Značka: global crypto community

Huobi and Gate.io under fire for allegedly sharing snapshots using loaned funds

To counter the rising mistrust among crypto investors following the FTX collapse, crypto exchanges unanimously decided to share proof of reserve with the public as a way to showcase legitimacy. However, certain anomalies found during on-chain investigations suggest foul play and market manipulation.Just two days after Crypto.com made its cold storage information public, investigators found that 320,000 Ether (ETH) was sent to Gate.io on Oct. 21, 2022. However, Kris Marszalek, the CEO of Crypto.com, dismissed any wrongdoing by stating that the funds were transferred accidentally and were eventually returned back to the original storage.Gate.io released asset snapshot on Oct. 28. Source: Colin WuOn Oct. 28, Gate.io released its proof of reserves snapshot, which, Solidity developer Shegen alleged, was done using Crypto.com’s funds, and questioned:“This was topping up for the proof. Gate and crypto.com are fucked?”Moreover, the crypto community suspects Huobi of attempting a similar manipulation. A wallet address linked to the Huobi exchange was found transferring 10,000 ETH to Binance and OKX deposit wallets soon after releasing its asset snapshot. After Huobi released the asset snapshot of the asset reserve, 10,000 ETH was transferred from 0xca…c3fc (Huobi 34) to Binance and OKX deposit wallets. The Huobi 34, which had 14,858 ETH at the time of the snapshot, currently has only 4,044 ETH left. https://t.co/wrphZxadBM pic.twitter.com/B2lRXMF8su— Wu Blockchain (@WuBlockchain) November 13, 2022Blockchain investigator Colin Wu pointed out the transactions on Etherscan, which proves that Huobi had shown 14,858 ETH in its latest snapshot, which has since fallen down to 2,463.5 ETH at the time of writing.Huobi’s wallet information. Source: EtherscanWhile Huobi is yet to publicly retaliate against the claims put forth by the crypto community, Gate.io founder Lin Han revealed their side of the story. Han argued that the snapshot in question was taken on Oct. 19, two days before Crypto.com’s accidental fund transfer of 320,000 ETH.(1/2) https://t.co/fMCiAnAueR worked with Armanino on the Proof of Reserves using a snapshot on Oct.19 2022 2 days before https://t.co/PHnRJks7YS’s 320,000 ETH deposit to https://t.co/fMCiAnAueR. Check the proof belowhttps://t.co/iCCKCb94kL— Lin Han (@han_gate) November 13, 2022

Han further reiterated that Crypto.com’s funds came in after the snapshot was released and shared relevant proof for the community’s satisfaction.The possibility of multiple crypto exchanges working together to manipulate investor funds has forced the community to keep their guard up until an official statement. Huobi has not yet responded to Cointelegraph’s request for comment.Related: Binance shares wallet addresses and activity after proof-of-reserve pledgeAs more crypto exchanges make their cold storage information public, the immutable nature of blockchain technology will allow investors and investigators to dive into the history of the exchange’s operations. “Our objective is to allow users of our platform to be aware and make informed decisions that are aligned with their financial goals,” said Binance while revealing wallet addresses.

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NFTs are the key to turning passive fandom into an active community

Nonfungible tokens (NFTs) are giving Web3 communities the tools to transform user participation.The Web3 world has been watching NFTs grow up. These digital assets have evolved from hype-centered digital art collections to utility-focused tools building the next generation of the internet. One of the most important utilities of NFTs is that they are increasingly used as the key to communities of the future – both digital and physical. This is also true when it comes to existing communities, be it fan clubs in sports and music or legacy brands. These incentivized digital assets can take passive fandoms and turn them into active communities, where members own and delegate activity in a living ecosystem. The inBetweeners project falls somewhere in the middle of this Web3-born phenomenon. It combines the digital art of artist GianPiero, who designed Justin Bieber’s iconic Drewhouse clothing line, and serves as a key to real-life hype-events like a VIP party at the Coachella music festival. Bear holders. Are you claiming your box or waiting? Milano, Italy = Luxury Brands = Gianpiero? Please advise. @inBetweenersNFT pic.twitter.com/YRvoYcTsn8— NFTMonday (@NFT_Mondayz) October 22, 2022Fans of the artist and big name figures involved with the project are now exposed to a new cosmos created through the NFTs, as is the case with many other similar projects in the space. Cointelegraph spoke with the co-founder and the community manager of inBetweeners, Ogden and Miana Lauren, on community building through NFTs and the purpose it gives to fans.Related: NFTs will be ‘as disruptive’ as Bitcoin was 10 years ago — Kraken execOgden commented that Miana started off as a fan of the collection and, through the engagement possible via NFTs, was able to take that fandom to another level. “We blindly trusted her because we saw how passionate she was,” he said.The inBetweeners co-founder said most of their team and partnerships came from within the Discord channel.“It’s a collective, but at the beginning, it was just a bunch of us sitting around a table. Now it’s people all over the world.”Miana said beginning as a holder and fan of the project has enriched her current role as a part of the core team. From starting from within the community, she said it’s easier to understand the core needs of the fan as a community manager. “We can really play to their needs and wants, and really all come into alignment in these decisions.”NFTs are often the gateway for many newbies to participate in the Web3 space, as are other avenues such as play-to-earn blockchain gaming. However, as Miana highlighted it’s all a big learning curve at the moment, especially for first time holders in the space.“Once we get over that hump, we can actually see how efficient these web three solutions are and how everyone will be able to integrate all of these solutions in their daily life.”This is already the case in many major industries around the world, such as the music industry which is increasingly using NFTs to transform audiences into communities. 

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Here are top tips by the crypto community to get through the bear market

The crypto bear market of 2022 has wiped out more than 70% of the market capitalization from the top. The total crypto market cap breached $3 trillion at the bull market’s peak last year but currently struggling to remain above $1 trillion.At a time when the majority of the cryptocurrencies are moving sideways with no significant bullish momentum recorded in months, it can get a little frustrating, especially for those who jumped in at the market top in hopes of making some quick money. As crypto-winter worsens, the Reddit crypto community shared their coping mechanisms and some “serious” tips to remain on top of their mental health during this cyclic event. One Reddit user wrote that they are in it for the long term, thus, they ignore the charts and daily fluctuations.“I ignore the charts as well as ensuring that I have a full-time job so that I always have income that I can rely on. It’s a long-term game for me, so I treat it as such. Daily fluctuations don’t matter if you aren’t going to sell anyway.”Another user in the thread advised against tuning into the news as most of the news outlets today focuses on “sensationalizing everything.”One user gave a golden piece of advice – don’t invest more than you can afford to lose and said that until the bull market returns, they followed the dollar cost averaging (DCA) investment theory.  DCA is the practice of systematically investing equal amounts of money at regular intervals, regardless of the price of an asset. Related: Redditors share ‘reasonable’ goals in response to crypto billionaire surveyWhile crypto veterans who have been in the game for a long realize that the bear market might be long but would eventually end, the new traders who jumped on the crypto bandwagon due to the hype or peer pressure might not. For them, a user suggested the importance of going out for some fresh air and wrote:“Can’t stress enough how important some fresh air and outside time can be. Are charts getting you down? Go for a walk, it’ll help wonders. Remember the best investment you can do is in your mental health.”The Reddit thread on how to cope with a bear market had a common theme i.e focus on the long term and forget about daily price volatility. Crypto winter might stretch for years, but in the end, it is a cyclic event that will be followed by a bull run.

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Web3 grows in online searches as interest in Bitcoin declines: Google Trends

The global crypto community has started to redirect its interest from Bitcoin (BTC) to Web3, according to Google search trends.In order to keep up with decade-long innovations spanning from blockchain-based applications to nonfungible tokens (NFTs), crypto investors and enthusiasts rely on searching the web — disclosing their true sentiments in real-time. Most recently, searches for the term “Bitcoin dead” reached an all-time high, owing to peak anxiety among investors amid ongoing sell-offs at the time. As a result of the prolonged bear market, global Google searches for Bitcoin have reached their lowest point in over a year. On the other hand, Google searches for Web3 have picked up steam and recorded an all-time high in terms of peak popularity in 2022.Google search results for Bitcoin (top) and Web3 (down). Source: Google TrendsAs shown above, the interest in Web3 stands at 72, while for Bitcoin, the number has come down to 27 — a three-times difference based on peak performance.Taking a closer look shows that interest in Bitcoin (based on Google searches) is strongest in El Salvador, supported by communities residing in Nigeria and the Netherlands. However, China takes the number one spot in searching about Web3.Interestingly, Nigeria is in the list of the top three countries for both Web3 and Bitcoin Google searches. Supporting local interest, the Nigerian government recently conducted early-stage talks for a crypto-friendly economic zone with crypto exchange Binance.Related: Breaking: Google taps Coinbase to bring crypto payments to cloud servicesOn Oct. 11, Google added a new feature allowing users to find details about Ethereum wallet addresses. Well done, blockchain address is now available in Google Search! pic.twitter.com/7IuKv1gddR— Han⚡️ (@hhua_) October 11, 2022Further research from Cointelegraph confirmed that the feature comes with limited functionality because Google is not yet able to pull up wallet details of numerous addresses.

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