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Another Altcoin Scam Teaches Inexperienced Investors & Influencers a Lesson

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A fake food delivery platform named Crypto Eats has robbed its users of some USD 500,000 before disappearing off the face of the earth, leaving behind t-shirts and promotional merchandise, and the puzzled participants of its London launch party.

The scam resurfaced among discussions by a number of UK-based TikTok influencers who talked about a new startup poised to compete against giants such as UberEats by enabling its customers to pay with cryptocurrency, as reported by Vice. The fake service’s creators promoted it online, created merchandise with its logo, threw a party, and even issued a press release that has since been taken down by some services, but is still available on other websites.

“Rumors are always what keeps the FinTech industry going and competitive. Amongst so many rumors, one is of a new food delivery app in development,” the release said. “Crypto Eats, may be soon proud to announce its arrival sooner rather than later, as it aims to be launched in early 2022 or before the end of the Q4 2021.”

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The press release was written in poor English and possibly translated from another language via a machine translation service, as indicated by statements such as: “the said decentralized food delivery app has been in the developing process since the last year, in order to bridge a food delivery payment system, which can bring in the use of the Cryptocurrencies, as well as the Credit card for the payments.”

This, however, was not enough to arouse the suspicion of numerous users who fell for Crypto Eats and believed that the app had raised USD 8m in Series A funding. Shortly after making waves online, the fake service vanished with some USD 500,000 of funds stolen from its users, and it turned out that Crypto Eats founder Wade Philips does not exist.

The scam’s outreach to potential users was reinforced by its use of online celebrities such as British TikToker Hstikkytokky.

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“The coin is launching on the 17th of October. All I’m saying is use your brains. They’ve got more money than they know what to do with,” hstikkytokky reportedly said. “And if you’ve got more money than you know what to do with, and you’re launching something that’s better than other things, it will do well.”

“The rug pull is horrendous but those influencers should also be held accountable. If you have 1M people hanging on your every word, then you need to show some responsibility,” commented a Redditor who goes by the name of UJ_Reddit.

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This Altcoin Project Could Scale to the Magnitude of Ethereum, Says Crypto Billionaire Sam Bankman-Fried

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Sam Bankman-Fried, CEO of crypto derivatives exchange FTX, thinks one altcoin project could potentially surpass Ethereum (ETH) and become a dominant force in the crypto space across the world.

Bankman-Fried says in a new interview with Kitco News that he examines what it would take to have 1 billion people use cryptocurrency and blockchain infrastructure. He says if people end up using blockchain infrastructure at the same level they use social media or finance today, it will probably create millions of transactions per second.

“One thing that I’ve thought about a lot is what are the blockchains that could scale to that level? That could scale to millions of transactions per second in a composable, native way. I’ve been on the record a lot saying that I think Solana has a real shot at doing so, which I think is really exciting.”

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Solana (SOL) is a blockchain focused on being scalable while remaining secure and decentralized. The smart contract platform’s native token, SOL, is trading at $195.60 at time of writing and is down more than 5.31% on the day.

When asked if he thought Solana could exceed Ethereum’s market cap, Bankman-Fried leaves it up in the air, saying, “It could happen. It could never happen.” However, the FTX CEO also notes that Solana’s infrastructure is poised to provide financial services to billions of users around the globe.

“[Solana] has the potential to host DeFi (decentralized finance) applications for hundreds of millions to billions of people on top of it with a giant composable ecosystem. Again, that’s not saying it necessarily will happen, but it could happen, and I think that’s really exciting.”  

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Crypto Trader Tyler Swope Is Bullish on Several Altcoin Projects As End of 2021 Approaches

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Crypto investor Tyler Swope is unveiling his top altcoins as volatility rattles the overall crypto markets.

In a new video, Swope tells his 298,000 YouTube subscribers that his number one altcoin is decentralized reserve currency OlympusDAO (OHM).

“In a short amount of time, it’s become one of the most diversified, non-protocol token treasuries in crypto… Purchasers of OHM are incentivized to HODL and stake as the APYs [annual percentage yields] for staking are insane. Currently over 7,300%!

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Olympus has started a DeFi revolution, which is apparent from the amount of forks created based on the protocol… OHM is the most-forked protocol of the year, and the amount of forks based on its code is reaching levels only seen by three [other] projects: Bitcoin, Ethereum, and Uniswap. This is pure validation that OHM has created something special.”

Olympus has also attracted the attention of high-profile investor Mark Cuban, who bought and staked OHM back in July.

At time of writing, OHM is down 8.23% on the day and trading for $752.65.

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Next on Swope’s list is REN, an open protocol that provides inter-blockchain liquidity access for decentralized applications (DApps). REN is an Ethereum-based token that powers a protocol enabling crypto transfers between different blockchains.

The analyst says,

“This token has slid, and in my opinion, is ready for a pump… I have a feeling REN is going to recapture the top 100 cryptos and possibly even capture its old March rank and even further. Why? REN announced that Host-to-Host was coming to their protocol.

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[REN ecosystem advocate] Maximilian Roszko put out a tweet explaining it. Max said, ‘H2H means RenVM will be able to bridge native coins and tokens between the chains it supports, becoming a full-scale bridge… RenVM will go from supporting seven assets, mostly legacy coins such as BTC and DOGE, to being also able to support most of the tokens in the crypto space, which is in the thousands.’

Major interoperability is coming.”

REN is currently priced at $0.89, down 6.68% for the day.

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Wrapping up his analysis, Tyler looks at Energy Web Chain (EWT), an enterprise-grade blockchain platform built to serve the energy sector’s logistical demands. The platform’s native token EWT provides network security and validator compensation.

Tyler highlights two positive catalysts for EWT.

“Energy Web recently updated their validator code of conduct, and in it, they have a section on obvious rent-seeking…

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‘Rent-seeking is defined as validators liquidating greater than 10% of their block reward balance within any given 30-day period.’

Validators who have been rent-seeking are no more. Those who have been dumping a lot when the price goes up.

You should also know that something big is coming for Energy Web by the end of the year: staking. Last week, they announced a booster period for early stakers, over 21% APY.”

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EWT has been mostly flat on the day, trading for $9.73 at time of writing.

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Six Crypto Airdrops Could Be Coming to Savvy Altcoin Traders, According to Coin Bureau

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Pseudonymous Coin Bureau host Guy says that worthwhile crypto airdrops could be on the horizon while explaining a short history of the phenomenon.

Guy tells his 1.67 million subscribers that although most airdrops today are giving away tokens that will likely be worth very little, a few well-established blockchains are handing out coins for traders willing to meet the required interactive bounties.

“The truth is, there are no doubt a lot of other projects that are giving away their tokens for free right now but that’s because most of them are pretty worthless…

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However, it’s those airdrops that are distributed by popular projects in ecosystems that are the most lucrative, those that are worth more than a few thousand. These are the ones that you’re most likely to hear about it.

Most of these high profile airdrops have been in the decentralized finance (DeFi) space, where people will have had to have interacted with a protocol or DApp in some way, shape, or form.”

Arnold speculates that crypto wallet MetaMask, layer-2 Ethereum scaling solutions Arbitrum and Optimism, and popular NFT marketplaces such as OpenSea, the Bored Ape Yacht Club, and Solana’s decentralized exchange Solanart are the next token-less blockchains that may host airdrops in the future.

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“There are a plethora of low-value airdrops out there that give you virtually nothing… I think if you really want to increase your chances of a lucrative airdrop, use those services and protocols that are actually adding value. Those that you would use anyway and not solely for the chance of an airdrop…

On top of this, those projects that are providing the value are more likely to have a valuable token if it were to drop, it’s only logical. The same goes for anything in the NFT space.”

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