18/09/2023. Weekly CryptoNews Digest (September, 11 – September, 17)

Hello guys. Welcome to the MNO blog which has been running for over sixteen years already providing readers with some valuable food for thought and highlighting the most promising money-making opportunities one can only find online. Since 2007 the MNO blog and monitor has been at the forefront of the HYIP industry that used to be a locomotive for the whole profit generating investment projects one could only dream of.

Unfortunately, the overall situation has changed since then and the HYIP industry is as good as dead at the moment. The good old admins have all abandoned the once lucrative money-making niche and their replacements are just a shadow of the great ones MNO had to deal with before.

And with so many people now being able to actually trade cryptocurrencies without the high risks often associated with HYIPs it’s simply impossible to believe that the industry will get back to its former glory anytime soon. That doesn’t mean that the MNO blog and monitor is dropping the idea of following HYIPs completely – it just means that my site will switch attention to what really matters now. Except for major cryptocurrency trends and latest news from the crypto world I plan to replace HYIPs with other money-making opportunities that my readers can utilize to actually make a passive income with no risk whatsoever.

I guess that many of my readers would agree with me on the point that the golden era of HYIPs is well behind us. However, my own aim has been not only money-making for myself but providing my readers with essential information of some lucrative investment opportunities. Well, it was good while it lasted and maybe at some point we will see a revival in such programs. Before that happens though shifting my focus towards something else looks to me a sound proposal.

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And now with all introductions said and done let’s have a look at the Weekly CryptoNews Digest. This time it covers the period from September, 11 to September, 17, 2023. I will be offering you some latest news and trends that happened in the crypto market over the last seven days. Let’s get down to business, shall we?

ONECOIN PONZI SCAMMER GOT WHAT HE DESERVED

Karl Sebastian Greenwood, the co-founder and main promoter of the $4 billion OneCoin pyramid scheme, was sentenced to 20 years in prison on September 12, 2023, by a federal judge in New York. Greenwood pleaded guilty to wire fraud and money laundering charges in December 2022.

OneCoin was a fraudulent cryptocurrency scheme that was marketed and sold through a global multi-level-marketing (MLM) network. Investors were promised high returns on their investments, but the scheme was actually a Ponzi scheme, where new investors’ money was used to pay off older investors.

Greenwood was responsible for promoting OneCoin to investors all over the world. He gave presentations and wrote articles claiming that OneCoin was a legitimate cryptocurrency with a bright future. He also used social media to recruit new investors.

Greenwood was arrested in Thailand in July 2018 and extradited to the United States in April 2019. His co-founder, Ruja Ignatova, who is known as the “Cryptoqueen,” remains at large.

The sentence for Greenwood is one of the longest ever handed down for a cryptocurrency crime. It is a sign that law enforcement is taking cryptocurrency crimes seriously and that prosecutors are willing to pursue harsh penalties for those who commit these crimes.

The OneCoin case is a reminder that investors should be wary of any investment that promises high returns with little risk. Cryptocurrency investments are particularly risky, as they are a new and unregulated asset class. Investors should do their own research before investing in any cryptocurrency and should only invest money that they can afford to lose.

TON ENDORSED BY TELEGRAM

You might know that Telegram is a popular messaging app with over 800 million active users and even MNO has its own channel there. So last week Telegram endorsed the TON network as its blockchain of choice for Web3 infrastructure. This means that Telegram will be integrating TON into its app, making it easier for its users to access and use Web3 applications.

The TON network is a layer-1 blockchain that was originally developed by Telegram. However, after Telegram abandoned the project in 2020 due to pressure from the US Securities and Exchange Commission (SEC), the TON network was launched by a community-led initiative.

The TON network is notable for its high scalability and low transaction fees. It can handle up to 1 million transactions per second and has fees that are typically less than a penny. The TON network also has a number of features that make it well-suited for Web3 development, such as smart contracts, decentralized storage, and a built-in wallet.

Telegram’s endorsement of TON is a significant development for the Web3 ecosystem. It will give TON access to a large and active user base, and it will help to promote TON adoption among other Web3 projects.

CONSENSYS UNVEILS SNAPS ADD-ONS FOR METAMASK WALLET

Consensys, a leading Ethereum development company and the creator of MetaMask, has unveiled a new feature called “Snaps.” Snaps are app-like or add-on customizations for MetaMask that can be installed by users to add new features and functionality to their wallet.

Snaps are permissionless, meaning that they do not need approval from MetaMask. This means that developers can create and distribute Snaps without having to go through a review process. This makes it easier for developers to build innovative new features and functionality for MetaMask users.

With Snaps, users can add new features to their MetaMask wallet such as:
– Clearer transaction insights
– Interoperability with non-EVM blockchains
– Notifications for decentralized applications (DApps)
– Support for new hardware wallets
– Access to new financial products and services

The initial release of Snaps includes 34 Snaps from a variety of developers, including Consensys, Solflare, and Ledger. Consensys plans to add more Snaps from the community in the future.

Snaps are a significant development for the MetaMask ecosystem. They make it easier for developers to build innovative new features and functionality for MetaMask users, and they give users more control over their wallet experience. Snaps have the potential to make MetaMask the go-to wallet for Web3 users.

FTX WINS APPROVAL TO OFFLOAD BILLIONS TO PAY CREDITORS

FTX, the bankrupt cryptocurrency exchange, has received approval from a bankruptcy judge to sell $3.4 billion in digital assets. The sale of the assets is expected to help FTX generate cash to pay off its creditors.

The assets that FTX is approved to sell include Bitcoin, Ethereum, Solana, and other cryptocurrencies. The assets are currently being held in custody by BitGo, a qualified custodian.

FTX has not yet announced how it plans to sell the assets. However, it is possible that the exchange will sell the assets on the open market or through a private sale to a select group of buyers.

The sale of the assets is expected to be a major event in the cryptocurrency market. It is possible that the sale could impact the prices of cryptocurrencies, as it will increase the supply of coins on the market.

However, it is also possible that the sale could have a positive impact on the cryptocurrency market. By generating cash from the sale of assets, FTX will be able to pay off its creditors and move closer to a resolution of its bankruptcy case. This could increase confidence in the cryptocurrency market and lead to higher prices.

The sale of FTX’s digital assets is a significant event for the cryptocurrency market. It remains to be seen how the sale will impact the market, but it is clear that this is a major development.

GRAYSCALE SEO OPTIMISTIC FOR US CRYPTO BILL TO PASS THIS YEAR

The CEO of Grayscale, a large American digital currency asset management company, Michael Sonnenshein is optimistic that a US crypto bill could be passed this year. In a recent interview, Sonnenshein said that he believes there is “a lot of momentum” behind crypto legislation in the US, and that he is “hopeful” that a bill will be passed by the end of the year.

Sonnenshein’s optimism is based on a number of factors, including:
– The increasing number of lawmakers who are supportive of crypto regulation.
– The growing recognition among policymakers that crypto is a new asset class that needs to be regulated.
– The increasing number of crypto companies that are lobbying for clear and fair regulation.

However, Sonnenshein also acknowledged that there are some challenges that need to be addressed before a crypto bill can be passed. These challenges include:
– The need to find a balance between protecting investors and promoting innovation.
– The need to coordinate regulation across different government agencies.
– The need to address concerns about the environmental impact of crypto mining.

Despite these challenges, Sonnenshein believes that a US crypto bill is “inevitable.” He said that the US cannot afford to fall behind other countries in regulating crypto, and that clear and fair regulation is necessary to protect investors and promote innovation.

The passage of a US crypto bill would be a significant development for the crypto industry. It would provide much-needed clarity and certainty for crypto businesses and investors. It would also help to legitimize crypto as an asset class and make it more attractive to institutional investors.

However, it is important to note that there is no guarantee that a US crypto bill will be passed this year. The legislative process is complex and time-consuming, and there are a number of factors that could derail the passage of a bill. Nevertheless, Sonnenshein’s optimism is a positive sign for the crypto industry, and it suggests that there is a growing consensus among policymakers that crypto needs to be regulated.

CRYPTO COMMUNITY SAVED STUCK TRANSACTION BY COVERING HUGE MINING FEE

And finally, I would like to end today’s Weekly CryptoNews Digest on MNO with some bizarre recent event that got my attention and showed some high levels of solidarity in crypto community and people involved in this world.

Just earlier this month the crypto community raised over $500,000 to cover the mining fee for a $2,000 transaction. The transaction was initiated by a user named Chris Dixon, who was trying to send funds to a charity that supports Ukrainian refugees. However, the transaction was stuck due to a high gas fee.

Dixon shared his story on Twitter, and the crypto community quickly responded. Within a few hours, Dixon had received over $500,000 in donations from over 10,000 people. The donations were used to cover the gas fee and the transaction was able to be completed.

This story is a testament to the generosity and power of the crypto community. It also highlights the issue of high gas fees on the Ethereum network. Gas fees are the fees that users pay to miners to process their transactions. Gas fees can be very high, especially during times of high network congestion.

The high gas fees on the Ethereum network have been a major pain point for users for some time now. There are a number of projects that are working on solutions to this problem, such as layer-2 scaling solutions and Ethereum 2.0. However, it is unclear when these solutions will be able to fully address the issue of high gas fees.

In the meantime, the crypto community is stepping up to help users who are struggling to pay high gas fees. This story is a reminder that the crypto community is more than just about speculation and profits. It is also about helping people and making the world a better place.

That’s about it for this latest Weekly CryptoNews Digest on the MNO blog. I’ll be posting the next update on cryptocurrency in a week, so be sure to check back. I’ll be covering all the latest developments and news you might want to be aware of if you’re genuinely interested in what is going on in the cryptocurrency world, such as new projects and regulations.

So thanks for reading and I hope your business week will be fruitful and productive. Be sure to check out The MNO blog often and I hope you’ll come back to read the upcoming Weekly CryptoNews Digest next Monday. Until then stay safe and happy and thanks for staying loyal to MNO – For Money Lovers!