AFTER launching the SQUID cryptocurrency last week, the coin’s anonymous creators cashed out once it peaked at $2,861, costing those who invested in the scam.
The scam was called out by Gizmodo on Friday, but not enough people were warned in time.
The key indicator of the scam was that investors could purchase the cryptocurrency, but not sell it.
The SQUID coin’s website was filled with grammatical errors, and has since disappeared, along with all other social media accounts that the scammers set up.
Meanwhile, Shiba Inu coin, Storj and Pyr soared following a Metahero drop, which the cryptocurrency seems to have bounced back from.
Read our cryptocurrency live blog for the latest news and updates…
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WHAT ARE ALTCOINS? CONTINUED
Simon Peters, crypto-asset analyst at eToro, said: “They build on the success of bitcoin by slightly changing the rules, economics or use cases to appeal to different users.”
“Altcoins vary greatly in their use cases and practical application. They typically have a form of technology they underpin or provide a liquidity solution to a product or service.”
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WHAT ARE ALTCOINS?
Altcoin stands for alternative coin, a type of virtual currency that uses the so-called blockchain to allow secure transactions.
Altcoin is a category of cryptocurrency rather than a currency itself, and there are more than 900 different altcoins available.
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BITCOIN LATINUM ANNOUNCES LISTING ON TOP CRYPTO EXCHANGE
Bitcoin Latinum (LTNM) is gaining momentum, as it announced on October 29 that it plans to be listed on HitBTC Exchange, which is a top crypto exchange.
The official trading is expected to begin at the end of this year.
Bitcoin Latinum was developed on behalf of Bitcoin Latinum Foundation, by Monsoon Blockchain Corporation.
The cryptocurrency is expanding its global acceptance, with HitBTC exchange being the seventh exchange to list Bitcoin Latinum.
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THE POTENTIAL TO BECOME RICH
The early success of the crypto may sound promising to those looking to rake it in.
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BANKS EMBRACE CRYPTOCURRENCY, CONTINUED
Executives at large banks are beginning to hop on the cryptocurrency train as some invest their time in learning about the new payment method.
A Bank of America spokesman, Mark Pipitone told the New York Times, “The bank sees potential in blockchain, and we’re currently a leading patent holder in the space with more than 160 patents. But we still haven’t found a use at scale to make the financial lives of customers and clients better.”
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BANKS EMBRACE CRYPTOCURRENCY
Banks are paying for slowly catching on to the future of cryptocurrency as they struggle to benefit and profit.
As cryptocurrency start-ups explode, they are starting to offer credit cards and loans while banks are left in the dust.
According to the New York Times, “Bank of America’s chief executive, Brian Moynihan, barred the giant company’s wealth managers from putting any client money into cryptocurrency-related investments.”
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BITCOIN LATINUM ANNOUNCES LISTING ON TOP CRYPTO EXCHANGE
Bitcoin Latinum (LTNM) is gaining momentum, as it announced today that it plans to be listed on HitBTC Exchange, which is a top crypto exchange.
The official trading is expected to begin at the end of this year.
Bitcoin Latinum was developed on behalf of Bitcoin Latinum Foundation, by Monsoon Blockchain Corporation.
The cryptocurrency is expanding its global acceptance, with HitBTC exchange being the seventh exchange to list Bitcoin Latinum.
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WHAT IS COTI?
Coti is a blockchain platform with tools that let organizations build their own payment solution.
For example, merchants can create branded stablecoins to boost checkout options for customers.
The platform also has its own token with the same name.
The Coti group first launched in 2017, with “Coti” being an acronym for “currency of the internet.”
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PUSH FOR MEXICO TO FOLLOW EL SALVADOR
In early October, Grupo Elektra, a leading banking and retail company in Mexico, threw its support behind Bitcoin by introducing the Bitcoin Lightning Network as a payment method.
But Mexico’s central bank quickly shot down the plans, warning: “The country’s financial institutions are not authorized to carry out and offer to the public operations with virtual assets, such as Bitcoin, Ether, XRP.”
Many of the country’s lawmakers remain opposed to Bitcoin, despite grappling with high inflation rates due to the continued devaluation of its currency.
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WHAT ARE SHIBOSHI NFTs?
Shiboshi NFTs are non-fungible tokens representing various “lovable creatures.”
The NFT holders will also be able to name the Shiboshis for an additional $100.
The Shiboshis will come with generic names like 00001.
The post states: “It’s important to name your Shiboshi because names are unique and can only exist once in the Shib Oshiverse.
“With the expansions, we are planning, this could potentially make your Shiboshi more valuable.”
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LOGAN PAUL’S CRYPTOZOO PROJECT, CONTINUED
Users can use the crytocurrency’s native token, $ZOO, and wETH to purchase “NFT eggs” needed for breeding new animals, which would be considered the NFts.
Paul says he and his team have invested $1million to ensure its success.
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WHAT IS LOGAN PAUL’S CRYPTOZOO PROJECT?
Logan Paul has described his new project, Cryptozoo, as an autonomous ecosystem where zoo owners can breed, collect, and trade exotic hybrid animals as NFTs (non-fungible tokens).
Cryptozoo claims that it will allow its users to make hybrid NFT animals that can yield tokens and in return, yield them profit.
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WHAT IS A DIGITAL WALLET?
A digital wallet is a gadget or piece of software that securely stores users’ payment information and passwords for numerous payment methods.
They allow users to store cryptocurrencies, make online or in-store purchases, and track their finances.
In 2019 Facebook said it plans to introduce a cryptocurrency that at the time was called Libra.
The tecg titan said it wanted to create a separate, private currency system to allow users to make cross-border payments more easily.
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WHAT IS NUCYPHER? CONTINUED
This allows users to share private data with a number of others in a secure way.
Holders of its token NU can stake their tokens through the network to run a node, which is responsible for creating and sending information.
Interestingly, NuCypher token is an ERC-20, which means it is built on Ethereum.
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WHAT IS NUCYPHER?
NuCypher was founded by Michael Egorov MacLane Wilkison in 2015, but it wasn’t until 2019 when the public testnet for NuCypher’s network was launched.
NuCypher specifically operates as a decentralized key management system that uses blockchain technology.
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NUCYPHER
On October 15, NuCypher at one point exploded more than 1,100% to hit a new all-time high of $3.5819.
The gains cooled off a bit, but the cryptocurrency was still up 400% at $1.52, according to CoinMarketCap.
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SWISS REGULATOR APPROVES FIRST CRYPTO FUND
Switzerland’s Financial Market Supervisory Authority has approved the first Swiss crypto fund, Bitcoin.com reported.
FINMA revealed the fund is called “Crypto Market Index Fund.”
It noted that it is “an investment fund according to Swiss law belonging to the category ‘other funds for alternative investments’ with particular risks.”
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COULD BITCOIN REPLACE THE DOLLAR? CONTINUED
Leading lights in the Bitcoin community say it is not far from overtaking the value of all the silver in the world and will “easily” have over a billion users within the next five years.
With national currencies currently being devalued by central banks through money printing and Bitcoin’s inbuilt cap of 21 million coins, they argue we may be on the cusp of “hyperbitcoinization”.
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COULD BITCOIN REPLACE THE DOLLAR?
Bitcoin could be poised to overtake the dollar by 2030 as the world’s reserve currency, some experts in the soaring cryptocurrency believe.
The digital money hit its all-time high against the US dollar on Wednesday when a single Bitcoin was trading for nearly $67,000.
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BITCOIN LATINUM ANNOUNCES LISTING ON TOP CRYPTO EXCHANGE
Bitcoin Latinum (LTNM) is gaining momentum, as it announced that it plans to be listed on HitBTC Exchange, which is a top crypto exchange.
The official trading is expected to begin at the end of this year.
Bitcoin Latinum was developed on behalf of Bitcoin Latinum Foundation, by Monsoon Blockchain Corporation.
The cryptocurrency is expanding its global acceptance, with HitBTC exchange being the seventh exchange to list Bitcoin Latinum.
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PETITION TO LIST SHIBA INU CRYPTO ON ROBINHOOD
Over 450,000 signatures were received in the petition to list the Shiba Inu cryptocurrency on Robinhood.
Shiba Inu was up more than 86 percent last week, and reached a record price of $0.000088.
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SQUID CRYPTO COVERED BY MAINSTREAM NEWS
The Squid Cryptocurrency, which turned out to be scam, was covered “uncritically” by mainstream news outlets before the coin’s creators ran away with an estimated $2.1million.
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Crypto.com is the #1 Google Play Store App in US
The most recent list of Google Play Store’s top free apps shows that Crypto.com reached #1, topping TikTok.
The app is currently #20 on Apple’s list.
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MANA SURGES AFTER FACEBOOK REBRAND
A cryptocurrency used for buying and selling virtual land spiked following Facebook announced it was changing its name to Meta.
According to CoinMarketCap data, Mana, which is considered to be little-known, spiked up 400% from where it was, reaching a record-high of $4.16 Saturday night.
It has since fallen.
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WHAT ARE RED FLAGS OF SCAMS?
Gizmodo shared that other red flags of the SQUID coin being illegitimate was that the website that the creators launched was filled with spelling and grammatical errors.
The crypto’s telegram channel also did not allow comments from outsiders, and its Twitter account did not allow users to reply to posts, which Gizmodo flagged as suspicious.
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