News Updates November 01, 2022

1. What's Up In Crypto: October 2022 Roundup. 

In this cryptocurrency roundup by investfox, we have looked at the top 30 cryptocurrencies according to their market capitalization, while also checking which tokens have performed well, and which have lost some value during October 2022.

Delving into these 30 cryptocurrencies (excluding stablecoins and wrapped tokens) only 7 lost value, while the remaining tokens all saw gains or remained roughly even with minor 0.1-0.2% positive price changes. So, today we will be looking at the top 5 best and worst-performing ones in our crypto market roundup for October 2022.

Top 5 Gainers

Dogecoin +35.8%

Quant +23.4%

MATIC +22.9%

Ethereum +13.3%

Tron +6.4%

Top 5 Losers
Interestingly, only two tokens failed to make this list of the top 5 losers, as just 7 tokens managed to lose value this month. This is surprising as the crypto market has been on a strong downtrend this whole year. Among these 7 tokens, the 5 which lost the most value are as follows.

Chainlink -13.5%

Cardano -11.9%

Ethereum Classic -10.6%

Solana -5%

Shiba Inu -3.5%


 Final Thoughts
All-in-all, this has been a good month for cryptocurrencies relative to what has been going on throughout the rest of the year. With just 7 tokens inside the top 30 ending in the red, it is a good sign to those who are worried about the state of the market and think that the crypto market is collapsing. But this does not mean that the market has stabilized, as it is still highly volatile even in cryptocurrency terms. While doing research for this roundup, the prices were changing so rapidly that monthly gains and losses of tokens were changing by 2-4% in a matter of minutes.

2. Crypto Twitter: These Coins Will Skyrocket If Twitter Starts Crypto Payments
It is only a matter of time before social media site Twitter begins to integrate crypto payments with Elon Musk now at the helm of affairs.
 
 
It is only a matter of time before Twitter begins to integrate crypto payments within its services. Now that Elon Musk is at the helm of affairs, the introduction of cryptocurrencies on the social media platform are more likely now than never. In this context, it becomes all the more important to assess which cryptocurrencies would stand a chance to feature on Twitter payments. In a latest, reports suggested that Musk wants to introduce subscription fee for Twitter users.

Twitter Crypto Payments: Almost Certain?
This led to speculation that cryptocurrencies would soon be introduced to make payments for Twitter subscription fees. While a majority of Twitter users are reported to be unwilling to opt for the subscription based service, there could be a huge game changer with the move. Experts believe the subscription based business model would not only help Twitter’s revenue but also solve its content moderation problem.

Prior to Twitter takeover, Musk was highly vocal about the need to eradicate the trolls, spam accounts and bots from the platform. In fact, Musk recently said he wants Twitter to be a more reliable platform.

Top Cryptocurrencies To Get Twitter Integration
Meanwhile, several cryptocurrencies could benefit from the potential Twitter crypto payments integration. Crypto influencer Ran Neuner believes Binance’s stablecoin BUSD could also be benefited if the move goes ahead. With Elon Musk’s support to Dogecoin (DOGE), the memecoin could be first to get featured in crypto payments. By virtue of its scale and impact, Bitcoin (BTC) would also stand a chance alongside DOGE. Already, Tesla is allowing select purchases with DOGE on Tesla merchandise.

Neuner feels that the social media platform could soon launch crypto payments between individual users. Bitcoin, Dogecoin (DOGE), and BUSD could be among the initial options for consideration, he added.

3. South African Supermarket Giant Pick n Pay Now Accepts Bitcoin Payments: Report
Pick n Pay, one of South Africa's largest supermarket chains, is now allowing customers to pay using bitcoin via any Lightning Network-enabled app, according to South Africa's The Times.
The payment method was tested across 10 stores over the past five months and it is now available in 39 stores across the country, according to The Times.
The Lightning Network is a layer 2 scaling solution for the Bitcoin blockchain. It significantly reduces the time it takes to send a transaction and it is also notably cheaper, making it more appealing to merchants.
“The transaction is as easy and secure as swiping a debit or credit card. Customers scan a QR code from the app and accept the rand conversion rate on their smartphone at the time of the transaction," a spokesperson for Pick n Pay said in the report.
“The service fee for each transaction is minimal, costing the customer on average 70c [about $0.04], and takes less than 30 seconds," the spokesperson added.
 According to the report, Pick n Pay has plans to roll the payment method out to all of its 1,628 stores over the coming months.

4.  Indian Finance Minister Says Crypto Regulation Should Be an International Priority
The country will host next year's G-20 summit and thus help shape the agenda.

Indian Finance Minister Nirmala Sitharaman said how to regulate crypto assets should be an international priority and will be a big topic of discussion at a summit that will be held next month to kick off India's yearlong stint of holding the presidency of the Group of 20 nations. India will host the annual G-20 summit next year.
Sitharaman made her remarks Tuesday at an annual event hosted by the Indian Council for Research on International Economic Relations.
She said India needs to encourage international groups such as the International Monetary Fund, Financial Stability Boar and the Organization for Economic Co-operation to help form crypto regulations with "all countries being on board."

"No one single country can succeed in individually, being in a silo, trying to regulate the crypto assets," she said.
Sitharaman said India hasn't set crypto-specific legislation yet because "we need to have all the members of the G-20 first of all to come on board to see how best it can be done."

Indian Finance Minister Says Crypto Regulation Should Be an International Priority
The country will host next year's G-20 summit and thus help shape the agenda. 
 
Indian Finance Minister Nirmala Sitharaman said how to regulate crypto assets should be an international priority and will be a big topic of discussion at a summit that will be held next month to kick off India's yearlong stint of holding the presidency of the Group of 20 nations. India will host the annual G-20 summit next year.
Sitharaman made her remarks Tuesday at an annual event hosted by the Indian Council for Research on International Economic Relations.
She said India needs to encourage international groups such as the International Monetary Fund, Financial Stability Boar and the Organization for Economic Co-operation to help form crypto regulations with "all countries being on board."
 
"No one single country can succeed in individually, being in a silo, trying to regulate the crypto assets," she said.
Sitharaman said India hasn't set crypto-specific legislation yet because "we need to have all the members of the G-20 first of all to come on board to see how best it can be done."
At the same conference, V. Anantha Nageswaran, India's chief economic adviser, echoed Sitharaman's comments, saying that identifying "consensus-based solutions for accelerating the scale and scope of the response of the global community to many transboundary challenges such as regulation of virtual assets" will be a priority of India's G-20 presidency.

5. S Korean Police Shut Down $472,000 Group Chat-based Crypto Fraudsters.

South Korean police say they have arrested the ringleaders of a $472,000 crypto fraud gang that made use of the group chat function on a social media app to lure in unsuspecting victims.

MBN Money reported that the Incheon Metropolitan Police Agency explained that it had arrested three men in their 20s, including a 26-year-old man, on fraud-related charges. At least 10 other people are also being questioned in connection with the incident.

Officers say that the gang created a group chat room on a social media platform. They allegedly called the group the “Investment Reading Room” and managed to lure a number of unsuspecting crypto-curious social media users to join.

The police explained that the alleged masterminds sought to “deceive” members of the chat by enlisting “fake investors” to join the group. These individuals “pretended to be professional investment advisors” or people who had made massive gains by investing in crypto.

At least 10 people appear to have been duped by the ruse: They initially invested small amounts, which they saw yield high returns – with the masterminds providing payouts. But they were then convinced to part ways with much larger sums of cash, which they hoped to see mushroom into huge profits.

Group Chats: A New Tool for Crypto Fraudsters?
The 26-year-old is thought to have been the operation’s kingpin, but the police believe that a number of other individuals “systematically committed” crimes to help the operation run smoothly.

Police described the alleged victims as ranging from “college students” with an interest in crypto to “beginner investors” and even “housewives.”

A police spokesperson urged citizens to be cautious about crypto investment, and explained:

“There is a high likelihood that promises of investments that yield high returns will turn out to be fraudulent.”
In September, a crypto fraudster who tricked victims out of around $1.7 million worth of Bitcoin (BTC), Ethereum (ETH), and fiat was given a five-year jail sentence. And in nearby Japan last month, two men in their thirties explained that they were duped by chat app-based fraudsters who ran a fake crypto exchange.

6. White House to Host International Conference to Address Ransomware Threats
The White House is gathering representatives from close to 40 nations to develop a united strategy for combating ransomware threats.

What's this gathering for?
The gathering is an official follow-up to a similar online gathering held last year as the incidence of ransomware assaults increased. The gathering will also focus on cryptocurrencies, the preferred payment mechanism of ransomware perpetrators. This week in Washington, the White House convenes an international gathering to discuss the rise in ransomware assaults.

The seminar will discuss various cybercrimes, ransomware assaults, and the cryptocurrencies that enable them. The White House claims that the meeting's objective is to create an international standard for handling these issues. The development of defenses against or disrupting these attacks and "holding harmful actors responsible" are key items on the agenda. This second argument is extremely important since governments that oppose the international order frequently host ransomware culprits.

Getting to Know Participants From Around the World
This gathering will act as an official continuation of the Counter-Ransomware Initiative, which was conducted online the previous year. Seven additional nations have joined the 30 that took part in the initial summit from the previous year. North Korea, Russia, and Belarus are notable exceptions since they are thought to help and hide ransomware attackers. For the first time, attendees of this gathering will also include officials from top tech companies like Microsoft, SAP, and Siemens.

According to the White House, several of the administration's senior officials will attend the meeting. These will comprise the deputy cabinet members Wally Adeyemo, the deputy secretary of the Treasury, and Wendy Sherman, the deputy secretary of state. Important security officials, including Jake Sullivan, the national security advisor, and FBI Director Chris Wray, will also participate. Typically, ransomware attackers demand payment in cryptocurrency.

7. Crypto Scams: Watch Out For These 5 Scams in 2022-23

Its imperative to know these common types of crypto scams and staying vigilant to protect your cryptocurrencies.

Crypto Scams: Crypto enthusiasts are being targeted by fraudsters. Despite the fact that cryptocurrency is decentralised, which guarantees privacy and high levels of security, the asset class isn’t free from con artists and criminals. Scammers use a variety of tactics and plans to persuade victims into making fake cryptocurrency investments.

1. Fake Crypto Exchanges and Crypto Wallets
While browsing social media, you might come across accounts selling cheap Bitcoin, Ethereum, Dogecoin, etc. They are nothing but fake accounts created to lure you into a trap.

The corresponding sites for these accounts will offer cryptocurrencies at below market rates and promise huge savings. But these platforms are usually fake. They often ”guarantee” huge returns on investment, and users are typically asked to pay a high initial fee. And when you try to withdraw your funds, you’ll likely find they’ve disappeared.

2. Pump-and-dump Schemes
It is a popular method of duping investors in the stock market as well as in crypto. In this scheme, a group inflates the price of an asset by different means so that they can sell their own holdings for a profit.

3. Rug Pull Scam
In this scam, the fraudsters pose as developers of crypto products, attracting investors to provide seed money for a fake new coin or any other kind of Web 3 project. After raising a considerable amount of money, rug pull fraudsters disappear with the investors’ money.

4. Initial Coin Offering (ICO) Scams
Just like an initial public offering (IPO) for the stock market, new crypto projects offer an initial coin offering (ICO). Companies can use an ICO to raise funds to support a crypto development, such as a coin, software, or relevant service. The investor receives newly minted coins in exchange for committing cash.

5. Giveaway Scams 
“There are no free lunches” quote also applies in the crypto industry. In this scam, a false celebrity account on social media announces giveaways of crypto tokens or assets. Usually, they persuade people to send fiat currency or crypto to someone with the promise that they will get a high return on their “investments”. Once you send them fiat or cryptocurrency, they’ll disappear forever.

So, Do Your Own Research! And stay away from ”get rich quick” schemes.