Category: Blog-new

As we enter the dynamic realm of 2024, the crypto landscape is set to undergo groundbreaking shifts, unveiling new technologies, evolving regulations, and more. Coinsdrom delves into the upcoming trends, offering insights into the transformative journey ahead.

1. Bitcoin Halving: Anticipation Builds for a Web3 Surge

The countdown to the Bitcoin halving event in April 2024 has commenced, echoing historical trends that have pumped the value of Bitcoin. This event, occurring every four years, restricts new Bitcoin influx, potentially injecting fresh enthusiasm into the Web3 landscape. Coinsdrom will closely monitor the impacts, witnessing how this event shapes the year’s trajectory.

2. Data Connectivity Revolution: Bridging Blockchains

In 2024, the crypto space anticipates a convergence of blockchains, introducing innovative solutions like multisig wallets, multichain, parachain, bridges, interoperability, and oracles. These advancements aim to facilitate seamless data transfer between blockchains and sources, unlocking the technology’s true potential. As the data connects, scalability becomes paramount, catching the eye of industries reliant on robust communication.

3. TradFi and DeFi Convergence: Navigating Turbulent Waters

With digital banking projected to embrace 3.6 billion people by 2024, the intersection of decentralised finance and traditional finance becomes inevitable. The challenge lies in integrating regulatory practices for stability while allowing TradFi to leverage DeFi and blockchain technology to address global economic issues. Coinsdrom observes the turbulent meeting of minds, seeking opportunities for sustainable financial collaborations.

4. Regenerative Finance (ReFi): Proving Green Credentials

Sustainability takes centre stage with the rise of regenerative finance. Projects like Energy Web, Celo, and Regen Network showcase real-world utility for cryptocurrencies, aligning with new regulations emphasising corporate social responsibility. Coinsdrom recognizes the significance of blockchain in countering greenwashing, providing irrefutable proof of environmental claims and demanding authenticity in pursuing a greener future.

5. AI Agents in Crypto: Shaping Digital Asset Perception

Artificial Intelligence infiltrates crypto markets, revolutionising trading strategies and enhancing experiences in the metaverse. Projects like Ocean Protocol and Cosmos explore the synergies of AI and crypto, paving the way for innovative use cases. Coinsdrom observes the symbiotic relationship, recognizing the potential to unlock novel applications across diverse sectors.

6. Game-Within-Game Economies: Beyond Gaming as Usual

Online content creators leverage technology to breathe life into new revenue streams, assets, and virtual worlds. The expansion of players into Web3 through gaming platforms is evident. Blockchain-based games are poised to dominate the crypto landscape in 2024, presenting an opportunity to tap into new audiences and foster greater adoption. Coinsdrom acknowledges the growth of niche economies within platforms like Upland, showcasing the fascinating emergence of player-driven innovations.

7. Regulatory Dynamics: Navigating Crypto’s Legal Landscape

Expect regulatory drama in 2024 as lawmakers and lawyers grapple with understanding, evaluating, and monitoring the crypto world. Coinsdrom recognizes the intricate blend of technology, hidden treasures, and communities shaping the crypto landscape. The collaboration between AI and decentralised technologies emerges as a potent catalyst, propelling the industry into uncharted territories of possibility and growth.

As the crypto landscape evolves, Coinsdrom watches the release of new, innovative services, and provides opportunities for users to explore the crypto world. The stage is set for 2024 to unfold a tapestry of possibilities in the ever-evolving crypto narrative.

The Financial Conduct Authority (FCA) has extended its regulatory reach to include crypto asset promotions, aiming to provide consumers with accurate information and adequate risk warnings. As of October 8, 2023, firms involved in promoting crypto assets in the UK must be authorised or registered by the FCA, or have their marketing approved by an authorised firm.

Common Issues Identified by the FCA:

1. Misleading Claims: Some promotions make exaggerated claims about the ‘safety,’ ‘security,’ or ease of using crypto asset services without adequately highlighting the inherent risks.
2. Visibility of Risk Warnings: Risk warnings are not sufficiently visible due to small fonts, hard-to-read colouring, or non-prominent positioning.
3. Lack of Information: Firms fail to provide customers with adequate information on the risks associated with promoting specific products.

FCA’s Actions:

• Authorised firms approving crypto asset financial promotions must take their regulatory obligations seriously. Non-compliance may result in restrictions, as the FCA has already taken action against an authorised firm.
• Collaborating with social media platforms, app stores, search engines, and domain name registrars to remove or block illegal promotions.
• Working with payments firms to limit UK consumer exposure to firms issuing illegal promotions.
• Issuing 221 alerts against firms illegally promoting crypto assets to UK consumers since the new regime went live.

Consumers’ Role:

• Check the FCA’s Warning List before making any crypto decision to identify firms whose promotions may be breaking the law.
• Understand that even with new marketing rules, crypto assets remain high-risk and largely unregulated, and consumer protections may be limited if something goes wrong.

Coinsdrom’s Commitment:

Coinsdrom emphasises transparency throughout the entire process of buying and selling cryptocurrency. Users need to be aware of the risks involved in the crypto industry. While Coinsdrom provides a transaction platform, users are encouraged to exercise due diligence, conduct research, and make informed decisions.

Key Information for Firms Promoting Crypto Assets:

• Authorised or registered status is required by law for firms promoting crypto assets in the UK.
• Promotions must be clear, fair, and not misleading, with prominent risk warnings.
• The financial promotion regime applies to all firms marketing crypto assets to UK consumers, regardless of their location.
• Four lawful routes for communicating crypto asset promotions, including authorization, approval, registration under Money Laundering Regulations, or compliance with exemption conditions.
• Firms engaging in good faith with the FCA for compliance will be treated proportionately, but non-compliance will lead to robust actions to protect consumers.

The FCA’s new financial promotion rules align with its core commitments to reduce harm, set higher standards, and promote competition and positive change. Coinsdrom encourages users to approach crypto assets cautiously, considering the FCA’s warnings and the risks associated with the crypto market.

In a recent interview with Business Insider, Steve Wozniak, co-founder of Apple, emphasised his trust in Bitcoin, labelling it as having “pure gold mathematics.” Despite his enthusiasm for Bitcoin, Wozniak expressed scepticism regarding other cryptocurrencies and NFTs, highlighting potential risks for users.

Bitcoin’s Solid Foundation

Wozniak’s confidence in Bitcoin stems from its robust mathematical underpinnings. He equates its stability to gold, emphasising the importance of these calculations in safeguarding its value. While Wozniak didn’t delve into technical specifics, his endorsement aligns with Bitcoin’s reputation as a secure and enduring “store of value.”

“Bitcoin is the only digital gold that has this mathematical nature. It’s pure gold mathematics.” – Steve Wozniak.

Caution Amidst Crypto Diversity

While championing Bitcoin, Wozniak cautioned users exploring other cryptocurrencies and NFT projects. He expressed concerns about the motivations of project founders, suggesting the potential exploitation of early-stage users.

Unicorn: A Unique Perspective

Wozniak, a judge on the Unicorn Hunters TV show, showcased a more positive outlook on Unicorn, a cryptocurrency featured on the program. Unicorn aims to address volatility concerns and protect holders from inflation, presenting itself as an opportunity for broader participation in the startup world.

“Unicorn is not just words and talks; it’s real financial strategy,” said Steve Wozniak.

Despite his optimism for Unicorn, Wozniak refrained from explicitly comparing its underlying technology to that of Bitcoin. His involvement in the cryptocurrency space, coupled with his measured endorsement of specific projects, provides nuanced insights into the evolving crypto landscape.

Key Takeaways for Crypto Users

Wozniak’s perspective is a valuable guide for crypto users navigating the dynamic cryptocurrency market. Understanding the unique attributes and potential risks associated with different cryptocurrencies becomes increasingly crucial as the industry matures. Crypto users are encouraged to approach the market discerningly, considering the diverse landscape shaped by technological nuances and varying project intentions.

Note:

This article is intended to provide insights into the opinions expressed by Steve Wozniak, co-founder of Apple, regarding cryptocurrency, specifically Bitcoin. Readers must understand that the article does not endorse or support any cryptocurrency. The views expressed by Wozniak are personal and represent his individual perspective on the subject.

Readers are strongly advised to exercise caution when exchanging cryptocurrencies. Coinsdrom, as an online exchange, does not provide  financial advice. This article should not be construed as such. Coinsdrom strives to provide informative content, but users should independently assess the opportunities and risks associated with cryptocurrency.

In a recent revelation, SlowMist, a leading crypto security analytics company, has exposed a sophisticated phishing scam organised by Chinese hackers. The scammers ingeniously employed a cloned version of the Skype video app, taking advantage of China’s restrictions on international applications. This deceptive move targeted crypto users actively seeking banned apps like Telegram, WhatsApp, and Skype on third-party platforms.

The Elaborate Scheme

SlowMist’s analytical team meticulously examined the counterfeit video app, identifying a version discrepancy (8.87.0403) compared to the official version (8.107.02.215). Further investigation unveiled an altered signature, indicative of malware insertion, and a modified version of the Android network framework, “okhttp3.” This modified framework posed a significant threat to cryptocurrency users as it accessed images from diverse directories on the device.

Phishing Tactics

The attackers deployed a well-established phishing strategy, embedding the fake video app with malware to compromise crypto wallets and steal funds. Once installed, the deceptive app requested access to internal files and images. Unsuspecting users, perceiving it as a routine permission request from a social application, inadvertently granted all requests.

Exploiting Trust

Upon gaining permission, the malicious video app surreptitiously uploaded sensitive data, including images, user device details, identity documents (driver’s licence, passport, and national ID), and phone numbers, to the hackers’ backend. The app actively collected images and messages, scanning for keywords like Tron (TRX) and Ether (ETH) to detect crypto wallet transfers. Upon detection, the destination address would be automatically replaced with a predetermined malicious one.

Notable Patterns

SlowMist highlighted the similarity of this phishing scam to a previous fake Binance (BNB) hack case in November 2022. The team uncovered specific cryptocurrency addresses associated with the scam, including Tron and ETH addresses. 

Counteraction and Prevention

In response to the threat, SlowMist’s analytics team took proactive measures. Testing for ongoing activity on the fake Skype app, they discovered that the address replacement was no longer effective, indicating the shutdown of the phishing interface backend. The platform promptly sourced and blacklisted all cryptocurrency addresses linked to the scam.

While SlowMist’s swift actions contribute to the ongoing battle against fraudulent operations, such as phishing scams, all crypto users are advised to exercise caution. This latest incident serves as a reminder of the evolving tactics employed by cybercriminals in targeting crypto users. It underscores the importance of remaining vigilant in the ever-changing landscape of digital security.