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More Than 10,000 People Have Fallen Victim To Fake Cryptocurrency Apps

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Cryptocurrency

The rise of cryptocurrency has opened up a lot of opportunities especially when it comes to investing and transactions. For example, cryptocurrency has the power to make e-commerce significantly easier due to the ease of payments since it can be instant. It basically makes the world a playing ground as far as global currency transfer is concerned. However, this has also opened up more doors for fraud and scammers.

There are numerous cryptocurrency wallets out there that allow people to hold their money in the form of digital currencies such as bitcoin and they also give users the option of converting the money back to regular currency. However, most people prefer the convenience offered by mobile platforms especially for the purposes of mobility. For this reason, most people prefer to use apps rather than visiting actual websites through browsers. The same case applies to people who want to use bitcoin to transact.

The fact that there are billions of smartphone users has led to the creation of cryptocurrency wallet apps but this has also opened doors for rogue developers to make a killing by stealing cryptocurrency through fake digital currency apps. More than 10,000 people have downloaded such apps and fallen victims to the scammers. Many people have reported losing their money through such apps.

Most of the victims have reported that they were locked out of their accounts and their details were stolen and they ended up losing their digital currencies. The fake cryptocurrency apps have also managed to infiltrate the two major mobile operating systems, Android and iOS. The most recent report was an app called MyEtherWallet, a fake spinoff app of the popular website under the same name. The app was available for download on the App Store for $4.99 and it even managed to secure a spot among the most popular apps. However, there have been numerous reports flagging the app as fake.

Most of the apps seem to be masquerading as apps the app versions of cryptocurrency websites. One good example is Poloniex which does not have an app version of its website but there are numerous apps on Google Play that bear the same identity. The failure of cryptocurrency wallets to come up with app versions of their websites is a major reason for the existence of these apps. If genuine app versions were generated, then there is a chance that the fake ones could easily be flagged and removed from Google Play and the App Store.

Some rogue developers are simply bent on making a quick buck from the cryptocurrency industry. However, the fact that it is still a young industry despite rapid growth means that there are loopholes that can be used to take advantage of the system.

The problem with such apps is that it is not easy to tell which one is legitimate and which one is the counterfeit one. Cryptocurrency holders are thus better off managing their balances through websites just to be on the safe side.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of urbanartcore.eu via Flickr

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has…

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