20/11/2023. Weekly CryptoNews Digest (November, 13 – November, 19)

Hello everyone, and welcome to the MNO blog where I keep updating you on the latest trends of the investment world which is now consisting mostly from cryptocurrency enthusiasts and marketers effectively replacing the HYIP admins ruling the industry in the past. Having been established back in 2007, MNO has seen all the ups and downs of the HYIP industry, which was considered to be a big thing once upon a time.

However as all good things come to an end and as you might be aware, the overall situation has drastically changed since then and the HYIP industry is nearly dead at the moment. The good old admins have all abandoned the once lucrative money-making niche and their replacements are just a bleak shadow of the greatest ones MNO had to deal with before. There are some unfortunate scams like the recently crumbling Henbbo which I will talk about in the first article of today’s news on the MNO blog.

My website is not dropping the idea of following HYIPs completely (I will keep covering some big scams and some promising newcomers) – 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.

So, if you don’t want to miss some great paying websites that will actually make you some profits then the only way you ensure you will hear of them first is to follow MNO on Telegram, Facebook, or Twitter.

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And now with all introductions out of the way let’s have a look at the Weekly CryptoNews Digest. This time it covers the period from November, 13 to November, 19, 2023. I want to discuss the most talked about news surrounding the crypto markets last week and such important events during the same time. Before proceeding allow me to issue a warning about one of the biggest scams so far of this year – Henbbo (let me know more in the comments to the article if you wish to learn more about the scamming practices of the admin).

HENBBO SCAM WARNING – STAY AWAY!

As I said already, I would like to start with an imminent scam warning about a company called Henbbo which frankly represenst the most despicable practices I have encountered over decades of covering of the HYIP industry.

You see, the company in question – Henbbo – has been paying for many months but they were pretty selective about who they paid to and blocked the accounts of some unfortunate investors. The cryptocurrencies invested there are as good as being lost and thousands of innocent “investors” had been affected so far by the “company”’s dishonest practices.

Recently it came to my attention thanks to one of my loyal readers that Henbbo stopped paying to investors whatsoever and instead relaunched the “game” once more but nulling the earned profits and forcibly moving all existing deposits to a new lower paying plan. As it happens with many low-life scams Henbbo claimed to have been a registered business in the UK which is a laughable thing to do for which I have already posted a long time ago on the MNO blog. Anyone with a few dollars in their pocket may register (completely legally, by the way) a company and Henbbo can do the same. The thing is that it doesn’t give them any right to attract any funds from the so-called “investors” as such practices are subject to a totally different and much stricter set of legislative rules which not even proper banks can always obtain. The UK registration is nothing more than a paper worth nothing, especially considering that in a year’s time no confirmation statement was provided from the so-called “registered” business and it clearly stated that such a statement is overdue on this website – https://find-and-update.company-information.service.gov.uk/company/14152084

Please note that such things will not be taken lightly by the authorities from many countries that have already set their eyes on Henbbo’s administration which is likely to be legally punished for their deeds, like anyone associated with this pending investment scam.

There are several red flags that indicate this is the case, including:
– Lack of transparency: The company’s website provides limited information about its founders, team, and investment strategy. This lack of transparency is a common red flag for scams.
– Unrealistic returns: The company promises high returns on investment, which are often too good to be true. This is another common red flag for scams.
– Negative reviews: There are numerous negative reviews of Henbbo Ventures online, with many investors reporting that they have been unable to withdraw their funds.
– No regulatory oversight: Henbbo Ventures is not registered with any financial regulators, which means that it is not subject to any oversight or protection for investors.

Based on these red flags, it is strongly advised to avoid investing in Henbbo Ventures. If you have already invested in the company, you should contact your bank or financial institution immediately to see if they can help you recover your funds.

Here are some additional tips for avoiding investment scams:
– Do your research: Before investing in any company, make sure you do your research and understand the risks involved.
– Be wary of unsolicited offers: Scammers often use unsolicited offers to lure investors. If you receive an unsolicited offer to invest in a company, be very skeptical.
– Get professional advice: If you are considering investing in a company, consider getting professional advice from a qualified financial advisor.

By following these tips, you can help protect yourself from investment scams and its most despicable examples such as Henbbo. Please stay away and save your money from that imminent scam which is long on its last legs at the time of writing!

SEC DELAYS DECISION ON BITCOIN ETF ONCE AGAIN

You might remember from the previous publications in the MNO Weekly CryptoNews Digest that the pending Bitcoin ETF approvals have been the major driving force behind the latest BTC rallying and bullish trend on the crypto markets in general.

Unfortunately, last week the US SEC has once again delayed decisions on spot Bitcoin ETF applications from Hashdex, Global X, and Franklin Templeton. This latest postponement adds to the ongoing saga of regulatory hurdles for Bitcoin ETFs in the US.

Here’s a breakdown of the recent events:
– Hashdex: The SEC delayed its decision on Hashdex’s application to convert its existing Bitcoin futures ETF into a spot ETF on November 15th. The deadline for a decision was originally November 17th.
– Global X: On November 17th, the SEC also postponed its decision on Global X’s application for a spot Bitcoin ETF. The deadline for their decision was November 21st.
– Franklin Templeton: On the same day, November 17th, the SEC further delayed its decision on Franklin Templeton’s spot Bitcoin ETF application.

These delays follow a pattern of the SEC repeatedly postponing decisions on Bitcoin ETF applications. Since August 2023, the agency has delayed decisions on numerous applications, much to the frustration of investors and the crypto community.

Possible reasons for the delay:
– Concerns about Bitcoin’s volatility and potential for manipulation: The SEC has consistently expressed concerns about the security and maturity of the Bitcoin market. They are wary of the potential for volatility and manipulation, which could negatively impact investors.
– Lack of regulatory framework for crypto: The current lack of a comprehensive regulatory framework for cryptocurrency in the US likely contributes to the SEC’s cautious approach. They may be waiting for clearer guidelines before approving a Bitcoin ETF.
– Need for further review of applications: The SEC may require additional time to review the submitted applications in detail and address any concerns or questions they have.

Impact of the delays:
– Disappointment for investors: The repeated delays have dampened the enthusiasm of investors who were hoping for a spot Bitcoin ETF approval in the US. This could lead them to consider alternative investment options.
– Uncertainty in the crypto market: The lack of clarity on the SEC’s stance regarding Bitcoin ETFs creates uncertainty in the cryptocurrency market. This volatile situation could impact Bitcoin’s price and the overall sentiment towards cryptocurrency.

So what is going to happen next, you might ask?

The SEC has not yet announced new deadlines for deciding on the latest wave of applications. Their decision, whenever it comes, is likely to have a significant impact on the future of Bitcoin ETFs in the US and the broader cryptocurrency market.

It’s essential to stay informed about future developments and the SEC’s final decision on these applications. You can follow industry news from reliable sources and track updates on the SEC website for official announcements and of course, check the MNO blog often, as I will inform you once the decision on Bitcoin ETF is going to eventually materialize. There is still much hope left and the markets’ sentiment still remain positive on that thing!

TETHER INVESTS HUNDREDS OF MILLIONS INTO BITCOIN MINING

Tether, the issuer of the world’s largest stablecoin USDT, has announced a significant $500 million investment in Bitcoin mining operations, aiming to become one of the largest miners in the world. This move signals Tether’s expanding role in the Bitcoin ecosystem and its commitment to supporting the network’s growth and security.

There are some specific motivations for Tether’s investment, likewise:
– Strengthening Bitcoin’s Security: Tether’s investment aims to increase the overall hash rate of the Bitcoin network, enhancing its resistance to malicious attacks and ensuring its security.
– Gaining Exposure to Bitcoin’s Growth: By directly participating in Bitcoin mining, Tether can directly benefit from the appreciation of Bitcoin’s price, potentially generating additional revenue.
– Promoting Bitcoin Adoption: Tether’s involvement in mining could incentivize more institutional investors to enter the Bitcoin space, further driving adoption.

We can name the following major implications of Tether’s investment:
– Increased Mining Capacity: Tether’s investment is expected to significantly increase the company’s mining capacity, potentially making it one of the largest Bitcoin miners globally.
– Enhanced Hash Rate Security: The additional hash rate from Tether’s mining operations could further strengthen Bitcoin’s security, making it more resilient to attacks.
– Potential for Price Stabilization: Tether’s involvement in mining could contribute to stabilizing Bitcoin’s price by influencing the overall supply of new BTC.

And there are certain concerns and considerations regarding this huge investment:

– Centralization of Mining Power: Tether’s large-scale mining operation raises concerns about centralization of power within the Bitcoin network.
– Environmental Impact: Bitcoin mining is an energy-intensive process, and Tether’s investment could increase the network’s environmental footprint.
– Potential for Market Manipulation: Tether’s significant mining power could raise concerns about potential market manipulation.

Overall, Tether’s investment in Bitcoin mining is a significant development in the cryptocurrency industry. It reflects the growing importance of stablecoins and the increasing institutional interest in Bitcoin. While there are concerns about centralization and environmental impact, Tether’s involvement could also contribute to Bitcoin’s security, growth, and price stability. It remains to be seen how Tether’s mining operations will impact the Bitcoin ecosystem and the broader cryptocurrency landscape.

FAKE TWEET AFFECTS XRP PRICE AND FURTHER CONCLUSIONS DRAWN

On November 13, 2023, XRP, the native cryptocurrency of the XRP Ledger, experienced a brief surge of 12% in just 25 minutes following a fake tweet suggesting that BlackRock, the world’s largest asset management firm, had filed for a spot XRP exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).

The fake tweet, which originated from an account impersonating Bloomberg ETF analyst Eric Balchunas, claimed that BlackRock had filed for an iShares XRP Trust, similar to its previously filed iShares Ethereum Trust. This news sent XRP’s price skyrocketing from $0.65 to $0.73 within a short period.

However, the surge was short-lived as the fake tweet was quickly debunked by Balchunas himself. BlackRock also confirmed that the filing was fraudulent. As a result, XRP’s price plummeted back to its pre-surge level, wiping out all gains within 30 minutes of the fake news being exposed.

This incident highlights the susceptibility of the cryptocurrency market to misinformation and the potential for manipulation. It also underscores the importance of conducting thorough due diligence and verifying information before making investment decisions.

Here are some key takeaways from this event:
1. Misinformation can have a significant impact on cryptocurrency prices. Fake news and rumors can quickly spread through social media and online platforms, causing sudden price swings in volatile assets like cryptocurrencies.
2. Investors should always verify information before making investment decisions. Relying solely on social media posts or unverified sources can lead to impulsive decisions and potential losses.
3. Due diligence is crucial in the cryptocurrency market. Conducting thorough research, evaluating the credibility of sources, and understanding the underlying fundamentals of a cryptocurrency are essential before investing.
4. Investors should exercise caution and avoid emotional investing. The cryptocurrency market is highly volatile, and emotions can lead to irrational investment decisions.
5. Beware of impersonators and fake accounts on social media. Fraudulent accounts often spread misinformation to manipulate prices and profit from unsuspecting investors.

In conclusion, the XRP price surge following the fake BlackRock ETF filing serves as a reminder of the importance of staying informed with the latest news from MNO’s Weekly CryptoNews Digest, conducting due diligence, and exercising caution in the cryptocurrency market.

WORLDCOIN PLUNGES ON NEWS OF OPENAI CEO OUSTED

The recent ousting of Sam Altman as CEO of OpenAI has sent shockwaves through the cryptocurrency industry, particularly affecting Worldcoin, a $200 million crypto project backed by Altman. The project’s token, WLD, experienced a significant 13% drop in price following the announcement.

Altman’s departure from OpenAI, the company he co-founded, was attributed to a lack of candid communication and a resulting loss of confidence in his leadership. This news cast a shadow over Worldcoin, a project that was closely tied to Altman’s reputation and influence.

The price drop in WLD reflects the uncertainty and concerns surrounding Worldcoin’s future without Altman at the helm. Investors are questioning the project’s viability and direction without its key figure.

The incident highlights the interconnectedness of the cryptocurrency ecosystem and the impact that leadership changes can have on individual projects. Altman’s departure from OpenAI has created ripples of uncertainty, affecting not only the company itself but also associated projects like Worldcoin.

It remains to be seen how Worldcoin will navigate this period of transition and whether it can regain investor confidence. The project’s future will likely depend on its ability to address concerns, establish clear leadership, and demonstrate its potential for long-term success.

DISNEY PINNACLE NFT PLATFORM SHOWS HUGE PROMISE

Do you still remember once the hottest topic of NFTs, guys? From the latest news on the subject, Dapper Labs, the company behind the popular NBA Top Shot NFT collection, has unveiled the waitlist for Disney Pinnacle, an NFT platform that promises to transform the traditional pin-collecting hobby into a digital experience featuring Disney, Pixar and Star Wars characters.

Disney Pinnacle will allow users to collect, trade, and display digital pins of their favorite Disney, Pixar, and Star Wars characters. The pins will be designed by Disney artists and will feature a variety of animations and effects.

Dapper Labs is hoping that Disney Pinnacle will be just as successful as NBA Top Shot, which has generated over $500 million in sales since its launch in 2020. The company believes that the platform’s focus on nostalgia and beloved characters will appeal to a wide range of collectors.

Here are some of the key features of Disney Pinnacle:
– A wide variety of Disney, Pixar, and Star Wars characters to collect: Users will be able to collect pins of their favorite characters from across Disney, Pixar, and Star Wars.
– High-quality animations and effects: The pins will be designed by Disney artists and will feature a variety of animations and effects.
– A secure and user-friendly platform: Disney Pinnacle will be built on the Flow blockchain, which is a secure and user-friendly platform.
– A social community of collectors: Users will be able to connect with other collectors and trade pins.

Dapper Labs is currently accepting applications for the Disney Pinnacle waitlist. The platform is expected to launch in 2023.

Overall, Disney Pinnacle is a promising new platform that has the potential to revolutionize the traditional pin-collecting hobby. The platform’s focus on nostalgia and beloved characters, as well as its high-quality animations and effects, could appeal to a wide range of collectors.

BINANCE CLIENT KIDNAPPED AND ROBBED FOR CRYPTO

And let me end today’s Weekly CryptoNews Digest with the most bizarre crypto-related crime of the last week.

In a shocking incident that highlights the growing sophistication of cryptocurrency-related crimes, executives of a Binance-affiliated client were kidnapped in Montenegro and forced into a $12.5 million crypto theft. The perpetrators deceived the executives into attending a fraudulent business trip and subsequently abducted them. During their ordeal, they were forced to transfer their holdings, primarily in the stablecoin USDT, to a Tron wallet operated by the assailants.

Binance, the world’s largest cryptocurrency exchange, played a crucial role in tracking the stolen funds and freezing the Tron wallet, recovering approximately 94% of the stolen assets. This incident serves as a stark reminder of the security risks associated with cryptocurrency investments and the need for robust security measures to protect against such crimes.

Here’s a detailed breakdown of the incident:

1. Kidnapping and Forced Transfer: The executives were targeted due to their association with a Binance client, indicating that the perpetrators had insider knowledge or conducted thorough research. They were lured into a fake business trip and abducted, highlighting the sophistication of the attackers’ tactics.

2. Cryptocurrency Theft: The kidnappers forced the executives to transfer their cryptocurrency holdings, primarily in USDT, to a Tron wallet under their control. This demonstrates the increasing prevalence of cryptocurrencies as targets for theft due to their decentralized nature and potential for anonymity.

3. Binance’s Intervention: Binance’s swift response and ability to track the stolen funds were crucial in mitigating the losses. The exchange’s sophisticated tracing mechanisms and collaboration with law enforcement agencies enabled them to freeze the Tron wallet and recover a significant portion of the stolen assets.

4. Security Implications: This incident highlights the need for robust security measures to protect cryptocurrency investors. Multi-signature wallets, hardware wallets, and strong passwords can help safeguard digital assets from unauthorized access.

5. Regulatory Landscape: The incident underscores the importance of regulatory oversight in the cryptocurrency space. Clear guidelines and robust enforcement mechanisms can help deter such crimes and protect investors from potential losses.

In conclusion, the kidnapping and crypto theft involving Binance-affiliated executives serves as a wake-up call for the cryptocurrency industry and investors alike. It highlights the need for vigilance, enhanced security measures, and continued regulatory efforts to ensure the safety and integrity of the cryptocurrency ecosystem.

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, and all the latest developments and news will be covered as always. So, if you’re genuinely interested in what is going on in the cryptocurrency world, then make sure you check it out next Monday.

That will be it for tonight, guys. I hope your coming business week is a fruitful one and productive for whatever you are involved with, and I will be back with the next blog post in a few days time. Keep following MNO – For Money Lovers!