InCoin Eng (crypto news)

2021-12-28 16:24:01 MetaSwap's MGAS token price is down 47%, is an exit scam coming?

After analyst company PeckShield revealed that the price of MetaSwap's MGAS token fell by 46.99%, as a result, investors were warned about the possible closure of the project.

In addition to the drop in the price of MGAS, all of Metaswap Gas's social media accounts, such as Twitter and Instagram, were deleted. In addition, it turned out that 1,100 BNB tokens belonging to the project were transferred to an anonymous account on Tornado Cash. The nature of the transfer makes it difficult to track the stolen funds.

In this regard, PeckShield advised investors and traders to abandon Metaswap Gas and cancel existing contracts to avoid further losses.

This year many crypto projects were victims of hacking attacks, which led to total losses of more than $ 600 million. Recently Bent Finance, Grim Finance, BitMart, AscendEX and others joined the long line of victims. Open / Comment

2021-12-28 14:12:01 Echelon cryptocurrency theft malware is spreading on Telegram

In recent years, cybercriminals have increasingly paid attention to blockchain technology and cryptocurrencies, realizing that projects related to them allow for quick profits. Recently, experts from the blockchain error detection platform Immunefi discovered that cybercriminals are now actively using Echelon malware with auto-download functionality in Telegram.

This malware is a type of pre-programmed engineering code that has many ways to steal data from a user's computer or mobile device.

"Be forewarned The attack on Telegram themed cryptochats continues. Attackers are using the Smokes Night account to spread Echelon malware by sending a file to the chat room. Disable autoloading in Telegram settings right now," cybersecurity experts advise. Open / Comment

2021-12-28 11:40:14 DOGE co-founder refuses to work on project development

One of the developers of dogecoin (DOGE) Billy Marcus refused to return to work on the altcoin. He wrote about it on his Twitter page, explaining, the ingratitude of the community.

Marcus, however, continues to walk the altcoin. He noted that he owns about 220,000 DOGE. That volume is currently valued at ~$42,000. Marcus also said that he intends to support those who will actively advocate the development of the community.

In the middle of May this year, Tesla and SpaceX founder Ilon Musk urged the cryptocommunity to help with the development of the Dogecoin blockchain. To this end, he invited everyone to share ideas in themed threads on Reddit, Twitter and GitHub forums.

Earlier it was revealed that Ethereum ecosystem co-founder Vitalik Buterin will help Dogecoin Foundation to develop a stack for DOGE. Details of the initiative remain unknown, but the developers plan to reveal more in 2022. Open / Comment

2021-12-26 19:29:02 Oxford professor calls bitcoin worse than Ponzi scheme

Robert McCoolis of the Department of History at Oxford University believes that BTC makes no sense to compare with a Ponzi or pyramid scheme, because they are fundamentally different from each other in the way they generate income. The members of investment scheme get dividends due to attracting financial assets from new participants, while bitcoin owners can earn money only if they sell their coins.

Robert predicts the collapse of stabelcoins due to the lack of effective regulatory measures and the lack of transparency in the crypto-industry. In this case, the entire digital ecosystem will fail, and the BTC rate will collapse.
In McCauley's opinion, BTC is worse than any pyramid scheme for two reasons:

Mining the coin requires a huge amount of electricity;

Investors who have suffered losses cannot sue the anonymous creator of the coin, known as Satoshi Nakamoto. Open / Comment

2021-12-26 17:06:02 Crypto exchange MEXC Global closes Chinese user accounts

MEXC Global, East Asia's largest crypto exchange for altcoin trading, is going to close all Chinese user accounts by the end of December 2021.

First, MEXC Global announced the signing of partnership agreements with "many international investment funds" to develop the company's business globally. The company then announced its plans to form a unified board of directors to improve its management structure.

The new diversified management team will take the reins, and after we close the accounts of users from mainland China, the current managers will gradually resign," wrote on the Twitter account of the trading platform. Open / Comment

2021-12-24 18:52:01 The tokens of leading Metaworld projects MANA and SAND rose

Decentraland (MANA) capitalization rose 17% overnight, after information emerged about the $43,196 acquisition of a parcel of virtual land. The buyer remained anonymous, but insider information emerged about land acquisitions at Decentraland and The Sandbox, by Adidas and Atari.

Both projects have received more corporate interest since Facebook changed its strategy and decided to go with the Metaworld format, changing its brand name to Meta in the process.

Decentraland and The Sandbox can be considered pioneers of this theme. They were the first to develop the concept of a virtual earth on blockchain. Facebook in the new field may lose the advantage that its status as a social network pioneer gave it.

The virtual land purchases on The Sandbox and Decentraland speak to this. While Meta is only building its version of the Metaworld, corporations are paying tens of thousands of dollars just to "enter" cryptoprojects. Open / Comment

2021-12-24 16:16:01 Terra (LUNA) network surpassed Binance Smart Chain in terms of blocked assets

TVL in the Terra (LUNA) stabelcoin network reached a record level of $20.05 billion. Back on December 1, the project's TVLs were just under $12 billion, an increase of 68% in less than a month

LUNA is also showing steady growth and has surpassed $94 (plus 31% for the week). Now the market capitalization of LUNA is almost $35 billion and the asset is in the top 10 on this indicator.

Taking TVL into account, Terra is now second only to Ethereum and ahead of Binance Smart Chain. For comparison, BSC's DeFi-ecosystem has 225 products and TVL of $16.7 billion. Ethereum is far ahead of the competition - its TVL is $155.7 billion.

The Terra blockchain was created based on the Cosmos SDK and Tendermint consensus. Users of the project can issue dollar-stablecoins and convert them into the network's own LUNA asset, which is used for stacking and management. Open / Comment

2021-12-23 16:54:01 Arsenal fan token ads banned in Britain

The UK Advertising Standards Authority (ASA) has banned two campaigns by Arsenal Football Club promoting the AFC fan token.

Arsenal explained that AFC is designed to encourage fan involvement in club life and is different from cryptocurrencies used for payments.

The ASA cited the Financial Services Authority, which classifies service tokens as cryptocurrencies. The financial regulator considers them a complex investment product, subject to volatility and potentially leading to large losses.

"We acknowledged that the ads did not promote fan tokens as an investment or financial product. However, they are a crypto-asset, and the advertisement did not contain any information that tax could be paid on the investment gains," the ASA said.

The regulator concluded that "the ads were irresponsible and violated the rules." Open / Comment

2021-12-23 14:21:02 MATIC price hits an all-time high after integration with Uniswap

Uniswap developers announced the successful integration of the decentralized exchange with the Polygon protocol, leading to a MATIC rally

The price of the Polygon native scaling protocol token (MATIC) has renewed its all-time high. The rally came shortly after Uniswap head Hayden Adams announced the successful integration of the decentralized exchange into a Level 2 solution.

At the moment of writing the MATIC price in MATIC/USD pair is $2.63. Within a day, the altcoin price rose by almost 17%. MATIC capitalization rose to $18.4 billion.

UNI price also reacted to the news, rising 8% to $16.5. As a result of the integration, Uniswap now supports both the Polygon protocol itself and all of its onchain statistics. The developers also presented a full list of Uniswap project deployed addresses in the protocol ecosystem to integrate Polygon-based dApps with Uniswap. Open / Comment

2021-12-22 19:45:12 Hackers have made a victim a $45,000 bill

Unknown persons hacked into the account of the founder of SEO Scout, Johnny Platt, on Amazon Web Services (AWS) and made 6 XMR (~$1100 at the current exchange rate). This was reported by Platt on his page, citing the $45,000 billed to AWS.

According to him, the attack was not particularly sophisticated. The attackers installed a bash script via AWS Lambda, which downloads and runs a miner. The miner was launched every 3 minutes with a maximum run time of 15 minutes. In every AWS region around the world. Such a "service" cost Platt $45,000, although the perpetrators themselves only managed to mine 6 XMR.

The victim believes that AWS could have detected the malicious code, because the script was made as an unencrypted text file. At the time of writing, Amazon did not comment on the incident. Open / Comment