02/06/2024. Weekly CryptoNews Digest (May, 27 – June, 02)

Hello and welcome to the first summer edition of the MNO blog, where you’ll find information on the best investment opportunities online. As a specialist in generating buzz and highlighting the most profitable programs in the HYIP industry, I’ve been doing this since 2007, when my blog first launched.

Seventeen years have passed, and it’s hard to believe what could have been achieved by a single person with a passion in their heart. My passion has always been to find the best investment opportunities online and share them with you, my dear readers and followers, while also keeping you informed about the latest trends and developments in the HYIP industry.

Over the years focus has shifted dramatically, making way for crypto-related investments that have dominated investor activity in recent years. This shift has significantly impacted the HYIP industry and, in turn, the MNO blog. As a result, I now provide a weekly summary of the most widely discussed events from the previous week in last Sunday’s Weekly CryptoNews Digest.

Before delving into today’s main topic, let’s take a moment to reflect on the collapse of WizerPeople, which occurred a week ago. Additionally, I’ll update the MNO TalkBack poll and analyze the responses from the previous poll.

WIZERPEOPLE – ENDED BUT STILL PROFITABLE FOR MANY INVESTORS

After 60 days on the MNO monitor, WizerPeople finally ceased operations and stopped paying out last Sunday. In response, I immediately took action and updated the program’s status on my monitor from Problem to Scam. I wanted to alert you to this development and advise against reinvesting during the last week.

WizerPeople garnered significant attention due to its resemblance to successful programs of the past. However, it failed to generate the same level of hype as those programs during the golden era of HYIPs. Despite this, there was ample time to profit from its 50-day investment plans and reach the profit zone comfortably. Unfortunately not all investors were able to spot WizerPeople at the right time to take advantage of its offers. Nevertheless, those who did should have been comfortably in the black.

To stay ahead of the curve and capitalize on the emergence of new HYIP leaders, join a growing community of subscribers by signing up for the MNO newsletter on this page. As a subscriber, you’ll be among the first to receive updates on new programs, such as WizerPeople, giving you a head start on investing and potentially benefiting from being an early member. Don’t miss this opportunity to stay informed and ahead of the pack!

Additionally, be sure to follow MNO on Telegram, Facebook, or Twitter to stay up-to-date on the latest developments in the HYIP and crypto-related industries as they happen.

If you have any questions or concerns, I’m here to help! You can easily get in touch with me through the contact form on this website, send an email to abramsonp@gmail.com, or chat with me live on Telegram at @mnoblog. I’d be delighted to connect with you and provide assistance whenever possible.

MNO TALKBACK – POLL RESULTS AND NEW POLL PUBLISHED

Now it’s time to analyze the results of the poll I asked readers to vote on in the MNO TalkBack page a few weeks ago.

I suggested playing a psychic game imagining yourselves seeing the future by answering the following question: How much do you think Bitcoin will be worth by the end of May 2024?

As most of us expected, with Bitcoin going through the roof, the absolute majority (83.3%) thought “It will propel to at least the $100K mark.” Unfortunately, that didn’t happen, and at the time of writing the price of BTC was slightly over $68K.

So, ironically, the remaining 16.7% of voters were right when they predicted BTC “will stay between the $60K and $80K.” Congratulations on their foresight and ability to predict future market moves – qualities certainly essential for any successful crypto trader.

Finally, we had zero pessimists on the MNO blog, with no one voting for the option “It will fall below the $60K value mark.” I guess we have quite a lot of BTC believers here!

It’s now time to move on to a new question you can vote on over the next few weeks on MNO TalkBack. Let’s play the Ethereum guessing game and see if you’ll be luckier this time!

As you might already know (or will find out in the upcoming Weekly CryptoNews Digest article), Ethereum could be next in line for explosive growth. Currently, ETH is hovering around the $3,800 mark, but what will it be worth in four weeks? Will it surpass its own record of $4,878, set back in November 2021, or will it dip significantly as the market fluctuates?

The question will be as follows: What will ETH cost by the end of June, in your opinion?

Possible available answers will be:
– It will set a new record surpassing the $5,000 mark
– It will hover around the current $4,000 mark
– It will go down to or below the $3,000 mark

Make your voice heard and submit your vote on the MNO TalkBack page! Thanks for your active participation. We’ll see if you’re all skilled forecasters for this currency as well as BTC in the previous poll, or maybe the results will be as surprising as the last question. There’s only one way to find out!

Now, it’s time to delve into the top news stories from the past week, spanning May 27 to June 02, 2024. In this Weekly CryptoNews Digest on the MNO blog, I’ll be summarizing the most significant events and updates from the world of cryptocurrency and HYIPs. Let’s take a closer look!

TOP MOVING TOKENS IN MAY 2024

As the crypto market continues to evolve, certain tokens have stood out in terms of price movement and adoption. Let’s take a look at some of the top-performing tokens during May 2024.

1. Ethereum (ETH)
– Price Surge: Ethereum experienced a significant price surge during May, reaching new all-time highs. The growing interest in decentralized finance (DeFi) and non-fungible tokens (NFTs) contributed to ETH’s bullish momentum.
– Layer 2 Solutions: The adoption of layer 2 solutions, such as Optimistic Rollups and zk-Rollups, has improved scalability and reduced gas fees on the Ethereum network.

2. Solana (SOL)
– Rapid Growth: Solana has been one of the fastest-growing blockchains, attracting attention due to its high throughput and low transaction costs. Developers and projects are increasingly building on Solana, leading to increased adoption.
– DeFi Ecosystem: Solana’s DeFi ecosystem has expanded significantly, with projects like Serum and Raydium gaining traction.

3. Polygon (MATIC)
– Layer 2 Scaling: Polygon (formerly Matic) has become a popular choice for layer 2 scaling solutions. Its low fees and compatibility with Ethereum smart contracts have driven adoption.
– DApps and NFTs: Polygon’s ecosystem includes various decentralized applications (DApps) and NFT platforms, making it an attractive option for developers and users.

4. Avalanche (AVAX)
– Ecosystem Growth: Avalanche has seen substantial growth in its ecosystem, with new projects launching and existing ones expanding. Its consensus mechanism and subnets offer scalability and flexibility.
– Cross-Chain Interoperability: Avalanche’s focus on interoperability allows seamless communication between different blockchains, making it appealing for DeFi and NFT projects.

5. Tezos (XTZ)
– Staking Rewards: Tezos continues to gain attention due to its staking rewards and on-chain governance. Users can actively participate in decision-making processes, making it a unique proposition.
– Smart Contracts and Upgrades: Tezos’ focus on formal verification and self-amendment has attracted developers looking for secure smart contract platforms.

These tokens represent just a snapshot of the dynamic crypto market in May 2024. As always, investors should conduct thorough research and consider their risk tolerance before making any investment decisions.

BITCOIN COULD BENEFIT FROM ETHEREUM-LIKE FEATURES

As the crypto landscape evolves, some investors recognize Ethereum’s broader utility and believe it has more long-term upside than Bitcoin. However, a significant change is on the horizon for the Bitcoin blockchain network, making it more akin to Ethereum. Let’s explore how Bitcoin could benefit from adopting some Ethereum-like features.

The Need for Adaptation
– DeFi and NFTs: Ethereum’s success lies in its ability to support decentralized finance (DeFi) applications and non-fungible tokens (NFTs). Bitcoin, traditionally viewed as digital gold, could expand its use cases by embracing similar functionalities.
– Real-World Assets (RWAs): Developers are exploring ways to tokenize real-world assets on the blockchain. By incorporating this capability, Bitcoin could become a home for RWAs, bridging the gap between the digital and physical worlds.

Striking a Balance
– Proof-of-Stake (PoS) vs. Proof-of-Work (PoW): While Ethereum has transitioned to PoS, Bitcoin remains committed to PoW. However, finding a middle ground could enhance Bitcoin’s scalability and energy efficiency without compromising security.
– Codebase Stability: Unlike Ethereum’s frequent codebase changes, Bitcoin’s stability has been a hallmark. Striking a balance between innovation and stability is crucial for Bitcoin’s growth.

The Synergistic Future
– Emulating Each Other: Bitcoin and Ethereum have emulated aspects of each other over time. As they continue to evolve, synergies may emerge, benefiting both ecosystems.
– Beyond Tribalism: Rather than pitting Bitcoin against Ethereum, recognizing their complementary strengths could lead to a more robust crypto landscape.

In summary, Bitcoin’s growth potential lies in its ability to learn from Ethereum’s successes while maintaining its core principles. As the crypto community navigates this exciting journey, adaptability and collaboration will be key.

DMM BITCOIN HACKED FOR OVER $300 MILLION IN BTC

In a major security breach, Japanese crypto exchange DMM Bitcoin confirmed that it fell victim to a hack resulting in the theft of 4,502.9 bitcoin, valued at approximately $305 million. This incident ranks as the eighth largest crypto theft in history.

Date of the Hack: The exchange confirmed the hack on Friday, May 31, 2024.
Stolen Amount: A total of 4,502.9 BTC was stolen, equivalent to $305.1 million.
Customer Deposits: Despite the theft, DMM Bitcoin assured its customers that all bitcoin deposits would be fully covered. The exchange plans to replace the stolen bitcoin with the assistance of affiliated companies, although the exact timeline for this replacement has not been specified.

Reimbursement for Clients
Reassurance: After announcing the theft, DMM Bitcoin assured its clients that it would reimburse them for any losses resulting from the heist.
Affiliated Companies: The exchange aims to recover the stolen funds by collaborating with affiliated companies.

Industry Impact
Significant Hack: The theft of over $300 million worth of Bitcoin from DMM Bitcoin’s primary wallet is one of the largest hacks in the digital asset industry in recent years.
Crypto Security Concerns: This incident highlights the ongoing need for robust security measures in the cryptocurrency space. Exchanges must continually enhance their security protocols to safeguard user funds and maintain trust in the ecosystem.

SENATOR WYDEN: CRYPTO BILL PROGRESS UNCERTAIN

Senator Ron Wyden (D-Oregon), known for his support of crypto issues, expressed skepticism on Friday regarding the swift passage of legislative solutions for the industry. However, he emphasized that momentum would continue into the next year in Washington.

Key Points:
– Late in the Session: Senator Wyden acknowledged that it is getting late in the legislative session, making it uncertain how far the crypto bill will progress.
– Regulatory Framework: Despite the timing challenges, Wyden commended House Financial Services Committee Chairman Patrick McHenry for establishing a regulatory framework. The focus is on combating fraud and protecting investors from rip-off artists.

Industry Implications:
– Crypto Legislation: The House’s approval of the digital assets legislation has now shifted the baton to the Senate. However, the odds of decisive action in the Senate remain low.
– Security and Regulation: Senator Wyden’s comments underscore the need for robust regulatory measures in the cryptocurrency space. As the industry continues to evolve, policymakers must strike a balance between innovation and investor protection.

BINANCE FOUNDER CZ BEGINS PRISON SENTENCE

Changpeng Zhao (CZ), the founder of Binance, has officially begun his four-month prison sentence for money laundering charges. Despite the sentencing, the crypto community has rallied behind CZ, praising his decision to prioritize Binance’s stability over his personal freedom.

Key Points:
Sentencing Details:
– CZ pleaded guilty in November to violating the Bank Secrecy Act by failing to set up an anti-money-laundering program.
– The Department of Justice (DOJ) had initially recommended a three-year prison sentence, but the federal judge ultimately sentenced CZ to four months. CZ stepped down as Binance CEO following his guilty plea.

Community Support:
– The crypto community has shown unwavering support for CZ during this challenging time.
– Many recognize his contributions to the industry and appreciate his commitment to maintaining Binance’s integrity and security.

Industry Implications:
– CZ’s case highlights the importance of regulatory compliance within the crypto space.
– As the industry matures, adhering to anti-money laundering regulations becomes crucial for exchanges and other crypto-related businesses.

While CZ serves his prison term, the crypto world continues to evolve. Investors and enthusiasts alike remain vigilant, emphasizing the need for both innovation and adherence to legal standards.

That’s all for today’s news on MNO. Thank you for taking the time to stay informed and being a part of the community. I hope you have a fantastic weekend and that the upcoming business week brings you much prosperity and success. You deserve it! Don’t forget to vote in the latest poll on the MNO TalkBack page – the final results will be drawn next week when I’ll be back with more updates. MNO – For Money Lovers!