28/11/2022. Weekly CryptoNews Digest

Hello again everyone! Since 2007 MNO has been informing you about the latest trends and developments in the HYIP industry and providing unlimited access to the best investment opportunities you could only discover online. Unfortunately, the latest downward trends showing that the HYIP world has been suffering from a greatly reduced demand from investors that at the same time have been negatively affected by the so-called “crypto winter” and declining value of their assets. Moreover, rapidly increasing inflation and interest rates across the world along with the energy and food shortage crises made it simply impossible for the majority of people to gamble with their money and put survival mode as the first priority. All of that has led to the utmost lack of talented admins that made a huge exodus from the HYIP industry earlier this year and throughout last year as well, leaving the industry mostly to fast scammers and money grabbing chancers we are now witnessing the destruction of what little remains of what was once a thriving area of money-making for so many people.

Yet we cannot say it will never recover as history has shown some amazing revivals in the past. A bright future for the HYIP industry in my humble opinion can only be ensured by the upcoming recovery of the crypto markets with which it has been closely interlinked since a few years back. Only the world economy coming back from the current crisis and recession may give HYIPs another chance to recover former glories. And MNO will still be there to watch as it happens and give you the best chance of earning income from the finest investment programs run by experienced admins.

Although currently we only have the brilliant ShuttleRent still reigning in Paying position on the MNO monitor you should always stay informed so as not to miss any important new additions of promising programs. The best way to do so is by following MNO on Telegram, Facebook, and Twitter, where the most up-to-date announcements are posted first. If you enjoy reading the MNO blog posts why not add your email address to the growing number of subscribers who are already receiving my weekly posts delivered by follow.it? Simply enter your email address here and confirm by clicking on the link you will receive to join thousands of subscribers and stay in the loop.

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Due to the lack of events in the HYIP industry let’s have a closer look at what happened in the crypto market that has still been plagued by the widely discussed collapse of the FTX cryptocurrency exchange provider. These are the most interesting events that happened during the last calendar week, November 21 to November 27, 2022.

The biggest story to hit the crypto industry in quite a long time now has of course been the collapse of leading exchange service provider FTX and the fallout that came with it. The story continues to dominate headlines around the world and I suspect it will continue to do so for some time. After so many stories emerged about the haphazard way in which FTX was run by its directors – it’s been alleged that the company’s CEO basically saw the whole project as his personal piggy bank – it’s quite understandable how many regular players in the crypto industry have lost all confidence in any kind of fiscal responsibility at almost any level anymore. The domino effect that FTX’s bankruptcy hearing is having on other completely innocent businesses has been pretty damaging to say the least.

In a move to save their own golden goose so to speak, the world’s biggest and I suppose at this point most trusted and respected crypto currency exchange provider Binance is set to intervene with a sort of emergency aid package to rescue the industry it depends on from further contagion. Binance is committing up to $2 billion to help support crypto firms facing financial hardships following the bankruptcy of their main rival. In a statement released late Thursday, Binance said it will set up a $1 billion recovery fund with an intention to ramp up the amount to $2 billion in the near future if the need arises. The exchange operator has received a total of about $50 million in an initial commitment from seven investment firms, including Hong Kong-headquartered Animoca Brands and Jump Crypto, the digital-asset arm of Chicago-based trading shop Jump Trading. A growing number of crypto companies that have had exposure to FTX were themselves left on the brink of collapse so it can easily be argued that the expense Binance is prepared to put themselves to is, in the long term, a sensible sacrifice in their own best interests.

Meanwhile the Financial Crimes Investigation Board of Turkey (MASAK) seeks to seize what they term “suspicious” assets linked to FTX. The authorities also plan to open an investigation against Sam Bankman-Fried, the firm’s former CEO. The Turkish agency sought the green light from the Istanbul Chief Public Prosecutor’s Office to launch a thorough inspection on FTX and its dubious activities over the years. The entity vowed to confiscate any suspicious assets related to the platform should the regulators give their approval. MASAK is also looking to examine the personal actions of Bankman-Fried and determine his role in the exchange’s collapse. Several reports indicated that the 30-year-old American had spent millions of dollars to pay off media outlets to present him as a trustworthy entrepreneur to the broad public. Twitter’s new CEO – Elon Musk, himself no stranger to the crypto world and its quirks – believes in those assumptions and said FTX could still be a functional venue if SBF were as good at running it as he was at bribing broadcast entities. Other sources revealed that Bankman-Fried and other executives of the collapsed platform misused customers’ funds over the years and purchased multi-million beachfront houses in the Bahamas. MASAK has already opened an investigation against the Turkish subsidiary of the exchange – FTX Turkey – and seized digital currencies related to its bosses.

Meanwhile IMF believes the FTX collapse should serve as a warning to African nations that the widespread use of crypto could also undermine the effectiveness of the monetary policy, creating risks for financial and macroeconomic stability. The IMF says the risks are that much greater if crypto is adopted as legal tender, as the Central African Republic recently did. The subsequent plunge in the prices of Bitcoin, Ethereum, and other major crypto assets that followed the situation at FTX, is prompting renewed calls for greater consumer protection and regulation of the crypto industry. Regulating a highly volatile and decentralized system remains a challenge for most governments, requiring a balance between minimizing risk and maximizing innovation. Only one-quarter of countries in sub-Saharan Africa formally regulate crypto. Two-thirds have implemented some restrictions and six countries — Cameroon, Ethiopia, Lesotho, Sierra Leone, Tanzania, and the Republic of Congo — have banned crypto. Zimbabwe has ordered all banks to stop processing transactions and Liberia directed a local crypto startup to cease operations (implicit bans). Africa is one of the fastest-growing crypto markets in the world, according to Chainalysis, but remains the smallest, with crypto transactions peaking at $20 billion per month in mid-2021. Kenya, Nigeria, and South Africa have the highest number of users in the region. Many people use crypto assets for commercial payments, but their volatility makes them unsuitable as a store of value. Policymakers are also worried that cryptocurrencies can be used to transfer funds illegally out of the region and to circumvent local rules to prevent capital outflows. Widespread use of crypto could also undermine the effectiveness of monetary policy, creating risks for financial and macroeconomic stability. If crypto assets are held or accepted by the government as means of payment, it could put public finances at risk. Such is the belief of the IMF anyway, personally I can’t speak at government level, just as a private individual, and as such I know that many people around the globe will continue trying to better their lives by using cryptocurrencies.

It might be a case of “too little too late” for those who put their trust in FTX only to see their reserves get plundered, but going forward I see CoinMarketCap have come up with a very useful tool that may prove invaluable in the future. If you’re not familiar with the name by the way, CoinMarketCap is a leading market researcher and tracker in the crypto industry. They’ve just announced the launch of a new feature on its platform that gives users updated financial insights on exchanges. The proof of reserves (PoR) tracker audits active cryptocurrency exchanges in the industry for transparency on liquidity at a given moment. According to the announcement, the tracker details the total assets of the company, and its affiliated public wallet addresses, along with the balances, current price and values of the wallets. CoinMarketCap reports the PoR trackers will update data every five minutes.

As part of the announcement Binance was held up as an initial example with over $65 billion listed in its combined wallet addresses. Additional exchanges with PoR information available include KuCoin, Bitfinex, OKX, Bybit, Crypto.com and Huobi. Some in the crypto community have called this feature a great transparency addition, with the CEO of Binance among the first to make a pledge to provide proof of reserves following the ongoing FTX liquidity and bankruptcy crisis. Following Binance’s example, many other platforms in the space began releasing their financial reserve and liquidity information in an effort of transparency. Chainlink Labs, Bitfinex and Bybit were among some of the first to come forward with their own data. However, the cryptocurrency investment product servicer Grayscale has withheld its on-chain PoR due to what it says are security concerns. It did release a letter from Coinbase Custody that verified that Grayscale’s crypto holdings are fully backed, yet withheld wallet addresses.

And finally for this week, briefly what might not at first glace appear to be a particularly serious story but on second thoughts does seem to be a fair reflection of the changing times and looming cost of living crisis so worrying to many people around the world. One of the biggest clubs in south Florida, which processed $6 million worth of crypto last year when crypto entrepreneurs had flocked to Miami, revealed that it only took in $10,000 in crypto in the past couple of months. Most of the party goers were young men described as being of the “nerdy style”, ordering bottles of expensive champagne only to shower it all over their guests while drinking almost none of it. However a year later these revelers have completely disappeared following the collapse of FTX. I can’t say I’d particularly miss their company, though obviously if I were the owner of a business picking up $6 million just so some rich brats can spill a drink then maybe I might be more annoyed!

That’s about all the news I have to share with you in today’s Weekly CryptoNews Digest on MNO. Please tune in next Monday to find out more!

GET PAID REPORT FOR 28/11/2022

Here is the list of the programs from my monitor that paid me for the last 168 hours:
From MNO Sticky list: –
From MNO Premium list: –
From MNO Standard list: –
From MNO Basic list: ShuttleRent.

And I will have to finish today’s post on the MNO blog and head to the Tel-Aviv beach to swim in the still warmish waters of the Mediterranean Sea. Next time I hope to talk to you all again next Monday when I will write another article on board a flight to Athens where I will spend another week of my vacation before returning home. Thanks for all reading and I hope to see you all again soon on MNO – For Money Lovers!