Google took three months to remove scam app that stole over $5 million in crypto: lawsuit

Investors flock to Helium (HNT) after it showed strength despite the stagnating momentum of the market. According to CoinGecko, the token is up more than 21%, going against the market’s flat trajectory. This came after a cryptic post about Helium’s plans that might indicate a better future for the platform and its users. 

With this in mind, HNT continues to be an attractive investment for both users of the platform and those who are chasing gains in the long term. But with the market’s stagnating momentum, investors and traders should exercise caution as any swing by the broader market might lead to a downturn. 

Cryptic Message Boosts Investor Interest On HNT 

Abhay recently posted a mysterious message that’s hinting at a possible network upgrade soon. This sent the community spiraling into speculation, with Abhay stating that it would be a busy month for the network. 

The hype this post generated is substantial as community members await an official announcement for the speculated upgrade that might happen soon. 

Mobile Carrier Beta Passed, Expands Network Reach 

HIP 129 was passed three days back, allowing all Mobile hotspots to participate in the Carrier Beta. This expands the reach of the Carrier Beta which will affect the performance of the network in the long term. 

With almost the entire mainland United States having Helium network coverage, the community will observe a jump in the number of users trying to offload Carrier beta. As of press time, over 58,000 users have joined since last week, a net gain of 5,122. 

Data usage has also experienced an uptick with an additional 1.5 terabytes of data flowing through the platform.  Investors Win With New Opportunities For Helium

The token is currently resting above the $7.2 support with the bulls approaching the $8 ceiling confidently. With a strong bullish sentiment backing its trajectory, HNT is set to break through this ceiling in the coming hours or days. Thanks to Helium’s on-chain developments, investors’ confidence is at its highest as they continue to accumulate the token. 

However, the relative strength index (RSI) suggests that the momentum will slow down. But this may occur well after a breakthrough on the $8 ceiling. If this occurs, investors and traders have a shot at $9 in the long term. 

Putting the market’s general sentiment into consideration, HNT might experience a slight pullback, possibly returning to the $7-$8 price range before a strong upward push towards $9. This represents a nearly 22% increase in price. 

Investors and traders, however, should be mindful of the market as any swing of the broader market might influence the token’s trajectory in more ways than one. 

Featured image from Live Science, chart from TradingView

As Asia continues to emerge as a hub for crypto innovation, significant developments are taking place across the region. Worldcoin is establishing a strong foothold in Malaysia through strategic partnerships, while Singapore’s DBS Bank is pioneering new solutions in financial management with its pilot launch of Treasury Tokens.

These advancements, alongside others in the region, highlight Asia’s growing influence in the global crypto arena.

DBS Bank Revolutionizes Liquidity Management with Treasury Tokens

On August 13, DBS, Singapore’s largest private bank, introduced DBS Treasury Tokens, a treasury and liquidity management solution developed in collaboration with Ant International. This initiative allows Ant International to manage multi-currency treasury operations on DBS’ permissioned blockchain. Moreover, it enables instant settlement and enhanced liquidity management across various markets.

Integrated with Ant International’s Whale platform, DBS’ blockchain facilitates 24/7 intragroup liquidity management, streamlining workflows and improving visibility. The platform uses blockchain technology, encryption, and AI to optimize fund movements between bank accounts, reducing settlement times from days to seconds.

DBS Treasury Tokens are part of the bank’s broader strategy to leverage blockchain for financial innovation. This move draws on insights from its participation in the Monetary Authority of Singapore’s Project Orchid and Project Guardian.

Worldcoin Expands to Malaysia, Advancing Digital Credentialing

On August 16, Worldcoin and its developer, Tools for Humanity (TFH), announced a partnership with Malaysia’s MIMOS Berhad, the government’s research and development arm, and MyEG, a leading e-government services provider. This partnership aims to incorporate iris imaging technology into Malaysia’s digital infrastructure. This will enable secure and private verification of individuals, streamlining the country’s approach to digital credentials.

The announcement also outlines plans for joint orb manufacturing and the integration of World Chain with Malaysia’s National Blockchain Infrastructure. TFH will provide technical expertise to support the Orb and World App, with MYEG facilitating technical integrations and hardware deployment.

This development comes as Worldcoin continues to face scrutiny over its biometric data collection in several countries, including Hong Kong and Portugal. Additionally, some industry analysts have raised concerns about WLD, Worldcoin’s native token, particularly regarding price manipulation and questionable token unlock mechanisms.

Binance Marks Regulatory Milestone with Re-Entry into India

On August 15, Binance officially re-entered the Indian market, celebrating its successful registration with India’s Financial Intelligence Unit (FIU-IND). Binance’s re-entry into India includes implementing comprehensive anti-money laundering (AML) and combating the financing of terrorism (CFT) measures. It will also ensure enhanced security and compliance within the Virtual Digital Assets (VDA) ecosystem.

Despite this achievement, Binance might still face challenges in the region. Recently, the company received a show-cause notice from India’s Directorate General of GST Intelligence (DGGI), demanding a Goods and Services Tax payment of approximately $86 million.

South Korea’s NPS Invests in MicroStrategy Amid Bitcoin Craze

South Korea’s National Pension Service (NPS), the world’s second-largest public pension fund, recently made headlines with its $34 million investment in MicroStrategy’s shares. MicroStrategy is a company renowned for its substantial Bitcoin holdings.

MicroStrategy began aggressively acquiring Bitcoin in 2020 and has seen its stock become a favored choice for investors seeking indirect exposure to the cryptocurrency. This investment follows NPS’s purchase of 282,673 Coinbase shares in Q3 2023. The acquisition, valued at approximately $27.7 million, demonstrates NPS’s cautious but deliberate interest in gaining exposure to the crypto market.

Hong Kong’s Crypto ETFs Continue Struggling to Gain Traction

Hong Kong’s spot crypto exchange-traded funds (ETFs) have experienced varied performance. According to SoSo Value data, the Hong Kong spot Bitcoin ETF saw an outflow of 248.66 BTC on August 13, followed by a modest inflow of 8.02 BTC, with no significant movements for the rest of the week.

The spot Ethereum ETF, on the other hand, recorded no inflows or outflows during the same period. As of August 16, the total net assets of Hong Kong’s spot Bitcoin ETFs stand at $245.78 million, while spot Ethereum ETFs have accumulated $38.13 million since their launch.

A network of affiliated church groups called the “Colorado House of Prayer” has tokenized its main chapel in an effort to purchase the $2.5 million building. 

The pastor heading the project, Blake Bush, says he was compelled by a higher power to use blockchain technology as a tool for advancing the group’s mission.

Tokenize the building

According to a report from Forbes, Bush’s congregation and other church groups had been renting the building from its owner, a local businessperson who also owns a car dealership.

The 11,457-square-foot building, called “Old Stone Church” due to its stone exterior, was purchased by its current owner in 2022 at a cost of $2.2 million. Reportedly, Bush and the Colorado House of Prayer group intend to purchase the building for $2.5 million

Bush says he came up with the idea of tokenizing the building — putting it on the blockchain as a digital asset that can be split into shares — after a spiritual experience.

“I heard the Lord say, ‘tokenize the building,'" Bush told Forbes, later adding that he had been “praying for this for years” and that God had told him to “go get my house.”

Blockchain and real estate

In order to accomplish his holy mission, Bush and the group created “Stone Coin,” a digital asset used to raise money for the purchase of Old Stone Church. The coin is tied to a real estate token created by REtokens and running on the Polymesh private blockchain.

Like any tokenization project, the results will depend on the amount of positive token-flow and reactive value. The project is reportedly seeking investors after having raised about half of its goal.

In the future the token’s board, which includes Bush and other religious leaders as well as the mayor of a nearby town, plans to open up token sales to non-parishioners. While this could potentially put the digital asset ownership at risk of an outsider takeover, Bush doesn’t appear to be too concerned about that.

When presented with the notion that, for example, Satanists could end up making a run on the church’s tokens, Bush quipped that he’d be grateful, “let’s introduce you to Jesus.”

Related: Religious leaders debate going to church in the metaverse

The Dogecoin community has been put on high alert following a crucial warning issued by Dogecoin developer Inevitable 360.

In an X post, Inevitable 360 alerted the Dogecoin community about a fake account impersonating the Dogecoin Foundation on X. This fraudulent account is attempting to deceive users by posing as the legitimate Dogecoin Foundation account on X.

🚨 Please Report 🚨 this fake account @dogefdn trying to be the real @DogecoinFdn Much thanks $Doge #Dogecoin pic.twitter.com/rjNUp6RPVq— inevitable360 (@inevitable360) August 17, 2024

Inevitable 360 took to X to issue the warning, urging the Dogecoin community to be vigilant and report the fake account. The impersonator is using the name and mimicking the branding of the Dogecoin Foundation on X to trick unsuspecting users.

This scam is particularly concerning as it exploits the trust and reputation of the real Dogecoin Foundation, which has been a cornerstone of the Dogecoin project since its inception.

Inevitable 360’s warning comes as a crucial reminder for the community to remain vigilant and verify the authenticity of any social media account claiming to be the Dogecoin Foundation.

Dogecoin Foundation

The Dogecoin Foundation, founded in 2014, has been essential in developing and supporting the Dogecoin project.

The Dogecoin Foundation, a non-profit organization, is in charge of providing support for Dogecoin through development and advocacy, Dogecoin trademark protection to prevent abuse and fraud and a road map and governance for Dogecoin's future.

Members of the Dogecoin team initially founded the Foundation in 2014 to provide governance and support for the project. In 2021, members of the core development team reenergized the Foundation, along with new seasoned advisors eager to help Dogecoin expand in the coming years.

The northern European country of Norway has a population of nearly 5.5 million. Moreover, the government’s investments for its citizens total some $1.7 trillion. A chunk of that is in Bitcoin stocks, and the government upped its holdings this year.Norway Sovereign Wealth Fund’s Bitcoin Spree

Norway now indirectly owns 2,446 BTC through its investments in crypto stocks. That’s bullish news for Bitcoin. It paints an enticing picture of global sovereign support for the BTC price.

A recent report in Fortune Magazine details how the Norges Bank Investment Management fund has markedly increased its Bitcoin exposure after rebalancing its portfolio this year. The fund invests the nation’s significant oil revenues in profitable enterprises for Norway’s government.

Norway’s public fund slashed the nation’s holdings of Meta stock and other big tech giants (from which it made billions this year). After that, it moved the money into Web3 stocks like MicroStrategy, Coinbase, Block, and Marathon Digital.Bitcoin Stocks Boost Norwegian Government’s Investments

Nicolai Tangen, CEO of Norges Bank Investment Management, said:

“The equity investments gave a very strong return in the first half of the year. The result was mainly driven by the technology stocks, due to increased demand for new solutions in artificial intelligence.”

Along with big tech stocks, Bitcoin delivered enormous returns to investors this year, coinciding with the quadrennial Bitcoin supply halving and the launch of several ETF products in the United States following approval from the U.S. Securities and Exchange Commission.

According to Fortune, the big moves increased Norway’s Bitcoin exposure by 62% in the first half of 2024. Vetle Lunde, senior analyst at Norwegian digital assets strategy firm K33 Research, recently broke down the math on Norway’s cryptocurrency investments in a post on X:

The Norwegian sovereign wealth fund (NBIM) indirectly owns 2,446 BTC, an increase of 938 BTC from December 31, 2023.

The growth likely originates from pre-determined algo-based sector weighting and risk diversification. It’s unlikely to stem from an intentional choice to amass… pic.twitter.com/8HBIbemgNU

— Vetle Lunde (@VetleLunde) August 14, 2024

“The Norwegian sovereign wealth fund (NBIM) indirectly owns 2,446 BTC, an increase of 938 BTC from December 31, 2023,” Lunde wrote. The analyst noted that so much Bitcoin exposure “perfectly illustrates how bitcoin is maturing as an asset and getting woven into any well-diversified portfolio!”Governments Do The Math

Meanwhile in the U.S., Sen. Cynthia Lummis (R-WY)recently proposedestablishing a strategic Bitcoin reserve, a policy that got backing from the Republican presidential candidate, former President Donald Trump.

In El Salvador, where Bitcoin is legal tender, President Nayib Bukele has bought up on-chain Bitcoin since 2021. Its strategyreturned taxpayersthere a 55% profit whenBitcoin price surged this year.

Buyers are controlling the situation on the market at the end of the week, according to CoinStats.ETH chart by CoinStats

The price of Ethereum has gone up by 2% over the last day.Image by TradingView

On the hourly chart, the rate of ETH is testing the resistance of $2,669. If a breakout happens, the accumulated energy might be enough for a test of the $2,700 range soon.Image by TradingView

A less bullish situation is on the bigger time frame. While the price is below the $2,750 level, there is still a chance of a correction to the $2,500 area.Image by TradingView

On the weekly chart, neither side is dominating. In this case, an ongoing consolidation in the wide range of $2,500-$2,800 is the more likely scenario until the end of the month.

Ethereum is trading at $2,664 at press time.