The outbreak of COVID-19 has led to a significant decline in economic growth. The recent economic challenge is associated with inflation that was triggered by governments printing more money to offset the negative impacts of the pandemic. Probably, this is the reason for such striking interest in the crypto market as it is inflation-friendly.
As the use of cryptocurrency is becoming mainstream globally especially in this Covid-19 pandemic era, scammers have found it as the easiest way of making free money. Scammers have managed to steal more than $80 million from cryptocurrency investors in just 6 months.
In the latest rounds of attack on DeFi (Decentralized Finance), FinNexus Options Protocol and DeFi platform lost close to $8 million. DeFi experts say the attack was either executed via stolen admin keys or a rug pull. In the attack, FinNexus lost more than 383 million FNX tokens pushing the price of the token to plummet by at least 90%.
Scammers are taking advantage of the bullish market of cryptocurrency to steal money. Since the interest in bitcoin, as well as other crypto-assets, has grown, criminals discovered it as a fruitful field for their activity. Currently, investment scams and phishing attacks are the most popular schemes.
Many cryptocurrencies including Bitcoin have registered a bearish trend during April, 2021, despite the overall bullish performance. For instance, the flagship crypto traded a 30d low of $47,159.49 on April 26.
The Socialist Republic of Vietnam is one of the biggest Bitcoin users in the world and the cryptocurrency industry is growing at a high speed in this Southeast Asian country. Around 22% of the citizens own or transact with cryptos.
Akon is continuing to expand the planning of his futuristic cities across the African continent. Now, Akon wants to expand the project to Uganda, the Pearl of Africa. But how real are these plans for the African population?