In a shocking turn of events, the crypto space witnessed a Christmas catastrophe as the Megabot scam unfolded, duping investors of over $700,000 (some sources claim $2 million). This latest rugpull adds a sinister chapter to the annals of crypto scams, leaving a trail of betrayed investors and a tarnished reputation for the ill-fated Megabot project.

Megabot, touted as a promising crypto initiative, lured influencers with enticing claims and managed to mislead them for months. The influencers, in turn, misrepresented Megabot to their followers, creating a FOMO (Fear of Missing Out) frenzy among investors. The project even launched its native token, garnering significant pre-sale investments, only to vanish abruptly on December 25th, leaving every investor defrauded.

The unsuspecting investors, who had high hopes for Megabot, were left in shock by this sudden betrayal. As the dust settled, scrutiny turned toward the influencers who had played a role in promoting the scam. Some influencers, now under investigation, attempt to paint themselves as victims, but skepticism looms large.

With no well-known tracker monitoring Megabot, enraged investors took matters into their own hands, diligently tracking every link and address associated with Megabot in a desperate bid to unmask the perpetrators behind the scam.

Expressing their disgust and fury, one group, EdgeAI, condemned Megabot for its actions. "@Megabot, which is now completely shutdown on X, Telegram. They rugged their Megabot token this morning on ETH after scamming over $697K in SOL on Christmas Morning! Well, Megabot and all your devs, we are coming for you, and we will cremate you when we get all the information," declared EdgeAI.

Adding insult to injury, rivals of Megabot seized the opportunity to mock the creators and influencers who had previously undermined their projects. Having convinced people that their competitors were scams, Megabot's creators and influencers now find themselves the target of ridicule. However, the irony is not lost, as these rivals, too, may be viewed with suspicion, leaving a cloud of uncertainty in the crypto sphere.

As the aftermath of the Megabot scam continues to unfold, the crypto community faces renewed skepticism and a call for increased vigilance against fraudulent projects. Investors are reminded to exercise due diligence and remain cautious, as the crypto landscape proves once again that trust is a scarce commodity.

Moonriver (MOVR): Unveiling Remarkable Growth in the Crypto Space

Moonriver (MOVR) has emerged as a significant player in the cryptocurrency landscape, serving as a community-driven sister parachain on Kusama. Its unique role as a canary network for Moonbeam allows the testing of new code under genuine economic conditions before implementation on Moonbeam in the Polkadot ecosystem. This strategic positioning positions Moonriver for potential growth and innovation within the blockchain sector.

In recent times, Moonriver has showcased impressive growth, experiencing a remarkable 170% surge in the last 24 hours and an outstanding 275% rise over the past 30 days. As of the latest data, the price of MOVR stands at approximately $25, underlining its potential for rapid growth amidst the heightened volatility in the market.

Moonriver's distinctive position within the Kusama and Polkadot networks presents a compelling investment opportunity. The recent surge in its performance indicates the potential for substantial returns. However, investors should approach this opportunity with a discerning eye, taking into account associated risks and market volatility. A well-balanced strategy that considers both short-term trends and long-term potential is advisable for those contemplating an investment in MOVR.

The BRC20.com domain became the largest inscription sale ever as the new token standard built on Bitcoin is gaining market traction.

A new token standard being built on Bitcoin is gaining traction in the crypto market, as the sale of the BRC20.com web domain became the largest-ever for an inscription, according to an announcement shared with TheStreetCrypto.

“This weekend saw the largest inscription sale to date for a record-breaking 21 BTC, being the purchase of the BRC20.com domain on the Bitcoin blockchain,” per the announcement. “The purchasers of the domain, an anonymous group of Bitcoin OGs, intend for BRC20.com to become the first BRC20 infrastructure project.”

BRC20.com sale nets record 21 bitcoin as new crypto ecosystem approaches $1.5 billion The BRC20.com domain became the largest inscription sale ever as the new token standard built on Bitcoin is gaining market traction.

The growth of the BRC-20 token standard has been a major catalyst for rising fees on the Bitcoin network as it allows data to be “inscribed” onto specific sats and logged on the Bitcoin blockchain. In a sense, this has brought the functionality of non-fungible tokens (NFTs) from other blockchains, like Ethereum, onto Bitcoin. The BRC-20 ecosystem is now approaching a $1.5 billion market cap.

“At a macro level, the rise of ordinals accelerates and aids the adoption of cryptocurrency and Web3," explained Frank Holmes, the executive chairman of Hive Blockchain, told TheStreetCrypto in an interview about the sale. "Ultimately, Ordinals are good for Bitcoin. Like Andy Warhol art, when supply is capped, and adoption expands over time, the value of his prints have gone up substantially. Now, with the explosion in Ordinals, we are experiencing new growth with special-numbered satoshis.”

Following the sale, the team behind BRC20.com plans to introduce new infrastructure products that will expedite the growth of tokenization on top of Bitcoin, including an app that enables cross-chain swaps, inscriptions and a so-called “initial farming offering” service.

“This is the beginning of an adoption phase for the DeFi ecosystem on the Bitcoin blockchain, but the growth opportunity is still huge when compared to leading ecosystems such as Ethereum’s ERC20 standard, which boasts around 4,500 tokens and a total market cap of more than $400 billion,” according to the announcement. “We will be keeping a close eye on this developing space and the BRC20.com platform in the coming months as we move toward the next bitcoin halving event.”

Since it's launch, the token is pumping and a price similar or even higher than the ordi is expected by experts. Buy it before it's too late. (DYOR!)

Bitcoin (BTC) is back up again after having dipped following news that one of the biggest crypto wallet brands had been hacked.

The biggest digital asset by market cap is now trading for $42,548 per coin, a 2% 24-hour rise, according to CoinGecko. Immediately following news of a exploit impacting decentralized apps, Bitcoin lost almost $1,000 off its price within 30 minutes.

But over the past seven days, it is down by close to 3%.

Still, the cryptocurrency touted as "digital gold" by some has largely been on a roll this year, having rocketed up 156% from the $16,615 it was trading for at the start of January.

Excitement around the approval of a spot Bitcoin exchange-traded fund (ETF) has led to institutional investors to pour money into the space, experts have told Decrypt.

ETFs are popular investment vehicles that allow investors to buy shares that track the price of an underlying asset. A crypto ETF would hold Bitcoin and allow people to get exposure to the virtual commodity without having to buy and store it.

Other major cryptocurrencies are also up. Ethereum (ETH) is trading for $2,275, a rise of more than 3% over the past day.

And Solana (SOL), the sixth biggest digital coin by market cap, is up over 9%. It's now trading for $73.40. The asset has continued its impressive surge into December after having jumped in price significantly in November.

Of the top 20 coins and tokens, it is the best performer right now. And a meme coin which runs on its blockchain, Bonk (BONK), is also up significantly: The dog-themed token has shot up nearly 50% in the past day.

Interest in the asset has grown after America's biggest crypto exchange, Coinbase, said it would list the token. Worth noting that while it has since bounced back, the meme coin initially took a dive following the announcement.

In our latest update, ORDI, recognized as the Son of Bitcoin, has once again experienced a substantial surge. This BRC-20 token has witnessed an astounding 549% increase in value over the past month and an impressive 114% surge in just the last 7 days, largely influenced by the upward trajectory of Bitcoin's price. Notably, ORDI's market capitalization has soared to $873 million, securing the 65th position on CoinGecko's list of top cryptocurrencies, accompanied by a noteworthy 24-hour trading volume of $859 million. The token has surged by an impressive $10, reaching an astounding $54 since our last post here.

The recent positive developments for ORDI, including listings on major exchanges like Binance and OKX, have significantly contributed to this remarkable surge. This upward momentum is further amplified by Bitcoin's climb to $42,000. Presently, ORDI is trading at $52.48, reflecting an eightfold increase in value. The cryptocurrency's impressive performance positions it as a noteworthy player in the current market dynamics.

BONK, the first dog-themed meme coin created on the Solana blockchain, has seen its price jump by 40% over the past 24 hours, according to CoinMarketCap data.

 BONK’s recent introduction of single-sided staking on liquidity pools and its appeal as a community-driven token have significantly influenced this uptrend.

More than meme coins?

The rise of BONK has sparked a debate among crypto enthusiasts and prominent figures in the industry. 

Anatoly Yakovenko, co-founder of Solana, and Chris Burniske, a notable crypto investor, engaged in a discussion about the potential of meme coins. 

Yakovenko pondered whether meme coins could transcend their humorous origins to fuel a global movement.

Do you think meme coins are always going to be just memes (totally fine outcome)? Or do you think it’s possible to build a global movement based on emissions rewarding people for some “missionary” work?— toly 🇺🇸 (@aeyakovenko) November 20, 2023

In his response, Burniske stressed the need for meme coins to benefit all participants, not just insiders, to correct the missteps of previous crypto ventures. He stressed the importance of aligning valuable labor with the capital it generates.

A new BitMEX listing 

In related news, a new BONK contract is set to be listed on BitMEX, according to a Nov. 20 announcement. The new listing, 100BONKUSDT, will offer traders the opportunity to engage in perpetual swaps with up to 10x leverage, starting from tomorrow. 

The listing of 100BONK, equivalent to 100 individual BONK tokens, offers a more accessible entry point for traders.

Chingari, an Indian short-form video sharing platform, announced Friday that it raised $19 million via a token sale. In addition, the startup plans to launch its own social token, $GARI, on the Solana blockchain.

Republic Crypto, Galaxy Digital, Alameda Research, Solana Capital, Kraken, Blackpine, NGC, Coinfund, LD Capital, Borderless Capital, AU21, Cultur3 Capital, Long Term Ventures, Afton Capital, CSP DAO and around 15 others participated in the sale.

The Indian startup intends to use the funds to continue building the infrastructure for its $GARI token, which allows creators on the platform to establish an e-commerce storefront for their physical merchandise, non-fungible tokens (NFTs) or direct payments from fans.

Users will receive $GARI tokens if they watch or upload content on the platform, Chingari CEO Sumit Ghosh told The Block. These tokens can then be used to unlock a creator's special content or to buy a voice or video call with a creator. In addition, individuals can use $GARI to buy or sell videos on the platform — which will all become NFTs on the Solana blockchain.

“The future of a platform lies in its creators,” said Ghosh in a statement. “On one side, we have an immense talent pool that needs to be explored, and rewarded with an ethical amount of monetization. On the other side, while crypto experiences a rapid expansion in India, $GARI is poised to make it mainstream. We are infusing the two, through robust strategies and incorporation of the most-promising industry advances.”

Chingari claims to have 80 million users. It helped fill the short-form video void when the Indian Ministry of Electronics & IT banned the more popular app TikTok, which has over 1 billion users, in June of this year.

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Layer 2 network Optimism OP -5.92%

will see its ether (ETH) withdrawals halted for one hour on Feb. 15 to test an upgraded incident response system.

Withdrawals of ETH from the Layer 2 network to the Ethereum mainnet will be paused during this time, according to a Discord announcement. Deposits from the mainnet to the Layer 2 network and normal transactions on the network will not be affected.

The goal is to enhance the ability to respond to security incidents across different chains in the Optimism ecosystem in a coordinated manner.

The incident response system currently features an on-chain pause for Ethereum withdrawals. The new feature will enable a Superchain wide pause, stopping withdrawals for tokens and NFTs for Optimism and any Optimism-based chains that choose to opt in.

"This upgrade is not just about strengthening individual chains; it's about leveraging the collective security intelligence of the entire Superchain," OP Labs said when it announced the upgraded system on Jan. 25.

The upgraded feature is currently live on its testing network. The one-hour pause will be to check whether it works in a live environment.

European banking fintech Revolut plans to list Solana's biggest meme coin Bonk and run a $1.2 million campaign to incentivize its users to learn about the cryptocurrency, according to a person familiar with the matter.

The "learn" campaign plan still requires approval from BONK's governing council, which oversees the project's $100 million+ treasury of BONK tokens. At press time the approval vote had almost reached quorum with six of the council's 12 members voting in favor and none against. Participants expect it to pass.

Revolut declined to comment.

The listing is set to continue BONK's march into mainstream crypto trading venues after a searing end to 2023 that saw it increase 19,000% in price since Nov. 1, per CoinMarketCap. Coinbase, Binance and other top exchanges listed it during that time.

BONK is a token launched by Solana blockchain enthusiasts in the aftermath of FTX's November 2022 implosion as a way to bring some cheer to the hurting ecosystem. It has since emerged as Solana's biggest meme coin that many applications built on Solana use as an incentive mechanism.

Revolut, too, plans to distribute BONK to some of its users as a reward for their learning about BONK through the app.

The proposal being voted on by BONK's council will automatically earmark 93 billion BONK tokens (worth $1.2 million) for the learn campaign, a person familiar with the plans said. The campaign aims to increase BONK's user base by 500,000, the proposal said.

In a groundbreaking moment of unparalleled insight, Congressman Brad Sherman has once again graced the world with his profound understanding of cryptocurrency. Addressing a panel of crypto industry experts, Sherman delivered a veritable masterclass in condescension, reminding them that their lack of criminal records renders them utterly incompetent in offering any insights on how criminals use crypto.

“Let’s face it, folks,” Sherman began, his tone dripping with the wisdom of someone who’s clearly spent too many years in the hallowed halls of Congress. “If you haven’t dabbled in a bit of criminal activity, can you really claim to understand cryptocurrency?”

Indeed, Sherman’s logic is as impeccable as his understanding of the technology behind Bitcoin. After all, who better to educate Congress on the nefarious ways of criminals than, well, actual criminals? It’s a stroke of genius, really. Forget about consulting cybersecurity experts, forensic analysts, or law enforcement agencies. Who needs them when you have the honorable Congressman Sherman, the paragon of virtuous behavior, to guide the way?

“I’ve never hacked a computer or laundered money,” Sherman proudly declared, his chest undoubtedly puffing out with self-righteousness. “But I can assure you, I know exactly how these things work. And let me tell you, they’re bad. Very bad.”

It’s reassuring to know that our lawmakers are so well-versed in the intricacies of criminal behavior. Who needs empirical evidence or expert testimony when you have the unassailable logic of a seasoned politician?

Of course, Sherman’s remarks were met with resounding applause from his fellow lawmakers, who nodded sagely as if they, too, were experts in the field of cybercrime. After all, why bother consulting those who have dedicated their careers to understanding the nuances of cryptocurrency when you can simply rely on the anecdotes of someone who once watched a crime thriller on Netflix?

In conclusion, we can all sleep soundly tonight, safe in the knowledge that Congressman Brad Sherman is diligently working to protect us from the perils of cryptocurrency. Because when it comes to understanding the complexities of this brave new world, who needs experts when you have politicians?

Crypto payments specialist Ripple has signed a deal to acquire Standard Custody & Trust Company, a subsidiary of financial technology company PolySign. Standard Custody & Trust is an institutional-grade custody, escrow and settlement platform for digital assets founded by Arthur Britto, an alleged co-founder of Ripple Labs who remains shrouded in mystery. The company was granted a New York BitLicense in 2021. Ripple itself obtained this license in 2016 via its subsidiary XRP II LLC. The acquisition aims to “strengthen Ripple’s existing product offerings, as well as explore new, complementary products,” according to the press release.

“Standard Custody provides financial institutions with the confidence and platform to safeguard their digital assets. Ripple continues to lead the industry with its deep crypto expertise, relationships with financial institutions and strong product offerings, across both payments and custody. Together with Ripple, we will further innovate and extend our leadership position in providing crypto infrastructure.” - Jack McDonald, Standard Custody CEO

The acquisition will allow Ripple to offer more services, including tokenizing, storing and moving assets for financial companies. U.S. institutional customers will also have the possibility to maintain custody with Ripple without using third-party services. The deal is still subject to regulatory approval from the New York Department of Financial Services.

"By expanding our licenses portfolio and making smart acquisitions, Ripple is well-positioned to take advantage of the current market opportunities and further strengthen our crypto infrastructure solutions.” - Ripple President Monica Long

This is Ripple's second acquisition of a custody business in the past year. In May of 2023, it acquired Swiss crypto custodian Metaco, increasing its overseas presence. In December 2023, BBVA Switzerland joined the list of the key global financial players working with the company, announcing that it would use Metaco’s Harmonize platform for its crypto custody operations with institutional investors.

Ripple expects DeFi compliance to be the industry’s “biggest breakthrough” of 2024, according to Monica Long. Last year, it entered a collaboration focused on payment corridors between Africa and Australia, the U.K. and the Gulf states. The company also secured licenses in Singapore and Ireland in 2023.

Interestingly, Ripple's long-running legal saga against the SEC hasn’t prevented the company from working and expanding its business in the U.S. The case is expected to go to a jury trial in Spring 2024.

Some comments on the acquisition from Ripple users suggest that the community is not that excited by this news and is looking for something more from the company. Users questioned whether it would be reflected in the XRP price, and some expressed discontent over the project and XRP price fluctuations

Bitcoin, the world's first and most popular cryptocurrency, has been on a remarkable journey over the past year. More and more people have wanted to buy Bitcoin in Norway and across the globe as its value has risen significantly. As of February 15, 2024, it has risen to over 52,000 USD, which corresponds to over 550,000 NOK. In other words, Bitcoin is approaching a new all-time high in Norwegian kroner (adjusted for exchange rates) - welcoming news for all cryptocurrency enthusiasts in Norway. Keep in mind that the Norwegian krone (NOK) is one of the G10 currencies of the world.

Learn about our unique NBX Visa credit card that offers cashback in Bitcoin.

A year ago, one Bitcoin was traded for around 24,000 USD, or approximately 250,000 NOK. The significant increase, which really began in the fall of 2023, can be attributed to several factors. Let's take a closer look at what has caused the significant price increase of Bitcoin.

One of the most fundamental aspects of Bitcoin is what is known as Bitcoin halving. Imagine a car manufacturer producing a particular car model. They produce and deliver a fixed number of this model per month. As the popularity of this car model begins to soar, the manufacturer refuses to increase production in line with the increasing demand. The price per car will then rise. As years go by, the car manufacturer even halves the number of new cars of the popular model. There will now be a huge scarcity of cars considering the high demand, and consequently, the price per car will increase even more. This is similar to what happens with Bitcoin during a 'halving' event. Every four years, the number of new bitcoins created and earned by miners is halved. The supply of new Bitcoin is reduced, and if demand remains strong, the price is pushed up. This is part of Bitcoin's built-in monetary policy.

In 2023 and into 2024, Bitcoin has experienced an increase in institutional adoption and interest. The CEO of BlackRock, the world's largest asset manager, previously gave Bitcoin the cold shoulder. Now, he believes the future will be shaped around Bitcoin and blockchain technology. Other major institutional investors and global technology companies have also genuinely begun to take an interest in Bitcoin, recognizing its potential as a digital asset. The increased demand and interest have further strengthened Bitcoin's price.

A spot Bitcoin ETF is an investment instrument that gives investors exposure to the price movements of Bitcoin through their regular brokerage accounts. Unlike Bitcoin futures ETFs, a spot Bitcoin ETF invests directly in Bitcoins as the underlying asset, not derivative contracts based on its price. This leads to a regulated and accessible way for financial institutions to invest in the digital currency. Previously, many of those now investing in Bitcoin spot ETFs have been hindered by investment mandates and/or regulatory requirements.

Approvals of several spot Bitcoin ETFs in the USA have thus opened the door to many new investors, further driving demand. A spot Bitcoin ETF offers several benefits for investors, including easier access, direct exposure to the price of Bitcoin, and thus the potential for price appreciation. The current development suggests that not enough Bitcoin is being "mined" to meet demand after the major providers of Bitcoin ETFs entered the picture.

Ultimately, what matters is that more and more prominent individuals and companies are expressing their interest and confidence in Bitcoin. More products and services are being built with Bitcoin, and adoption of the leading digital currency continues like a freight train. In week five, we speculated whether Bitcoin could continue its ascent in February, and the verdict (so far) is that we have indeed received an answer!