Are North Korean Hackers Turning To Russian Exchanges to Launder Crypto?
Hacks and exploits of crypto platforms are on the rise. A common name comes up over and over behind major hacks in the crypto space. That's North Korean hackers notorious Lazarus Group. After successfully hacking into any exchange, DeFi protocol, and wallet, they steal crypto assets. What happens to those stolen crypto assets later?
Chainalysis made its analysis and according to the report, North Korean hackers found some ways to use Russian exchange services to launder stolen crypto assets. They started using Russian exchange services in 2021. You might have heard of the Harmony Protocol hack. Hackers stole 21.9 million worth of crypto assets from the protocol.
Guess what? This stolen 21.9 million cryptocurrency has been transferred to a Russia-based exchange to process transactions, according to Chainanalysis data. It occurred recently although Chainanalysis did not mention the name of the exchange. Victims try to get back their stolen funds but criminal actors find some ways to get away with it.
You will be surprised to know that North Korean hacking groups, especially Lazarus Group have already stolen more than $340.4 million in 2023. Last year the value of stolen crypto was over $1.65 billion. This year is not over yet. The value of stolen crypto assets could be way more at the end of this year.
When criminal actors find a way to get services to launder stolen crypto assets, that's an alarming sign. It can become a threat to crypto when North Korea-backed Lazarus Group consistently exploits and hacks crypto platforms and launder stolen funds in some ways.
People use DeFi, centralized crypto exchanges, and different crypto platforms. But when they do not feel safe anymore, they will tend to avoid them. It will become harder to onboard new people in crypto. Some criminal actors commit crimes and that gives a bad name to crypto.
Crypto platforms have to improve their security. Once people lose trust in a platform, they will not come back again in the future. It can destroy everything the crypto platform has built so far. Hackers use sophisticated tactics to get into the system first. Sometimes they might sit there doing nothing.
According to their plan, they make their move and exploit the platform to the extreme level to get the most out of it. Sometimes it becomes difficult to recover from the damage and move forward. I am positive about the crypto ecosystem. It will become stronger and better which keep attracting more people all over the world.
Image Sources: 1, and 2.
Reference: 1. https://pixabay.com/photos/hacker-hood-light-boy-criminal-1725256/ https://pixabay.com/illustrations/hacker-attack-mask-internet-1872291/ https://www.chainalysis.com/blog/north-korea-russia-crypto-money-laundering/
Huobi Is Now HTX
Crypto exchange Huobi is celebrating its 10th anniversary and that's great. It has rebranded from Huobi to HTX. Now HTX is this exchange's new name. Doesn't it sound like FTX - the bankrupt crypto exchange? Rebranding and changing its name raises criticism in the crypto community.
So what does HTX stand for? H represents Huobi and T represents Tron blockchain. X stands for exchange. There are other interpretations of HTX as well. HT implies the crypto exchange's native Huobi Token, HT, and X means exchange. X also represents 10 in Roman numerals. And we know Huobi decided to rebrand the exchange on its 10th anniversary.
What does come to your mind first when you hear the name HTX? It gives negative vibes. People are aware of what the collapse FTX exchange did with users' funds. Now FTX founder Sam Bankman-Fried, or SBF is dealing with the lawsuit. 13 charges were brought against him and users' funds are stuck there.
I do not know why Huobi chose to rebrand as HTX. Many people are talking about it and sharing their opinions on X. A user on X asked whether this was some sort of joke. Someone told directly to fire the branding team as a response to this change. People will know the crypto exchange as HTX from now on.
Huobi has changed its X (Twitter) name. It is now HTX_Global. They also changed their official Telegram group to HTXglobalofficial. The website address has not changed yet. You can still visit the website using the same address. But you will notice the name HTX everywhere.
A name gives a message and people recognize that every time they come across the brand. You feel in a certain way that gives a long-lasting impression on your mind. Hasn't the Huobi branding team found a better name rather than HTX?
You might have heard another name GTX. Three Arrows Capital founders made a plan to launch a crypto exchange named GTX. Again you get the same FTX vibes here. Looks like it is difficult for them to come up with a name that does not sound like FTX.
People use centralized crypto exchanges to do trading and invest in cryptocurrencies. If you are trading crypto or investing in crypto, you can have your funds in exchanges. But it is not safe to leave your crypto assets on an exchange that you do not use to do something. If you buy crypto and intend to hold it, you should transfer that to your crypto wallet.
Technically the crypto exchange owns your crypto as long as it is there on the exchange. You have complete ownership when you have it in your wallet where you hold the private key. There were rumors in the market that Huobi was close to insolvency. Huobi denied everything and that was just a rumor. Reserve and trading volume also declined.
If you visit Coingecko and Coinmarketcap, you will not see Huobi in the exchange list anymore. It is now HTX. So what do you think about Huobi's new name HTX?
Image Sources: 1, and 2.
Reference: 1. https://www.huobi.com/en-us/ https://twitter.com/HTX_Global https://beincrypto.com/huobi-rebrands-htx/
CoinEx Lost $55 Million Worth Of Crypto Assets In Hack
Crypto exchange CoinEx lost more than $55 million worth of crypto assets. Initially, the total loss was estimated over $27 million. Now it has reached over $55 million. People have different questions about how the crypto exchange was hacked, who was behind this attack, and so on. CoinEx called it a security incident.
Some experts detected the unusual outflow of funds from CoinEx. Cyvers Alerts tweeted about this and alerted people about multiple suspicious transactions. Blockchain security firm PeckShield looked into this and put a label of suspicious outflow of large funds.
At this point, CoinEx addressed this issue and gave an urgent notice on X. The exchange promised to compensate 100% to the affected users due to this hack. It was assumed that the loss of crypto assets was over $27 million. Blockchain security firm SlowMist and crypto detective ZachXBT did their investigation and found out that the loss is almost $55 million.
CoinEx halted deposits and withdrawals from the exchange temporarily. They are doing more investigation into the whole process of this incident. Monitoring the overall situation, the exchange will publish a comprehensive report. We will get to know more about it then.
One thing that will make you surprised when you know who is the mastermind behind draining funds from crypto exchange CoinEx. According to crypto detective ZachXBT and blockchain security firm SlowMist, North Korea’s Lazarus Group is responsible for this attack and they are the mastermind.
It is revealed that there is a link between the CoinEx hack and the Stake hack. As you know, recently crypto gambling platform Stake was hacked and hackers stole $41 million worth of cryptocurrency. According to the FBI, North Korean notorious Lazarus Group was behind the hack of the crypto gambling platform Stake.
From analysis, it appears that an Ethereum wallet address is connected to wallet addresses that are involved in hacking CoinEx and Stake. Lazarus Group usually targets high-profile entities to attack. It is sad to see they keep exploiting and attacking crypto platforms one by one.
It shows the vulnerability of the crypto platforms that you cannot overlook. Otherwise, hackers would not be able to exploit and hack consistently. Crypto platforms have to increase their security measures and fix the vulnerability. It is good that CoinEx plans to compensate the affected users.
Hope the exchange will fix the issues and take action to strengthen the security measures so that hackers cannot exploit and steal funds.
Image Sources: 1, and 2.
Reference: 1. https://twitter.com/CyversAlerts/status/1701592552351359106 https://twitter.com/zachxbt/status/1701905899034390574 https://cointelegraph.com/news/coinex-north-korea-s-lazarus-group-responsible-for-55-m-coin-ex-hack-report
Thai Authorities Arrest Five Suspects Involved In $27 Million Crypto Scam
If scammers think of facing the consequences of scamming other people, they will think twice before doing anything. Criminal actors see how easy and fast it is to make a lot of money from crypto scams. And they think they will get away with it after committing crimes.
The concerned authorities in Thailand have arrested five individuals who are involved in a fraudulent crypto investment platform. It affects more than 3,200 people and they lost over $27 million investing in the fraudulent investment scheme.
Suspects who have been arrested are from foreign countries. Four persons are from China and one is from Laos. Local investors became their target in this crypto scam. Some victims invested their life savings in the investment scheme and thought that would change their future. And some took loans to invest in the crypto scam.
The good news is that bad actors got arrested. The anti-money laundering office made its move and confiscated 585 million baht worth of personal property of the criminal actors. The authority pressed charges against them for committing money laundering, public fraud, and transnational crime.
Financial literacy is very important in order to manage finances and stay away from crypto scams. For the time being, accept that that's the best investment opportunity. Will you invest your life savings in that investment scheme? That's too risky to put everything in a single asset.
You will lose everything if that goes in the wrong direction. You will not invest your life savings in a single investment scheme. You can consider investing a portion of your investment capital if that's really a good investment opportunity.
You may not take loans from financial institutions risking your property. You have to repay the loans with interest. So your return from investments must be higher than that you pay to the lender. There is no way you can ignore the research and analysis part of investments.
Investors are supposed to spend time figuring out the risks especially that is associated with cryptocurrency and its ecosystem. When investors move forward with taking calculated risks, they may not end up losing everything. Criminal actors use advanced tactics to make people fall into crypto scams.
Recently scammers used official government websites to redirect users to phishing MetaMask sites. MetaMask crypto wallet users were their target in the attack. Victims get a request to connect their wallet on the fake MetaMask site and once they connect their wallet, scammers steal their crypto assets.
The concerned authorities in Thailand take action against crypto scams in order to protect investors and that's great. Hope victims will get their funds returned and not fall for scams again.
Image Sources: 1, and 2.
Reference: 1. https://pixabay.com/photos/woman-crypto-bitcoin-digital-8130372/ https://pixabay.com/illustrations/bitcoin-crypto-blockchain-5773647/ https://cointelegraph.com/news/thai-authorities-arrest-five-for-27-m-crypto-scam
Vitalik Buterin's X Account Hacked By SIM-swap Attack
Ethereum co-founder Vitalik Buterin regained control of his X account and talked about how it happened. It was a SIM swap attack. Criminal actors did social engineering and manipulated T-Mobile to gain control of his phone number. Then scammers got access to his X account and promoted phishing links.
Vitalik got control of the T-Mobile account first to recover his X account. You do not use your phone number for 2FA. Still, hackers can reset your password to get access to your X account if your phone number is linked to the account.
Ethereum developer Tim Beiko advised users to remove their phone numbers from their X account. And it is highly recommended to add 2FA. High-profile crypto individuals become hackers' prime targets. You will never know when someone's X account will be compromised.
Maybe you interact with a tweet that comes from hackers. You do not realize that until it becomes too late. In the phishing attack using Vitalik Buterin's X Account, criminal actors managed to steal more than $691,000. When a tweet comes from a high-profile individual, people tend to believe that blindly.
Binance CEO Changpeng Zhao, CZ tweeted about this incident. He highly recommends using common sense when it comes to reading any content on social media. You cannot trust even high-profile individuals' tweets blindly. When you use common sense, you will figure out something is off. CZ shared his experience on X when hackers tried different passwords to get access to his Twitter account.
The platform security should be strong to prevent scammers' attacks. People may not feel comfortable using the platform and trusting the content if hackers keep hacking high-profile individuals' accounts to promote scams. The list of compromised X accounts is long including Uniswap founder Hayden Adams, Sandbox CEO Arthur Madrid, and media commentator Peter Schiff.
Twitter has rebranded as X. And if this platform intends to be an everything app where people do financial transactions, I don't know how many people trust it due to rising scams and phishing attacks. You want to ensure the security of your account first before doing any financial transactions. Otherwise, you will feel uncomfortable using your account to do any financial transactions.
What you can do is tighten the security, use strong passwords, not use your phone number as 2FA, and watch out for your activity on social media so that it does not become too easy to do social engineering. How did you react after hearing the news of hacking Vitalik Buterin's X account? At least you did not expect that. I do not see any alternative to staying vigilant to survive and grow in crypto.
Image Sources: 1, and 2.
Reference: 1. https://pixabay.com/photos/twitter-screen-social-telephone-1795652/ https://twitter.com/cz_binance/status/1700785689858634168 https://crypto.news/buterin-unveils-x-account-hack-stemmed-from-sim-swap-attack/
Did You Know that Even Vitalik Buterin’s X Account Hacked To Promote Phishing Link?
Hacking social media accounts, especially X accounts is not new that scammers use to promote scams. It happened before. But when you see top high-profile individuals' social media accounts are compromised, that is seriously concerning. Ethereum co-founder Vitalik Buterin’s X account was hacked and victims already lost more than $691,000.
Vitalik's father Dmitry Buterin warned people about this incident and urged them to ignore posts that come from Vitalik Buterin’s X account. Hackers made a tweet to celebrate Proto-Danksharding coming to Ethereum and offer free NFTs. It will be available for only 24 hours. And there was a phishing link to claim NFTs.
Unfortunately, some people fell for that. People like Vitalik Buterin and when he posts anything on X, most people in crypto follow that. Blockchain expert and crypto detective ZachXBT tweeted about this and informed people what was happening. The most valuable stolen NFT is CryptoPunk #3983 which is worth 153.62 ETH or almost $250,543.
Hackers were able to drain $691K in their phishing attack. Ethereum developer Bok Khoo, @Bokkypoobah on X, is one of the victims and he lost a couple of NFTs. Bokkypoobah tweeted to make people aware of this hack and also requested not to interact with the post. https://hive.blog/@bokkypoobah
People shared their opinions about how Vitalik Buterin’s X account has been compromised. But it is just speculation. It is not clear how hackers managed to get access to Vitalik's X account. Looks like you may not trust any offer you see on Twitter. Even highly trusted reputed individuals' social media accounts are used to promote scams.
When you realize that it comes from hackers, maybe it becomes too late and hackers will drain your wallet. Hackers lure the potential victims to visit the phishing site and connect their crypto wallets to claim free NFTs. Hackers steal crypto assets as soon as they follow instructions to claim NFTs.
Chinese crypto journalist Colin Wu known as Wu Blockchain made people aware of this hacking incident. In his tweet, he also talked about hacking Uniswap founder Hayden Adams X account which happened in a similar fashion to promote scams. Somehow hackers create urgency to take action immediately. Criminal actors usually use greed and fear to get the job done.
In Vitalik Buterin’s X Account, hackers used greed to get free NFTs whereas hackers used fear in Uniswap founder Hayden Adams's X account to revoke permission to connect crypto wallets. If somehow hackers manage to get access to victims' crypto wallets, they do not waste any time and drain the wallets completely.
I think it is good to say No to any offer to get something free in crypto unless it is verified that it is legit. Offering something for free in crypto is hackers' common tactic to lure potential victims into their traps. So watch out and verify when you get any offer in crypto.
Image Sources: 1, and 2.
Reference: 1. https://pixabay.com/illustrations/hacker-cybersecurity-computer-8003334/ https://twitter.com/BokkyPooBah/status/1700649557926064520 https://cointelegraph.com/news/ethereum-vitalik-buterin-x-hackers-drain
Is Lazarus Group Behind The Hack Of $41 Million From Stake?
Crypto gambling platform Stake was hacked and lost $41 million worth of cryptocurrency recently. This gambling platform offers sports betting and casino games. Stake halted deposits and withdrawals from the platform after this hack. Later they resumed withdrawals and deposits to keep running the operation.
Hackers exploited and drained 41$ worth of crypto from the platform's hot wallets. So who is behind this hack? The Federal Bureau of Investigation (FBI) investigated this and found valuable information. According to the FBI, North Korean hackers Lazarus Group was behind this attack of Stake.
Stake stated that a small portion of funds was affected by this hack. Since the platform resumes deposit and withdrawal options, people can use this platform. Users' funds would not affected by this hack, according to the gambling platform Stake.
It is safe to hold crypto on a cold wallet. You need to keep crypto on hot wallets as well. If hackers find any vulnerability or find a way to trick the victim, they can get access to the wallet and drain all crypto assets. There is no way you can underestimate the phishing attacks, scams, and hacks in crypto.
According to the FBI investigation, 33 crypto wallets including 22 Bitcoin (BTC) addresses are related to Stake hack. Hackers used Bitcoin, Ethereum, BNB Smart Chain, and Polygon networks to hold the stolen funds. The attackers would find a way to get away with this stolen crypto.
If crypto exchanges and protocols review addresses before making any transaction, criminal actors will not find it easy to move the stolen funds. Notorious Lazarus Group is a familiar name behind major hacks and exploits in crypto platforms and protocols.
It is unlikely that you would hear about Lazarus Group for the first time if you pay attention to the rise of attacks and exploits in crypto. While talking about Alphapo, CoinsPaid, and Atomic Wallet hacks, the same hacking group appears over and over. People did not forget about Harmony’s Horizon bridge, and Ronin bridge hacks and lost $100 million and $600 million respectively.
Blockchain security firms and experts point their fingers at the notorious Lazarus Group. You cannot see any alternative to paying more attention to the security and safety aspects of the crypto platforms. Otherwise, people will not feel comfortable getting involved in crypto platforms.
Image Sources: 1, and 2.
Reference: 1. https://pixabay.com/illustrations/hacker-computer-ghost-cyber-code-4031973/ https://pixabay.com/photos/anonymous-collective-secret-hacker-4165613/ https://crypto.news/fbi-lazarus-group-hacked-and-stole-41m-from-crypto-casino-stake/
Crypto Whale Lost $24 Million In Phishing Attack
If small crypto investors fall for scams, the loss usually will not be huge. But when scammers target crypto whales to launch phishing attacks and they fall for it, the loss of crypto assets is huge. A crypto whale became a victim and lost $24 million worth of stETH and rETH in a phishing attack.
According to the Web3 security firm Scam Sniffer's investigation, the victim granted the token approval by authorizing increaseAllowance transactions. The crypto whale did not intend to do that but it happened somehow. It lets a third party spend tokens of different owners using smart contacts. The attackers transferred 4,851 Lido Staked ETH (stETH) and 9,579 Rocket Pool ETH (rETH) to their wallet.
It is found that the wallet address is related to 10 phishing sites. It shows the attackers did phishing attacks before. We see massive growth in the crypto ecosystem and it will accelerate more adoption. Unfortunately, the phishing attacks and scams in crypto increase while more people get involved in crypto. Criminal actors use advanced techniques to commit crimes and steal crypto assets.
According to the blockchain security company PeckShield, the attackers swapped tokens for 13,785 Ethereum (ETH) and 1.64 million Dai (DAI) tokens. Then they sent 451,000 DAI to FixedFloat which is an automatic cryptocurrency exchange. This crypto whale is a major liquidity provider on Uniswap in the WBTC/USDT pool.
The crypto whale gets involved in other DeFi protocols including Aave, Curve, and 1inch as well. Not only that, the whale is active on EOS and the OMG Network. It indicates that the victim is not an inexperienced person, otherwise, he/she would not be involved in different crypto platforms.
It is surprising that experienced individuals in crypto may fall for crypto scams or become a victim of phishing attacks. Decentralized Finance (DeFi) has a huge potential and it could surpass the centralized crypto exchanges. People focus more on DeFi protocol where they may not go through KYC and face any restrictions.
While handing funds in crypto, a single mistake can cause a huge loss. We often allow permission while using different crypto platforms without paying attention to what it asks for. Criminal actors are waiting for potential victims to make a mistake so that they can drain the funds from their wallets.
Do you have too much exposure to a crypto project? You can ask this question and allocate the capital that you feel comfortable with. If you have too much exposure to a crypto project, it will affect you the most in case something goes wrong. Securing your crypto assets and managing your risk can protect you in crypto.
Image Sources: 1, and 2.
Reference: 1. https://pixabay.com/photos/whale-mammal-animal-marine-mammal-1850235/ https://pixabay.com/illustrations/ethereum-currency-trading-3660218/ https://cryptopotato.com/high-profile-whale-loses-over-24m-in-crypto-phishing-attack-report/
British Woman Lost Almost $200,000 Becoming A Victim Of Crypto Scam
A British woman wanted to invest in crypto, but unfortunately lost her life savings of around $200,000. It is totally unexpected when you lose your life savings. If you invest some money in crypto and lose that, you can accept it. But losing your life savings is something that is difficult to handle. You do not intend to invest everything in crypto, but trusting someone and giving access to your device can be a big mistake to lose everything.
Seeing online ads, that woman was interested in investing her money into cryptocurrency. She wanted to know more about what to do to get into crypto. Then a person reached out to her. That person made a close relationship with the woman and gained her trust first.
At some point, that person pursued her to get access to her laptop and smartphone. It was for transferring money to invest in cryptocurrencies. At least she believed it. Since she trusted that person, she did not expect anything bad would happen because of that.
She contacted her bank to check out the specific transfer. She was shocked at that time and realized that she was scammed. That was not a crypto investment. That was a complete fraud and that criminal actor drained her life savings which was worth $227,000.
At the beginning of your crypto journey, you probably do something silly. Now you laugh at yourself. But some mistakes can cost you way more than you can imagine. That woman is afraid of her future after losing her life savings. She would not invest everything in crypto but criminal actors stole everything from her bank account. It is not easy to accept that.
We all see ads online. It does not mean you will act on it You can do your own research first before doing anything. Crypto eliminates the middleman. You get to enjoy freedom and control in crypto. It is good to put your effort and time before making any move in crypto. You should not do something out of FOMO and excitement.
Trusting someone you do not know anything is risky. You should not give access to your laptop and smartphone. That unknown person can do anything to hurt you financially. Your personal sensitive information can be stolen and that can be used to steal your money and cryptocurrency. Or, Criminal actors can blackmail you to make you do something that they want.
If you are in crypto, you must see crypto scams and fraud. If you become a victim, you will surely lose money. People focus on making more money in crypto and that's great. You have to pay more attention to protecting your trading and investment capital as well. You will fail to bring anything to your home from the market if you cannot protect your capital.
Image Sources: 1, and 2.
Reference: 1. https://pixabay.com/photos/girl-woman-looking-silhouette-2619115/ https://pixabay.com/illustrations/bitcoin-cryptocurrency-blockchain-6230533/ https://cryptopotato.com/crypto-scammers-drained-over-200k-from-a-british-woman-report/
Crypto Scammers Target MetaMask Users Using Government Websites
If you are in crypto, probably you use a MetaMask wallet. It is the most popular Ethereum-based crypto wallet. Recently crypto scammers have targeted crypto investors specifically those who use Metamask wallet. Criminal actors use government website URLs to redirect to their phishing websites.
When you visit a government website, you usually have more trust in it. You click any link on the site and it sends you to a fake MetaMask website. You can hardly find any difference by looking at the fake website. It may look the same as the original MetaMask website.
You will get a request to connect your MetaMask wallet. Once you link your wallet to that phishing site, scammers get control over all crypto on your wallet. You basically lose your crypto assets. You go to the official government websites and end up somewhere else. https://leofinance.io/@leoglossary/leoglossary-phishing
If you use an antivirus on your device, you usually get a warning not to proceed. Microsoft Defender sends a warning of possible phishing attempts to let you know what you are getting into. You can exit the site instantly. If you ignore it and visit the website, you will put your crypto at risk.
Connecting your MetaMask wallet is a big mistake that drains your crypto. Cointelegraph investigated about this. It is shocking but scammers use government websites including India, Nigeria, Egypt, Colombia, Brazil, Vietnam, and some other countries to redirect visitors to the fake MetaMask website.
Cointelegraph informed MetaMask about this ongoing scam using government websites to fall users into their traps. MetaMask responded quickly. Crypto scammers find reliable ways to scam people so that it does not raise any suspicions. Due to the rapid growth of the crypto ecosystem, criminal actors make crypto investors their prime target.
Looks like scammers can target any website to turn into a crypto trap. You might not expect anything like this to happen visiting a government website. If any link redirects you to somewhere you do not expect, that is a red flap. Clicking a link on the official government website is not supposed to redirect you to a crypto wallet site.
You have to connect your crypto wallet to make transactions or approve anything. We need to be more careful before connecting our crypto wallet to any website. Paying close attention to the URL of the website helps you detect that you are on a fake MetaMask website, no matter how legit it appears.
You can revoke permission if you do not use a crypto platform anymore. In case that crypto platform is exploited and hacked, scammers can make an attempt to get access to your crypto wallet. You enjoy freedom and control in crypto and at the same time, you are responsible for everything.
One mistake can make you fall for scammers' trap and get your crypto stolen. It may feel pretty convincing to connect your wallet to a website. Checking out the site properly can help you avoid scams. Watch out, hope we will be able to avoid any form of crypto scam.
Image Sources: 1, and 2.
Reference: 1. https://pixabay.com/illustrations/scam-alert-cyber-attack-hack-7321925/ https://pixabay.com/illustrations/fraud-prevention-scam-corruption-3188092/ https://cointelegraph.com/news/metamask-scam-government-websites-crypto-investors
Crypto YouTuber Revealed Private Key Accidentally and Lost Crypto Assets
You hold cryptocurrency in a self-custody wallet. You are the owner of crypto assets that you hold and you have absolute control over it. That's the power and freedom you get in crypto. People lose their cryptocurrency if their private key is compromised or they reveal it accidentally.
Brazilian crypto YouTuber Ivan Bianco made a mistake by accidentally displaying the private key of his wallet while live streaming on his YouTube channel Fraternidade Crypto. No one expects that. It is because they know the consequences of this action if that happens.
Ivan Bianco quickly stopped live stream to check his crypto wallet and transfer crypto to another wallet. But it was too late because someone already transferred 86,000 MATIC worth around $50,000 from the wallet. It is terrible. Crypto YouTuber claimed to have lost his life savings in this incident.
He came back in another live stream after leaving the first one realizing the mistake of showing the private key. He talked about what just happened and how much he lost. And he planned to submit a report to the local police. You will be sad to see anything like this when someone loses his crypto.
Crypto YouTuber claimed that he lost his entire life savings. Now few things might come to your mind. Did he invest his entire life savings in a single cryptocurrency, aka, MATIC? When you make any investment whether it is in stocks, crypto, or any other assets, you will make your move to reduce the risk.
You usually diversify your portfolio in crypto. It is unlikely that you put your life savings in a single cryptocurrency. That can be too risky if you do so. And if that's your entire life savings, you will be more careful so that you do not lose everything.
Another thing that might come to your mind is, will he hold his life savings in a single wallet? You can have multiple crypto wallets to hold crypto. In case your private key is compromised somehow, your crypto in other wallets remains safe.
You take more risk holding your entire life savings in one crypto wallet. People do not make mistakes willingly. If something happens accidentally, you may not have control over that. You can make your move to increase the security and safety of your cryptocurrency so that you do not lose your crypto.
Usually, it becomes difficult to recover crypto once that is lost. Crypto YouTuber Ivan Bianco said that he managed to recover $50,000 in some way. It is good to see that he gets his lost assets back. It is reported that he also lost some ETH and NFTs.
Crytpo gives you great power to have absolute control over your crypto assets and it comes with responsibility. You have to take the responsibility of securing the crypto assets that you hold. Once you lose your private key, that crypto is not yours anymore. The person who has the private key has access to cryptocurrency and gains control over it.
Image Sources: 1, and 2.
Reference: 1. https://pixabay.com/photos/youtube-subcribe-icon-logo-6621791/ https://pixabay.com/illustrations/blockchain-network-business-3448529/ https://cointelegraph.com/news/brazilian-crypto-streamer-loses-50k-by-exposing-private-key
Is Binance Going To Cease BUSD Support?
Do you hold BUSD? Or, maybe you use BUSD to do crypto trading? Crypto exchange Binance is going to cease Binance USD (BUSD) support. It will keep supporting crypto assets and other stablecoins in its exchange. Binance advised users to convert their BUSD stablecoin into other digital assets before February 2024.
I used to use BUSD to do trading at some point, but not anymore. You can check out your BUSD balance in case anything is still there. Users have the option to trade BUSD for FDUSD at zero trading fees. Users got incentives to use BUSD in the Binance exchange before. I did not expect that it would happen to BUSD one year ago.
Don't jump on any stablecoins before doing any research. You take risks even when you hold any stablecoin. It is clear that stablecoins are not risk-free. You can take the risk to the extent that you can manage. People do not want to lose everything holding stablecoins like UST.
Have you ever thought that BUSD would come to an end like this? It started with Paxos, the issuer of BUSD, getting a Wells notice from the US Securities and Exchange Commission. Then the company stopped issuing new BUSD stablecoin. Paxos wanted to continue managing the redemption of BUSD.
But now we know that Paxos will stop the redemption by February 2024. Binance confirmed in its announcement that it will delist BUSD spot and margin trading pairs as well as stop other services related to BUSD gradually. The exchange will cease BUSD borrowings on Cross Margin on September 7, 2023.
Binance Gift Card is going to delist BUSD on September 30, 2023. So what happened to BUSD Gift Cards created before September 30? Users can still redeem Binance Gift Cards containing Binance USD (BUSD). It is better to sell BUSD to get other crypto as soon as you can.
You have enough time to convert your BUSD into other crypto assets. Before writing this post, I checked out my BUSD balance in case any remaining balance was there. Unfortunately, in crypto, you cannot say how long a specific crypto product will survive in the market.
You can expect something will happen in the future and a particular crypto project will do better. Due to regulatory security and challenging market conditions, it is difficult to predict what will happen next and which crypto project will be replaced by a better one.
Now Binance is in a legal battle with the SEC. BUSD is claimed to be unregistered securities. The SEC pressed different charges against Binance and Binance CEO. Recently the exchange has been highly criticized for allowing sanctioned Russian banks as payment methods in its P2P marketplace.
Binance quickly took action to remove the sanctioned banks so that it could not be traded even under yellow and green codewords. They do not want to get in more trouble which might put more pressure on the exchange. Hope Binance will handle this situation and come out stronger than before.
Image Sources: 1, and 2.
Reference: 1. https://twitter.com/binance/status/1697159019234791909 https://pixabay.com/photos/crypto-cryptocurrency-bitcoin-4232113/ https://crypto.news/paxos-to-stop-minting-new-busd-stablecoin/
Do You Borrow Money To Invest In Crypto?
The crypto price goes up quickly. If you buy before rising the price, there is a chance to make a huge profit. It seems easy to see how much profit you would make if you buy at the right moment, but taking entry at the moment is not easy.
You may think that's the bottom of the market, so you buy crypto. The crypto price drops further which proves that you are wrong. You think if you catch the bottom of the market, and make more investments in crypto, that will change everything.
You try every possible way to accumulate capital to invest in crypto including taking loans from the bank and borrowing money from relatives and friends. But what if the crypto market does not rally and crashes suddenly?
Have you ever thought of how you would repay the loans and borrowed money? If you consider the risk, you will think twice to borrow money to invest in cryptocurrency. In case you lose your own money, you may not have pressure from the outside. When you borrow money, you will definitely get pressure from the lenders to pay their money back
A young Indian man attempted to commit suicide by jumping off a river bridge Vidyasagar Setu in Kolkata, India. Noticing this, a cab driver informed the police. The police reached there in time and stopped that young man from committing suicide.
You are wondering why a young man decides to commit suicide. He invested in crypto taking loans, borrowing money, and even taking his mother's pension fund. He lost almost $37,500 in crypto. Then he got pressure and threatening calls to pay back the money he borrowed. He could not handle the situation and decided to commit suicide.
Many people do terrible things after losing money in crypto. When you see the upside, you should also consider the downside. Taking loans for making investments in crypto can put you in a vulnerable position. The crypto market will do its thing, you need to do yours to protect your capital.
Image Sources: 1, and 2.
Reference: 1. https://pixabay.com/illustrations/crypto-cryptocurrency-blockchain-6851184/ https://pixabay.com/illustrations/bitcoin-blockchain-cryptocurrency-3499244/ https://cryptopotato.com/indian-man-tried-to-jump-off-bridge-after-suffering-losses-in-crypto-report/
Send Crypto Anywhere Any Time At The Lowest Cost
Do you have friends and relatives in foreign countries? They send money to their relatives and family. They usually use the traditional banking system to send and receive money.
You have to pay transactions free as well as other fees associated with them. It seems small what you pay as fees. Have you ever calculated how much money you pay in a year as fees to send or receive money from abroad? You will be surprised because that is not a small amount.
You just want to send money abroad. You can easily do that in crypto where you pay way less to make transactions. Crypto critics say crypto has no value and will disappear in the future. It is just a fad.
There are always some people who criticize when something presents in front of them. Once they said the internet itself was a fad. You can transfer value in crypto. You see how crypto can be used that will add value to your life.
In crypto, you can make transactions 24/7. You may not get this facility if you use traditional financial channels. So it will not be instant. Even though you need to send money instantly, sometimes you are unable to do that. When you use crypto to make any transaction, it removes all these barriers that you face.
If you do not have options to use crypto directly to do different things, no problem. You can convert crypto into fiat currency and then use it the way you like. You will save a lot that you pay as fees and at the same, you can send crypto anywhere at any time.
Crypto adoption is on the rise. We will see more people use crypto in their life. Then you may use crypto directly without converting that into fiat currency. More people will accept crypto and you can do whatever you like. If someone has an open mind and sees what crypto offers, he cannot ignore it.
Image Sources: 1, and 2. https://pixabay.com/photos/bitcoin-crypto-currency-wallet-6204672/ https://pixabay.com/photos/bitcoin-money-cryptocurrency-6204671/
When Do You Make More Money In Trading?
Do you always make money in trading? If you are asked when you make more money in trading, the answer can be different. Everyone has their preference and strategy in trading whether they trade in the crypto, commodity, or stock market.
Many people make more money in an uptrend market. You take entry and buy at a specific point, since the market is going up and you are following the trend, the chance of making a profit is high. There are stories of making a huge profit in an uptrend market.
Some people say they make more money in a downtrend market. In a downtrend market, the price of crypto goes down consistently. I am sure you hear about buying low and selling high. You buy low, the price goes lower. It is very common in a downtrend market. Then how do people make more money in a downtrend market?
Traders can do short selling. They sell first and then buy the stock or crypto that they sold. You need to be more careful when you trade especially while short selling. Many people will say they lost the most money in trading in a downtrend market.
Everything looks like sunshine, butterfly, and rainbows in an uptrend market which changes in a downtrend market. The strategy you follow before may not work in any market situation. I think it is a big mistake to ignore the market condition while taking entry.
By the way, I am learning and sharing my opinion. You can have a different opinion. I respect that. It is interesting to see the market and explore it.
Some people say they make more money when they trade taking leverage. You can take leverage and make a huge profit without having a significant amount of capital. Some will say they lost everything and make their trading account empty taking leverage. It is very risky when you take high leverage.
Based on your skills, preference, and experience, you can do trading. You can decide which market situation you will trade and when you take a break.
Image Sources: 1, and 2. https://pixabay.com/photos/chart-stock-market-iphone-dollars-6716410/ https://pixabay.com/photos/stock-business-finance-investment-6955781/
Are You Becoming A Victim Of Scams To Make Money Online?
You want to make money online, and it is mentioned that you need to pay to register first and then you will get different jobs. Later you know that's a scam site. And when you realize that, you have already lost some money.
Maybe you are very busy. Passive income opportunities can appeal to you. People may fall for scams when they choose to do something to make money online. Crypto is very popular these days and some scammers present Bitcoin as an investment opportunity. They lure people into different scam crypto projects to steal their money.
Scammers lead you to register on their site to buy Bitcoin. You deposit your fiat currency to buy Bitcoin. You are happy to see that Bitcoin appears on the site. Maybe you keep investing and hope you will make a fortune. Everything looks okay. But when you decide to take your profit and withdraw money by selling Bitcoin, things change.
You just get to know that you will have to pay a high transaction fee to convert crypto into fiat currency as well as a withdrawal fee. You have no idea you need to go through this to take your profit and withdraw money. There is a transaction fee, but what they demand as a fee is not reasonable. You fail to withdraw any money from the site.
Sometimes when you deposit money to the site in the beginning and they let you withdraw money. So they gain your trust and you keep investing more money. When it comes to selling your crypto and withdrawing money, they start their drama. The withdraw button is disabled, you cannot get your money back.
You may fall for scams in many ways. You intend to do something else and end up being in that situation. For example, you are single. You look for a life partner, so you land on a dating website to meet the love of your life. You meet a guy and enjoy your time chatting with him. He shows how much money he is making in crypto and helps to do the same for you.
You trust that guy and invest a lot of money buying crypto from the site that he leads you to. Again when you want to withdraw money to take your profit, you realize that you have been scammed. You want to communicate with the guy you have a relationship with, but suddenly he disappears.
The way it affects victims after having a negative experience like this is pretty bad. Some people do something to hurt themselves and they cannot take it anymore. They get hurt financially and mentally.
Even something that looks legit can change later. People who act quickly based on the changing situation can save themselves. We usually get emotional while making financial decisions and that can also lead to a wrong direction.
Image Sources: 1, and 2.
Reference: 1. https://pixabay.com/vectors/scam-phishing-fraud-money-6922102/ https://pixabay.com/illustrations/scam-hacker-anonymous-7503834/ https://cryptopotato.com/mumbai-woman-loses-30k-in-crypto-scam-to-man-she-met-on-matrimonial-site-report/
Why Are You So Focused On Crypto To Make Money?
You can do different things online to make money. You can work as a freelancer, sell your own products, create a course, do blogging, and affiliate marketing. The list goes on and on. What skills you have, you can use that to make money online.
If you are a content creator, you can create content to earn money and make a living. Many people are doing that. You can create videos on YouTube and Facebook, monetize them via ads, sponsorship, and affiliate marketing, or create a business around them.
Do you like decentralization and blockchain? You can create content on Facebook and YouTube, but you have to rely on the centralized entity. Anything can happen at any time, you can lose your YouTube channel or Facebook account.
You love freedom and control more than anything. It does not take long to realize that you depend on some centralized entities to make money online. You think you have control over your YouTube channel or Facebook account. The thing is, the platform has complete control.
What those centralized platforms say will be the final decision. You have nothing to do to go against their terms and conditions. The interesting thing is that their terms and conditions can be changed and updated anytime. You did something in the past following the terms and conditions, but since they change their terms and conditions, you may suffer now because of that.
You can make content on blockchain-based platforms like Hive. You have complete control over your account and content. You decide what to do and what not to do. You do not need to look for monetizing your content. It is built-in on Hive.
You make content and add value on Hive. You will get upvotes on your post for your contribution. And you can directly earn from your post. You can earn curation rewards, and get 20% APR on HBD savings. You can do a lot of things to maximize your earnings.
**So why are you so focused on crypto to make money?**
You want to be with something that is growing and has huge potential in the future. Maybe you can earn more focusing outside of the crypto ecosystem, but being active on crypto can give you a comparative advantage.
Do you think people who do better and make a huge change in their lives are just lucky?
If you are lucky, that's great. But people who work hard to build their careers and position themselves to succeed are more likely to be successful. The way crypto and blockchain move forward, there is no doubt it is going to change a lot of things.
If you have the knowledge and skills, you can make your move in time to get the best out of it. Sticking to the crypto and blockchain can give you a comparative advantage to do the right thing on time. That can be a reason to be so focused on crypto to make money.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
Image Sources: 1, and 2. https://pixabay.com/illustrations/bitcoin-cryptocurrency-currency-4728496/ https://pixabay.com/photos/laptop-table-technology-office-2434393/
How To Transform Your Finances Through Effective Saving Strategies
When it comes to securing your financial stability, you have to start from somewhere. You know you can do a lot of things with money, but the problem is, you do not have savings.
Are you saving money? If the answer is no, it will not help secure a stable financial future. You earn money and spend all of your money. When you start making more money, that's great. But if it does not impact your savings positively, that's not a good sign. It means you increase your expense proportionately with the rise of your income.
Do you have any specific goals for saving money? If not, you may not take action to save. Set a realistic financial goal to save money effectively. For example, you do not have an emergency fund and want to save to create one. You need to buy a car or something big. When there is a specific goal, you will actively work for it.
Do you aware of your spending habits? You should prioritize your expending. You have some fixed expenses and you have to spend money on something that is essential. At the time, you will find something that you do not need, but you spend money on it. When you take a closer look at your monthly expenses, you can decide what to do and what not to do.
You can automate your savings. You can set up your bank accounts and a certain portion of your income will automatically go to the savings account. You do not need to do anything else, it will happen automatically once you set it up.
Do you keep your savings idle? You can consider getting interest or profit from banks or consider any other option where you can earn interest and increase your overall savings. At least you will get something to help fight against inflation.
If you are on Hive blockchain, you can save HBD. You can transfer HBD to savings and you will keep receiving 20% interest automatically. Of course, when you do anything with savings to generate income, consider the risk and do due diligence.
Whatever you do, you should do that consistently and have discipline. If you give up on the way, you fail to save money to achieve your goals. So you can pay attention to savings while increasing your income, set a realistic financial goal, be aware of your spending habits, automate your savings, and find effective ways to get interest on savings. It will help to transform your finances.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
Image Sources: 1, and 2. https://pixabay.com/photos/currency-finance-business-wealth-3077534/ https://pixabay.com/photos/wallet-coins-magnifying-glass-2292428/
Are You Saving Enough To Ensure A Stable Financial Future?
Do you save money? If you do not have enough savings, you may not make money work for you. You cannot ignore how important it is to save money to make a change in your finances. In order to make a change in your finances, you need to take the first step of saving money. Is there any obstacle people face while saving? Let's talk about that.
Most people say that they do not have enough money to save. That's the reason they cannot start saving. You do not need to make a lot of money to start saving. No matter which situation you are in right now, you can start saving. The amount can be small, but it will add up over time and make you surprised one day.
If you do not have a clear goal, you will move here and there. You don't know what you will do after saving money. When you set a clear goal, you begin taking action to achieve that. Not having a clear goal can be a reason not to save enough money.
When you spend money, you get what you want instantly. Maybe it becomes difficult to hold the temptation. As a result, you end up spending money that is not on your budget. You should avoid making impulsive buying. You are not in control when you cannot hold the temptation to spend money. That can be a big obstacle to saving money.
Making money is important. When you make money, you should pay attention to managing your money. There is no way you can underestimate this if you want to have a stable financial future. If you do not know how to save and manage money, that can be a major reason that you are not saving enough.
Your financial situation will not change automatically. There is no magic formula to improve your finances. Educate yourself about personal finance. Then you can make the right decision about what to do and what not to do to save money in order to achieve your financial goals.
Ask yourself whether you are saving enough to ensure a stable financial future. You will find the answer and that can be a driving force behind your action to save money to ensure your financial growth and stability.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
Image Sources: 1, and 2. https://pixabay.com/photos/bills-money-currency-cash-finance-2557263/ https://pixabay.com/photos/euro-bank-notes-coins-1159935/
How To Protect Yourself Online and Ensure Crypto Assets Safety
What do you do online? Maybe you get information and news, watch videos, communicate with others and get in touch with your friends and family. Now there is a huge shift online and everything moves toward Web 3.0.
The internet is not only for information but also for transactions. You can make financial transactions online and hold your crypto assets. We are so involved online, we have to take online safety and security seriously.
To create an account, you use the password. You can put anything in your password. To protect yourself online, you should go for using a strong password that will be difficult to guess and figure out through social engineering. You can use two-factor authentication to ensure more protection.
Phishing scams become very common these days. Many people lose their money and crypto assets falling into the trap of scammers and fraudsters. You click different links that redirect you to different pages and websites. Be careful before clicking any links. If that's a phishing link and you click to make any interactions, your account will be hacked.
You come across suspicious activity online. You avoid that or protect yourself somehow. But other people may fall into this trap and end up losing their account, wallet, and crypto assets.
When you notice any suspicious activity, you should inform the community so that they can take necessary steps against it. Other people will be careful about that and protect themselves from possible scams and frauds.
You have to keep your crypto assets secure. Where do you hold your cryptocurrency? If you hold your crypto to a crypto exchange or any platform where you do not get to hold the private key, technically, you do not own your crypto. That platform holds it for you.
Anything can happen in crypto. The platform you think is most secure can be hacked or become the victim of a data breach. This may lead to being in a terrible situation. Even if you manage to get your crypto assets back, your personal sensitive information can be out there in public.
Your personal sensitive information can be used to make further hacking attempts and you will lose your money and crypto assets. Be careful where you hold your crypto and give your personal information.
You need to hold your private key to ensure the safety and security of your crypto assets. Crypto gives power back to the people, but if you give it away to others without holding the private key, you will not have control and freedom.
Common sense and security measures can protect you online and ensure your crypto assets' safety. So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
Image Sources: 1, and 2. https://pixabay.com/illustrations/security-castle-secure-internet-1202344/ https://pixabay.com/photos/security-cryptocurrency-bitcoin-2972105/
Why Is It Difficult To HODL Crypto?
You buy crypto and hold it. It can be your long-term strategy. HODLing is supposed to be easy. There is no complication in the system. Then why is it difficult to HODL cryptocurrency?
If it is so cold outside, you may not feel how cold it is unless you go outside. Staying at home, it is easy to see anything, but when you go outside, you feel the cold. You realize how tough it is being outside.
Likewise, it seems easy to buy, and HODL crypto. But when you buy crypto and see the wild swing in the crypto market, you feel every move. You are happy when the price goes up which shows a potential gain. On the other hand, you may get worried when the price crashes and how much you already lose due to the crash.
If you do not know where you are investing and why you are investing, you cannot stick to your decision. Lack of understanding is something that can make HODL difficult. Investment is not magic, you throw your money and you become rich. You have to understand the asset or specific crypto where you invest your hard-earned money.
People can predict, but no one can tell you exactly when and how the crypto market will react and makes it move. The stock market has a long history. You will not get a long history in crypto like the stock market. Things are evolving and changing in crypto consistently.
If you make an impulsive decision to buy any crypto, probably you do not have a long-term plan to HODL. You need to have a plan to hold crypto for the long term before making investments. Some cryptos are hot now, so you make an investment there.
When the hype loses its momentum, the price can fall drastically. You can feel the fear and end up selling your crypto at a loss. Due to FOMO, people buy crypto at the top and sell crypto at the bottom.
Sometimes when people see the crypto price goes up, they do not want to lose the potential gain. That triggers them to sell their crypto early and lose the whole market momentum and gain.
There are many cryptos that will not make it to the next bull run. In case you hold any of those cryptos, you will end up losing everything. Having a negative experience can make HODL difficult.
So what do you think about why people find it difficult to HODL crypto? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
Image Sources: 1, and 2. https://pixabay.com/photos/bitcoin-money-decentralized-2007912/ https://pixabay.com/illustrations/bitcoin-cryptocurrency-blockchain-3137150/
Think Again Before Quitting Your Job To Make Money Doing Something On Your Own
Do you like your job? Some people say yes, they love their jobs. Most people may say they hate their jobs. They want to quit their jobs and get out of the situation. Doing a business or doing something else to make money seems better.
You should think twice before quitting your job. It is very important to point out the actual reasons before making your move to change your career. You have a lot of pressure and stress, guess what. You have to deal with the stress and pressure when you do something else as well.
You can change your track and do a different job. I see people do that. If you think you cannot apply your skills and talent to make progress in the current job because you do not have more opportunities, you can find a new job where you have the opportunity to use your skills and talent.
Maybe you think doing business is better and it looks cool from the outside. An entrepreneur has to face challenging situations, take risks and go through tough times to grow and move forward. The point to be noted is that don't just choose B because you hate A.
If you really like B, only then you should go for B. You are inspired by seeing successful entrepreneurs and their stories, you might not hear stories of entrepreneurs who are still struggling. You can do different things to make money and live your life. If you choose to do something on your own and be an entrepreneur, make sure you really like it and want to move forward with that.
Otherwise, you will give up at some point when you do not see any significant progress. That's the biggest barrier to success in the journey of being an entrepreneur. The mindset you have doing a business is different than doing a job.
You need to have the right mindset and then make plans for how you move forward to start your entrepreneurial journey. So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
Image Sources: 1, and 2. https://pixabay.com/photos/secretary-office-job-office-desk-338561/ https://pixabay.com/photos/office-job-computer-portable-2009693/
Will You Stop Going To University and Focus On Making Money Online?
You see people going to school, college, and then university, getting educated first and doing a job to make money. You have plenty of opportunities these days. You can build your online career and make money online. So will you stop going to university and focus on your online career only?
This question may come to your mind to see success in making money online. You make a lot of money now. Probably you think you will not get much out of formal university education. So it is better not to go to the university and focus only on working online to build your online career.
There are arguments on both sides. It depends on your circumstances and what you choose. But I think you should consider going to university. If you go to the university and complete graduation, it does not mean you have to give up working online.
You can work and make money online while studying at university. There is something you should do on time. Education is one of them. In the future, you cannot go back to the moment you have right now to study at university. After completing graduation, you can completely focus on working online and that can be your career.
Whatever you do to make money online can change very fast in the future. If you make a lot of money working online, it does not mean you will keep making money like this. Since things change pretty fast, you have to adapt and change accordingly.
You may only hear success stories of making a fortune by working online. You do not know the stories of failure where people get into depression and end up in terrible situations. When people fail, they may not come to share their stories. If they become successful, they may share their failure then.
Academic education can give you a safety net. Even in the future, if something happens, you can get a job and make money. On the flip side, you may not find a suitable job when you are not educated.
You acquire different skills while going to the university. You network with other people and improve your social skills. You can easily connect with others and understand them. What you learn at university, you may use that skills at some point in your life.
Now you cannot connect the dot but you may connect the dots in the future and do something better. You can study in a specific field at university that will help to build your career online. I do think it is better to focus on making money online while you are going to university and completing your graduation.
You do not need to give up one to do the other. So how about you? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
Image Sources: 1, and 2. https://pixabay.com/photos/online-connection-laptop-plant-4208112/ https://pixabay.com/vectors/blog-writing-blogging-coding-3596548/
Have You Ever Faced Any Problem During P2P Transfer In Crypto?
If you invest your fiat currency in crypto, you need to convert that into cryptocurrency first. Many people use P2P transfer to convert fiat currency into crypto and vice-versa. People deal with different problems and become victims of fraud sometimes.
I read a news where someone lost money in a P2P transfer and his bank account was frozen. He used the Binance P2P service to sell cryptocurrency and received fiat currency in his bank account. There was no problem so far.
But later buyer complained and reported the transaction as fraud. His bank account was frozen because of that. And the worst part is, the seller's bank sent the money back to the buyer's account.
The person informed Binance about this and asked for help. The buyer already withdrew all funds from his Binance account. There are no funds left in the buyer's account, so Binance could not help in this case. Binance suggested the person contact the law enforcement agency for help.
In case crypto falls into a gray area in your country, you do not want to get in more trouble asking for help from law enforcement agencies. Bad actors take advantage of the situation and get away with it.
Fraudsters and scammers try different ways to take advantage of any situation to steal. For example, you sell crypto and you are supposed to receive a certain amount of fiat currency. The buyer sends you a little less than the exact amount.
Since the amount is negligible, you let it go and confirm the transaction. Later, you figure out that the buyer did the same thing to others. So what can you do about it? You can give feedback on Binance P2P transactions. You can comment and reveal that in your feedback. Other people avoid that buyer seeing the negative feedback.
When you sell crypto to receive fiat currency, you get a message instantly after getting money in your account. Do not release the fund without checking out the account balance. You may get a fake message, don't rely on the message. Check out the account balance first to confirm and then release the fund.
It is better to be careful to ensure safety on your part. There are some bad actors in this space that give crypto a bad name. You can avoid fraud in P2P transfers if you become more cautious at the time of making a transaction. Fortunately, I do not have a negative experience in P2P transfer in crypto.
So how about you? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
Image Sources: 1, and 2.
Reference: 1. https://pixabay.com/illustrations/blockchain-data-records-system-4700510/ https://pixabay.com/photos/blockchain-people-shaking-hands-2850276/ https://crypto.news/binance-customer-says-money-lost-in-p2p-transfer/
Don't Fall For Crypto Scam on YouTube
To watch any video, you usually go to YouTube. You will get all kinds of videos over there. But bad actors are also there to make people fall into their traps. People lost their money getting involved in scam crypto projects.
Scammers and fraudsters present everything in such a way that is pretty convincing. They give such an offer that is hard to resist. People think that if they just invest small, they will not lose a lot of money.
In the beginning, people invest a little amount to test. Then when they get a return and withdraw that, they are very excited and think that's real. Scammers play the whole game.
Scammers want people to invest more money. People usually have no problem withdrawing money in the beginning. They have more confidence and start investing more, taking loans, and investing their entire life savings.
At some point, scammers get a lot of money since people start trusting them and throwing more money into their scam projects. It is time for scammers to exit. All people who invest their hard-earned money with the hope of making a fortune lose everything.
This is sad but it is happening over and over. Some fraudsters impersonate famous people to lure people into their cryptocurrency schemes. If you are not careful and do not do your own research before making any investment decision, you will fall into the same trap again.
Fraudsters and scammers come up with new ideas with new packages to promote their scam projects. Only because you see someone talking about certain crypto projects and their potential, you have to be there and throw your money. You don't need to grab every single opportunity.
You have to check out the facts. Spend some time verifying the information from different sources. It can save you from being one of the victims. With money, scammers can convince celebrities and influencers to promote their projects.
Pay attention to who is giving you financial advice. Only because someone makes some video about a topic, don't think he/she is an expert in that field. You can filter a lot of information that you get.
If you invest in crypto, the thing is, most crypto projects you see will not sustain in the future. It happened in the past and it will happen in the future. So do due diligence and analysis before investing your hard-earned money.
Don't get into FOMO, otherwise, you can make serious mistakes without realizing that. You make the financial decision to invest your money. You cannot deny your responsibility. After all, no one puts a gun to your head to invest in a crypto project.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
Image Sources: 1, and 2. https://pixabay.com/illustrations/fraud-prevention-scam-corruption-3188092/ https://pixabay.com/photos/laptop-computer-browser-research-2561221/
The Collapse Of Lending Platforms Makes Think Again Before Lending Crypto
When you have a good time, you may not realize what you have to go through in a challenging situation. Lending and borrowing crypto is a great idea. You just leave crypto in your wallet. You can get interest if you lend your crypto.
You need money. You can keep your crypto assets as collateral and borrow money. You are not selling your crypto and you will get it back after repaying the loan. In a traditional financial system, you are used to lending and borrowing money.
When you do the same in crypto on a centralized platform, you take way more risk. Recently crypto lender Genesis filed for chapter 11 bankruptcy. Not only Genesis, BlockFi, Celsius, and Voyager went out of the picture.
People assumed those crypto-lending platforms as banks. They come up with the slogan unbanked yourself. Their failure in business shows the real picture. Even involvement in earn programs in the crypto exchange where you lend your crypto has the same level of risk.
When the crypto market is in an uptrend, you will not see any problems. Everyone is making money and you keep getting interest from lending crypto. It is clear that there is a lack of risk management. They might not consider the downside of crypto properly.
Poor risk management can destroy any business. They are bound to fail and file for bankruptcy. In the end, people who are involved in those crypto-lending platforms lose their crypto assets. Even if users get back their funds, it usually takes a long time.
When you consider how much risk you are taking to lend your crypto, you may make a different decision. It is better to hold your crypto in your wallet instead of losing your crypto to get interest from centralized platforms.
Those lending platforms take a high risk with your crypto. Moreover, taking high leverage is the most dangerous thing that is able to destroy the business. You are wondering how come those huge centralized platforms become so vulnerable. There is a lack of transparency, risk management, and due diligence before making financial decisions.
Need to watch carefully how things evolve and change in the future. So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
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How Do You Draw the Relationship Between Crypto and Central Regulatory Authority?
You want to live your life and enjoy freedom. When you are grown up, you realize there are different restrictions and you have to go through them. Whether that's fair or not, that's another question.
Do you feel something pulls you back? You found crypto and realize what crypto offers to change a lot of things in your life. That's great and you are very excited about it.
You see a huge potential in crypto. But the government might say something else. In the beginning, the central bank and regulatory authority just ignore crypto. It will not go anywhere, according to their opinion. It is just speculation, and people are expected to give up at some point on their own.
More people see the potential of crypto and how they can use crypto to make a change in their life. The central authority starts saying crypto is very risky and the crypto market is highly volatile, so you can lose your money. Yes, crypto is risky and volatile. But they do not say much about the upside of using crypto.
The central authority is more than happy to show people how bad crypto is and it is a good idea to avoid cryptocurrency altogether. The interesting thing, the central authority itself cannot avoid crypto and what's going on in the crypto industry.
Before anything goes out of control, they come up with a great idea to save people, and that is banning crypto. Banning cryptocurrency, they cannot stop its innovation and development. People are more interested in crypto than before.
When they realize banning crypto will not work, they change regulations and impose a high tax on crypto. Crypto is not illegal anymore, you have to pay way high tax on the crypto capital gain. You take the risk to invest in crypto, but you have to pay a big portion as a tax when you make a profit. It will discourage people to get involved in crypto and make investments.
The central authority wants to have more control. They come up with Central Bank Digital Currency (CBDC) that will be safe and have a lot of benefits, as they say. Big institutions are comfortable if they have regulatory clarity. Crypto platforms want to have regulatory clarity so that they do not have to go through troubles. They get threats to sue in return. And you may see lawsuits and fines.
What the central authority is doing is not enough, so you can expect more crackdowns on crypto. Everything is for, you know, investors' protection. So how do you draw the relationship between crypto and central regulatory authority?
Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
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Why Do People Say Goodbye To Cryptocurrency?
You see the excitement and hype in the crypto market. Everyone talks about cryptocurrency and how they are going to make a lot of money. People talk about their investments in crypto and how much money they are making.
Then something happens and you do not hear any noise. You are wondering how those people disappear. Do they say goodbye to cryptocurrency? In the beginning, people are very excited and make some money. And then the crypto market shows red color.
Most of the time, people get to know about cryptocurrency in a bull market. When cryptocurrency price keeps rising, it feels like it will never go back. People who are new to crypto think investing in crypto is a quick way to make a lot of money and change their financial situation.
They invest their money and make a good return. Seeing a high return, they accumulate as much money as they can to invest in crypto. Sometimes they borrow money, take loans from banks, and put all their savings into crypto. It will be no problem to repay the loans, once they make a lot of money.
Since they usually buy on the top, the crypto market changes its trend and starts falling. They get scared and wish the price would go up. The end story is very sad. They end up selling their crypto on the bottom and almost lose everything.
That's a terrible experience. They blame cryptocurrency for their losses. They usually say goodbye to cryptocurrency. But people who look into cryptocurrency, try to understand and learn about blockchain and the crypto market, they do not quit.
Lack of proper education about cryptocurrency is one of the reasons, some people have negative opinions about cryptocurrency. If they are open to exploring and learning, they will change their view and see how cryptocurrency can change their life.
There is a risk when you make any investment. When you make investments in cryptocurrency, you take more risks. And you will get a higher return. You will find a way to reduce the risk. You do your own research and analysis before making any investment decision.
You do not go all in investing in a single asset. You will diversify your crypto portfolio so that you can reduce the risk and maximize your return. If you are not interested to learn how to invest, you will quit cryptocurrency.
There is a high chance you will lose your money if you do not know what you are doing. It is true not only investing in crypto but also in any other assets. Investment is not gambling. You have to have the right mindset, otherwise, you will leave the crypto market.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
Image Sources: 1, and 2. https://pixabay.com/photos/currency-bitcoin-feedback-thumb-3804022/ https://pixabay.com/photos/broker-trading-stock-exchange-happy-6882754/
Your Data, Their Business: The Consequences of Data Sharing
How much time do you spend online? If you lose your smartphone somehow, you feel that every moment until you get another phone. We all use social media, apps, and websites, and love to share what we are up to on apps and social media. You give a lot of information willingly. You think it's nothing, that's how we live in today's digital world.
Your data can be used in different ways. You are leaving your digital footprint everywhere. Analyzing your data, companies do a lot of things to develop products, improve user experience, and target you precisely to show ads. When you see the ads, you feel like this is what you are looking for.
You search for a product and now you see ads everywhere about that product. Your online activity is closely monitored. Sometimes you just have no idea how your personal data can be used. And you do not even know they are collecting your sensitive personal data.
When you visit a website, you see a cookie pop-up and just hit the agree button. Now they are tracking your activity. Many companies use data to build their business and make billions of dollars. Your personal data is very valuable to those companies. You may think that they use your information for the development of the products and run ads campaign, that's good.
You can use social media and apps for free. It is not free, you are paying with your data that can be used against you. Are you sure that they are using the information in an ethical way? The company can manipulate the targeted audience using users data. You think you make the decision to buy without realizing you are being manipulated.
Data breach is another big risk factor. They can sell your data in the black market to make money. Hackers can use your data to launch hacking attempts. You are wondering how come they get all information about you. You leave your information via social media activity, sharing location, using apps, and doing a lot of things.
400 million Twitter accounts data leaked and it is out there in the market. Hackers put your date for sale. Do you think those tech giants take responsibility for using your personal information? They care about their business and how they can increase their profit. They are not concerned about your privacy.
It is time to be mindful of what's going on using your data. You cannot go backward and exclude yourself from the digital world. Now Web 3.0 gets a lot of attention. You can maintain your data and privacy in a better way. You decide what you share and which apps you use on your smartphone.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
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How Can You Avoid Revenge Trading?
People do trading to make money. When you take an entry and see the price movement, you are excited when the price goes up and you might get worried when the price falls. When you do revenge trading after a big loss, you are driven by emotions.
You may end up with more losses that can make your trading capital zero. You do not want this to happen, but your actions lead you there. So how can you avoid revenge trading?
**Stick to your trading plan**
Do you have a trading plan when you take an entry into the market? Or, you just buy because you feel like the price will go up and you sell when you feel like the price is going down. The crypto market can be a roller coaster.
If you do not have a trading plan, you don't know where you are supposed to take a profit or where you should set stop loss and exit. There is a high chance you will lose money in trading. And when you see big losses, that triggers you to do revenge trading.
So first you should make a trading plan and then stick to your plan. The market can move in any direction, but you know exactly what you are going to do. You just execute your trading plan. It will help to avoid revenge trading.
**Maintain a trading journal**
If you do trading, but you do not use a trading journal, that is unlikely to happen. You need to use a trading journal and record every single trade including why you taking an entry, which strategy you use, your emotional status, your mistakes, and what you learn from a trade.
Your trading journal shows you a clear picture. You can see exactly what you are doing since you document everything over there. When you see you are driven by emotions and you do not pay much attention to the strategy that you are supposed to follow, that's a red flag.
It reminds you of where you should stop and what kind of mistake you are making. You may see how you react in a particular situation. So you can decide what to do to avoid revenge trading.
**Lean to accept your loss**
It feels terrible when you lose money. When you do trading, you know no one can tell exactly which direction the market will go. You can do technical analysis to define your entry, exit, and profit target.
You are dealing with probability. If you think you are right and do not exit where you plan to exit, you are not sticking to your trading plan in the first place. You just cannot accept losses in trading.
You need to learn to accept losses when you trade. Successful traders make losses, but they cut their losses short and save capital. If you follow your system properly, you will have more wins than losses, you will make profits eventually.
**Take a break from trading**
Taking a break is easy, right? When you make losses in trading, you just cannot stop thinking about that. You feel terrible. You want to recover your losses fast and that may trigger revenge trading.
Taking a break from trading is a way to avoid revenge trading. Go out and do something else. There are many things in life besides trading. Just shift your focus for the time being. It helps avoid revenge trading.
So what else can help a trader avoid revenge trading? Please feel free to comment below. Thank you for reading this post.
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