Crypto News: The increasing fraudulent crypto projects and rug pulls can be spotted based on specific patterns – CEO of India Blockchain Alliance!
- Notable members and personalities from the Indian Crypto industry reveal tell-tale signs of Crypto Fraud to caution Indian investors.
- The Founder and CEO of the Alliance point out specific markets of crypto scam projects:
- Guarantee of Remarkable Profits
- Participation of Unidentified Parties in Projects
- One-way price movements
- Sell Order restrictions and more.
» Spotting Crypto Scams by Founder of India Blockchain Alliance!
In 2021, the crypto industry witnessed frauds and rug pulls of crypto projects amounting to $7.7 billion. The pump and dump frauds grew from 1% to 36% by the end of 2021 compared to 2020.
- Personalities of Importance, namely Raj A Kapoor and Sharat Chandra, shed light on fraudulent activity types within the global crypto industry.
- Mr Raj A Kapoor is the founder and CEO of India Blockchain Alliance.
- Mr Sharat Chandra is the VP of Research and Strategy at EarthID, a Decentralized Identity Management firm.
- The cautionary patterns further include activities like
- The fictitious demand-supply gap created by anti-dumping feature promises, etc.
- Studying and Quantifying the Whitepaper of the crypto project before investing
- Locked crypto liquidity arrangements by project creators and influencers.
» More Crypto News Today!
→ Crypto US Federal Guidelines Published for Banks!
After a year of waiting, the US Federal Reserve has published six principles as crypto guidelines for Banks. Still, it lacks transparency for crypto company applicants over accessing global payment systems.
- The publication will help novel financial institutions and other banks seeking charters of Reserve Accounts to access Global Payment Systems.
- The six principles are summarized as follows:
- Applicant legally allowed to Apply for Reserve Bank Account (Not Fed Accounts)
- Verifying not creating risk possibilities for Federal Reserve Bank
- Verifying not creating risk(s) for overall payment systems access and use
- Verifying not creating risk(s) for the US Financial System
- Proving Illicit Activities won’t be allowed nor tolerated.
- Showcase not ‘adversely affecting’ Fed from Drafting & Applying Monetary Policies.
- Further clarifications regarding the procedure, laws and other details are expected from the US Federal Reserve.
→ Malaysian Ant Group & Kenanga Bank To Launch Crypto Super App!
Malaysia is engaged in adopting crypto with major local banks aiming to establish crypto trading operations as a default. Kenanga Investment Bank Berhad is leading the race after partnering with Ant Group to offer crypto trading to its 500,000 customers.
- Both companies have signed a memorandum of understanding to create & launch Malaysia’s wealth application, to launch it in early 2023.
- The application, categorized as a super app, will function to offer stocks and crypto trading, digital wallets, investment management and foreign currency exchange services.
- The Ant Group will provide its mPaaS mobile development platform to Kenanga originating from the AliPay app.
→ Mastercard & Binance Tie Up for Crypto Payments in Argentina!
Businesses within Argentina now have the opportunity to start accepting crypto payments after the Mastercard and Binance alliance. Both firms, per a crypto news source, have worked together to accept crypto payments at 90 million stores in the region.
- Launched several couple of hours ago, the Pilot Binance Card, in partnership with Mastercard, will offer users to create national IDs for making crypto purchases.
- The card is issued by Credencial Payments, which will compete with the Crypto Prepaid card launched by Riplo.
→ Binance – Ioni Tech Launch Crypto Education Hub in Cameroon!
The global leading blockchain ecosystem and crypto infrastructure provider Binance is establishing a crypto hub in Yaoundé, Cameroon province. Its partner, Ioni Tech, a non-profit organization, will provide training resources for young people.
- It is a first-of-its-kind crypto hub as a training center offering in-person blockchain education sessions.
- A lead executive at Binance states that the crypto Edu hub will help to familiarize and foster learners with the understanding and applications for web3 and blockchain ecosystems.
→ Crypto Mining is Boosting the Texas Energy Sector!
After China’s ban on Crypto adoption and mining activities in 2021, Texas has joined the ranks of the global hubs known for crypto mining. Although concerns over energy consumption for crypto mining remain static, the activities are certainly pushing the energy sector ahead in the state.
- A study from Texas Officials mentions cryptocurrency mining facilities are better than manufacturing facilities or chemical industrial plants.
- The study focuses on the short life span of crypto mining facilities not negatively affecting the real estate market.
- The officials propose crypto mining industries can participate in demand response system programs along with the petrochemical plants in Texas.
- The demand for mining operations will help to evolve the energy infrastructure in the state, especially in isolated parts.
- The revenue generated in Texas from crypto mining grew by over 68% between July and August, from $13.9 to $23.4 million.
Crypto Sale Today – August 24th, 2022
The top cryptocurrency prices in the global crypto market appear similar to their value from a couple of hours ago. The following figures per a crypto news source reflect their individual positions:
- (BTC) Bitcoin
- Average Price: $21,483.81
- 24h: + 0.55% ↑
- (ETH) Ethereum
- Average Price: $1,655.72
- 24h: + 2.66% ↑
- (BNB) Binance Coin
- Average Price: $297.26
- 24h: + 0.14% ↑
- (XRP) Ripple
- Average Price: $0.3445
- 24h: + 1.40% ↑
- (ADA) Cardano
- Average Price: $0.4617
- 24h: + 0.92% ↑
- (SOL) Solana
- Average Price: $35.33
- 24h: + 0.05% ↑