CoinCodeCap Weekly: Rug-pulls, NFTs and Scams [27 December 2021 – 01 January 2022]

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CoinCodeCap Weekly brings you an entire week’s news in one article. Got no time to stay updated during weekdays? No worries, we got your covered!

Coincodecap Weekly 27 December 2021 - 01 January 2022
CoinCodeCap Weekly 27 December 2021 – 01 January 2022

27 December 2021

Reasonlabs cybersecurity firm has warned that cryptocurrency malware has been discovered in a torrent download of the new Marvel movie Spider-Man: No Way Home. Reasonlabs recommend exercising extra caution when downloading content from non-official sources, whether it’s a document in an email from an unknown sender, a cracked programme from a fishy download portal, or a file from a torrent download. This malware does not compromise personal information, the damage that a miner causes can be seen on the user’s electricity bill.

PeckShield warned investors about a possible rug pull on MetaSwap’s MGAS token. They have noticed a massive 46.99 % price drop on MetaSwap’s MGAS token. All official Metaswap Gas accounts were deactivated, including Twitter, Instagram, and Medium. According to PeckShield, 1,100 BNB tokens worth nearly $602,000 were transferred to an account on Tornado Cash.

Major exchanges, including Binance, Huobi, and MEXC, said this week that they will close China’s fiat/ cryptocurrency channels on December 31, as planned. The Chinese Yuan will no longer be used as a FIAT currency by Binance. Furthermore, Binance’s services will no longer be available to Chinese traders. Bitman said earlier in October that it will no longer be supplying Bitcoin mining equipment to China. With this shift, Chinese users’ already limited options would become much more limited.

First Metaswap, Now MetaDAO Rug Pulled: 800 ETH Lost. PeckShield first discovered MetaSwap carpets being pulled and transferred stolen cash to Tornado Cash (1,100 BNB). Another protocol, MetaDAO, was also targeted by the rug pull scam, according to PeckShield. The total loss was 800 ETH ($ 3.25 million). The assets were directed to Tornado Cash, just like Metaswap Gas.

First Metaswap, Now Metadao Rug Pulled: 800 Eth Lost
First Metaswap, Now MetaDAO Rug Pulled: 800 ETH Lost

28 December 2021

Binance gets a License in Canada. Following its license application, it gained in-principle approval from the Central Bank of Bahrain (CBB) to operate as a crypto-asset service provider in Bahrain. CBB is the first body in the Middle East and North Africa (MENA) to give Binance entity in-principle approval. However, despite CBB clearance, the crypto exchange must still complete the entire application process. 

PeckShield notified people about a snowflakefloki scam. PeckShield detected that snowflakefloki is a honeypot. People can buy Snowflakefloki but cannot sell them. Many people tweeted about it that it is a scam because all of their funds got vanished after buying snowflakefloki. Snowflakefloki has blocked many of them on Twitter when they have complained about it to them. Many people already lost their money in this scam. 

According to co-founder Sandeep Nailwal, Polygon’s scalability, efficient processing times, and meagre gas fees give a solution to Ethereum’s present network restrictions. Polygon represents the ecosystem, and MATIC represents the Native Token.

Hong Kong customs detected a money laundering case with more than $380 million involved. Acting upon intelligence, Customs officers targeted a woman and her younger brother. They were suspected of using personal bank accounts and a cryptocurrency exchange trading platform to deal with money from unknown sources and participate in money laundering activities.

Hong Kong Customs Detects Money Laundering Case With More Than $380 Million Involved
Hong Kong Customs Detects Money Laundering Case with More than $380 Million Involved

29 December 2021

Token-based on Ethereum MASK is a honeypot fraud, not a governance token of Metamask. Several cryptocurrency enthusiasts have reported a fake token called MASK that imitates MetaMask’s much-anticipated governance token. Following the fraudulent token creation, which was ultimately discovered to be a honeypot, $1 million worth of the token was acquired, with sales locked so that the tokens could not be redeemed in any way. 

PeckShield informed people that they have detected a rug pull. They informed people that SuperFox ($SPF) has been rugged. The deployer drained the funds in PancakeSwap. The SPF(Super Fox) Price dropped -99.99%(BSC). 

The South Korean government has begun to prohibit the release of so-called “money-making games” (P2E). They have requested that global app marketplace operators such as Google and Apple block the registration of related apps, according to reports. The Game Management Committee under the Ministry of Culture, Sports and Tourism recently sent an official letter to game-related self-classifying operators. The letter was sent to block the domestic distribution of games that can obtain cash and goods in advance. 

In the coming year, according to Nischal Shetty, countries will compete to develop their own versions of central bank digital currency (CBDC). Shetty told Cointelegraph that the ongoing discussions over crypto laws, exchange-traded funds (ETFs), and the rise of the metaverse may continue in 2022. He said, “There is a $2.5 trillion market out there, and it will not wait for any country to join.” For over 1,000 days, I’ve been tweeting ‘#IndiaWantsCrypto’ with the sole goal of bringing crypto regulation to India.”

Joe Tsai, a billionaire with an estimated net worth of $8.7 billion and the vice-chairman of Alibaba, sent out a mysterious tweet. “I like crypto,” the tweet stated. Following China’s crypto prohibition in September, Alibaba followed suit by prohibiting the selling of mining machines. Furthermore, the e-commerce behemoth outlawed the use of cryptocurrency on its sites. Bitcoin, Litecoin, and Ethereum were among the cryptos that were prohibited.

Joe Tsai Likes Crypto
Joe Tsai Likes Crypto

Artists are seeing their work appear in NFTs that they did not create. Non-fungible tokens (NFTs), the blockchain-based art credentials that provide a customer initial ownership over a digital work of art, have already been stolen by hackers. Despite a fraud detection tool, NFT theft continues to plague DeviantArt.

Marathon has placed an order for new Bitcoin mining machines worth $879 million. Marathon’s hash rate is predicted to climb to 23.3 EH/s by early 2023 as a result of this latest purchase. The deal was revealed just a few days ago. However, the figure was revealed on Tuesday. Marathon would get 78,000 Antminer S-19 XP mining machines in instalments during 2022, according to the statement.

In an SEC filing today, Morgan Stanley Europe Opportunity Fund acknowledged owning 83,803 shares of Grayscale BTC as of October 31. The fund had previously reported 58,116 shares on July 31 and 28,289 shares on April 30. Morgan Stanley has already begun to put together a team to investigate the impact of cryptocurrencies on stocks and fixed-income instruments.

30 December 2021

Kazakhstan is considering building a nuclear plant in response to the rapid growth of cryptocurrency mining. Minister of Energy Magzum Myrzagaliev said on Tuesday that the government is considering two locations for a thermal power plant that could help close the capacity gap. According to the energy minister, the need to build a nuclear power plant is “clear”.  The government is currently in discussions with Russia’s Rosatom, which has built plants in China, India, and Belarus. Kazakhstan’s goal of becoming carbon-neutral by 2060 would be aided by construction. 

NFT’s craze swept Indian celebrities in 2021 as Bollywood celebrities and athletes launched NFTs. According to experts, celebrities entering the NFT sector will benefit the market. Amitabh Bachchan was one of the first Bollywood actors to join the NFT. Earlier this month, the Bollywood superstar auctioned off a recording of his father’s renowned poem ‘Madhushala’ and his collectables in the shape of NFTs.

Nft'S Craze Swept Indian Celebrities In 2021
NFT’s Craze Swept Indian Celebrities in 2021

MicroStrategy purchased $94 million in bitcoin between December 9 and December 29. According to a release, the corporation paid an average price of $49,229 per bitcoin. MicroStrategy issued and sold 571,001 shares in the fourth quarter under a $1 billion sale agreement that began in mid-June. The average gross price per share was $732.16.

31 December 2021

In a tweet on Wednesday evening, Mexico confirms plans to roll out CBDCs in 2024. The plans for a CBDC follow President Andrés Manuel López Obrador’s recent statement that Mexico will not follow El Salvador’s lead and use cryptocurrencies like Bitcoin (BTC) as legal tender.

In 2022, SEC commissioner Hester Peirce predicts a growth in the financialization of non-fungible tokens (NFTs), implying that holders must be mindful of how their actions may breach securities regulations. Peirce also claimed that the grounds used to defend the denials have been outdated for some time and that she doesn’t understand why there isn’t a bitcoin ETF available for trading in the United States right now.

Sec Commissioner Is Expecting Growth In Nft Use Cases In 2022
SEC Commissioner is Expecting Growth in NFT use cases in 2022

01 January 2022

Twitch Co-Founder Alexis Ohanian has created Fractal, a new marketplace for gaming NFTs. The company’s first partner blockchain games included Aurory, Caveworld, Genopets, Mini Royale, Nyan Heroes, Panzerdogs, Portals, Photo Finish, Solchicks, Syn City, The Sandbox, and others.

Twitch Co-Founder Launches Fractal
Twitch Co-Founder Launches Fractal
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Editorial Team

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