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Summary of Past Week Articles November 18, 2022

El Salvador’s President Declares That His Country Will Purchase ‘One Bitcoin Every Day,’ and Billionaire Justin Sun Joins Him:

El Salvador’s President Nayib Bukele and Tron Founder Justin Sun plan to purchase Bitcoin at a rate of one coin per day beginning November 18 to capitalize on the recent crypto crash.

This strategy is known as dollar cost averaging and refers to acquiring BTC at regular periods regardless of its price performance (DCA).

El Salvador’s Bitcoin assets are worth $39.4 million at the current price of roughly $16,500.

The Latin American country has lost more than $63 million on its BTC investment since spending over $103.23 million on the currency.

Bitcoin Price Drops Due to FTX Failure

Bukele and Sun’s plan to acquire more BTC comes when the cryptocurrency has fallen to two-year lows due to the recent failure of the cryptocurrency exchange FTX. 

Following a week of speculation about the company’s health, FTX announced that it had filed for Chapter 11 bankruptcy in Delaware last week. 

The US House Financial Services Committee recently announced that it would hold a hearing on FTX’s demise.

Genesis, a troubled cryptocurrency firm, sought a $1 billion emergency loan before suspending withdrawals – this is what happened:

Genesis, the crypto lending and trading firm, had sought a $1 billion emergency loan before closing client redemptions earlier this week.

The Wall Street Journal revealed Genesis’ emergency financing details on Thursday, citing a confidential fundraising memo stating Genesis needed the $1 billion loan by 10 a.m. last Monday.

According to the WSJ, Genesis confessed in the letter that it was going through a liquidity shortage due to some assets on its balance sheet.

However, Genesis was unable to get the required financial facility.

According to the story, a Genesis spokeswoman stated that the company investigated all potential possibilities amidst the liquidity pressure caused by the FTX news.

Genesis is a major crypto trading and lending firm owned by Digital Currency Group, a crypto conglomerate founded by Barry Silbert.

For example, many of the largest crypto exchanges collaborate with Genesis on various ‘earn’ and crypto savings programs that pay out yields to users.

One such company is Gemini. Meanwhile, Gemini’s trading platform went down earlier this week, causing some user concerns.

Apple Job Postings Indicate a Metaverse Product on the Way – Crypto Integration Too?:

Apple’s recent job advertising indicates that the tech behemoth intends to create a 3D environment for its yet-to-be-announced mixed-reality headset.

Apple’s virtual reality and mixed reality headset is no longer a mystery, but recent job listings show the corporation is speeding up its efforts to fill the gadget with content.

Over the last two weeks, Apple has posted over 30 jobs relating to augmented and virtual reality (AR/VR).

Another job offer indicates that the tech behemoth intends to develop a video service for its future headset, including 3D content that can be seen in virtual reality.

Apple Will Compete With Meta in the Metaverse

In statements to staff in July, Meta CEO Mark Zuckerberg stated that Apple and his company are in a “really profound, philosophical battle” to develop the metaverse.

As previously reported, Meta and many major corporations, including Microsoft, Nvidia, Sony, and 33 other business titans weighing to construct the metaverse.

However, Apple is missing from the group, crediting the claim that the two tech titans are competing to establish the metaverse.

Nonetheless, despite numerous rumors and leaks about Apple’s highly anticipated VR headset, the company has not formally announced any plans.

Crypto Scammers Purchase Fake IDs on the Black Market for as Little as $8 – Here’s What You Should Know:

According to a recent investigation by security-focused ranking platform CertiK, rogue developers are increasingly using a massive underground ring of know-your-customer (KYC) actors for hire to swindle Web3 forums

Basic KYC verifications are frequently practical at frustrating honest retail users but less effective at preventing dedicated criminals from scamming victims and laundering their stolen assets. 

CertiK admits that among the numerous strategies used by crypto developers to defraud communities and investors, deploying a KYC actor is one of the more intriguing tactics that the firm has found and investigated to date.

According to this actor, hiring someone to KYC for a fraudulent operation is surprisingly inexpensive and straightforward. However, the reality of the secret life of a KYC actor is not as glamorous as people may anticipate. Most KYC actors work in underdeveloped nations and are paid a pittance for each ‘part’ criminals assign. 

If the gig requirements are simple, such as evading a basic KYC process to create a bank or exchange account in a developing country, the cost of a KYC actor can be as little as USD 8. However, CertiK noticed that in some situations, KYC actors who pose as high-level individuals, such as the CEO of a cryptocurrency project, are paid up to $500 per week.

CertiK counted a stunning total of more than 500,000 people who were either purchasers or dealers of these underground cash exchanges and fraudulent KYC services.

Cooperating or investing in a Web3 startup requires the highest due diligence. The only way to efficiently check the team behind a crypto enterprise is to conduct a rigorous, in-depth background investigation on each key member.

Ripple CEO Says Current Crisis Will Strengthen Crypto, Announces Massive Updates:

While the abrupt collapse of FTX has increased concern among the world’s crypto investors, some industry representatives believe the cryptosphere will emerge more potent due to the turbulence.

Brad Garlinghouse, CEO of Ripple Labs in the United States, has also announced essential upgrades.

Garlinghouse stated in a tweet that Ripple has led and will continue to lead, referring to his words at this year’s Ripple Swell conference. According to him, the company processed $30 billion in payments (both fiat and crypto) over RippleNet.

Meanwhile, in another twist in Ripple’s legal saga with the US Securities and Exchange Commission (SEC), the SEC requested earlier this month that the deadline for providing all brief answers in support of the business be extended until November 30, 2022.

Additionally, the SEC has requested that any additional Amicus Briefs be submitted by November 11.

As a result of Judge Torres’ decision to approve the regulator’s request to extend the time for all parties to file reply briefs, XRP users may have to wait until the first quarter of 2023 for the litigation to be settled.

Ripple’s legal issues with the SEC have long been clouded over the company’s expansion plans.

The American regulator’s lawsuit against the company is based on the allegation that its token is an unregistered investment.

This Green Token Has Raised Nearly $13 Million For Its Carbon-Credit Marketplace-On-Blockchain Platform – Is It Time to Invest?:

IMPT is a brand new green cryptocurrency that has now generated nearly $13 million for its plans to use blockchain technology to transform the carbon credits market for the better radically. 

The IMPT tokens can then be stored or traded, and if redeemed, they can be exchanged for carbon credits in the form of NFTs. Win $100,000 in IMPT. The IMPT team is hosting a giveaway of $100,000 in IMPT tokens.

To be eligible for the $100,000 prize, investors must follow the platform’s guidelines, engage in the IMPT presale, and have some IMPT tokens in their wallets when the team decides to conduct the IMPT draw. 

IMPT continues to add new businesses to its platform. Over the last few weeks, the IMPT team has continued to onboard new companies to their shopping platform, and they currently have over 25,000 companies onboarded via their affiliate program. In addition, industry titans like Netflix and Microsoft have already joined the forum.

The IMPT presale has been selling extremely quickly and has grown from strength to strength. Those who want to participate in the IMPT presale can do so on their website.

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