In this section, find each week the Analyzes And Crypto News don’t miss this week: Crypto Scam on Youtube
Youtube Crypto Scam – Besides phishing and various forms of hacking, investors keen on Bitcoin and other cryptocurrencies should also be on the lookout for one of their favorite video platforms: Youtube.
According to the cybersecurity company WithSecure, YouTube is full of videos promoting fake cryptocurrency investment apps. Specifically, the scammers presented here are based on the attraction of USDT, A stablecoin denominated in USD issued by Tether.
WithSecure reports that nearly 700 web addresses (URLs) leading to malicious applications are associated with YouTube videos. On the Google Groups video platform, the hashtag “# usdtmining (a primary reference to fraud) includes over 3,900 videos. In total, 900 victims would have been identified. More than $100,000 was allegedly embezzled between July and November 2022.
Unfortunately, these types of scams work very well. In exchange for depositing money, victims are promised huge rewards. Greed and overzealousness will do the rest.
In order not to be trapped, know that there are clues other than too hasty lucrative promises, which can protect you from these scams. Videos are usually bad quality, just like the malicious application interfaces.
One problem, however, is that sometimes these videos are played from channels marked as “ verified ” by Youtube. Additionally, comments posted automatically by rogue bots claiming that the linked application is “ trustworthy “.
Youtube Crypto Scam – A State Cryptocurrency in Japan?
We learned that recently. According Shinichi Uchida, managing director of the Bank of Japan (BoJ), the Japanese MNBC will be tested in the spring of 2023.
“The objective of the pilot program is twofold: first, test the technical feasibility … and second, to use the skills and knowledge of private companies in terms of technology and operations to design a CBDC ecosystem in the event of a social implementation. »
The objectives of this pilot program were also developed by Japanese politicians. It tests the main features of MNBC, especially from a technical point of view. Banks will also assess the potential impact of cryptocurrencies owned by the state on the existing financial system and their impact on monetary policy and financial stability.
Crypto Scam on Youtube – Crypto in Ukraine
In an interview with the RBC Ukraine news agency, Mikhail Fedorov, of Ukraine’s Ministry of Digital Transformation, said the ministry wants to step up its efforts to complete the development of the digital hryvnia. The agency plans to complete the pilot phase of MNBC This year. However, the current law stipulates that the central bank of the country will initiate the project in 2024.
Mikhail Fedorov said he sent a letter to the National Bank of Ukraine. In it, he stressed the need to accelerate the development of the hryvnia. “Rather than postponing to next year, we would like to start this year,” the minister said.
Mykhailo Fedorov confirms that the MNBC project in Ukraine is developing. Also recently, an electronic hryvnia based on Stellar (XLM) was presented.
On December 14, 2021, the Stellar team announced a partnership with TascomBank. Issuing digital hryvnia on the XLM blockchain. Please note, this is one of the oldest banks in Ukraine. The Central Bank and the Ukrainian Ministry of Digital Transformation are overseeing the project.
Last November, the National Bank of Ukraine submitted MNBC’s project to the crypto industry, banks, and various financial institutions. In January, Tascom Bank tested a digital currency on the network Stellar.
Will Ukraine be one of the first countries in Europe to issue central bank digital currency? The country is at war but in any case, it is clear that this does not prevent the Ukrainian authorities from converting trading methods into their own currency.
Crypto of the week – Conflux
Conflux Network is a POW (Proof of Work) blockchain that aims to solve the blockchain trilemma. “We also aim to provide a truly decentralized, scalable and secure network.” This is a project financial applications, of e-commerce And Web 3.0 new generation.
The Proof-of-Work protocol is used by the project Conflux Network kinda Bitcoin. However, while Bitcoin processes transactions serially, Conflux can process transactions in parallel.
This is due to the use of a Conflux network ( DAG Directed Acyclic Graph ) with its own structure. The Conflux network also uses full Turing smart contracts. They provide developers with the ability to build decentralized applications on the platform. This method is similar to that of the network Ethereum, but the throughput generated by the Conflux network is significantly higher than that of Ethereum.
What are the consequences ?
As a result, Conflux can effectively manage approximately 4,000 transactions per second.
The Conflux network uses a token called CFX, also known as the Conflux network crypto. This token CFX will be generated in the genesis block at a fixed amount of 5 billion. It is currently suspended until the start of the gradual release of the Conflux mainnet.
Conflux network ciphers can be used in several ways. First, it can be used as store of value. Additionally, it can be used as a reward for mining. The Crypto Conflux network can be exchanged for fiat currency and other cryptocurrencies.
Regarding the CFX distribution model, according to the Conflux Foundation, Genesis tokens will be distributed among core groups and community and ecosystem building. This distribution is therefore very secure and transparent. Please note that the Conflux Network project is supported by the chinese government.
With a Market Cap of 586,684,590, a price at 0.2855, the price undergoes this week an increase of 503.98%, making it rise to 79th place in the CoinMarketCap ranking.
Don’t forget to read our news from last week !
This article is not investment advice. Do your own research before investing in the cryptocurrency market.