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What is a rug pull in crypto and 6 ways to spot it?
A rug pull scam happens when a team or developer withdraws support for a project, leaving investors with worthless tokens.
Imagine you’re at a party where you come across an awesome game. Players are enjoying themselves, and there are large rewards for them to win. You decide to participate, put in your money, and begin playing. However, just as you’re about to win, the game organizer disappears with everyone’s money.
That’s exactly what happens in cryptocurrency rug pulls.
Crypto scams are common in decentralized finance (DeFi), as there aren’t regulations in place to oversee the functioning of projects. An individual or group of developers creates excitement around a crypto project to attract traders. As excitement builds, many people invest by purchasing tokens or minting non-fungible tokens (NFTs).
Then, the developers suddenly sell off their holdings and disappear, leaving investors stunned and empty-handed. The project’s sudden end causes its token’s price to decline sharply, and investors lose most of their money. Read More
Arbitrum Foundation to ‘Go Big’ in Asia With Road to Devcon
Layer 2 blockchain Arbitrum is doubling down on Asia with a “strategic bet” on the region’s growth.
The Arbitrum Foundation has announced its Road to Devcon initiative as it “doubles down” on Asia’s potential for rapid growth.
Pointing to factors including the region’s burgeoning developer community and increasing rates of retail crypto adoption, the Foundation announced a three-pronged campaign ahead of Devcon 2024 in Bangkok.
A pair of face-to-face ArbiLink events in Vietnam and Indonesia will provide opportunities to connect with two of the fastest-growing local developer communities, where developer numbers have grown by 31% and 34% year-on-year respectively, per data from Github.
The “Step Into Arbitrum” Learn and Earn campaign, meanwhile, invites participants to familiarize themselves with the Arbitrum SDK through five modules. It will be followed in October by a bounty campaign that invites developers to put their Arbitrum SDK knowledge to the test by programming a decentralized application (dapp). Read More
DHS says it thwarted more than 500 crypto ransom attacks in 3 years
The US Department of Homeland Security reported that it has disrupted hundreds of ransom attacks since its formation in 2021.
United States Department of Homeland Security investigators say they’ve thwarted hundreds of ransomware cyberattacks, often before they occurred, and have seized billions of extorted crypto since 2021.
US agencies were the top targets, accounting for 21% of the disrupted hacks, more than any business sector, Mike Prado, the deputy assistant director of the Homeland Security Investigations (HSI) Cyber Crimes Center, told Bloomberg in an Oct. 4 report.
The division has disrupted 537 ransomware attacks since it was formed in 2021 and has traced and seized $4.3 billion worth of crypto from exchanges and hackers’ devices that had been stolen through extortion payments.
According to Prado, HSI is taking a proactive approach to disrupting ransomware attacks by “keeping a finger on the pulse” of cybercrime and the constantly evolving tactics used by criminals.
Agents analyze internet traffic, look for signs of malicious activity, and monitor software vulnerabilities that ransomware gangs could use to exploit an organization’s security.
The goal is to discover when attacks are about to happen, in some cases before the breach occurs, and to prevent it. Read More
BRICS Mulling ‘Petroyuan’ in New De-Dollarization Attempt Ahead of Next Summit: Report
The BRICS alliance is reportedly considering a new “petroyuan” in its latest move to compete with the world dollar hegemony.
BRICS, which was originally launched as a coalition of Brazil, Russia, India, China and South Africa, has since welcomed several other countries into its union and is looking at taking its next steps at a summit in Kazan, Russia, next month.
In a new report, the Official Monetary and Financial Institutions Forum (OMFIF) think tank says that BRICS countries will be discussing how to implement an alternative to the current dollar-based oil payments system – potentially using the Chinese yuan.
Saudi Arabia, the world’s largest supplier of oil, has recently confirmed that it is “open to new ideas” when it comes to oil trade, including using the yuan.
Russia is also looking at using the petroyuan as an alternative to the petrodollar to reduce its dependence on the US and the SWIFT system, which banned Russian banks in February 2022 as a response to the conflict in Ukraine. Read More
The New Mini Blog Newsfeed Is Here At Markethive! A significant achievement unlocked, with many more to come
The Markethive Social Market Broadcasting Network is rapidly gaining prominence as a blockchain-based ecosystem that empowers entrepreneurs with a unique blend of uncensored expression and impartial dialogue, fostering a spirit of collaboration. This sets it apart from the often divisive and restrictive social media landscape.
At Markethive, your experience is our top priority. That's why we're recognized for our evolutionary and innovative ethos. We consistently broaden our decentralized, all-encompassing platform, creating a distinctive news feed interface that fully captures the user's experience.
We operate as an Inbound Marketing platform similar to Marketo and Paragon. The platform is comparable to popular platforms such as YouTube, Instagram, LinkedIn, and Twitter. However, we aim to surpass these traditional Web 2.0 media platforms with the upcoming release of Markethive 2.0, which includes various new features and an improved layout.
In contrast to traditional social media platforms, which rely on a single, primary news feed algorithmically set by the central authorities, Markethive's innovative approach will incorporate four distinct news feeds tailored to support the diverse range of features and functions within the Markethive ecosystem.
Markethive's feeds, including the Conglomerate or general newsfeed, video content, blogging, and curated content, are all about putting you in control. With advanced algorithms, you can tailor these feeds to your preferences, giving you the power to shape your Markethive experience. Markethive's reach is vast, as it consolidates the various features of other platforms into a single, unified system. Read More
MultiversX (EGLD) Continues To Lead All Crypto Gaming Projects in Level of Development Activity: Santiment
The layer-1 blockchain MultiversX (EGLD) continues to lead the digital asset gaming sector in terms of development activity, according to the crypto analytics firm Santiment.
Santiment notes in a new post on the social media platform X that MultiversX, formerly known as Elrond, registered 264.9 notable GitHub events in the past 30 days.
MultiversX is a distributed, proof-of-stake blockchain network that is decentralized via more than 3,000 nodes. The project aims to help developers build next-gen applications. It has led the crypto gaming sector in terms of GitHub events since it passed the Ethereum (ETH)-based virtual reality platform Decentraland (MANA) in May.
Decentraland remains in second in the space with 174.47 notable GitHub events in the past 30 days. The non-fungible token (NFT) layer-2 scaling solution Immutable X (IMX) came in third with 78.37. Read More
Archax, Assetera partner to offer tokenized RWA in UK, Europe
Assetera and Archax are collaborating to provide investors with regulated access to tokenized funds, including real-world and digital assets.
A strategic partnership between digital securities distribution platform Assetera and Financial Conduct Authority-regulated digital securities exchange Archax will allow investors to access tokenized real-world assets in the United Kingdom, European Union and the European Economic Area (EEA).
The Archax-Assetera partnership aims to address several challenges within the tokenized real-world asset (RWA) market, including regulatory uncertainty, limited liquidity and technological complexities.
Tokenized funds expand investor access:
The Assetera platform will initially provide tokenized access to money-market funds from Abrdn, which manages 506 billion British pounds ($662.4 billion) in assets. Funds from other asset managers are expected to follow.
Speaking to Cointelegraph, Thomas Labenbacher, Assetera CEO and founder, highlighted Archax’s status as a UK-regulated digital asset exchange and Assetera’s regulatory compliance in Europe with the Markets in Financial Instruments Directive 2014 and the Markets in Crypto-Assets Regulation. These regulatory frameworks aim to support regulated RWA trading. Read More
EigenLayer eyes consumer adoption post EIGEN unlock, founder says
The restaking protocol will start by targeting crypto-native apps, with EigenDA serving as a “beachhead” for onboarding, Sreeram Kannan said.
EigenLayer is prioritizing onboarding consumer Web3 applications after the Oct. 1 unlock of the restaking protocol’s native token, EIGEN, founder Sreeram Kannan told Cointelegraph in an interview.
EigenLayer will initially target apps in crypto-native segments such as decentralized finance (DeFi) and gaming before expanding beyond Web3, Kannan said.
“We’re starting with the inside-out approach, focusing on high-throughput consumer apps like DeFi and gaming, but once we grow a little bigger and have critical mass, we’ll go outside and start targeting broader consumer markets,” Kannan said.
As Ethereum’s largest restaking protocol, EigenLayer secures dozens of third-party protocols — dubbed actively validated services (AVSs) — with approximately $11 billion of restaked collateral, according to DefiLlama.
“This is the four-sided marketplace we’re bootstrapping, but consumers are the side we haven’t fully tapped into yet,” Kannan said.
“For this kind of platform to be successful, you need all four sides,” Kannan added, referring to restakers, node operators, AVSs, and consumer apps. Read More
Bitcoin Betting Is Launching an Unstoppable DeFi App for Sports Betting and Prediction Markets With No KYC
Bitcoin Betting is launching its cutting-edge DeFi app, designed for sports betting and prediction markets. The app targets semi-professional sports bettors who value privacy, high limits, great odds and peace of mind, knowing that their funds are secure and can always be withdrawn within seconds on the Ethereum blockchain. With no KYC requirements, identity management is handled entirely through DeFi wallets, ensuring privacy and security. Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
Featured Image Source: Pixabay
