How To Mark Yourself Safe From The Flood Of Crypto Frauds?

Some individuals are under the impression that it will take the place of the conventional financial system and are excited to be a part of the transition.

What could possibly go wrong here? Maybe you are not linked with reliable trading bots like bitcoin prime and your investments are con artists who have the intention of using their crypto token holdings to become wealthy very rapidly, and their methods are improving each day. 

A cursory glance at crypto fraud, along with some steps you may do to protect yourself, is presented here.

What is a crypto scam?

Mining is the process that must be carried out between the two parties. This requires users to execute complex mathematical computations on behalf of everybody on the network, send off some details about themselves, and then wait for their reward.

Few individuals have a firm grasp on how cryptocurrencies function because of their complexity and the emergence of new cryptocurrencies. In other words, you risk losing your money to con artists who are hoping you’ll invest in their scheme.

It’s crucial to know about potential threats before taking any chances, whether they come in the form of phishing schemes or fraudulent apps promising free currency.

Unleashing the reason behind crypto fraud expansion

There is a lot of public interest in the crypto market, which is highly volatile. The fact that there are more people to swindle is enough to make this an appealing environment for fraudsters.

The Federal Trade Commission estimates an increase in complaints about cryptocurrency scams from 2021. In 2020, crypto fraud cost consumers a maximum of $130 million. The following year reports skyrocketed, and by 2021, the United States had lost $680 million.

Some frauds may go unreported because as many as 35% of victims didn’t realize they could do so. As a result, this year’s losses may be considerably greater.

A few of the reasons why scammers stick around in this industry are listed below:

  • Because cryptocurrencies are digital, hackers need just access to a computer to launch assaults.

  • When money is transferred, it can’t be retrieved unless the recipient cancels the transaction.

  • As a decentralized system, cryptocurrencies offer no guarantee of payment to their owners. 

  • A person’s identity will not be revealed during this procedure. You can avoid storing sensitive data as the crypto regulatory landscape develops. The source of funds can be traced, however, fraudsters might complicate matters by using several wallets. It’s already hard enough to figure out who the wallet owners are.

  • Anyone with cryptocurrency holdings is vulnerable to a crypto scam. To counter this, though, you have a few options for safety.

Protecting your trading account from hackers 

VPN service

To protect yourself from intrusions like this, consider signing up for a VPN.

In order to ensure the security of your cryptocurrency transactions, you may wish to sign up for a VPN service. If you invest for a year or more in advance, you can save money on a VPN service that normally costs between $5 to $15 per month.

VPNs offer usefulness outside of the crypto realm, such as when you want to watch foreign TV or hide your online behavior from your ISP.

A big NO for public Wi-Fi

There will be occasions when you need to access the internet away from home, and the allure of free public Wi-Fi in a local cafe or restaurant is understandable.

However, you may wish to stay away from free public Wi-Fi if you’re conducting cryptocurrency transactions. Anyone in the vicinity can listen in on your web traffic using a program like Wireshark if you’re utilizing a free, open Wi-Fi network. 

They can usually detect if you are browsing crypto sites based on the data they collect. The possibility exists that they can even see your financial dealings.

While this won’t directly lead to the theft of your cryptocurrency, a fraudster may decide to pay much particular examination to you if they notice you making purchases or browsing crypto sites with a big dollar amount. You don’t want that type of focus, do you?

Password 

It’s tempting to use the same login for your wallet that you use for your favorite website, but you should avoid this.

If you use the same password for your wallet as you do for a site, then the hacker will have access to your key vault if your website password is compromised. (The key vault is typically taken during attacks of this nature.)

An attacker may theoretically use key-logging spyware to track your keystrokes while you type in your password or retrieve your unprotected vault data from your PC’s RAM, regardless of how complex your password is.

These methods are quite clever, and to our knowledge, no crypto user has ever had their seed words compromised in this fashion. Unfortunately, this type of crime may become increasingly widespread as cryptocurrency usage grows. 

Therefore, using a trading bot like bitcoin prime are others is a must. 

Hardware Wallet

A hardware wallet is a USB gadget that can contain your key vault and is one of the finest ways to keep your cryptocurrency secure. The device is built in such a way that your seed words remain encrypted even if they are removed.

It is very difficult for a hacker to infiltrate a hardware wallet with malware because it does not have access to the Internet.

You must pair your hardware wallet with your smartphone or tablet via USB or Bluetooth before each transaction. To conduct transactions without disclosing your private key to a potentially malware-infected device, the wallet generates a signature and transmits it to your internet-connected device.

Even if your hardware wallet were taken, the attacker would have a hard time accessing your cryptocurrency because of the PIN code.

Authentication Software

The security of your online wallet can be bolstered by using a third-party authenticator tool like Google Authenticator for two-factor authentication. 

Since authenticator apps don’t use SMS text communication to give you the pullout code, an attacker who gains access to your phone’s service or who is able to mirror your messages will still be unable to obtain your withdrawal code.

Using an authenticator app means the hacker must physically obtain your device in order to access the 2FA code. As an additional safeguard, it outperforms the use of simple text messages.

It is possible for an attacker to circumvent the safety of the exchange even if you have two-factor authentication turned on. 

It’s possible that the exchange’s withdrawal hold policy or other safeguards will prevent you from withdrawing your cryptocurrency in the event of a hack. 

Summing Up 

There is a growth in criminal behavior when the cryptocurrency market reaches new heights because more people are downloading wallets and joining sites for the first time.

As we’ve seen, there are many ways to keep your cryptocurrency safe from this new breed of the crook, including two-factor authentication, pulling from an exchange, loading up the seed words, staying away from free public Wi-Fi, and utilizing a virtual private network (VPN).

Scammers will no doubt think of new ways to steal cryptocurrency in the future; we’ll be certain to keep this page as necessary. For the time being, these are among the best methods for keeping your crypto safe.

The post How To Mark Yourself Safe From The Flood Of Crypto Frauds? appeared first on CoinJournal.

Former FTX.US president raises $5 million seed round for new venture Architect

  • Former FTX president Brett Harrison has announced his new project has raised $5 million from investors.
  • Backers include Coinbase Ventures, Circle Ventures and SV Angel among others.
  • Architect is buildig new institutional-grade trading technology.

Brett Harrison, the former FTX.US president, has raised $5 million in a seed round funding for his new crypto project for institutional investors.

The new platform is a decentralised finance (DeFi) venture dubbed Architect and has been in stealth development since last September.

Architect raises $5 million in seed round

An announcement Harrison released on Friday stated that Architect had secured the $5 million investment from some of the top venture investors within the crypto space, including Coinbase Ventures and Circle Ventures. 

Other investors to back the former FTX.US president’s startup Architect are SALT Fund, Third King Venture Capital, Motivate Venture Capital and SV Angel. SkyBridge Capital’s Antony Scaramucci has also invested in the new crypto software project.

Architect is building trading software that aims at streamlining the crypto markets. According to Harrison, Architect will make it easier for large investors to enter and explore both centralised and decentralised crypto markets.  

Architect will build institutional-grade trading technology that streamlines crypto market structure, making it easier and safer for firms and large traders to access decentralized protocols and centralized exchanges alike,” Harrison tweeted.

A report by Bloomberg noted that Architect plans to hire some of the talent that worked at FTX as they eye the launch of Architect within the next few months.

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Fun Over Profits: NFT Gaming Takes the Stage


Key takeaway

  • The Play to Earn model became the starting point in the NFT gaming development but created a sustainable concept – NFT games are not for fun. They are for making money only.

  • Players do not support P2E games since making money during the red market is more challenging, and these games cannot offer anything interesting. 

  • A new branch of industry is emerging that listens to users and develops games emphasising engagement and emotions. 

  • Combined with the best traditions of WEB 2.0 games, the use of NFT becomes the realisation of an exciting tool that allows players to immerse in addictive gameplay and unleash their creativity while engaging in the game.

NFT space continues to battle user attraction and retention

The NFT direction has kept the crypto industry in good shape for several years. It has evolved from funny cats into a global trend that responds to all market circumstances and user requirements.

We have all witnessed the birth of NFT gaming and its several cycles of hype. The most powerful impetus for the jump was the appearance of good Play to Earn model implementation, where enthusiasts could earn thousands of dollars by completing in-game tasks. Not surprisingly, this motivation attracted a lot of users and started a vast P2E craze, where projects claiming to develop a game received large trading volumes.

Their essence is approximately the same –  users need to buy in-game objects, resources, and various virtual items to start playing. The cost of these virtual items ranges from a few cents to hundreds of dollars, but you can buy them only with in-game currency. Then, users who have purchased the necessary characters and resources begin to compete with each other and complete tasks, receiving rewards in the form of in-game currency that can be converted into real money.

The idea of such games is excellent. It’s a win-win story for both game creators and players. However, the problem was that many of these games were not fun to play. Many of the early P2E games had rudimentary gameplay, basic graphics, and nothing more than rewards. The biggest challenge has always been user attraction and retention. And as soon as the crypto market bounced into the red zone in 2022, many P2P games focusing only on earning rewards began to lose users rapidly. When the game is not very fun, and players are kept only by receiving crypto rewards against a falling market, the attraction steadily goes to zero. 

Investors in 2023 are looking for more than clone NFT games

Thus, the current Play to Earn games are only a transitional stage, a link in the evolution of the entire gaming industry because it is impossible to exclude the NFT influence on the global gaming market. Already, unique NFT-based games are emerging that focus on gameplay and appeal to traditional players. They combine the best traditions of WEB 2.0 games and WEB 3.0 technological possibilities. 

Investors in 2023 are looking towards something other than clone NFT games with only promises and cute websites. Now everyone is thinking about the players, the gameplay, and how to keep users from getting bored, immersing them in a unique world that captivates them for a long time.

Using the example of the Chainers project, which is powered by Polygon, you can trace an improved model for creating NFT games. The team’s mission is to create a fascinating and addictive gameplay that will make Chainers stand out from other NFT games. Crypto game creators are interested in emotional connection with their players and develop strategies based on the users’ interests. In this context, NFT gives much more than just a few cents from some NFT elephant. 

Chainers is a crafting story based on the creative economy and a fancy design, which traditional players worldwide appreciate. Players don’t need to buy their first asset to explore their adventures. The free-to-start concept immediately removes the barriers and lets them into the unique world of NFT gaming, which includes full self-expression, rich design, the ability to play by your own rules and get tremendous pleasure from completing various tasks. The team is on track with their roadmap and has already implemented several features that scale the Chainers community. The developers’ task is to provide value to the players already at the first release stage and not to make them wait until the long process of developing the game is completed.

In addition to the free NFT avatar, the community is attracted by the daily NFT free giveaways that provide unique assets to upgrade the character. In the near future, players will also have an AR feature with which everyone can let out their Chainer into the real world. Of course, the NFT game will include a marketplace and its own tokens, but the main release is the Chainers MMO game. It is worth noting that Chainers already has a strong community of more than 60k members. It consists of creators, musicians, artists, and other NFT enthusiasts. They united by a joint mission – to create their new world, get unique skins for their characters, and unleash their creativity by participating in grandiose events with crypto prizes. 

Fun defeats the volatile nature of the crypto market and becomes a driver for the development of NFT gaming.  

The gaming industry has always been at the forefront of technological innovation, and NFT-enabled games are no exception. This direction is rapidly developing, growing, and changing people’s attitudes toward digital assets and creativity. The future of NFT is a world of colourful ideas. Although technology is constantly improving and is already very different from basic projects, this sector is becoming more significant.

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SSV Network price forms 2 extremely bearish patterns

  • SSV Network is a fast-growing provider of liquid staking infrastructure.

  • The developers launched a $50 million ecosystem growth fund.

  • It has formed a rising broadening wedge and a bearish engulfing pattern.

Liquid staking is doing well as investors wait for the upcoming Ethereum’s Shanghai upgrade. Lido DAO, the biggest liquid staking provider, has grown to become the biggest DeFi provider in the world. And SSV, a leading liquid staking infrastructure provider, has seen its token grow by more than 91% this year.

SSV launches ecosystem fund

SSV Network announced that it was launching a new $50 million ecosystem fund in a bid to grow its ecosystem. For starters, SSV does not offer liquid staking itself. Instead, it partners with staking providers like Lido to offer a distributed validator technology (DLT) solution. By so doing, most developers can focus on what they do best.

SSV Network said that the fund will go to developers working on the DVT technology. It comes a year after the developers launched a $3 million fund. It has distributed some of those funds to companies like Ankr, Stader, and Moonstake. SSV also allocated $10 million in 2022 as we wrote here. In a statement, the co-lead of SSV network said:

”Distributing Ethereum’s security layer has never been more important. The protocol is currently secured by a small group of companies that, when put together, control the entire Blockchain. DVT’s aim is to distribute Ethereum’s security by offering quick and easy access to an open-source public good.”

The major catalyst for the SSV token price will be the upcoming Shanghai upgrade that will let Ethereum holders be able to withdraw their staked coins. Another catalyst for the token will be SSV’s mainnet launch which will happen in the next few months. Its testnet is already up and running. It has 763 operators and 5,307 validators with 168,824 ETH staked. At the current price, the amount is worth over $260 million.

SSV crypto price forecast

SSV chart by TradingView

The 4H chart shows that the SSV Network price has been in a steady bullish trend in the past few months. However, a closer look shows that several bearish patterns have started forming. The token has formed a bearish engulfing pattern, which is usually a warning sign. Further, the token has formed an ascending broadening wedge pattern. In price action analysis, this pattern is also a bearish sign. 

Therefore, the outlook for SSV crypto price is bearish, with the next level to watch will be the lower side of the ascending wedge at $16. The trend invalidation point for this trade will be at this week’s high of $21.67.

How to buy SSV Network token

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