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Cyber criminals using crypto mixing services are booming

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The world of cryptocurrency is growing exponentially, but with this new popularity comes a rise in cybercrime. New virtual currencies such as Bitcoin make it possible for users to transfer money without intermediaries or third parties. This process is called “crypto mixing” and involves assigning digital tokens, so the final receiver appears to be a different user, concealing their real identity. A study by Cisco revealed that cyber criminals are now using crypto mixing services to launder their money while they remain undetected. The report found that over 800 known cryptocurrency mixing services operate as a virtual black market, allowing cybercriminals to hide stolen funds from exchanges and users. Keeping in mind that the value of virtual currencies has grown drastically over the past year, it’s no surprise thieves are jumping on this opportunity. Read on to learn more about this growing trend and how you can protect yourself from being victimized by crypto-laundering hackers.

What is Crypto Mixing?

Crypto mixing is a type of online money laundering that exchanges one cryptocurrency for another to conceal the source of the funds. Cryptocurrencies are designed to be decentralized and to not have any central authority that can control the flow of cash. This makes it nearly impossible to track the source of money sent through these systems. Crypto mixing services have popped up online to help users launder their money. Users send their funds to one of these services and then are sent funds that are of equal value but come from a different wallet address. This way, the source of the funds is almost impossible to trace. There are several different types of mixing services. Some only allow the user to exchange one type of cryptocurrency for another, while others allow the user to send in a wide variety of digital currencies and receive a different assortment in return.

Why are Crypto Mixers so Popular?

Two main reasons cybercriminals turn to crypto mixers to launder their money. First, the public image surrounding cryptocurrencies has been tarnished by stories of hackers stealing funds from exchanges. Crypto mixers allow cyber criminals to continue stealing money from an exchange and then send their stolen funds through a crypto mixer to make the stolen funds untraceable. Second, new regulation has made it difficult to move funds through banks. Crypto mixers allow cyber criminals to exchange their fiat money for cryptocurrencies and then send their crypto funds through a crypto mixer to convert their cryptocurrencies into a different digital currency.

How Does Crypto Mixing Work?

Crypto mixers are online services that allow users to send in their funds and receive a different amount of funds back from a different wallet address. The mixer will exchange your funds for other funds and then send you an additional amount from a different wallet address. Your wallet address is made up of a long string of letters and numbers. The mixing service will take your wallet address and then add random numbers to the end of your wallet address. The service will then send your funds along with other users’ funds to the exchange wallet address. The exchange will then send your funds along with the other funds to the receiving wallet address specified by the user. The funds that the mixing service gets from the exchange will use a different wallet address than the receiving wallet address that the user specified. This way, the source of the funds is almost impossible to trace.

3 Services Used by Cyber Criminals

There are a variety of crypto mixing services that cyber criminals use, each with their own unique features. Below, we’ve listed a few crypto mixing services that are used by cybercriminals. Bitcoin Fog – Bitcoin Fog is one of the most popular crypto mixers that are used by cybercriminals. You can only deposit and withdraw Bitcoin and you can’t withdraw fiat money. There is a minimum withdrawal of 0.001 BTC/ 0.001 ETH per month. 

Crypto Fog – This service allows you to deposit and withdraw various virtual currencies. There is a minimum withdrawal of 0.01 ETH. 

BitCloak – This option allows you to deposit and withdraw various virtual currencies. There is a minimum withdrawal of 0.01 ETH. 

Bitcoin Mixer – This option allows you to deposit and withdraw Bitcoin. There is a minimum withdrawal of 0.001 BTC.

How to Protect Yourself from Crypto-Laundering?

The best way to protect yourself from crypto-laundering is to know what signs to look for if you’re using a crypto mixer. Here are some things to look for if you’re using a crypto mixer. Slow Withdrawals – If you’re using a mixing service, it might take you a week or two to receive your funds. If you’re sending your money to a mixing service and then you wait for weeks and weeks for your money, something is wrong. Increased Minimum Withdrawal Amount – Mixing services are generally free to use, but some may charge a small fee. If the mixing service you’re using suddenly increases the minimum withdrawal amount, the service may be a scam.

Conclusion

Cyber criminals are using crypto mixing services to launder their money while they remain undetected. The value of virtual currencies has grown drastically over the past year, and it’s no surprise that thieves are jumping on this opportunity. Make sure to stay informed about these crypto mixing services and how they work so you can protect your assets from being stolen by cyber criminals.

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Crypto News

How high leverage crypto lending market collapses

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As the number of crypto lending projects increases, the demand for high-quality banks in this space has also increased. However, the current market is in a tailspin and not much can be done about it. Like other asset markets, such as stock and bond trading or real estate development, the crypto lending market faces multiple headwinds: low-interest rates, rising competition, and regulatory uncertainty. Traditional lenders are unwilling to offer crypto loans at competitive rates or as a package deal. Even if they did deliver it at competitive rates, many others would reject it out of hand. This leaves traditional financial institutions as the only alternative left. To avoid becoming an antiquated sector that cannot support itself, we need more than just more conventional lenders. There needs to be a higher level of leverage on offer so that creative digital assets can become its main attraction instead of simply being another commodity – another loan option. Lenders with leveraged portfolios are necessary even if they do not have the best business practices (e.g., investment vehicles). Weakening the competition will only make things harder for traditional players who have grown accustomed to buying their way into certain industries (e.g., oil) or using other conventional means to reach their goals (e.g., banking).

What is the current crypto lending market worth?

There are over 1,000 crypto lending projects in the market. Some of them have raised more money than others and it is not unusual for projects to generate more than the sum of their (usually smaller) parts. However, the total number of lenders in the market would not be significant without the adoption of blockchain and the payment network it creates. However, the market suddenly collapses in early 2022 due to the market downturn. It makes many people wonder why the market is so fragile. 

The demand for high quality digital banks

New digital banks are opening their doors worldwide and offering loans to customers in various forms. Some common forms of lending include cash-out refinance, termite and mortgage loan, and money market funds. Other assets usually secure these loans rather than security-rated assets. They may offer higher interest payments but the risk of default is also very high.

How big of an impact will the current market have on business confidence?

The amount of money raised through these projects can greatly affect a lender’s business. If the number of lenders increases and the number of projects increases, then the number of do-it-your-self (DIY) loans will increase as well. However, the most significant impact will be on the confidence of the banks in the industry. This will have a dramatic and far-reaching impact on the entire commodities and financial services industry. There will be a loss of vendor relationships, reduced transparency, and a decline in investment confidence in banks. These will hurt all parties, from the lender company to the government. One example is the lending company Vauld. Unlike traditional lending services, crypto lending solely depends on the algorithm to determine the opportunities. It works when the market goes up but it does not work when the market goes down. When valuation goes up, the interest payments are worth less than the company holds. However, the interest payment is worth more than the company has when the market goes down. He suddenly reversed the market, putting the company out of business immediately.

What is next for crypto lending in terms of transparency and regulation?

The crypto lending market is small and has little industry publicity, meaning there is not much regulation or regulation-like regulation that could be applied. However, it would be wise to consider this market a low-hanging fruit, as most regulatory and legal developments occur very slowly in a sector that experiences massive fluctuations in demand and supply.

Bottom line

The demand for high-quality banks in this market is very large. There will be no significant movement in the market with the advent of decentralized, blockchain-based ledgers. And with the advent of more blockchain-based assets, demand for high-quality banks will continue to grow. However, a major event like a government ban on virtual currency will spark a meaningful change in the market. There is little chance of this happening soon. With so much disruption and uncertainty in this sector, it is unrealistic to predict the future of bankine. But one thing is for sure: the use of blockchain in banking will become more common, if not inevitable, in the near future.

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Crypto News

We are in a recession, no doubt?!

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Are we in a recession? Well, it depends on who you are talking to.

The traditional view is when there are two consecutive quarters of decline in a country’s real gross domestic product is commonly used as a practical definition of a recession.

But, the definition of a recession has started changing.

Nowadays, we cannot agree on the definition anymore. Everything is open and up to debate.

All indicators show that we are heading or have already in a recession.

From the government bailout companies to not allowing a recession anymore in the economy, where are we heading if there is no clear guidance on the economy from the government?

So, we are technically in a recession, but we are not in a recession.

And we are heading into an even worse economic cycle:

But that is okay, and we can redefine everything from now on.

Here is the question about a recession, is a recession man-made or a natural process?

If a recession is caused by humans and is a man-made event, the government has the right to change the definition. Since the government has been created collectively to represent the majority of the people in the nation, they have a right as a creator of the collective force to change the definition of the recession.

What if a recession is a part of nature?

Then refusing a recession is a violation of natural law.

I think a recession is man-made, and it is okay for the government to change the definition if they want to. They have to convince citizens that the change is acceptable. 

So, we are in a recession according to the traditional definition, but we may not yet be in the recession if the broader definition claims “a significant decline in economic activity that is spread across the economy and that lasts more than a few months.”

https://www.npr.org/2022/07/28/1113649843/gdp-2q-economy-2022-recession-two-quarters

At the end of the day, it becomes a political debate that does not affect people’s daily lives.

https://twitter.com/WallStreetSilv/status/1553062802004353027

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The Froots Are Here and Moving Fast

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froots solana nft

I was surfing through transactions on the Solana blockchain yesterday, and I noticed a large volume moving on Froots NFTs and decided to check things out.

Froots NFTs sold out fast, and the floor started running up. The mint price started at 2.75 Sol on July 21st. When I saw the project and could get in yesterday, the floor was sitting at 4. Last night and today, the Floor has been floating around 5.5 to 6.5.

solana froots nfts

What are Froots?

Froots is a collection of 7,777 fruit NFTs.

Froots, also known as ‘The Vibers of Solana’ is a community driven project of cute froots that aims to spread good vibes and provide its holders with great opportunities, through their different ventures. With Froots, we want to experiment and set a precedent for what can be done between Web2, IRL businesses and Web3. While our main goal is to develop multiple subsidiaries in various industries ranging from F&B, Merch, Books,etc… We will always put our community first and make sure that we’re always innovating and keeping it fun.

Froots

Let’s Breakdown the Froots NFT Project

The project appears to be a fast-release project. A short roadmap section briefly discovers the project and utilities of the NFTs. Froots announced that only 3 of the 6 NFT utilities had been released the other 3 are still a surprise.

What is Driving the Popularity?

It’s all about the community. The Froots has a fantastic community helping to push this project to the top of Solana.

The Road Map

Froots is a multi-venture brand where holders of the genesis NFT collection will be benefiting from each ventures of the Froots umbrella, through our rev-share program. The first subsidiary will be a juices/smoothies company, and the 2nd one is a merch service venture to help projects develop high quality merch that suits their needs and brand image. We have a lot more in stock but we’d rather overdeliver than overpromise, however we can tell you that the future of Froots will include: Merch, 1/1 Charity Auctions, Web 2 + Web 3 partnerships, Lore related projects, Cute art… and VIBES!

https://frootsnft.com/

Suggested Read: The Art Collective Multichain DAO by Metazens – Cryptobite

My Thoughts On Froots NFT Solana Project

I had to jump in on the rise up and make a little profit at least. I love the idea behind it and am curious to see what the other utilities will be. I will also hold at least one just to see where the project goes. They make some cool PFPs for Social Media when all else fails.

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