Weekly Highlight: Top 10 Crypto Stories That Made Headlines (Oct 9th-13th)

Last week was nothing short of eventful in the crypto realm, with multiple compelling headlines drawing intense interest from industry players.

In Hong Kong, there are serious concerns as pictures of well-known crypto exchange impersonators have surfaced, prompting investigations into alarming scam claims. On the other hand, new blockchain networks are striving to tackle Ethereum's scalability issues effectively.

Major figures in the industry are confronting various legal hurdles. There’s also a wave of new product launches aimed at helping beginner traders navigate the crypto waters. Future financial assessments highlight both potential risks and opportunities for market participants, showcasing the dynamic and occasionally precarious nature of the cryptocurrency ecosystem.

Hong Kong Authorities Probe HK$3.5 Million Scam Linked to Fraudulent Binance Texts

In a recent disclosure by the  Hong Kong  police, A nefarious group of cyber criminals has been posing as Binance to execute phishing operations via deceptive text messages. These fraudulent messages have managed to dupe several individuals, leading to unauthorized access and transfers from their Binance accounts.

In a two-week span, law enforcement recorded 11 separate incidents, resulting in a staggering loss of around HK$3.5 million (which is approximately 3.5 million USD). yuan ).

Authorities caught wind of these scams through user reports shared on the social media platform Net Keeper. According to these accounts, victims who clicked on links in the scam texts saw their Binance accounts compromised, with scammers swiftly siphoning off their holdings.

Astar Network Makes Progress on zkEVM Framework, Unveils Testnet Launch Plans

In an exciting leap towards the future of Web3, Astar Network, recognized as  Polkadot the environmentally friendly smart contract platform is advancing its Astar zkEVM framework significantly. They have successfully developed two essential components: the zkEVM staging area and the Sepolia staging bridge, which are foundational to Astar’s broader infrastructure. Currently, the team is focused on refining the user interface for the cross-chain bridge as they take significant steps forward in this ambitious initiative.

Astar  announced Binance Introduces Futures Copy Trading Feature to Help Beginner Traders

Binance aims to enhance the trading experience

for its futures offerings in selected markets. This innovative feature allows novice users to mirror the trading strategies of experienced traders, thereby increasing community involvement and expanding access to trading opportunities. by introducing  copy trading According to the company, lead traders will earn a 10% share of profits and a 10% rebate on trading commissions from those copying their trades. Moreover, seasoned traders can now share their expertise via Binance Feed, promoting a culture of knowledge exchange within the community.

Beginner traders can follow up to 10 lead traders and can view portfolio details such as return on investment (ROI) over various time frames, profit/loss summaries, and managed assets. This feature simplifies the learning curve for newcomers by leveraging the experience of established traders.

Sam Bankman-Fried's Defense Team Requests Court Permission to Question FTX Co-Founder Gary Wang About $200M Loans from Alameda

The legal team representing Sam Bankman-Fried, amidst his ongoing trial,

is looking to question FTX co-founder Gary Wang regarding the legal guidance he followed when accepting loans from the associated hedge fund, Alameda Research. This move seeks to challenge the prosecution’s assertion, arguing that Bankman-Fried did not utilize the borrowed funds in an improper or illegal manner. Bankman-Fried’s attorneys have requested the judge’s approval to interrogate Gary Wang about his insights on the loans he received from Alameda Research, which range between $200-300 million. These funds were allocated for business investments and personal acquisitions, including a property in the Bahamas.

In a late-night  legal filing The defense underscores Wang’s belief that the loans were lawful and backed by legal advice, countering the prosecution’s claim that the loans obscured the origins of the funds. Wang expressed that he had confidence in his attorneys and did not suspect their guidance would lead to any illegal actions.

FSL Token Faces Allegations of Rug Pull, Resulting in $1.68 Million Loss

The security risk monitoring agency

has unveiled potential misconduct related to the FSL token project. Beosin’s analytical findings suggest what appears to be a ‘ Beosin EagleEye  has identified ‘ strategy that has incurred a substantial loss of approximately $1.68 million for investors. Upon further investigation, Beosin’s security analysts discovered a string of suspicious transactions linked to the FSL initiative. It appears that the creator of the FSL token, whose address starts with 0x281b, minted an astonishing 100 million FSL tokens solely for personal benefit during the initial launch of the project. Rug Pull Scroll Announces Mainnet Launch, Aims to Enhance Ethereum’s Scalability

Scroll has positioned itself in the spotlight by

revealing its eagerly awaited mainnet launch, marking a new era of increased efficiency and scalability for the Ethereum ecosystem.

The goal is to establish itself as a cutting-edge EVM zkRollup that specifically enhances the performance of the Ethereum network. Its mission is clear: to provide users with instant, cost-efficient transactions while ensuring robust decentralization and superior privacy. For those who are technically inclined and eager to participate, specialized are now in operation. Furthermore, users can enjoy seamless access to services.

The newly launched  Scroll mainnet Ether Expected to Reach $8000 by 2026, According to Standard Chartered Forecast

Ether, the second-largest cryptocurrency by market cap, bridge  and an  explorer might be poised for substantial growth by the end of 2026. This ambitious forecast made by the global banking giant add Scroll to their MetaMask , enhancing their crypto operations.

suggests that the token could potentially surge more than fivefold its current valuation.

The Head of FX Research at Standard Chartered points out that this digital currency may reach the $8,000 benchmark in the next couple of years, thanks to expected increases in its utility, especially in its application in blockchain-driven 'smart contracts.' Additionally, Kendrick highlights Ether's growing significance in the gaming industry and the progressive movement towards 'tokenization' of traditional assets. It’s not the first time Standard Chartered has ventured into crypto predictions; their outlook on Standard Chartered , projects that  Ether’s the leading cryptocurrency back in July 2023 was notably optimistic. At that time, the bank had revised its Bitcoin price estimate for 2024, suggesting it might soar to $120,000.

According to  Geoff Kendrick China Moves Forward with Digital Yuan Development and CBDC Features

China has underscored its commitment to digital innovation

with the introduction of a cutting-edge industrial park dedicated to enhancing its central bank digital currency ecosystem, commonly known as e-CNY or digital yuan. This pioneering facility is strategically situated in the Luohu district of Shenzhen, close to Hong Kong. Bitcoin The recently launched industrial park kicked off with nine founding residents. The local administration has rolled out ten initiatives intended to strengthen the digital yuan framework.

These initiatives vary from payment solutions and smart contracts to hardware wallets and widespread promotional campaigns for the digital yuan.

On October 11th, NFT Paris Introduces $NFTPARIS Token for Unique Event Perks The premier event for web3 enthusiasts is set to make a return on digital yuan at the historic Grand Palais Éphémère. Following a record turnout of 18,000 participants in 2023, NFT Paris is poised to not only sustain its impressive growth but also heighten engagement and community involvement.

NFT Paris has launched the $NFTPARIS token, a measure designed to elevate the event experience for participants and loyal attendees.

Arbitrum Blockchain Projects Receive $50 Million in ARB Tokens as Incentives

In a strategic effort to spur innovation and development,

NFT Paris the Arbitrum blockchain has allocated a remarkable $50 million in ARB tokens February 23 and 24, 2024 . This distribution emerges from a short-term incentive initiative encouraging projects that harness the capabilities of the Arbitrum network.

Arbitrum, known for its impressive scalability and efficiency in supporting decentralized applications, continues to attract attention from developers and crypto advocates alike. This fresh influx of funds strives to draw more developers to the platform while further solidifying its role in the competitive blockchain landscape.

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Top 10 Cryptocurrency Developments: A Weekly Recap of News That Made an Impact (Oct 9th-13th) Metaverse Post This is your go-to summary of the major happenings in the crypto market for the week spanning from October 9th to 13th. Top 10 Cryptocurrency Developments: A Weekly Recap of News That Made an Impact (Oct 9th-13th)

The past week has been filled with significant events in the realm of cryptocurrency, producing a variety of news stories that captured the attention of experts and enthusiasts alike.