Rise of Web3: Metaverse tokens surge as Meta's share price plunges. Speaking of Meta, the firm's share price took a nosedive of around 26% on...
A week in review: Jan. 30–Feb. 5 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Rise of Web3: Metaverse tokens surge as Meta's share price plunges | | | Speaking of Meta, the firm's share price took a nosedive of around 26% on Thursday following a lackluster quarterly earnings report that revealed an annual profit decrease and a decline in daily active users. | | | Meta reported $33.67 billion worth of total revenue for Q4 2021, compared to $28 billion the year prior. However, its net income fell to $10.28 billion from $11.2 billion one year earlier. A hefty $10 billion investment in its Reality Labs division also contributed to the disappointing quarterly results. | | | While the centralized metaverse-focused firm faced choppy waters, native tokens from decentralized counterparts in The Sandbox (SAND) and Decentraland (MANA) jumped 17.5% and 20%, respectively. Commenting on the news, Animoca Brands chairman and co-founder Yat Siu suggested that this was part of a broader trend in which the top talent and users from Web2 platforms are shifting to the open world of Web3. | | #2. Hodlers beware! New malware targets MetaMask and 40 other crypto wallets | | | According to a report from security researcher 3xp0rt, a powerful new malware variant known as the "Mars Stealer," an upgrade of the information-stealing Oski trojan of 2019, can target more than 40 browser-based crypto wallets, including MetaMask and Coinbase Wallet, along with popular two-factor authentication (2FA) extensions. | | | The nefarious software utilizes a grabber function that steals private keys after it has been downloaded, unbeknownst to the user who may have visited or utilized various channels, such as file-hosting websites, torrent clients and any other shady downloaders. | | | Notably, the malware checks the set language of the device, and if it matches the language ID of locations such as Kazakhstan, Uzbekistan and Russia, the software leaves the system without any malicious activity. | | | However, for any device with a language outside of those categories, the malware targets files holding sensitive information, such as crypto wallets' address info and private keys. Then, it leaves without a trace. | | #3. Jack Dorsey: Diem was a waste of time, Meta should've focused on BTC | | | Twitter founder and former CEO Jack Dorsey has unsurprisingly slammed the move of a competitor, with Meta (formerly Facebook) taking the hit for its "wasted effort and time" not working on Bitcoin. | | | Dorsey is an avid Bitcoin supporter who has made the asset a focus of his newer, shinier company, Block. During an interview with BTC bull Michael Saylor on Tuesday, Dorsey commented on the recent shutdown of Meta's stablecoin project, Diem, which has been plagued with regulatory pushback since it began. | | | "Those two or three years or however long it's been could've been spent making Bitcoin more accessible for more people around the world," the almighty Dorsey said from his throne. | | #4. Prediction of the week. Can Ethereum price reach $4K after a triple-support bounce? | | | Pseudonymous chart analyst Wolf has read the tea leaves and forecasted that Ether will continue its recent rebound up to around the $4,000 region. | | | Central to Wolf's short-term prediction over the next couple months is whether Ether's so-called triple-support scenario could push the price past $3,330, which would establish an inverse-head-and-shoulders (IH&S) pattern that could launch the price toward late-2021 levels. | | | In a "perfect" scenario, a break above the IH&S neckline may push the Ether price to as high as the maximum distance between the neckline and the head, which would be around $4,000 in this case. | | #5. FUD of the week. Wormhole token bridge loses $321M in largest hack so far in 2022 | | | The Wormhole token bridge was the victim of a major breach this week, as attackers made off with a whopping 120,000 Wrapped Ether (wETH) worth roughly $321 million at the time. | | | The cross-chain bridge supports several blockchains, allowing the attacker to target the Solana side of the bridge by minting 120,000 wETH. They then redeemed 93,750 wETH for ETH, worth roughly $254 million, on the Ethereum network. | | | The Wormhole team stated shortly after the incident that it was working to replenish enough ETH "to ensure wETH is backed 1:1," with reports surfacing the following day that venture capital fund Jump Crypto had dipped into its own pocket to do so. The hacker has also been offered a bounty of $10 million by the Wormhole team to return the funds. | | #6. FUD of the week. Youtuber and alleged thief publicly refuses to return investors' funds after $750k rug pull | | | Disgraced content creator and influencer Paul "Ice Poseidon" Denino found himself in hot water this week after YouTuber and "internet detective" Coffeezilla published a not-so-flattering series of videos about him. | | | Coffeezilla initially posted a video interview between the two in which Ice Poseidon allegedly confirmed that he rug-pulled around $750,000 worth of investors' money from a crypto project he launched called "CxCoin." | | | The CxCoin project was pitched to his investors as a long-term investment. However, within a few weeks of launch, the influencer said he stopped working on the project and decided to pull out around $300,000 from the liquidity pool. He cited the crashing crypto market as the reason for this move, and then said he wouldn't return the funds. He also allegedly bought a brand new Tesla only a few days after the funds went missing. | | | |
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