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This Under-the-Radar Altcoin Is Up 34% This Week Despite the Crypto Market Correction

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As the overall cryptocurrency market moves through a turbulent week, one under-the-radar altcoin is defying the downtrend in a major way.

Decentralized reserve currency protocol Olympus (OHM) has surged by 34% over the past seven days.

A possible catalyst for the price jump is the recent announcement of a new product called Olympus Pro.

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While discussing hurdles the blockchain industry traditionally faces acquiring funding and its environmental impact, the team behind the project explains,

“Bonds are a mechanism by which the protocol itself can trade its native token in exchange for assets. Instead of renting liquidity from third parties, it purchases them outright.

Once the bond is created, the protocol owns those assets and, like liquidity mining, has distributed new supply.”

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Olympus claims to have raised over $150 million in assets since launching the bonds program six months ago.

The new Olympus Pro X bond marketplace seeks to reduce emissions while helping all players within the decentralized finance (DeFi) space.

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According to the company’s community manager WartuII,

“OlympusDAO 7-day protocol revenue exceeded the combined revenue of OpenSea, dYdX and PancakeSwap.”

OHM is valued at $625.86 at time of writing, a 34% increase from $465.77 a week ago, according to CoinGecko.

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Olympus has also attracted the attention of high-profile investor Mark Cuban.

Over the summer, Cuban invested in Olympus, and as of today has 338 staked tokens (SOHM) with a value of $214,327, according to the portfolio tracker Zerion.

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Facebook Begins Piloting Its Crypto Wallet in U.S.

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Facebook has finally started rolling out its digital wallet

Social media giant Facebook has started rolling out its Novi digital wallet in the U.S. and Guatemala, according to an announcement posted by the company’s blockchain exec, David Marcus, on Twitter.

The purpose of the pilot is to test the wallet’s key features in the wild.

While stablecoins are typically used by traders for parking their gains, Marcus hopes that the trial will be able to showcase a new use case:

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We’re also hopeful this will demonstrate a new stablecoin use case (as a payments instrument) beyond how they are typically used today.

Notably, Facebook will be trialing its wallet with Paxos’ Pax Dollar as a cloud of regulatory uncertainly continues to hang over its own stablecoin project.

Coinbase’s custodial arm will be responsible for safeguarding users’ funds.

Initially named “Libra,” the project ditched its controversial structure along with the moniker after stumbling upon regulatory roadblocks in 2019, and it was reintroduced as Diem in April 2020.

Marcus announced that the Novi crypto wallet, which was initially named “Calibra,” was ready to come to market in August.

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UK investors have lost $200M in cryptocurrency scams since 2021

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  • Investors in the UK have lost over $200 million in cryptocurrency scams since this year. 
  • About 558 of the fraud reports were related to fake celebrity endorsements.

Cybercriminals are still capitalizing on the growing attention and popularity of digital currency to siphon money from unsuspecting investors. Recently, the fraud and cyber reporting center of the United Kingdom (UK), Action Fraud, disclosed that the residents have lost over $200 million (or £146,222,332) in cryptocurrency scams since the beginning of the year.

Cryptocurrency scams up 30% in UK

The losses so far already represent a 30 percent increase from the record last year. The Action Fraud said investors have filed 7,118 reports of cryptocurrency scams since January, most of which were from people below the age of 50 years, losing over $28,000 (£20,500) on average. The majority of the victims (52%) were aged between 18 and 45.

“Reports of cryptocurrency fraud have increased significantly over the past few years, which is unsurprising given everyone is spending more time online,” said Temporary Detective Chief Inspector Craig Mullish from the City of London Police. “Being online more means criminals have a greater opportunity to approach unsuspecting victims with fraudulent investment opportunities.”

Fake celebrity endorsements

The Action Fraud noted that some of the cryptocurrency scam reports they received were connected to fake celebrity endorsements. We have reported several cases where cybercriminals impersonate well-known figures or use fake testimonies to deceive people into investing in their projects. 

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Between April 2020 and March 2021, about 558 UK investors filed fraud reports involving “bogus celebrity endorsements,” and 79% of all the inventors who fell for these scams said it was crypto-related. 

As recently as October 15, Cryptopolitan reported that scammers made away with about $1.4 million from Tinder users who were tricked into a fake Bitcoin dating app. 

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Here’s Why Billionaire Real Estate Mogul Barry Sternlicht Owns Two Different Crypto Assets

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Billionaire and real estate magnate Barry Sternlicht says that he owns Bitcoin (BTC) and Ethereum (ETH) for a number of reasons.

In a new interview with CNBC’s Squawk Box, the chief executive of Starwood Capital says that he’s invested in crypto due to his concerns regarding endless money printing and what he sees as questionable monetary policies.

“The reason I own BTC is because the US government and every government in the Western hemisphere is printing money now until the end of time, And this is a finite amount of something, and it can be traded globally and people have fiat currencies whether it’s in Nigeria or… Bolivia or wherever, you can move into something that the world has accepted as a substitute for gold.”

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Referencing JPMorgan CEO Jamie Dimon who said he thinks Bitcoin is “worthless”, Sternlicht argues that the same case could be made for gold.

“What Jamie Dimon talked about, I mean gold is kind of worthless too, silver [as well], they have some industrial uses, but they’re minor.”

The billionaire says that while Bitcoin is minimal in its purposes, he sees high potential in Ethereum’s ecosystem, plus all of blockchain technology in general.

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“Since it’s 18 million float of 21, I think Bitcoin… It’s the biggest. It’s a dumb coin, it has no real purpose other than a store of value, and it’s a little crazily volatile. So Ether, which is right below it, I own some of that. That’s a programmable Bitcoin, and then there are tons of other coins that are built off of that system… I’ve become very interested in blockchain technology as a whole, the digital ledger is going to change everything…”

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