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Tuesday, October 24, 2023

Crypto Staking With USDT - BFCeXchange

Crypto staking with USDT (Tether) typically involves using platforms that offer staking services for this stablecoin. Here's a general step-by-step guide on how to stake USDT:

1. Choose a Staking Platform: Select a reputable cryptocurrency staking platform that supports USDT staking. It's essential to research and compare platforms to find one that offers competitive staking rewards, security, and a user-friendly interface. My suggest is www.BFCeXchange.co

2. Create an Account: Sign up and create an account on the chosen staking platform. Ensure that you follow the platform's registration process, including identity verification if required.

3. Deposit USDT: Transfer your USDT to your staking platform's wallet. This is usually done by depositing USDT from your existing cryptocurrency wallet to your staking platform's USDT wallet.

4. Choose Staking Option: Explore the staking options provided by the platform. Some platforms offer various staking durations, so you can choose between short-term and long-term staking, depending on your investment goals.

5. Initiate the Staking Process: Select the amount of USDT you want to stake and confirm your staking duration. Once you confirm the staking parameters, the platform will lock your USDT for the specified period.

6. Start Earning Rewards: Once your USDT is staked, you'll start earning staking rewards. These rewards are typically paid out periodically, such as hourly, daily, weekly, or monthly, depending on the platform's terms.

7. Monitor Your Staking: Keep an eye on your staking portfolio. Most platforms provide dashboards or interfaces that allow you to monitor your staked assets, track your rewards, and check the overall performance of your staking investment.

8. Withdraw Staked USDT: At the end of the staking period, or at any time you decide to stop staking, you can initiate the withdrawal process to access your staked USDT and earned rewards. Withdrawal times and fees may vary between platforms.

9. Secure Your Assets: Ensure you use best practices for cryptocurrency security. This includes enabling two-factor authentication (2FA), using hardware wallets if available, and keeping your login credentials and recovery phrases safe.

10. Tax Considerations: Be aware of the tax implications of staking in your jurisdiction. Some countries tax cryptocurrency rewards differently, so it's advisable to consult with a tax professional to understand your obligations.

It's crucial to choose a reliable and well-regarded staking platform to minimize risks. My suggest is BFCeXchange. Additionally, always read and understand the platform's terms and conditions, especially those related to staking rewards, withdrawal processes, and fees.

Please note that staking often involves some level of risk, and returns can vary based on market conditions and the specific staking platform.


Sunday, June 4, 2023

Atomic Wallet Got Hacked - Coin Wipeout

Reports have emerged indicating that Atomic Wallet has fallen victim to an exploit, resulting in users experiencing significant losses of their cryptocurrency holdings. Atomic Wallet is a decentralized, noncustodial wallet, meaning that users bear the responsibility for safeguarding their assets within the application.

Addressing the issue, the Atomic Wallet team shared in a tweet on June 3, "We have received reports of wallets being compromised. We are doing all we can to investigate and analyze the situation. As we have more information, we will share it accordingly."

Numerous users have commented on the post, disclosing their own losses and asserting that funds have vanished from their digital wallet app. Notably, ZachBTX, an on-chain investigator known for tracing stolen funds and assisting hacked projects, is participating in the investigation. Presently, it remains unclear how the attack was executed. Atomic Wallet boasts a user base of over 5 million individuals.

Twitter users have previously reported instances of funds being stolen from the Atomic Wallet app. One user responded to the post, saying, "This happened to my BTC 6 months ago with Atomic. They simply replied back to protect your password, seed phrase, blah blah... I told them it's not even possible! All I do is use them to exchange and then move crypto out. My response to them: I will no longer use their services! Now I have been proven right!"

This incident adds to the ever-growing list of cryptocurrency hacks occurring with alarming frequency. Just recently, on May 28, the decentralized finance (DeFi) app Jimbos Protocol fell victim to an exploit, resulting in the loss of 4,000 Ether, valued at approximately $7.5 million. Additionally, Tornado Cash, a decentralized crypto mixer, was recently targeted by hackers. On May 20, an attacker successfully manipulated the protocol's governance, granting themselves 1.2 million votes and gaining complete control.

According to a Chainalysis report, crypto hackers stole an estimated $3.8 billion last year, with North Korea-linked attackers primarily exploiting DeFi protocols. Another analysis by TRM Labs revealed that although the number of incidents remained consistent in Q1 2023, the average hack size dropped to $10.5 million compared to nearly $30 million in Q1 2022.

Saturday, May 6, 2023

PEPE memecoin hit $1 Billion in just 3 weeks

Pepe (PEPE), a memecoin with a frog theme, has surged more than 85% in the last 24 hours, achieving a market cap of over $1 billion just three weeks after its launch on April 14, 2023. The irony of PEPE is that its core value proposition is that it has none. The official website of the cryptocurrency features a disclaimer that explains that investing in the token is entirely for entertainment purposes, with no intrinsic value or expectation of financial return. Presently, Pepe is following a similar path to other well-known memecoins like Dogecoin and Shiba Inu.

In 2021, Dogecoin's value increased by over 23,000%, mainly due to billionaire Elon Musk's vocal support for the token on Twitter. Similarly, Shiba Inu experienced a surge of over 1,250% during the 2021 crypto bull market after using Dogecoin as a springboard for its popularity.

Investing in memecoins is high risk due to the lack of underlying fundamentals, and these tokens are notorious for extreme volatility and significant swings in value. A closer look at some of the on-chain activity from Pepe insiders points to concerning trades. According to data from the blockchain analytics service Lookonchain, five addresses supposedly linked to the Pepe team made a profit of $1.23 million in a thin liquid market. They bought 8.87 trillion PEPE at a low price and sold over 90% of their holdings on Uniswap for a profit.

While it's worth noting that some of the top PEPE holders are centralized exchanges, non-exchange PEPE whales have recently reduced their positions, hinting at profit-taking that coincided with a price correction on May 3. Overall, the surge in the value of Pepe emphasizes the influence of social media on the cryptocurrency market and its potential impact on investors. However, the lack of underlying fundamentals of memecoins and their extreme volatility make them a high-risk investment.