Top 10 Crypto News: Weekly Round-up of Headlines That Made Waves (Oct 9th-13th)
In Brief
Dive into the overview of key crypto market developments that occurred during the week of October 9th to the 13th.
In a week bursting with pivotal developments in the crypto space, a diverse array of headlines has captured the industry’s undivided attention last week.
From alarming scam allegations in Hong Kong, impersonators of a well-known crypto exchange are causing concern. Meanwhile, emerging networks are making promising advancements, aiming to address Ethereum’s scalability challenges.
Significant industry figures are facing legal challenges. Ambitious product launches are targeting novice traders. Additionally, future financial predictions suggest both potential challenges and opportunities for stakeholders. These developments highlight the vibrant and occasionally uncertain landscape of the digital currency world.
Hong Kong Police Investigate HK$3.5 Million Scam Involving Phishing Texts from Binance Impersonators
In a recent disclosure by the Hong Kong police, cybercriminals have been impersonating Binance to carry out phishing scams through text messages. These deceitful messages have successfully tricked several users, leading to unauthorized transfers from their Binance accounts.
Over a span of two weeks, the police have recorded 11 such instances, resulting in a total loss of HK$3.5 million (approximately 3.5 million yuan).
The authorities became aware of these fraudulent activities through reports shared on the social media platform, Net Keeper. As per these reports, unsuspecting users who clicked on the links provided in the scam texts found their Binance accounts compromised. The scammers quickly siphoned off the assets held in these accounts.
Astar Network Advances its zkEVM Ecosystem, Reveals Testnet Launch Plans
In a progressive move towards the future of web3, Astar Network, recognized as Polkadot‘s eco-friendly smart contract platform, is making significant strides in crafting its Astar zkEVM environment.
Astar announced the successful completion of two critical components: the zkEVM staging environment and the Sepolia staging bridge. Both elements serve as foundational pillars in the broader Astar infrastructure. As of now, the team is actively working on perfecting the cross-chain bridge user interface, marking another pivotal step in this ambitious project.
Binance Launches Futures Copy Trading to Assist Crypto Beginners
Binance seeks to advance crypto trading by introducing copy trading for its futures products in select markets. The feature allows the newbie crypto exchange’s users to replicate the strategies of seasoned traders, enhancing community engagement and broadening access to financial opportunities.
The company states that lead traders, when copied, will receive a 10% profit share and a 10% trading commission rebate from those mimicking their trades. Additionally, seasoned traders can share their expertise via Binance Feed, fostering a community knowledge exchange.
Newbie copy traders can follow up to 10 lead traders. They can access portfolio data like ROI for different time periods, profit/loss records, drawdown, and assets managed. This will help beginners tap into seasoned traders’ expertise with ease.
Sam Bankman-Fried’s Lawyers Seek Court Approval to Interrogate FTX Co-Founder Gary Wang on $200M Alameda Loans
Lawyers representing Sam Bankman-Fried, amid his ongoing trial, are seeking to question FTX co-founder Gary Wang regarding the legal advice he relied upon when accepting loans from the linked hedge fund Alameda Research. This action by Sam Bankman-Fried’s lawyers challenges the prosecutors’ claim. They argue that Bankman-Fried didn’t use the borrowed funds improperly or illegally.
In a late-night legal filing, Bankman-Fried’s legal team requested permission from the judge to interrogate Gary Wang about his understanding of the loans received from Alameda Research. These loans, totaling $200-300 million, were used for venture investments and personal purchases, including a house in the Bahamas.
The defense emphasizes Wang’s trust in the loans being lawful and crafted with legal guidance. This counters the prosecution’s stance that the loans hid the funds’ origin. Wang has said he believed the lawyers and didn’t think they’d guide him to act illegally.
FSL Token Faces Rug Pull Claims with $1.68 Million Reported Losses
The security risk monitoring platform Beosin EagleEye has identified potential foul play involving the FSL token project. Beosin’s analytics point to what appears to be a ‘Rug Pull‘ tactic that led to a hefty loss of approximately $1.68 million for investors.
Delving deeper into the details, Beosin’s security team uncovered a series of questionable transactions tied to the FSL project. It appears that the creator of the FSL project, operating from an address beginning with 0x281b, conveniently minted a whopping 100 million FSL tokens exclusively for personal gain when the project was initially launched.
Scroll Signals Mainnet Launch, Aims for Ethereum’s Scalability
Scroll has catapulted itself into the limelight by announcing its much-anticipated mainnet, signaling an era of amplified efficiency and scalability for the Ethereum network.
The newly launched Scroll mainnet aims to emerge as an advanced EVM zkRollup, designed explicitly to augment the Ethereum network’s performance. Its mission is straightforward: equip users with instantaneous, cost-friendly transactions while ensuring thorough decentralization and unmatched privacy.
For the tech-savvy, eager to jump on board, a dedicated bridge and an explorer are already live. Additionally, one can now easily add Scroll to their MetaMask, enhancing their crypto operations.
Ether Predicted to Hit $8000 Mark by 2026, Forecasts Standard Chartered
Ether, which ranks as the second-most prominent cryptocurrency, might witness a value explosion by the close of 2026. The bold forecast, made by global financial heavyweight Standard Chartered, projects that Ether’s value could possibly amplify more than five times its current worth.
According to Geoff Kendrick, Standard Chartered’s Head of FX Research, the digital currency could touch the $8,000 mark in the forthcoming two years. He credits this potential surge to an anticipated increase in Ether’s utility, especially its deployment in blockchain-anchored “smart contracts.”
Additionally, Kendrick highlights its rising prominence in the gaming sector and the progressive “tokenization” of conventional assets.
But this isn’t Standard Chartered’s maiden foray into the crypto forecast realm. A glance back to July 2023 reveals the bank’s optimistic outlook on Bitcoin, the dominant crypto player. Back then, StanChart had augmented its Bitcoin price forecast for 2024, projecting it might ascend to $120,000.
China Accelerates Digital Yuan Development with CBDC Features
On October 11th, China showcased its dedication to digital advancement by unveiling a new industrial park. This facility is focused solely on enhancing the ecosystem of its central bank digital currency, commonly referred to as the e-CNY or digital yuan. This facility, a first-of-its-kind, is strategically located in the Luohu district of Shenzhen, sharing proximity with Hong Kong.
The newly unveiled industrial park debuted with nine initial residents. The district’s administration has unveiled ten initiatives aimed at bolstering the digital yuan ecosystem.
These range from payment solutions and smart contracts to hard wallets and extensive digital yuan promotional campaigns.
NFT Paris Unveils $NFTPARIS Token for Exclusive Event Benefits
NFT Paris, the foremost gathering for web3 enthusiasts, is set to return on February 23 and 24, 2024 at the iconic Grand Palais Éphémère. The event continues its exponential growth after a remarkable turnout of 18,000 attendees in 2023. With the upcoming edition, NFT Paris aims to not only maintain its impressive momentum but enhance attendee engagement and community interaction.
NFT Paris announced the $NFTPARIS token, a development that aims to redefine the event experience for attendees and loyal participants.
Arbitrum Blockchain-Built Projects Recieve $50 Million in ARB Tokens as Incentives
In a significant move to foster innovation and development, the Arbitrum blockchain has granted projects a whopping $50 million in ARB tokens. This allocation comes from a short-term incentive program that aims to promote and support initiatives that leverage the capabilities of the Arbitrum network.
Arbitrum, known for its scalability and efficiency in decentralized applications, continues to gain traction among developers and crypto enthusiasts alike. This fresh injection of funds aims to attract more developers to the platform. It also seeks to further solidify its position in the competitive blockchain ecosystem.
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About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
