12.7 million BTC (67% of coins in circulation, excluding irrecoverable losses). The rise in the amount of BTC held by long-term investors suggests that supporters of the HODL strategy still believe in Bitcoin's further growth. The slight increase in the number of transactions of "old" coins, according to analysts at Glassnode, suggests that investors decided to partially take profits when they got the chance.
07: Tether issued over 2 billion USDT in August
Tether, the issuer of the USDT stablecoin, has not released new tokens to the market for almost two months. However, since the beginning of August, 2.3 billion USDT has already been issued. As a representative of Tether told CoinDesk, an additional 2.3 billion USDT has been issued since August 1. The letter does not say on which blockchains the new tokens appeared. Now the capitalization of the stablecoin market leader has reached $ 65 billion. In June and July, the capitalization of USDT was maintained at around $ 62 billion. Analysts believe that the pause in the release of new tokens is associated with a decline in the cryptocurrency market amid bans in China on Bitcoin mining. Now, when the BTC rate again briefly returned above $ 50,000, new money has flowed into the market and there is a need for additional USDT. “We see increased trading activity across all businesses supporting Tether tokens,” a company spokesman wrote. We are talking about trading volumes not so much with bitcoin as with altcoins. Noelle Acheson, head of the market analysis department of the broker Genesis Global Trading, noted that the trading volumes with SOL and LUNA coins have significantly increased recently. And the main trading pair for these cryptocurrencies remains the pair with USDT. Bitcoin trading volumes have not changed too much so far. In early August, auditing firm Moore Cayman reported that about 85% of USDT is backed by traditional currencies and liabilities in them.
Do have a wonderful time out there, let me go and celebrate my birthday, will be back with more gist tomorrow.