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WorldCoinIndex, CoinGecko, LiveCoinWatch: Who Will Become the Biggest Threat to CoinMarketCap?

Information is power as it comes in handy in decision-making. The ability to process data into insights is essential for cryptocurrency traders to make informed decisions. As a result, crypto data sites emerged and gained popularity with their ability to assist people in tracking cryptocurrencies prices and trading data in real-time. The crypto market has proven to be a force to reckon with since Bitcoin, the leading cryptocurrency, was launched in 2009.

Since its inception in 2013, CoinMarketCap has been widely regarded as the leading provider in cryptocurrency pricing and trading data. However, its dominance came into question following the emergence of crypto data sites such as CoinGecko, WorldCoinIndex and LiveCoinWatch. Who is the biggest threat of CoinMarketCap?

1. CoinMarketCap

CoinMarketCap is the leading crypto data provider. This crypto data site is headquartered in the United States since May 2013 and it was developed by Brandon Chez.

CoinMarketCap currently houses 5,392 cryptocurrencies with more than 21,000 market trades. It ranks the top 100 cryptocurrencies based on total market capitalization, which is calculated after multiplying the price by circulating supply, i.e. Market Capitalization= Price X Circulating supply. CoinMarketCap also offers other crypto ranking metrics such as perpetual swaps markets in derivatives, liquidity and trading volume of crypto exchanges, daily tracking on market capitalization, and trading volume of the entire cryptocurrency market. Apart from crypto statistics, CoinMarketCap is building a more comprehensive ecosystem such as cryptocurrency job board, and CoinMarketCap interest, a platform to compare borrowing and lending products in DeFi. CoinMarketCap also provides both iOS and Android mobile apps to assist users to look at crypto markets on the go.

Earlier this month, CoinMarketCap was acquired by leading crypto exchange Binance for an undisclosed fee, though it was previously reported to be a whopping $400 million. Carylyne Chan, who will replace Brandon Chez as the interim CEO of CoinMarketCap, addresses the “most immediate” concerns of independence to the community, “CoinMarketCap will continue to be run independently, as an independent entity, from Binance. Decisions will be made according to the best interests of CoinMarketCap, meaning that we will continue to develop products and services that benefit CoinMarketCap users, and continue working with partners and customers in a way that benefits them and brings the greatest value to them.” CoinMarketCap will continue to enforce its independence in listing criteria, circulating supply calculation methods, and Liquidity Metric ranking methodology.

2. CoinGecko

CoinGecko is another site that tracks and evaluates cryptocurrencies on the foundation of different metrics. It was founded in April 2014 by TM Lee and Bobby Ong and is based in Singapore.

Apart from pricing and trading volume of crypto, CoinGecko has a unique ranking metrics called “Gecko”. The “Gecko” score consists of developers and social metrics. Developer metrics refer to the development activity of the cryptoassets via public source code repositories such as Github, Gitlab, and Bitbucket. CoinGecko believes the activity of developers indicates innovation and development of the cryptocurrency, and a strong developer team serves as the backbone of the success of the coin. Social metrics refer to community activity on Facebook, Twitter, Reddit, and Telegram.

Additionally, CoinGecko covers at least 7,000 cryptocurrencies and shows price change in the last seven days. CoinGecko also avails both Android and iOS mobile apps for crypto enthusiasts. To assist traders to make informed decisions, CoinGecko publishes quarterly industry reports since Q3 2017 and they are available in different Asian languages such as Vietnamese, Japanese, Korean, and Thai.

3. WorldCoinIndex

WorldCoinIndex is another site dedicated to showing real-time price information and fluctuations pertaining to cryptocurrencies. A notable difference from both CoinMarketCap and CoinGecko is that it ranks coins based on 24-hour trading volume as compared to market capitalization. By the time of writing, Ethereum (ETH) was ranked at first position as it had a 24-hour trade volume of USD 11.08B beating Bitcoin (BTC) that recorded USD 10.91B.

The Singapore-based site was founded by Jack Liao in 2014 and has listed at least 1,500 cryptocurrencies. It also avails metrics, such as trending, overview, and all-time high. If you are looking for a crypto data site that evaluates cryptocurrencies based on 24-hour trade volume, then WorldCoinIndex is the place to be because this is its foundation.

4. LiveCoinWatch

LiveCoinWatch is another leading crypto data site that offers crypto enthusiasts a user-friendly layout and a refreshing interface. Having been founded in 2017 by Noel Kim, it’s among the new kids on the block though its elegant design offers visitors more information. For instance, it tracks trading volumes in at least 120 exchanges, such as Binance, eToro, and Currency.com.

It houses at least 2,000 cryptocurrencies, and you can access information, such as circulating supply, volume monitoring, price tracking, and coin supply.

Bottom Line

It is evident that each platform is exceptional because you are offered insights about the crypto space based on your needs, tastes, and preferences. For instance, both CoinMarketCap and CoinGecko rank cryptocurrencies based on market capitalization, but this is not the case with WorldCoinIndex because positioning is based on 24-hour trading volume. If you wish to track trading volume based on crypto exchanges, then LiveCoinMarket is an ideal option. These crypto data sites are, therefore, excellent resources in the crypto space.

Chainlink Flippens Bitcoin Cash by Market Cap, DeFi Push May Take LINK Price Even Higher

Despite a slight correction seen in the last few days, Chainlink (LINK) has continued to rally higher, reaching another new all-time-high, almost reaching $17.

Chainlink has set a new all-time high, the third time in less than two months, reaching $16.98 on Binance. LINK has surpassed Bitcoin Cash (BCH) by market capitalization and claimed the number 5 spot on CoinGecko.

Cane Island Digital Research previously analyzed LINK and predicted that the cryptocurrency would reach $8 by December 2020, and LINK has already exceeded this expectation. According to crypto analytics company Santiment, Chainlink has reached a record high in active addresses, over 15,600.

Investment analyst Timothy Peterson previously predicted the Bitcoin Cash flippening, back in mid-July, before Chainlink showed promising gains. He said that LINK would eventually be worth the combined value of Bitcoin Cash and Bitcoin SV (BSV) in terms of market capitalization. He tweeted:

“#ChainLink is a young & promising iteration of Blockchain 3.0 with practical application to nearly every industry on the globe. $BCH and $BSV are cult-of-personality based Blockchain 1.0 that will by washed away by digital fiat. $LINK mktcap should be worth twice these combined.”

Will LINK edge out Tether and XRP?

The decentralized finance (DeFi) space has seen massive growth this year, which could be due to the reasons the demand for oracles, including Chainlink and Band Protocol have spiked. In June, the total value of locked in DeFi protocols have surged by four-fold.

At this rate of injection of capital and steady double-digit gains, Chainlink could be gunning for Tether or even Ripple (XRP)’s spot in terms of market capitalization. However, for LINK to have a chance to flippen Tether at its current market cap at $10.06 billion, Chainlink must be valued at around $28.9. To overtake XRP, Chainlink would need to be valued at $36.53 at Ripple’s current market cap of $12.84 billion.

Peterson said that Chainlink could be valued at $32 by the end of 2020, but prices above $32 might not be sustainable. He added:

“Did some quick analysis of Chainlink’s network growth rate and historical deviations in price put LINK at $32 by the end of the year, but that price would not be sustainable. Investors who buy at high levels risk losing 50% of their investment or more. Most growth priced in already.”

Crypto Exchange Trading Volumes Hit a Monthly High of $348 Billion in November

New data by CoinGecko reveals that the monthly trading volumes across crypto exchanges surged to an all-time high (ATH) of $348 billion in November, representing a 125 percent increase from $154 billion recorded in October.

Rollercoaster ride in November

The leading cryptocurrency ranking data provider alluded to the fact that the crypto market was on a rollercoaster ride in November and stated:

“While Bitcoin rallied with a 42% increase in November, other major altcoins also displayed strength. Ripple (XRP) was a surprise winner with an impressive 177% month-on-month rise, suggesting that there may be a surge of retail investors.”

The price rally experienced by Bitcoin (BTC) in November made BTC addresses either sending or receiving BTC to hit the third-highest level at nearly 19.6 million, causing the on-chain transaction volume to rise by 47%. This happened as Bitcoin bulls continuously tried to reach the $20,000 price, falling just shy of what would have been a new ATH price by getting to $19,832.

Glassnode, an on-chain metrics platform, also disclosed that Bitcoin withdrawals from crypto exchanges hit a 17-month high of 2,288.125 on Dec 1.

A yearly high of $554 billion recorded

The skyrocketing of trading volumes across crypto exchanges triggered a yearly high of $554 billion, surpassing its previous high of $378 billion in 2020.

Nevertheless, the monthly trading volume of decentralized exchanges (DEX) dropped by $3.3 billion (15.8%) to stand at $17 billion. CoinGecko noted that this happened even though they took the market by storm based on the DeFi boom. As per the report:

“Both Uniswap and Curve Finance bore the brunt of the losses with a fall of $2.39 billion and $2.41 billion respectively. Meanwhile, Sushiswap is the only winner with a $1.1 billion increase, raising its dominance to its highest yet at 11% (previously 4%).”

In other news, institutional investors have been on an investment frenzy as they pumped a whopping $429 million into crypto funds and products in the past week.

CoinMarketCap, CoinGecko, TradingView Blocked in China after Toughened Cryptocurrency Clampdown

In a further attempt to impose a crackdown on the cryptocurrency sector in mainland China, three popular cryptocurrency market data platforms – TradingView, CoinMarketCap, and CoinGecko – users are now inaccessible in China.

On the contrary to claims that the three most popular crypto market data sites decided to cut off Chinese IP addresses actively, CoinMarketCap, CoinGecko, and TradingView appear to be blocked by Great Firewall – China’s internet censorship agency – in an attempt to censor selected foreign websites, including Facebook, Twitter, and Google.

CoinGecko co-founder TM Lee talked about the development and said: “As far as we know, we didn’t block proactively.” Bobby Ong, co-founder and COO at CoinGecko, also said: “We did not block any Chinese IPs.”

Based on test runs on Greatfire.org, the three sites are currently all blocked by China’s internet firewall.

While it is unclear when the sites became inaccessible, users noticed the blockage on Tuesday early morning China time. However, it appears that Bybt.com has decided to restrict IP access from within mainland China proactively. Test results on Greatfire.org indicate that China’s internet firewall has not blocked Bybt.com.

The censorship over cryptocurrency data sites is the latest effort by China’s authorities to force out crypto firms conducting services in the nation and limit local users from exposure to market information.

“It appears that China is ramping up its crackdown on the crypto industry, and this time round [sic], CoinGecko has been placed on the censor list simply for providing crypto market information,” said Ong.

As a result, users living in China will have to use other sources to keep updated with events surrounding cryptocurrency prices. They can still access the three popular sites by routing through VPNs (virtual private networks) to get around the firewall.

Reports show that users from the cryptocurrency community in the country are increasingly using VPNs and joining chat groups on Telegram to discuss crypto-related information more safely after China’s Central Bank announced tougher measures on Friday, September 24, to clamp down cryptocurrency mining and trading activities.

CoinGecko Study Shows Countries Most Interested in Crypto Since Market Crash

A new research survey published by crypto price tracker CoinGecko on Tuesday revealed the countries most curious about cryptocurrency since the crypto market crash.

The research examined Google Trends data of search terms frequently used by people interested in cryptocurrency.

CoinGecko then combined such terms to give each English-speaking country a ‘total search score’ to identify which nations have been the most interested in cryptocurrency since the market crash in April this year.

The study ranks Nigeria as the most curious nation about cryptocurrency since April this year. According to the CoinGecko study, Nigeria garnered a total search score of 371, and that made it at the top of the list of nations with the most interest in digital assets.

Coupled with its huge population, Nigeria garnered the highest search levels for the phrases like ‘cryptocurrency’, ‘invest in crypto’ and ‘buy crypto’ worldwide. Furthermore, the population of Nigeria’s search for the cryptocurrency ‘Solana’ emerged as the third highest in the world.

CoinGecko survey then ranked the United Arab Emirates (UAE) as the second country with the most interest in cryptocurrency since the market crash in April this year. The Arab nation in Asia garnered a total search score of 270. The UAE has the second-highest proportion of its population searching for both the phrases ‘cryptocurrency’ and ‘invest in crypto’. And that placed it second in the ranking, according to CoinGecko.

The research placed Singapore third. The Southeast Asian country has the third-highest level of searches for the term ‘buy crypto’ and is the nation searching for the cryptocurrency ‘Ethereum’ the most worldwide. The survey gave Singapore a total search score of 261.

The United Kingdom was ranked fifth overall. The research gave the UK a total search score of 198.

According to the study, the UK has the sixth-highest number of searches for the phrase ‘buy crypto’ and the third-highest number of searches for ‘invest in crypto’. The study also identified Bitcoin, Ethereum, and Polygon as all trending cryptocurrencies in the United Kingdom.

Besides that, CoinGecko research placed the United States as the twelfth country most interested in cryptocurrency. The survey identified that the US has the tenth-highest search levels for the term ‘buy crypto’ and is the sixth country most interested in the cryptocurrency ‘Solana’. The country had a total search score of 157. Just like the UK, Bitcoin, Ethereum and Polygon are all trending cryptocurrencies in the US right now, according to the study.

Developing countries offer fertile ground for crypto adoption

The most interesting thing in the new CoinGecko study is the emergence of developing nations (Nigeria, the United Araba Emirates, Singapore, Georgia, and Lebanon) in the list of countries with the most curiosity about cryptocurrency in the world.

The study demonstrates that people and businesses in developing nations like Nigeria, the United Araba Emirates, and Lebanon, among others, are gaining increasing interest in investing and trading cryptocurrencies. Such interests show that crypto adoption is significantly increasing in developing nations.

In developed countries, cryptocurrencies are viewed by many in the financial world with suspicion and as a speculative and highly volatile fad that can only end badly. Regulators in the US and Europe have issued stern warnings about the dangers of trading cryptocurrencies.

But in developing nations, there are signals that cryptocurrency is quietly developing deeper roots. Especially in nations that have a history of financial instability or where there are high barriers to accessing traditional financial products such as bank accounts. Cryptocurrency use is rapidly becoming a daily habit of life in such countries.

Bitcoin, DeFi Space See Positive Momentums, NFT Market Declines in Q3

The latest data shows that although cryptocurrencies witnessed a massive market crash experienced in Q2 2022, the digital assets made some relative recovery in Q3 amid the ongoing bearing market conditions, according to the third-quarter report published by data platform CoinGecko.

Per CoinGecko, the report highlighted that such recovery is manifested based on the fact that the cryptocurrency market increased its market cap from a low of $903 billion in July to reach up to $1.2 trillion in August.

While Bitcoin struggled in Q3, it managed to outperform other commodities such as gold, oil and other traditional assets, except for the US Dollar Index (DXY), which tracks the greenback’s value against major currencies. However, from Year to date (YTD) perspective, Bitcoin still experienced the largest loss of -58% compared to all other asset classes. In other words, the cryptocurrency plunged more than 58% year-to-date and is now hovering around $19,113.66 per coin, according to data from CoinGecko. Bitcoin continues to trade mostly in lockstep with US equities but largely recovered compared to the equities market in Q3.

DeFi Rebounds

Data from CoinGecko has also disclosed that the Decentralized Finance (DeFi) market recovered by 31% in the third quarter, from $54.66 billion it was on July 1 to stand at $63.02 billion as of August 23 2022. It’s no news that the DeFi space has been facing it rough as data showed that the DeFi ecosystem lost 68.13% representing $155.79 billion in Total Value Locked (TVL) in the second quarter of 2022.

The rally can be traced to the crypto market’s slow but steady recovery, which is led by Ether, the native token of the Ethereum blockchain. Even though Ether (ETH) has plunged 33% to $1,330 from its quarterly high in mid-August, it is still up by 26% compared to Q2. The Ethereum blockchain accounts for $35.44 billion, or 56.24% of the TVL seen in the crypto space today.

Besides DEXs (decentralized exchanges) maintaining their status as the largest component of DeFi, they gained a significant rise in market share, increasing 36.8% to $10.9 billion, according to the data. This has been driven by the uptick in trading volume, majorly propelled by the Merge narrative, and with the continued popularity of the liquid staking sector. In 3Q, the liquid staking landscape almost tripled its market cap to $1.54 billion, and Lido, the market cap leader in that category, rose 264% to $1.60 within that period.

NFT Winter

Based on data from CoinGecko, sales of non-fungible tokens (NFTs) dropped significantly in the third quarter, as crypto investors struggle with the ongoing “crypto winter” and the demands for the highly speculative digital assets show little sign of returning. The NFT market witnessed a heavy hit in the past quarter, as it experienced a -77% plunge in total trading volume across the top 5 NFT marketplaces, OpenSea, Magic Eden, LooksRare, X2Y2, and CryptoPunks.

MagicEden was the only NFT marketplace that witnessed growth in September, doubling its MoM volume and dominance while the rest of its competitors continued to dip. With its recent expansion into the Ethereum blockchain and the launch of its headline-grabbing y00ts NFT collections, MagicEden gained significant dominance (from 9% → 22%) in 3Q. The Solana-based NFT marketplace appears to be eating OpenSea’s market share, which now stands at 60% from 90% in Q3. But it remains to be seen if MagicEden can sustain the momentum.

Stablecoin movements

Lastly, in the last Q3, the stablecoin economy’s market valuation dropped by 3% from $156.7 billion to $152 billion. The major 5 stablecoins are Tether (USDT), USD Coin (USDC), Binance USD (BUSD), Dai (DAI) and Frax (FRAX), as they have continued maintaining their positions, having no new entrants nor changes to their order.

However, data showed interesting movements in market cap within the top 5, with USDC dropping 16% or $9 billion after the US Office of Foreign Assets Control (OFAC) imposed sanctions on Tornado Cash. BUSD’s market cap grew the most, increasing by 18% or $3 billion because of inflows from USDC, triggered by Binance’s announcement on BUSD auto-conversion. USDT also witnessed a slight increase, possibly having absorbed some of the selloffs of USDC.

As of September, USDT crossed above $68 billion, USDC dropped to $49.39 billion, while Binance USD (BUSD) increased its market cap to $21.63 billion.

Global Efforts to Classify Cryptocurrencies

A significant cryptocurrency data aggregator known as CoinGecko and a cryptocurrency investment company known as 21Shares have teamed forces to develop a universal standard for categorizing the many different types of crypto assets.

The Global Crypto Classification Standard study was published on February 8 by CoinGecko and 21Shares. It outlines a standardized technique that can be used to classify cryptocurrency assets. The purpose of this work is to assist investors and regulators in gaining a better understanding of the particulars of each asset class in the cryptocurrency business, including the possibility for failures such as those that the sector experienced in 2022.

“In contrast to conventional financial assets, the nature of crypto assets may have a wide range of variations, both in terms of the asset itself and the protocol that underpins it,”

At the time this article was written, the website of CoinGecko listed more than 12,000 distinct cryptocurrencies, and each coin has its own set of traits and features that marked it apart from the others. The classification method used by CoinGecko and 21Shares is based on three main layers of categorization, which differentiate these hundreds of assets according to stack, market sectors, industries, and taxonomy.

The first level, known as the “crypto stack,” organizes crypto assets into categories such as centralized apps, decentralized applications, interoperable blockchains, and smart contract platforms, amongst others. The technique does not refer to the underlying token at any point in the first two tiers; rather, it exclusively discusses networks and protocols.

The second level is referred to as “market mapping by sectors and industries,” and it further divides cryptocurrencies into categories such as infrastructure, metaverse, and decentralized finance (DeFi), in addition to groups such as payment platform, lending, and developer tooling, amongst other categories. The technique makes an effort to classify the assets according to the category that is the most relevant to their use in situations when certain standards may be applied to more than one industry.

Based on the cryptocurrency taxonomy approach that was suggested by crypto analyst Chris Burniske in 2019, the third level was referred to as the “taxonomy of crypto assets.” Within this level, crypto assets were categorized according to related asset “superclasses.” The methodology developed by Burniske is based on a study written by Robert Greer in 1997 titled “What is an Asset Class Anyway?” Putting crypto assets into their respective superclasses, such as capital assets, assets that can be consumed or transformed, and assets that may be stored as value.

Dogecoin (DOGE), Bitcoin (BTC), Monero (XMR), and Zcash (ZEC) are some of the examples that may be found in the category of store of value assets (DOGE). This particular kind of crypto asset “cannot be consumed,” and it also does not provide any form of revenue. “However, it does have worth; it is a store of value asset,” is how the proposed categorization standard puts it.

The attempt by CoinGecko and 21Shares to bring about a worldwide crypto categorization standard is only one of the numerous efforts being made all around the world to classify cryptocurrencies. The Australian Department of the Treasury issued a consultation paper on “token mapping” on February 3, with the goal of developing its own taxonomy of crypto assets. Prior to this, Belgium’s Financial Services and Markets Authority was also soliciting comment on its categorization of crypto assets as securities, investment instruments, or financial instruments in July of 2022. This was done in order to make an informed decision.

According to Gonzalez, “while the categorization of digital assets is quite prevalent, many classification attempts are one-dimensional and mislead conventional investors by combining crypto assets, the investable tokens, directly with the protocols that are behind them.”

The executive also expressed optimism that the newly suggested standard would be able to appeal to retail and institutional investors, as well as governments all over the globe, as a result of 21Shares’ work with CoinGecko, a leading independent cryptocurrency statistics website.

DeFi Funding Skyrockets 190% in 2022

The world of digital finance has seen a major shift in investments in recent years, with decentralized finance (DeFi) emerging as a clear winner in 2022. According to a report by CoinGecko, investment in DeFi projects skyrocketed by a staggering 190% in 2022, with digital asset investment firms pouring $2.7 billion into this sector alone. In contrast, investments in centralized finance (CeFi) projects plummeted by 73% over the same time period, with just $4.3 billion invested.

This trend is particularly striking given that overall crypto funding figures fell from $31.92 billion in 2021 to $18.25 billion in 2022, due to the market shifting from bull to bear. Despite this downturn, DeFi investment saw a near three-fold increase, potentially pointing to it as the new high-growth area for the crypto industry. The report also suggests that the decrease in funding towards CeFi could be an indicator that the sector has reached a degree of saturation.

According to CoinGecko’s report, the largest DeFi funding in 2022 came from Luna Foundation Guard’s (LFG) $1 billion sale of LUNA tokens in February. This was followed by Ethereum-native decentralized exchange (DEX) Uniswap, which raised $164 million, and Ethereum staking protocol Lido Finance, which raised $94 million.

Meanwhile, FTX and FTX US were the largest recipients of CeFi funding, having raised $800 million in January 2022, accounting for 18.6% of CeFi funding in that year alone. However, both crypto exchanges later collapsed and filed for bankruptcy just 10 months later.

The report also noted that blockchain infrastructure and blockchain technology companies raised $2.8 billion and $2.7 billion, respectively, making them other areas of significant investment. This trend has remained strong over the last five years, according to CoinGecko.

Henrik Andersson, the chief investment officer of Australia-based asset fund manager Apollo Crypto, says his firm is currently focusing on four specific sectors within crypto. The first is “NFTfi,” a combination of DeFi and NFTs that includes NFT projects using DeFi to implement various trading strategies to earn passive income, or long or short-trade NFT projects, among other things.

Overall, the rise of DeFi investment is a clear indication of the rapidly changing landscape of digital finance. As the market continues to evolve, it will be interesting to see how DeFi and CeFi continue to compete and evolve, and what other trends and innovations emerge in this exciting and ever-changing industry.

NFT Wash Trading Volume Surges to $580M Across Top Six Marketplaces

In February 2023, the top six nonfungible token (NFT) marketplaces experienced a significant surge in NFT wash trading, with a total volume of $580 million, up 126% from the previous month. The six marketplaces included in the report were Magic Eden, OpenSea, Blur, X2Y2, CryptoPunks, and LooksRare. Of these, X2Y2, Blur, and LooksRare played the largest roles in February’s volume for NFT wash trading, with $280 million (49.7%), $150 million (27.7%), and $80 million (15.1%), respectively.

NFT wash trading is the manipulation of trade volume or price through repeated transactions. While this practice is illegal in traditional financial markets, the lack of clear regulations in the crypto space has allowed it to occur in both the broader crypto market and with NFTs.

The CoinGecko report revealed that NFT wash trading made up a combined 23.4% of “unadjusted trading volume” across the industry’s six largest marketplaces. The report also noted that some of these marketplaces have incentivized users to increase trading volume via transaction rewards.

It’s worth noting that NFTs have become increasingly popular in recent years as a new form of digital asset ownership. They can represent anything from artwork to music and even tweets. The unique characteristics of NFTs, such as their limited availability and authenticity, have contributed to their popularity.

However, NFT wash trading has become a major concern for the industry, with many experts warning of its potential impact on the market. Back in January 2023, crypto investor Mark Cuban said that wash trading would cause the next “implosion” in the crypto market. In response to this issue, new artificial intelligence-based technology has surfaced, which aims to troubleshoot issues in the NFT market, including wash trading.

In addition to the rise of NFT wash trading, a recent scam has also surfaced in the NFT market. On March 16, 2023, fake Blur token airdrop websites were discovered, from which $300k was successfully stolen. The incident highlights the need for better regulation and security measures in the NFT market.

In conclusion, while the rise in NFT wash trading volume may be a sign of the market’s recovery, it also highlights the need for increased regulation and security measures to protect investors and prevent fraudulent activities.

CoinGecko Hit by Phishing Scam

On January 10, 2024, CoinGecko, a leading cryptocurrency data aggregator, experienced a significant security breach. The company’s account on a major social media platform (formerly known as Twitter) and its terminal were compromised, leading to the unauthorized posting of a phishing scam link. This incident has raised serious concerns about cybersecurity in the rapidly evolving cryptocurrency industry.

CoinGecko’s technical team responded swiftly to the breach, regaining control of the account and initiating an investigation. They issued a warning to users, advising them not to interact with suspicious content or follow any dubious links. The fraudulent post advertised a non-existent CoinGecko token airdrop, a common tactic in phishing scams designed to lure unsuspecting victims into revealing sensitive information or transferring funds.

This incident did not occur in isolation. Just a day earlier, the United States Securities and Exchange Commission (SEC) suffered a similar attack on its social media account. Scammers posted a deceptive message claiming that the SEC Chair, Gary Gensler, had approved several applications for Bitcoin spot exchange-traded funds (ETFs). This claim was quickly debunked and the post removed, but it highlighted the effectiveness of such tactics in creating temporary confusion and potential harm.

Both incidents underline the vulnerability of even high-profile organizations to cyberattacks, particularly those involving social engineering. The methods used in these breaches were not sophisticated technical hacks but rather relied on exploiting human factors, such as the lack of two-factor authentication (2FA) and the ability to manipulate telecommunications services to execute SIM-card swap attacks.

The rise of SIM-card swap attacks in the Web3 community is particularly troubling. These attacks involve fraudsters impersonating legitimate account holders to gain control over their phone services. Once achieved, they can access various accounts linked to the phone number, including social media and cryptocurrency wallets. The cryptocurrency community has witnessed several such incidents, including a notable attack on Ethereum co-founder Vitalik Buterin’s account in September 2023.

In response to these threats, experts in the field emphasize the importance of robust security measures. Two-factor authentication (2FA) is now considered a basic necessity, not an optional add-on. Users are also advised to be extra cautious about suspicious links and offers, particularly those promising free tokens or other too-good-to-be-true opportunities.