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Cryptocurrency

Popular singer, Akon and other leading experts speak on Africa’s Crypto

Akon spoke about his cryptocurrency Akion, detailing how it is easy to exchange the digital coin.

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As Africa remains the leading market in the crypto industry, Africa’s fastest-growing financial media company, Nairametrics, exclusively covered the African session of the 3rd-year anniversary of Binance, the world’s largest crypto exchange, with key African crypto stakeholders deliberating on the crypto industry in Africa.

Senegalese-American music celebrity, Akon who was one of the guests in one of the sessions spoke on crypto adoption in present-day Africa, having popular Hollywood film producer and Akoin co-founder, Jon Karas with Binance CEO Changpeng Zhao moderating the session.

Akon spoke about his upcoming cryptocurrency known as Akoin, detailing how it is easier to exchange the digital coin through an internal conversion mechanism, which will allow users to convert in and out of other fiat currencies or crypto assets.

He also spoke about the payments revolution the crypto industry will bring to Africa that is preceded by poor mismanagement of resources, unstable currencies, amongst other limiting factors.  According to Akon, Africa stands a chance of becoming the frontier in the global crypto market accompanied by a wider increased investment interest in cryptocurrencies.

READ MORE: With just N60million: 3 fundamental reasons why you should buy into the LeonardoBySujimoto

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In a prelude to Akon’s interview, Yele Bademosi, founder & CEO of Bundle, spoke about the need for crypto stakeholders to do more in educating the world’s fastest-growing market, Africa, as many young Africans are still on their learning curve trying to understand the advantages and usage of blockchain and cryptocurrencies.

In addition, Chuta Chimezie a leading crypto expert, spoke on the importance of regulatory stakeholders in supporting the future of payment as governments not regulating cryptocurrency may be a limiting factor in spurring its growth on the continent. He also advised that the inclusion of leading African banks will boost the crypto African market, as their role can’t be underestimated.

The session ended with BNB tokens and gifts disbursed to some participants of the session, marking the third anniversary of the world’s largest crypto exchange, Binance.

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Olumide Adesina is a French-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Member of the Chartered Financial Analyst Society. Behavioral Finance, Duke University. You can follow Olumide on twitter @tokunboadesina or email [email protected]

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Cryptocurrency

BREAKING: Over 1,000,000 stolen XRP transferred from Kucoin to major crypto exchanges

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Ripple’s chairman transfers 500,000,000 XRP

In a series of tweets by Whale Alert, an advanced crypto tracker showed how crypto robbers transferred over a million XRP stolen from Kucoin to crypto exchanges like BYEX, Binance, in more than eight transactions at the time this report was written.

Here are some of the transactions captured by Nairametrics:

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Recall Nairametrics about two days ago broke the news when KuCoin Global CEO, Johnny Lyu in a statement disclosed yesterday about a reported hack lately in detail after private keys linked to crypto wallets got exposed and might have affected $150 million in user funds.

He added by saying the findings of the internal security audit report, revealed part of  Bitcoin, ERC-20, and other tokens in KuCoin’s hot wallets were transferred out of the crypto exchange, which contained few parts of the total assets holdings.

More details will be released as the story is developing …

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Cryptocurrency

Crypto robber steals $15 million

Eminence, an upcoming project being built by Yearn’s Andre Cronje has been drained of $15 million.

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cryptocurrency

The DeFi crypto community’s strong appetite for unverified code has once again ended in pains for investors, with the losses amounting to millions of dollars.

Eminence, an upcoming project being built by Yearn’s Andre Cronje, has been drained of $15 million.

Eminence is an unfinished “economy for a gaming multiverse.” In a series of tweets, Cronje gave a detailed analysis of the cyber robbery.

“Yesterday we finished the concept behind our new economy for a gaming multiverse. Eminence. As per my usual methodology, I deployed our staging contracts on ETH so we can continue developing on it.”

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He spoke on the operational details of the project:

“These contracts, not the ecosystem are final, yesterday alone you will notice I deployed 2 separate batches of the contracts, this is my usual “test in prod” process.

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“We started releasing some of the art teasers to showcase all the different clans in the game on Twitter. We posted the first clan “Spartans”. And I went to bed.

“Around ~3 AM I was messaged awake to find out a) almost 15m was deposited into the contracts b) the contracts were exploited for the full 15m and c) 8m was sent to my yearn: deployer account.”

However, Cronje later announced that the Yearn treasury would help in refunding users back the $8 million he received from the hacker according to a snapshot of EMN balances prior to the hack.

What you must know: There are multiple protocols providing yield (returns) on the capital that you lend.

These yields vary from one protocol to the next. YFI automates & optimizes lending such that you can earn maximum value on your capital without researching each protocol.

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It has two major uses:

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Lend your digital assets: Earn maximum interest among a pool of lending protocols such as Compound, Aave, et. al.

Vaults: Lend your digital assets to yield farming strategists (think hedge fund managers) who deploy advanced strategies leveraging liquidity mining tokens to maximize returns.

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Cryptocurrency

Investor moves $133 million worth of Bitcoins, suspected from Coinbase

An unknown individual(s) moved 12,565 BTC in block 650,441worth about $133million.

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Investor moves $133 million worth of Bitcoins, suspected from Coinbase, World's biggest sovereign wealth fund now owns cryptos, Investors cashing in big time, as 95% BTC wallets are currently in profit, blockchain technology, Bitcoin giving better returns than the Nigerian stock market, What it will take Bitcoin to hit $100,000?, Buying signal; Bitcoin whales with 1000 BTC or more continue to rise

Large entities are fast increasing their transaction sizes in the world’s most important crypto market at a spontaneous rate.

Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that someone (probably from Coinbase) moved 12,565 BTC in block  650,441, estimated to be worth about $133million, some hours ago.

READ: BTC bounty: 69,000 Bitcoins worth $700 million waiting for you

READ: Satoshi Nakamoto’s unspent BTCs worth $10.9 billion

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Why it’s happening; It should also be noted that the amount of BTCS on major crypto exchanges has hit its lowest levels in about two years meaning a new generation of investors, crypto traders are putting its money in it for the long term.

While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.

There’s no reason to sell now when you have large institutional investors like MicroStrategy, Grayscale Investments buying the world’s flagship crypto

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READ: Bitcoin whale moves 88,989 BTC worth $1 billion

Quick fact:

  • At the BTC market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whales.
  • This means that a BTC whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.
  • As BTC whales accumulate BTCs, Bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.

Explore Economic and Financial Data on the Nairametrics Research Website

Meaning that over time, it’s possible that as BTC approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.

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