Crypto Watch rounds up the new developments in the past week that made an impact in the cryptocurrency world, including topics that have significant effects on the market. It includes stories regarding the fake cryptocurrency wallets, the concerns by the Ethereum founder regarding the NFT valuation, and the rise of BSC coins from Binance.
An illustration picture taken in London on December 30, 2021, shows gold plated souvenir cryptocurrency coins arranged by a screen displaying a NFT (Non-Fungible Token) logo. - Non-fungible tokens or NFTs are cryptographic assets stored on a blockchain with unique identification metadata that distinguish them from each other. (Photo by Justin TALLIS / AFP)
Fake Cryptocurrency Wallets, Beware
Fake cryptocurrency wallets are on the rise now, and several agencies and reports warn against this rising trend as it is a massive danger to the crypto world and its users. Imagine putting yourself to investing thousands or millions into an investment with a scammer that masquerades as a trustworthy entity but instead aims to take away everything you worked for in the present.
These new crypto wallets present a massive dispute against the users in the market, especially as they pretend to be those legitimate online partners like Coinbase, MetaMask, and other known brands. Tech Radar reported that these threat actors act like honest services that launch apps similar to their targets.
With these, the threat actors can gather information immediately, as soon as people log in via these services. It is essential to fact-check and analyze before any move takes place.
Read Also: UK Watchdog Sends Notices to Over 50 Crypto Firms Because of Misleading Ads
Ethereum Founder Raises Concerns
On the other hand, a concern by Vitalik Buterin now raises a legitimate concern in the crypto world, and it focuses on the rise of the NFT valuation in the market now. It is public knowledge that NFTs focus on the Ethereum blockchain for its selling properties and availability to the public, bordering on the digital platform's build for its distribution.
The trend's rise is also known as "crypto dystopia," says Buterin, and it focuses on the alarming rise of the crypto industry despite its instability in the current market. Nevertheless, this fear of the Ether founder is legitimate as it presents a massive look into the crypto world in the present, especially since Buterin is a part of the industry.
BSC's Rise in the Market
BSC or Binance's Smart Chain is a critical player in the cryptocurrency industry now, primarily as it focuses on a blockchain that opens up a new platform for new coins on the rise to bring its features for everyone. There are now multiple cryptos on the increase that borders on the BSC.
These services all focus on getting the public more of their investments in the picture.
Baby Doge Coin, Marvin Inu, Kiba Inu, CATECOIN, KickQuack, Feed Every Gorilla, POODL, Hamster, ELONGATE, YooShi, and PitBull are those that made it to the cut in this list. Binance announced this online, celebrating the success of its new blockchain that focuses on giving the public more of what it can offer.
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Written by Isaiah Richard
