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Crypto Trader Says 14 Small Cap Projects Have Massive Potential in January

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Popular crypto trader and analyst Elliot Wainman says a group of relatively obscure altcoins have the potential to moon this January.

In a new YouTube video, Wainmain, also known as EllioTrades, picks 14 crypto assets that could provide traders with major gains in the next few weeks.

First, Wainman predicts big things are in store for decentralized liquidity network THORChain (RUNE), which is currently trading at $1.76 with about a $278.28 million market cap at time of writing, according to CoinMarketCap.

The altcoin analyst predicts THORChain will reach a $1 billion market cap and potentially even higher.

“I’ve always been a fan of THORChain, I’ve always been a fan of RUNE, because it allows for yield to be extracted by locking up Bitcoin, and anything that’s DeFi and Bitcoin related to me is set to go absolutely bananas as Bitcoin also grows. So in my mind, a project like RUNE was and always is set to do really well on the back of Bitcoin and DeFi growing together.” 

Another crypto Wainman says is set to grow with Bitcoin and Defi is REN, a protocol that enables the transfer of crypto assets between blockchains. The trader says he’s “betting big” on REN, which is trading around $0.42 with $369 million market cap at time of writing.

Wainman is also bullish on AllianceBlock (ALBT), a “decentralized, blockchain-agnostic layer 2 that bridges traditional and decentralized finance” with only a $46 million market cap. The trader highlights AllianceBlock’s new partnership with data storage project Ocean Protocol as a bullish sign of things to come.

Next up, the crypto trader mentions two related projects that help miners extract the greatest possible value from confirming transactions. Wainman says KeeperDAO (ROOK) and Archer DAO (ARCH), which is up 128% on the day, can multiply in value during this bull cycle.

Wainman then moves on to the decentralized insurance sector, which the analyst labels as one of the most important portions of the decentralized space. Wainman chooses to spotlight Polkadot-based Bridge Mutual (BMI) as an exciting project in the sector.

“Bridge has been at this for two years and has a very interesting complex web of mechanisms that they use to ensure that insurance is provided accurately, that the right policies get approved, that when people are harmed that they actually get the coverage that they’re entitled to.”

Next on Wainman’s list is decentralized derivatives platform, Injective Protocol (INJ). With a market cap of $88 million, the trader points out that the project, which just announced the first decentralized Tesla futures market is now available on its Solstice testnet, has a lot of room to grow considering the traditional derivates market is worth tens of trillions of dollars.

Wainman’s next three picks are also decentralized derivatives related products. The trader highlights Oiler Network, which has not yet had its token launch, Hegic, and a project built on top of Hegic, Whiteheart (WHITE).

Wainman then highlights REVV which is a project in the NFT space, a sector which Wainman is particularly bullish on.

Next on his list is PARSIQ (PRQ), which Wainman labels as an undervalued project that boasts high profile partnerships and great tech.

“They’ve partnered with some of the biggest and most influential coins and projects and chains in the entire ecosystem and I believe they are just getting started as their technology is being recognized a one of the most superior infrastructure projects in the entire space.”

The last two assets Wainman mentions are Akash (AKT), a decentralized cloud storage project, and RAMP which as of writing stand at $27 and $28 million market caps respectively.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Marc A

Source: https://dailyhodl.com/2021/01/14/crypto-trader-says-14-small-cap-projects-have-massive-potential-in-january/

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Members of WallStreetBets Forum Alleged in Telegram Crypto Scam Stealing $2M in BNB and ETH

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Members of the popular WallStreetBets Reddit forum were suspected of a presumable cryptocurrency fraud that could have caused losses of no less than $2 million. By creating a designated Telegram group, they duped investors by guaranteeing remarkable returns through capitalizing on the recent crypto market rally.

The Core of the Hoax

Per a report by Bloomberg, alleged members of the WallStreetBets Reddit Forum used the Telegram messaging service to execute a blatant scam. A particular account by the name of ”WallStreetBets – Crypto Pumps” presented users the chance to purchase a new token certified as WSB Finance before it was listed on crypto exchanges. The operation is known as a pre-mine sale.

The essence of the fraud was connected to the recent cryptocurrency boom as bitcoin and most altcoins skyrocketed in value lately. With some of the digital assets reaching 1,000% gains, the targeted WSB members conned investors into sending money without asking questions and with the potential of netting huge profits.

The notorious account also urged users to transfer popular cryptocurrencies such as Binance Coin (BNB) and Ethereum (ETH) to a designated crypto wallet and then to reach its ”token bot” to gain WSB Finance coins.

However, the perpetrators never dispatched those coins. Furthermore, another message on Telegram revealed that the people who had already issued a payment had to send an equivalent amount again or they would risk losing their initial investment.


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The Aftermath

After executing the hoax, more than 3,451 Binance Coins were withdrawn on Tuesday (May, 4th) from the wallet inside the Crypto Pumps messages.

Since the price of BNB at that point was approximately $625, the fraud caused losses of more than $2.1 million. Following the scam, thousands of people expressed their frustration and tried to expose the individuals behind the account. Moreover, the quantity of the other cryptocurrency – ether – still remains a mystery.

Two weeks ago WSB admins warned about offers that might try to take advantage of the forum’s name in order to allure the crypto audience. The ”WallStreetBets – Crypto Pumps” account has been removed from Telegram but whoever managed it left a message that might stun the affected victims:

”Buying Lambo now.”

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Source: https://cryptopotato.com/members-of-wallstreetbets-forum-alleged-in-telegram-crypto-scam-stealing-2m-in-bnb-and-eth/

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South Korean Crypto Exchange Accused Of $1.5 Billion Scam

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The South Korean cryptocurrency exchange platform V Global was accused of luring 40,000 people into illicit multi-level deceit. The entire scheme amounts to more than 1.7 million won, which equals $1.5 billion.

The Investigation

As reported by the Korean officials, the police raided many places in the country related to a virtual cryptocurrency exchange, and its notorious CEO – known as LEE – alleged to fundraising without regulatory permission. The authorities blocked the exchange’s cash deposits as a part of the investigation.

In total, the Gyeonggy Nambu Police Agency reported that it searched the exchange’s headquarters in southern Seoul along with 21 other places and froze more than $214 million left in the account.

Another report from today shed more light on the developments. According to Yonhap News, the name of the organization is V Global. The Korean police are examining the accusations against them for fraud under the Certain Economic Crimes Weighted Penalty Act, the Similar Receiving Act, and the door-to-door sales business.

The main accusation against the exchange is gaining a deposit of 1.7 trillion won ($1.5 billion) from 40,000 members in the period between August 2020 and January 2021. The announcement revealed that most of the people were elderly or housewives with no experience in cryptocurrency trading.


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Too Good To Be True

The investigation revealed that the exchange urged investors to entrust their funds to an account and lured the members that the expected return would be three times higher than the initial investment. According to the authorities, there was a pyramid element in the scam as the exchange promised to grant an introduction fee of 1.2 million won ($1,065) for every newly recruited member.

The report affirmed that the trading venue paid some members in the form of a block. Therefore, people who signed up earlier received funds from individuals who entered the exchange later.

Moreover, the Korean police seem confident to deal with the fraud case as it revealed its intention to confiscate 240 billion won ($214 million) left in the V Global account as of the 15th last month, even before the prosecution process.

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Source: https://cryptopotato.com/south-korean-crypto-exchange-accused-of-1-5-billion-scam/

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Georgia’s central bank is exploring ‘Digital Gel’ CBDC

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The National Bank of Georgia said that it is considering launching a central bank digital currency.

In an announcement today, the central bank hinted at the issuance of a central bank digital currency, or CBDC, in an effort “to enhance efficiencies of the domestic payment system and financial inclusion.” The National Bank of Georgia, or NBG, said it would be inviting fintech firms and other financial institutions to participate in the project, named Digital Gel after the symbol for the country’s fiat currency, the lari.

“CBDC holds the promise to unlock the tremendous value of innovative business models for the benefit of society,” said the announcement. “The introduction of CBDC could increase financial intermediation efficiency, help introduce new financial technologies, facilitate financial inclusion, and reach previously unbanked populations.”

However, the bank mentioned the possibility of risks in the launch of a CBDC in the Republic of Georgia given the “new and potentially disruptive technology.” The NBG said it may conduct extensive testing of the CBDC in a controlled environment to ensure a smooth rollout, but did not provide any details regarding a timeline for launch.

With a population of roughly 4 million and a gross domestic product of approximately $15 billion, a nation like Georgia falls at the smaller end of countries exploring CBDCs. The Bahamas officially rolled out its Sand Dollar central bank digital currency in October, while China has been piloting its digital yuan in select cities prior to a full-scale launch. In the United States, Fortune 500 company Accenture announced this week it would be partnering with the Digital Dollar Foundation to conduct CBDC trials.

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Source: https://cointelegraph.com/news/georgia-s-central-bank-is-exploring-digital-gel-cbdc

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