Crypto Guides, Knowledge & Insights

Identifying Fake Cryptocurrency Exchanges

The rise of digital currencies also opened a lot of doors in the business world. Along with cryptos peak is the sudden hike for Cryptocurrencies exchange platform as well. Exchanges for virtual currencies provide a crucial venue for listing digital assets. However, numerous of these exchanges are still unlicensed and prone to fraud. In order to trick potential investors and swindle them of their money, scammers have in fact turned to building fictitious cryptocurrency exchanges and exploiting transaction volumes on exchanges that appear to be trustworthy.　　These platforms could threaten investors, block cryptocurrency withdrawals, impose hefty fees, or even disappear with your money. Before creating an account, you should get familiar with the warning characteristics such bogus websites/apps.　　Since a new type of fraud has risen as a result of the global popularity of cryptocurrencies and the surge of crypto billionaires clogging feeds on social media, bogus cryptocurrency exchanges draw potential buyers intending to benefit from their profits. 　　WikiBit shares red flags to know if an exchange platform is fake:　　Its probably a scam if an exchange guarantees a rate of return on capital that sounds too good to be true. Sure to keep in mind that offers are a huge clue of

2022-08-17Deep Dive

Beware: Amana Has No Valid Regulatory

Decentralized ledger technologies and virtual currencies have become widely accepted for their potential implications. The cryptocurrency sector is currently valued at over USD 2.5 trillion, has more than 12,000 crypto projects, and is just starting to grow, according to predictions.　　The market for credible and safe exchange platforms is also booming alongside the popularity of cryptocurrency trading. Companies in the blockchain sector must comply with regulations like licensing processes, a stable IT infrastructure, compliance risk, and impending legislation that can guarantee the safety of the investors money. With the long process of legislating ones business, most crypto exchange platforms tend to violate rules and push forward in operating even without licenses. 　　WikiBit received a report regarding an Exchange Platform Amana. 　　Amana is a spot trading platform where it might involve purchasing or selling commodities, investment funds, or fiat assets. It enables stockholders to keep up with the demand in the market for extended periods. Any sum, no matter how small, can be put in a spot transaction and increased as the investor sees fit. Though, a reminder to double check your chosen exchange platform upon investing since some of them do not have licensing approval. 　　The same goes with Amanas case,

2022-08-17Deep Dive

Axie Infinity Transition to a New Game Mode After its Biggest Heist

Axie Infinity, a Play-to-Earn (P2E) gaming platform has transitioned to a new gaming mode dubbed as the Axie Infinity Origin. Following the aim of the Axie team to balance the SLP economy, they announced that the Smooth Love Potion (SLP) joins the Origin gameplay mode and will be removed from the classic (v2). 　　 About Axie 　　 Launched in 2018—-Axie infinity is a Vietnam-based non-fungible token (NFT) game, players of Axie can mint digital pets coined as “Axies” and pit it against other users in the battle ground. Tokens that are gained during the gameplay can be converted into Ethereum-based cryptocurrencies and be exchanged into physical currency. The massive hit of Axie, turned the cryptocurrency world upside down as it bridge over $11.3B in SLP from 2021. The sudden surge of Axie users skyrocketed in 2021 due to factors such as Ronin sidechain—created especially for Axie Infinity and manages all in-game and trade transactions that has made it easier for newbies to sign up, enabling even those without much prior expertise with blockchains to begin playing—and scholarship program in which gamers and clans have begun giving scholarships as a solution to the issue of players who cannot purchase the Axies

2022-08-17Deep Dive

The Crypto Market in Asia is Booming

The financial sector recognized the booming industry of cryptocurrency. Given the enormous growth of digital assets over the years, it is expected to boom more in Asia. The crypto trend is showing a significant long-term standing in the market. Cryptos potential to lead the future of digital assets tick off the interests of large corporations with thriving countries heading to strengthen the digital economy.　　According to new findings by venture capital company White Star Capital, Southeast Asia is currently home to more than 600 crypto or blockchain businesses. The recent expansion of venture capital funding in the area has been considerably aided by entrepreneurs in the crypto, blockchain, and web3 sectors. The amount of money raised by these businesses in 2022 is already close to $1 billion, and they are expected to surpass the $1.45 billion total raised in 2021.　　All ten members of Association of Southeast Asian Nations (ASEAN) authorize cryptocurrency trade, with the exception of Singapore, which charges a fee and Philippines, which needs a special permit.　　Source: The ASEAN Post　　According to a published report by Chainalysis, Asia is driving the worlds adoption of cryptocurrencies among retail investors, with Vietnam, India, and Pakistan reporting the biggest growth driven by peer-to-peer monetary

2022-08-16Deep Dive

Court filings reveal Celsius will run out of money by October

According to the latest Chapter 11 documents, the embattled crypto lender Celsius Network is on track to run out of money by October.　　The petition was submitted to the U.S. Celsius stated in the Bankruptcy Court for the Southern District of New York that it expects to reach negative liquidity of approximately $34 million by October 2022.　　The lending platform, which had the trust of many people around the world with their life savings and retirement funds, was revealed to be in a much worse financial situation than had been suggested in July.　　Celsius three-month cash flow forecast, which shows steep declining liquidity, indicates the company will experience an 80% drop in liquidity funds from August to September, according to court documents released this week.　　According to the forecast, Celsius will continue to report a negative cash flow and will be completely out of money by October. The company expects to generate a negative net cash flow of $137.2 million over the next three months.　　Previous court documents revealed that Celsius “operates one of the largest mining enterprises in the United States” and had expansion plans to “mine Bitcoin by acquiring and making operational additional mining rigs” prior to filing for bankruptcy.　　Many people were upset

2022-08-16Deep Dive

Crypto Crime Thieves In London Goes Physical As They Target Investors’ Gadgets

Cryptocurrency or what people mostly refer to as “Crypto” is a form of currency in the digital world with the knowledge of cryptography that allows users secure transactions. It is a payment system which does not need physical money to carry around, rather all transactions can be made via an online database. The first ever crypto currency is Bitcoin, which was founded in 2009. Continuously, massive growth in the digital economy is making waves around the globe—this is due to possibilities of securing and doubling your money if prices skyrocketed and traded for profit. 　　SOURCE: Global Market Insights (2020)　　Upon extensive research, WikiBit found that the crypto market is expected to grow significantly from 2021 to 2027 with an estimated gain of over 10% Compound annual growth rate (CAGR). As shown in the graph above, cryptocurrency trading is still on the rise even with the Covid-19 pandemic. Due to this, companies operating using the crypto market are expected to grow and expand as well, given the potential of the digital economy—most people nowadays invest in cryptocurrency.　　One country that has joined the crypto craze is the United Kingdom. According to a survey conducted by Reuters in London, people are more likely to

2022-08-16Deep Dive

Reddit Releases Their Own NFT Avatar Marketplace

As social media users, taking turns in changing our accounts icon is a fun thing to do. The trend in emoji avatar personalization has recently made waves in the different social networking sites (SNS), letting users create their own character and making social media usage more fun and engaging. 　　Reddit is a social media platform that combines social news, web content, and a social network into one—all while allowing you to take part in forums where people can create a community digitally. Recently, the giant platform has set the bar high by releasing their NFT-based marketplace in which selected users can enjoy personalizing and purchasing an avatar of their own.　　The platform allows you to buy a blockchain-based profile picture through non-fungible tokens (NFT). Although Reddit avoids calling this “NFT” and only mentions collectible avatars in their announcement. These will be kept using Polygons blockchain. Pricing range from the collections ranges from $9.99 up to $99.99.　　Redditors can access and buy these collectible avatars on the avatar builder page. The collection included 90 designs with avatar gears that can be mixed and matched with other accessories found on the builder page. Another feature it offers is the “glow-like effect” of the users

2022-08-16Deep Dive

Yahoo Hong Kong Launched 100 Frenchie-themed NFTs for Pet Lovers

Most pet owners do not view their pets as one. Others would treat them as their children. The community of pet lovers is continuously growing. It even makes the pet business industry boom given that fur-rents are taking time to bond, care for, and pamper their furry kids. 　　The expanding community of pet owners, plus the trendy NFT investments made way for Yahoo Hong Kong in collaboration with BetterMe Magazine to come up with the project—City Frenchie. Launched last July 21, they released 100 pet Frenchie-themed NFTs. This campaign did not only focus on pet-lovers but also tapped pillars such as environmentalism, culture, uniqueness, and mental well-being. 　　　　Each of our furry friends has their kind of uniqueness and hobbies! To be inclusive and relatable, Yahoo Hong Kong acknowledges all types and looks of pets. Each NFT has a distinct character and personality for pet owners to choose which best represents their furry kids. Through this, one can also express their love even in the metaverse! As mentioned by Matthew Chan, Head Sales of Yahoo Hong Kong: 　　“With aims to offer seamless, one-of-a-kind experiences to our users, Yahoo Hong Kong has been actively embarking on new opportunities as technology reshapes the

2022-08-15Deep Dive

Tiffany & Co. Joined the NFT Craze with a $12.5M Luxury Jewelry Sale

Tiffany & Co. joined the NFT mania by releasing the NFTiff collection last August 05, 2022. The gist is—these luxurious limited edition pendants are only available for CryptoPunk NFT holders. 　　Launched in 2017, one of the pioneers of digital collectibles, CryptoPunks is a non-fungible token (NFT) compromise of 10 000 distinctively generated characters inspired by Londons punk scene and geek films. These pixelated characters can be purchased through listing a cryptocurrency using your Ethereum (ETH) wallet. 　　Buyers of NFTiffs have a digital pass redeemable with a custom-designed CryptoPunks pendants and NFT art piece uniquely made by Tiffany & Co.‘s designers. These beautifully-crafted pendants are inspired by the purchaser’s cryptopunks character, so, your cryptopunks 87 attributes and 159 colors will all reflect in your pendant. To add up, each piece is crafted by 18-karat gold and set at least with 30 precious stones/diamonds. 　　The digital pass cost 30 ether (ETH) each. It went sold in 22 minutes which raised the Ether value to $12.5 million. An owner has a choice to redeem it as a pendant or if not, it will remain as a digital collectible in your wallet. One CryptoPunk holder, Thapliyal, even spent a total of 23.58 million dollars

2022-08-15Deep Dive

Emerging GameFi Projects with Huge Potential: Klangaverse, Decentraland, and Sandbox

GameFi is a promising cryptocurrency market area that refers to play-to-earn blockchain games. The gaming industry is huge and offers numerous opportunities for passive income. Andre Cronje, a DeFi creator and developer of Yearn Finance, invented and used the term “GameFi” in a tweet.　　The phrase “GameFi,” which combines the words “game” with “finance,” refers to blockchain games that provide incentives, allowing players to earn cryptocurrency or Non-Fungible Tokens by Play-to-Earn (P2E). It has acquired acceptance as a metaverse game label and is increasingly gaining traction as a concept.　　In general, players progress through many game levels, engage in combat, and complete other tasks. In GameFi projects, players spend utility tokens acquired with fiat money in the game for a variety of uses, including the purchase of in-game assets represented by NFTs. Meet Klangaverse (KLG), an emergent GameFi initiative that deconstructs the Play-to-Earn game genre by allowing gamers and artists to earn big profits while playing music.　　Decentraland (MANA)　　Decentraland (MANA) is a Metaverse-based virtual currency that includes a blockchain gaming bundle. The Decentraland token can be used to make purchases in the Metaverse.　　Decentraland employs two utility tokens: (MANA) and (ETH) (LAND). (MANA) is an ERC-20 token that can be exchanged for non-fungible ERC-721

2022-08-15Deep Dive

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