🚨 Telegram: The new playground for crypto fraudsters, the UN warns!
Welcome to the Daily Tribune for Friday, October 11, 2024 ☕️
Hello Cointribe! 🚀
Today is Friday, October 11, 2024, and as every day from Tuesday to Saturday, we summarize the news from the last 24 hours that you should not miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Partly sunny 🌤️
24h crypto recap! ⏱
Telegram: the new paradise for crypto fraudsters according to the UN! 🕵️♂️
Telegram has become fertile ground for illicit activities related to cryptocurrencies, according to a report from the United Nations Office on Drugs and Crime (UNODC). According to the agency, criminals, particularly in Southeast Asia, are exploiting encrypted messaging to orchestrate large-scale fraud, including money laundering and the sale of stolen data, such as credit card information.
Telegram is also used to exchange sophisticated tools like deepfake software and malware. Unregulated crypto exchanges on the platform facilitate these criminal operations by laundering funds. The report highlights the urgency of regulating and monitoring these platforms to counter these growing threats, especially since powerful players in Asia generate between $27.4 billion and $36.5 billion annually from these activities.
The FBI launches a crypto spy to trap fraudsters! 🎯
In an unprecedented operation, the FBI created a fictional cryptocurrency called NexFundAI to infiltrate and dismantle a network of fraudsters manipulating crypto markets. This initiative was triggered after an alert from the SEC regarding suspicious market manipulation activities involving companies like Saitama. Using NexFundAI, the FBI was able to get close to fraudulent actors who used bots to generate fake transactions, artificially inflating token prices.
The operation led to the arrest of 18 individuals and the deactivation of millions of dollars of illegitimate transactions. This is the first criminal prosecution by the DOJ against financial service companies involved in such market manipulations.
Shiba Inu in crisis: The Shibarium abandoned by investors 🐕🦺
Shiba Inu, once at the peak of the meme token hype, is facing a significant crisis. The token's price remains stagnant, down 21% from its monthly peak, while new meme coins like Popcat and SPX6900 attract more and more investors with skyrocketing gains. Shibarium, the layer 2 network intended to boost the Shiba Inu ecosystem, is showing worrying signs of neglect.
Recent data reveals a drastic drop in the number of active accounts and transactions, with average fees having even plummeted by 91%. This lack of activity on the Shibarium network, combined with the decline in interest in Shiba Inu futures, poses a real problem for the future of the crypto. If Shiba Inu fails to attract new investors or to revive its utility via Shibarium, it risks being overtaken by more innovative competitors.
XRP in danger: Max Keiser predicts the end of this crypto! ⚠️
Max Keiser, a fervent supporter of Bitcoin and a vocal critic of altcoins, recently stated that the long-awaited XRP rally will never happen. Keiser, known for his strong opinions, sees XRP as a centralized "s-coin" meant to deceive investors. His criticisms come as the price of XRP drops by 16% in October, partly due to the ongoing lawsuit between Ripple and the SEC.
Despite this gloomy environment, some analysts see a potential trend reversal with promising technical indicators and massive "whale" movements. However, the outcome of the lawsuit with the SEC remains the main threat to XRP. If Ripple loses, the price of the token could collapse, with a risk of XRP falling to $0.11. Conversely, a victory could mark the beginning of a recovery.
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Ledgity, in collaboration with Cointribune, is offering a contest where participants can win $1000, including $500 in Bitcoin. To try your luck, three conditions must be met: tag three friends on Twitter and retweet, validate KYC on the Ledgity app, and complete the quest of the program "Read to Earn".
Crypto of the day: Celestia (TIA)
Celestia innovates in the field of modular blockchains by separating data processing and transaction management. This unique approach enhances scalability and security for decentralized networks. Its added value lies in optimizing blockchains, allowing various projects to benefit from its structure for increased efficiency.
The native cryptocurrency of Celestia, TIA, is used to secure the network and pay transaction fees. It has been distributed through staking mechanisms and public sales. TIA holders benefit from incentives through staking rewards while actively participating in network governance, making TIA a versatile currency.
Recent Performance
Current Price: €4.87
1-Day Change: +5.17%
Market Capitalization: €1.11 billion
Rank on CoinMarketCap: 62
Bitcoin under pressure: a drop below $50,000 imminent according to analysts! 📉
The price of Bitcoin is facing significant pressure, with a potential drop below the $50,000 threshold on the horizon, according to analysts like Cole Garner. The main reason for this prediction lies in the contraction of liquidity on the Bitcoin chain, a sign of possible capitulation by investors. Garner also highlights the decreasing supply of stablecoins like USDT and USDC, which could weaken purchasing power and thus worsen the downward pressure on Bitcoin's price. These factors, combined with changes in the Liquid Vision index, bode a final drop before a potential rebound.
However, the long-term outlook for Bitcoin remains optimistic. Despite these short-term turmoil, some market observers, like trader Peter Brandt, believe that Bitcoin could reach $135,000 in the next 12 months, provided crucial support levels are maintained. Some investors are hoping for a trend reversal before the end of October, a month historically favorable for Bitcoin.
🔗 Read the full analysis here.