From a fake Skype app stealing funds to JPMorgan questioning the ETF hype, here is a 2-minute breakdown of everything important that happened in crypto today.
Hey everyone, CoinMarketCap is back again with the latest and greatest from crypto-verse!
Seems the hype machines are firing on all cylinders lately. We saw an AI memecoin pump and dump while traders bought the rumors of new crypto ETFs.
Let's run through the top stories:
- Fake XRP ETF rumor triggers a pump - but no actual filing 📈
- AI memecoin pumps then crashes 50% ⤴️⤵️
- Coin mixer crackdown begins despite no final rules yet 🤐
- Fake Skype app spreads malware and steals crypto 💀
- JPMorgan pours cold water on the market's hot rally 😣
- Exchange to launch BTC and ETH futures trading 📊
Now let's unpack all the details!
Fake XRP ETF Filing 📈
People are hungry for big Wall Street money to join crypto. Scammers easily profit off that hype with stunts like this.
AI Coin Pumps and Dumps ⤴️⤵️
And then the inevitable crash rekt the late FOMO buyers, as the token fell nearly 50%. These flash-in-the-pan hype coins always end the same - profits for a few quick movers while most get dumped on.
Coin Mixers Not Allowed 🤐
The firm claims to support mixing services and financial privacy in theory. But keeping regulators and partners happy takes priority right now.
Some in crypto were outraged by the preemptive crackdown. But when bankers yell "Jump!" companies ask "How high?"
And that brings us to our Word of the Day!
It’s ‘Coin Mixer’!
Coin mixers pool together crypto funds from a bunch of different senders. They mix them up, then spit them back out to random recipient addresses provided by the users.
The goal is to obscure the trail between your original coins and their destination address. This gives users more privacy and anonymity when transacting on the blockchain's public ledger.
For example, if you bought 1 BTC from an exchange and wanted to pay someone anonymously, you'd send your 1 BTC into a mixer. It gets pooled with other people's BTC and shuffled around in their system. A bit later, you get 1 BTC sent to your recipient address, but the coins have no clear link back to you anymore.
Now, coin mixing isn't foolproof. Analysis can still sometimes connect the dots!
Now back to our daily stories!
Fake Skype App Steals Crypto 💀
Think twice before downloading an app - something we warned you about last week when a fake ledger app infiltrated the official Microsoft Store.
In regions lacking official app stores, direct downloads open the door to phishing. Even pros can be fooled by slick fakes. This shows malware can strike anywhere, not just shady sites. With crypto on the line, extra caution is required. Those bags won't protect themselves!
JPMorgan Pours Cold Water on Rally 😣
They also say recent legal wins like Ripple don't mean regulators will back off. Which could be true, if disappointing.
Exchange Launching Crypto Futures 📊
This aims to improve liquidity and hedging opportunities as crypto goes mainstream. But it also raises risks if reckless leverage kicks in when markets turn. Crypto needs to curb its addiction to 100x leverage. Let’s just hope people won’t ape into futures with the rent money right before the next crypto winter.
And that's a wrap for today! Check back tomorrow as CoinMarketCap keeps you plugged into the latest crypto events.
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