News Updates October 31, 2022
1. Over 95% of tokens launched on Uniswap are scams – Research
According to the study, Uniswap's simplicity and lack of regulation make it easy for scammers to list non-valuable tokens.
About 97% of the crypto projects launched on Uniswap are rug pulls, according to a recent study titled “Do Not Rug On Me: Zero-Dimensional Scam Detection .”
The study undertaken by Bruno Mazorra, Victor Adan, and Vanesa Daza suggests that the simplicity of Uniswap and its lack of regulation makes it easy for scammers to list non-valuable tokens on the platform.
“If a token loses all its liquidity or its price drops to zero and these levels are never recovered, then the probability that the falls are due to malicious intent increases,” the report stated.
It was revealed in the analysis that different techniques are used to trick new investors into buying malicious tokens. Researchers classified malicious and non-malicious tokens manually to find the malicious tokens traded in UniswapV2.
The study examined 27,588 tokens, of which 631 were deemed non-malicious, and 26,957 were deemed malicious. A total of 24,870 of the malicious are fast rug pulls, while 2,087 are not LP Burns.
The researchers find this dataset enough to label all of 26,957 tokens malicious, meaning 97.7% of the tokens under study are malicious.
2. Edward Snowden Admires Fast Bitcoin Transactions On Lightning And Satoshi Sustained Anonymity.
Russian-American ex-computer intelligence consultant Edward Snowden has highlighted his admiration for Bitcoin’s anonymous founder Satoshi Nakamoto. Snowden’s admiration is majorly fueled by the personality’s decision to remain anonymous despite creating a successful payment system that has revolutionized the financial space.
Snowden took to Twitter to share the Bitcoin white paper introduced by Nakamoto on October 31, 2008. Today would make it exactly 14 years since the white paper was published. “14 years ago today, yet Satoshi remains anonymous. Remarkable,” Snowden mentioned in a separate tweet within the thread.
Bitcoin and cryptocurrencies have gained the favor of several notable personalities over the years, and Snowden is one of them. The President of the Freedom of the Press Foundation recently revealed his usage of bitcoin. Snowden noted in June that he advocates for bitcoin’s usage in everyday payments rather than as an investment.
Additionally, he sought to defend the crypto industry against 26 technologists who had earlier petitioned against cryptocurrencies. In June, several notable personalities in the tech industry jointly criticized the crypto industry.
Meanwhile, Snowden’s admiration of Nakamoto’s consistent anonymity is not unexpected, as several proponents have praised the anonymous founder of the firstborn crypto.
3. Will The FOMC Interest Rate Hike End the Green Days for Crypto Markets?
Crypto green days: Major cryptocurrencies are forming topping patterns while the FOMC interest rate hike is just around the corner.
The total crypto market cap and Bitcoin are forming potential topping patterns, while a 75 BPS interest rate hike is expected on Wednesday.
The FOMC interest rate hike
The FOMC interest rate hike is scheduled for Nov. 2, Wednesday, at 2:00 PM EST. The FED chairman Jerome Powell will give a speech at 2:30 to conclude the session.
The FOMC will most likely raise the interest rate for a sixth consecutive time. The expected interest rate hike is 75 BPS. Generally, the market behaves neutrally or positively when the interest rate hike comes out as expected. But bears take over the market if the hike is more than expected.
Topping pattern in Total Crypto Market Cap
The Total Crypto Market Cap is forming a potential head and shoulder pattern with the neckline around $929.40B. The chart shows that the left shoulder and head are already in.
The price, as of writing, stands at $967.12B. It can take the support of the neckline and give a slight bounce to form a right shoulder. The crypto market is expected to bleed if there is a closing below the neckline after forming the right shoulder.
4. Nigeria's Central Bank Doubles Down on Plans to Introduce Newly Designed Naira Banknotes.
The Nigerian central bank was, on Oct. 29, forced to defend its controversial currency redesign plans, just a few days after they were publicly questioned by Nigerian Finance Minister Zainab Ahmad. The central bank insists the move is long overdue and urged Nigerians “to support the currency redesign project which is in the overall interest of every citizen of the country.”
President Muhammadu Buhari’s Written Approval
The Central Bank of Nigeria (CBN) has insisted its recently announced plan to issue newly designed naira banknotes is above board and “12 years overdue.” In an apparent rebuke of Nigerian Finance Minister Zainab Ahmad, who has publicly questioned the plan, the central bank said it had “obtained the approval of President Muhammadu Buhari in writing to redesign.”
Addressing lawmakers a day after the CBN’s surprise announcement, Ahmad reportedly said she had not been consulted and therefore could not comment “on it as regards merits or otherwise.” As recently reported by Bitcoin.com News, the CBN’s plan to introduce newly designed naira banknotes is thought to have sparked the local currency’s parallel market exchange rate plunge, where it tapped a new all-time low versus the dollar of N781:$1.
Opponents of the CBN’s controversial plan insist that going ahead with the move could see the naira-to-dollar exchange rate fall to as low as 1000 naira per dollar by the end of January 31, 2023. However, in a defiant statement issued on Oct. 29, 2022, the CBN asked Nigerians to support the currency redesign policy.
“The CBN urges Nigerians to support the currency redesign project which is in the overall interest of every citizen of the country. The hoarding of significant sums of banknotes outside the vaults of commercial banks should be discouraged by anyone who means well for the country,” the central bank said.
5. Eco-Friendly Crypto Presale Raises $12 Million – Microsoft and Netflix Affiliate Partners?
Impact Project has now raised $12 million in one of the crypto market’s hottest presales. And with its developers onboarding more partners, this could just be the beginning.
Stage 1 Presale Over
Less than a week after crossing the $9 million mark, IMPT, Impact Project’s utility token, has upped the number to $12 million.
This presale number means that IMPT has now crossed the first stage of its presale. The Impact Project is now set to allocate 660 million tokens for the second presale stage and a further 540 million in the third stage.
The token’s stage 1 presale price was $0.018, while the second stage is set at $0.023 per unit. In the third stage, IMPT will sell for $0.028.
The Impact Project’s Ambitious Aim
Impact Project launched earlier this year and has already secured partnerships with several big names across multiple sectors. Over the past month, companies like Microsoft, Amazon, and Netflix have joined its network of affiliates. These companies will commit a portion of their resources and revenues towards fighting climate change, with the Impact Project as their conduit.
6. Monetary Authority of Singapore Completes Phase 1 of CBDC Project, With More Trials to Come
The first part of the project found there was no urgent need for a retail CDBC, although the bank said it wanted to be prepared in case that changes.
The Monetary Authority of Singapore (MAS) has completed the first phase of its central bank digital currency (CBDC) project, according to a report on Monday.
This stage of Project Orchid explored the potential use cases for a digital Singapore dollar as well as the infrastructure required to implement one. It looked at the concept of purpose-bound digital Singapore dollars, which allows senders to specify how and where the money will be used. They found there is currently no urgent need for a retail CBDC but said they want to be prepared in case that changes.
“MAS’ vision is to build an innovative and responsible digital asset ecosystem in Singapore,” the report said. The country has been collaborating with the crypto industry and issuing licenses to big players such as Coinbase and Blockchain.com, and has continued to explore a retail CBDC despite feeling like there is no need for one. Project Orchid was announced in November last year and even then-Managing Director Ravi Menon said that the benefits of a retail CBDC were “not compelling.”
