Lưu trữ hàng tháng: Tháng Sáu 2024

Phân tích

Lido DAO price gains amid market-wide dips

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Lido DAO (LDO) recorded a notable price surge this week, outperforming both Bitcoin (BTC) and Ethereum (ETH). However, technical analysis of the token shows rising bear pressure.

LDO’s price has increased by 11.6% over the past 14 days.

If the Lido DAO price chart on Trading View is anything to go by, the token has a market sentiment rating of 37% and a Fear & Greed Index registering 55 (Greed). 

The Relative Strength Index (RSI) stands at 33.47, suggesting a potential downturn below the .80 mark into oversold territory. The longs/shorts ratio currently sits at 1.01, with 50.33% long positions and 49.67% short positions over the past 24 hours, indicating a balance as bulls attempt to defend the .80 level.

Regarding short-term price predictions for 2024, the technical analysis estimates a range between .24 – .40, with a potential high of .29. 

Looking ahead, long-term prospects for Lido DAO appear optimistic, with projections suggesting significant price potential by 2030. Price expectations range from a minimum of ,496 to a maximum of ,810, with an average trading price forecasted around ,578.

Several recent developments have contributed to Lido DAO’s recent price surge. The integration of Kusama liquid staking on the Lido platform allowed KSM holders to stake their tokens and receive stKSM tokens, which are usable across various DeFi networks. 

Additionally, the Total Value Locked (TVL) on the Lido platform achieved a record high of .08 billion, driven by increased staked ETH and the growing popularity of liquid staking.

However, the broader market correction has triggered widespread panic selling and investor fear, impacting many cryptocurrencies, including LDO.

At the time of writing, Lido DAO is priced at .15. The current market capitalization of LDO stands at approximately .9 billion, based on a circulating supply of 892.9 million tokens.

The 24-hour trading volume is 8 million, indicating significant trading activity for the cryptocurrency. Lido DAO is ranked 54th on CoinGecko.

High expectations

For Ethereum, key developments such as the SEC’s closure of its Ethereum 2.0 investigation and the upcoming Ethereum Dencun upgrade have generated optimism among investors and analysts.

The SEC concluded its investigation into Ethereum 2.0 without filing charges. This outcome potentially opens the door for the approval of Ether spot ETFs, which analysts believe could propel Ethereum to new all-time highs. Some forecast a target of ,000.

Recall in April how the SEC issued a Wells notice to ConsenSys, an Ethereum software development company, regarding potential enforcement actions related to its crypto wallet service, MetaMask, sparking debates over Ether’s classification as security.

In response, ConsenSys filed a lawsuit against the SEC. The commission lacked jurisdiction over Ether, the firm argued, citing a 2018 designation of ETH as a commodity.

ConsenSys also highlighted the recent approval of spot Ethereum ETFs as evidence supporting their stance. 

The SEC’s decision to close the investigation does not exempt Consensys from future scrutiny, raising uncertainties for other cryptocurrencies with similar structures and emphasizing the ongoing necessity for clear regulatory frameworks.

Despite the recent price corrections across the board, ETH still sits well above the psychological k region, exchanging hands for ,474 at press time.

Other Ethereum-related projects include Lido DAO’s governance token LDO, Ethereum Name Service (ENS), and Maker (MKR), the fourth-largest Ethereum DeFi protocol. Each project recorded decent gains in recent weeks. 

While the approval of spot Ethereum ETFs is pending, the SEC’s indication that it views ETH as a commodity rather than a security is pivotal. This clarification is essential for fostering the growth and adoption of cryptocurrencies by establishing a more predictable regulatory landscape.

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Theo Crypto News

Phân tích

NFT sales drop 12% as Ethereum dominates, Polygon surges

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The NFT market continues to experience a decline, with sales dropping 12% last week.

Recall sales plunged 16% during the previous week. 

According to CryptoSlam, total sales for the last seven days stood at just below 0 million and involved over 5,000 buyers and sellers in 1.4 million transactions. 

Ethereum leads the pack

Blockchains by NFT sales volume | Source: CryptoSlam

Ethereum (ETH) was once again the most active blockchain for NFT sales, leading the pack with .4 million worth of transactions. 

Notably, Ethereum experienced a surge in wash trading last week, with money earned from the activity going up nearly 9.5% to .69 million.

Polygon (MATIC) was one of the biggest winners last week. Sales jumped 11.2% to push it past the Bitcoin (BTC) network and into second place. 

Interestingly, wash trading on the platform has kept on rising. During the prior week, Polygon registered a 37.58% increase in wash trading. This past week, it went up 46% to .9 million, almost double the amount recorded previously.

Dropping to third place in terms of sales volume, Bitcoin was one of the biggest losers of the week. Its 40% drop in sales was only better than Fantom (FTM) and Blast (BLAST), which registered dips of 87% and 74%, respectively. 

Wash trading on the platform also went up nearly 200%, although the ,072 that resulted from the activity is almost negligible compared to Ethereum and Polygon.

Solana (SOL) maintained its position with the fourth-highest sales volume of the week; however, last week’s fifth-placed network, Immutable (IMX), had to drop to #6 after Mythos Chain (MYTH) overtook it with nearly .5 million in sales.

Notable performances came from the likes of Zora, BNB Chain, and Panini. Sales volume on Zora went up more than 50%, while Panini, which is home to NFT sports trading cards, recorded a 22% jump to earn 5,000. 

Leading NFT collection

NFT collection rankings by sales volume | Source: CryptoSlam

Among NFT collections, except for Mythos’ DMarket, all NFT collections that topped the sales chart in the previous week were nowhere to be seen. Instead, CryptoPunks made a comeback, registering a massive 155% jump in sales volume to make .26 million and become the top-selling NFT collection of the week.

Next was the aforementioned DMarket, which, despite a 9.21% dip in sales, still managed to earn north of million. 

Bored Ape Yacht Club (BAYC), another popular NFT collection built on Ethereum, managed to take the #3 spot after concluding 113 transactions that yielded nearly .5 million. The amount was impressive since it represented a 73.66% growth over the previous week’s sales.

Other collections that did well over the last week were Ethereum’s Pudgy Penguins and Solana’s DogeZuki Collection, which raked in .69 million and .43 million, respectively.

Top-selling NFTs of the week

In terms of individual pieces, the most expensive NFT of the week came from Ethereum. However, its 4,066 price tag pales in comparison to the previous week’s winner, which changed hands for 7,194. 

In second place was a Bitcoin Ordinal that sold for 3,465, only ,548 more than Mad Lads #4575 from Solana, which came in third.

With two major international soccer tournaments taking place in Europe and the Americas, fan token sales surged greatly last week.

Top fan tokens by sales volume | Source: CryptoSlam

As can be seen in the table above, the Galatasaray (GAL) fan token recorded the highest sales volume, jumping an incredible 70,149% to 0.5 million as Turkey overcame Georgia in their first match of Euro 2024. 

The token price is also up 2,542% and is currently priced at .87 per unit. Sales of FC Barcelona, PSG, and Juventus fan tokens also went up between 22,903% and 8,670% as Spain, France, and Italy started their Euro 2024 campaigns successfully.

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Theo Crypto News

Công nghệ

Vatican Library embraces blockchain to preserve manuscripts, engage donors

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The Vatican Library has partnered with NTT DATA Italia to use blockchain technology to preserve its vast collection of manuscripts.

Announced on June 17, the “Vatican Library Web3 Support Project” aims to expand the library’s online community and engage supporters through modern technology.

The Vatican Library, home to around 180,000 manuscripts and over 1.5 million printed books, will distribute non-fungible tokens (NFTs) to donors and social media users. Currently, this experimental project is limited to Italian residents. However, a trial phase was initially launched in Japan in February 2023.

Those who shared the NFT project on their social media accounts by July 16 received a “Silver NFT.” This NFT granted them access to a special collection of high-resolution images of 15 manuscripts.

Those who support the project financially receive a “Gold NFT,” which will give them access to high-resolution images of all 21 manuscripts in the collection.

To date, 419 users have received Polygon-based NFTs, according to an OpenSea proof-of-concept, showcasing the utility of blockchain technology in safeguarding cultural heritage. These NFTs are soulbound, meaning they are non-transferable and permanently linked to the recipient’s digital wallet.

Future applications

The Vatican Library, one of the oldest and most significant repositories of historical texts, dates back to the 14th century (the Catholic Church has maintained a library and archive since the 300s).

This web3 project is meant to further the library’s mission to make ancient documents more accessible to the public.

In 2020, the Vatican Library launched a new website featuring improved search functions and easier access to digital reproductions of manuscripts, inventories, and archival materials, among others. The campaign aims to preserve cultural heritage, with future plans potentially including immersive extended reality (XR) experiences, like augmented or virtual reality.

NTT DATA Italia has collaborated with the Vatican Library since 2014, using its digital archive service AMLAD, which includes over 2 million assets, to preserve historic documents. The company has invested billions of dollars in web3 infrastructure and is also set to launch a crypto wallet later this year, reinforcing its commitment to the digital future.

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Altcoin

Paris Match auctions NFTs to commemorate the magazine’s 75th year

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Paris Match, a French magazine, is auctioning 75 iconic archival photos as Ethereum (ETH) non-fungible tokens (NFTs) to celebrate its 75th anniversary.

The auction kicked off on June 17 and showcased a curated selection of historic images from Paris Match’s archives.

These include snapshots of entertainment icons like The Rolling Stones, Jack Nicholson, Orson Welles, and John Travolta. Images of significant historical moments such as the fall of the Berlin Wall and scenes from Harlem and the Tour de France are also included.

Each NFT purchase will include a numbered and signed physical print of the same photo, bridging the gap between traditional art collecting and digital ownership. Bidding for each photo starts at 0.3 ETH, equivalent to approximately ,062 at current rates.

This initiative marks Paris Match’s second venture into the NFT realm, following a successful sale of 120 unique NFTs in January 2023. The magazine has teamed up with the photo NFT platform Focus Bloc and SuperRare for this auction.

According to CryptoSlam, the global NFT sales volume has seen a 45% surge to .25 million in the last 24 hours, with Ethereum leading at .19 million in sales, followed by Polygon and Bitcoin (BTC).

As of the latest update, Ethereum (ETH)  is trading at ,492.60, marking a 7% price decline over the past month.

Paris Match’s decision to embrace NFT technology and auction its iconic photographic archives reflects its dedication to preserving its cultural legacy while adapting to the digital era. 

Spot Ethereum ETF approval, experts weigh in

According to analysts, the approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC) is expected to impact Ethereum’s price significantly. Experts predict Ethereum could see a 60% to 75% surge, similar to Bitcoin’s performance after ETF approval.

Standard Chartered analysts forecast Ethereum could reach ,000 by the end of 2024, driven by an estimated billion influx into Ethereum ETFs within the first year. Meanwhile, other experts like Raoul Pal predict Ethereum could reach ,000 to ,000 during the next bull cycle.

In the world of NFTs, Ethereum holds a dominant position, capturing 72.3% of the market share with a trading volume of .54 billion in 2023. 

This leadership is attributed to Ethereum’s early adoption in the NFT sector, supported by a robust developer community and an extensive ecosystem tailored for NFT creation and trading. 

However, Ethereum faces increasing competition from emerging blockchains like Solana, Bitcoin, and Immutable X, which are gaining traction as viable alternatives.

Ethereum’s strength in NFTs is reinforced by its established infrastructure and widespread recognition. The platform offers numerous NFT marketplaces and tools, making it a preferred choice for developers aiming to create sophisticated and dynamic NFTs.

Despite these advantages, Ethereum encounters scalability challenges, addressed through initiatives such as transitioning to a proof-of-stake consensus (PoS) mechanism and implementing layer-2 solutions like rollups to enhance performance.

In contrast, Solana distinguishes itself among other blockchains by offering lower gas fees and faster transaction speeds, positioning itself as a strong challenger to Ethereum. 

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Theo Crypto News

Công nghệ

VC roundup: PQShield clinches $37m, Renzo raises $17m

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This week, blockchain startups and various crypto projects collectively raised more than 0 million in venture capital (VC).

Here’s a roundup of the funding activities between June 16 and June 22. The activity reflects a growing interest in diverse blockchain applications, from gaming and social networks to advanced cryptographic security.

PQShield raises m in series B round

Security startup PQShield emerged as this week’s biggest winner. It closed a million Series B round to enhance its post-quantum cryptography solutions. 

Led by Addition, the funding round also included new investors such as Braavos Capital, Legal & General, and Chevron Technology Ventures.

PQShield’s technology is aimed at future-proofing cryptographic systems against quantum computer-based hacks, with notable clients including Nvidia and AMD. 

The company’s founder, Dr. Ali El Kaafarani, said that PQShield will use the new funds to hire more people and facilitate closer working relationships with its partners and customers. 

Renzo secures m in series A round

The second-highest amount of funding of the week went to the Ethereum (ETH) restaking protocol, Renzo.

It secured million in a series A round led by Galaxy Ventures and Brevan Howard Digital Nova Fund. Earlier in January, the platform raised .2 million in a seed round led by Maven 11. 

Renzo enables users to restake various Ethereum assets, providing them with ezETH, a liquid restaking token usable across decentralized finance (defi) platforms. Data from DefiLlama shows that it currently has a market capitalization of nearly 5 million and a total value locked of more than .6 billion.

Particle Network bags m

Particle Network, a modular blockchain developer, also did well this week. The company raised million in a series A round co-led by The Spartan Group and Gumi Cryptos Capital. 

The round, as reported by The Block, was structured as a simple agreement for future tokens and involved participation from SevenX Ventures, Flow Traders, and HashKey Capital, among others.

Previously, Particle raised million in three funding rounds, bringing the total raised to million. 

According to the company’s founder, Pengyu Wang, Particle will use the money to support its work on chain abstraction technology as well as expand its operations.

Sonic wraps up m series A round

Elsewhere, Sonic, a Solana (SOL) layer-2 network focused on gaming, raised million in a series A round led by Bitkraft Ventures. Other VC firms that participated in the round included Galaxy Interactive and Big Brain Holdings. 

The project has raised million in total, following a million round in 2022, giving it a fully diluted valuation of 0 million. 

The funds will support Sonic’s mission to simplify Web3 gaming complexities and integrate with various gaming genres.

ZKX raises .6m

On June 19, ZKX, a pioneering social perpetual trading decentralized exchange (DEX), announced it had secured .6 million in total funding, including a recent .3 million seed round. 

Investors like Flowdesk, GCR, and DeWhales backed the initiative, which aims to enhance perpetual swaps through social trading features and cross-chain interoperability.

In its announcement, the company stated that it would use the fresh capital to introduce new features to the ZKX protocol, including social copy trade pools as well as expanding cross-chain interoperability to make perpetual swaps universally available.

The platform has also launched its native ZKX token on three major exchanges: Bitget, Gate.io, and KuCoin. 

Gudchain closes m investment round

Another gaming-focused project that won big in this week’s crypto VC action was Gudchain, an OP-stack-based layer-2 blockchain.

It secured million in funding, led by Mechanism Capital. Other participants in the round included Manifold, Skyvision Capital, and Morningstar Ventures.

The blockchain aims to simplify web3 access for gamers and will serve as the foundation for Highstreet Market products. The platform has also reportedly signed five flagship games, with the team planning to launch them on-chain within six months. 

Other notable funding

Several startups also secured smaller, yet significant, funding rounds in the week:

  • Zeek, million seed round: The decentralized social collaboration network raised million from investors, including OKX Ventures and Animoca Brands.
  • Wasabi, million in seed funding: The meme coin and non-fungible token (NFT) leverage trading protocol garnered million, led by Electric Capital, to boost its defi offerings.
  • Bitwise, .5 million seed investment: Bitwise updated its S-1 form, revealing a .5 million seed investment for its Ethereum ETF, with Pantera Capital showing interest in further investments.
  • Farworld Labs, .75 million pre-seed round: The Farcaster-native gaming company closed a .75 million pre-seed round to advance its Farcade platform.
  • Ordinox, million in pre-seed funding: The Cosmos-based automated market maker for BRC20s and Runes received million led by DACM to support its development and security audits.

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Pendle soars over 17% despite market-wide bloodbath; Arweave and Toncoin also in the green 

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Despite the broader cryptocurrency market experiencing a significant downturn, Pendle (PENDLE) has managed to buck the trend, soaring over 17% this week, with its market cap inching closer to the -billion mark. 

At the time of writing, Pendle is trading at .23, up from .90 just a day ago.

This increase has pushed Pendle’s market capitalization to over 8 million, positioning it as one of the top-performing cryptocurrencies in the current market environment. Pendle currently holds the 84th position on CoinGecko’s rankings.

According to technical analysis, the token may reach a price range of between 5.37 to 3.05, with an average expected price of 9.21. Looking further ahead, its value is forecasted to continue rising, potentially reaching up to ,862 by 2040.

Pendle’s price surge has coincided with a significant rise in trading volume, which has climbed to 5 million. This influx of trading activity has likely contributed to the token’s price appreciation, as increased liquidity and demand have driven the price higher.

The Pendle community shows optimism regarding the project’s long-term prospects. The Fear & Greed Index for Pendle is 63, indicating “Greed” among investors. Additionally, the token’s 14-day Relative Strength Index (RSI) stands at 54.21, suggesting that the asset is neither overbought nor oversold.

Since its inception on Nov. 14, 2022, the Pendle token has surged by 18,320%, starting from an all-time low of .33.

Pendle has been steadily developing its protocol and expanding its ecosystem. The project recently announced several key partnerships and integrations, likely increasing investor confidence and contributing to the token’s price surge.

Pendle has expanded its presence across multiple blockchain networks, including Ethereum, Arbitrum, Optimism, and BNB Chain.

This cross-chain expansion aims to facilitate seamless access to Pendle’s services and trading functionalities across different blockchain platforms, thereby increasing its utility and accessibility for users.

Moreover, Pendle has implemented a point distribution system designed to incentivize user engagement through various campaigns, fostering more active community participation. 

Additionally, Pendle has enhanced its yield tokenization and trading capabilities by integrating with various DeFi protocols. This enables users to effectively tokenize and trade yield-bearing assets, optimizing their yield management strategies.

These developments reflect the project’s commitment to expanding its capabilities and improving its services, aiming to encourage greater adoption and usage of the protocol.

Arweave (AR) gains

Arweave (AR) has garnered considerable attention in the cryptocurrency market for its innovative blockchain technology and promising applications.

As of the latest data, Arweave is trading at .53 per token, with a market capitalization of .8 billion and a 24-hour trading volume of .3 million.

Several recent developments have contributed to AR’s price rise. The recent integration of Farcaster archives on Arweave has notably enhanced the platform’s capabilities, particularly in decentralized social data storage.

The price of the AR token has experienced fluctuations between bearish and bullish trends. In 2022, it dropped below in February and hit a 52-week low of .21 in June. However, it showed modest gains in August and September following a funding round.

A recent partnership with Meta Platforms to store non-fungible tokens, or NFTs, on Instagram has also driven up the price, reaching .77 in November.

Arweave continues to innovate in the blockchain and cryptocurrency sectors, providing a unique solution to data security and integrity challenges.

As investors monitor market trends and forecasts for the AR token, Arweave solidifies its position as an innovative decentralized data management and storage platform, showcasing resilience and innovation in the financial landscape.

Toncoin in the green 

Toncoin (TON) has recently reached new all-time highs, experiencing a 15% increase in price over the past month. This surge has propelled Toncoin into the top 10 cryptocurrencies by market capitalization. TON is now valued at .8 billion.

Several factors have driven this recent price action. Toncoin’s partnership with HumanCode to integrate blockchain-based identity verification through palm recognition technology has expanded the ecosystem’s utility. 

This initiative aims to integrate up to 500 million Telegram users within five years, boosting investor confidence in Toncoin’s long-term potential.

Technical analysis of Toncoin’s price charts shows a strong uptrend with consistent buying pressure. The Relative Strength Index (RSI) is overbought at 76.68, and the Awesome Oscillator (AO) registers a reading of 1.277, indicating positive market momentum.

Looking ahead, Toncoin’s price is poised for further gains. It has already reached a new all-time high of .24, and if the current bullish trend continues, it could potentially break the resistance level and target the mark.

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Theo Crypto News

Altcoin

Fidelity discloses $4.7 million seed investment for its spot Ether ETF

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Fidelity has amended its S-1 filing for a spot Ethereum ETF, according to documents filed with the U.S. Securities and Exchange Commission (SEC) on Friday.

The asset management firm is the first to file an amended S-1 Registration Statement with the SEC, kicking off what ETF analysts say could be a busy day for firms looking to secure approval to list spot Ether ETFs.

Fidelity’s amends S-1 filing

Fidelity’s filing disclosed a .7 million seed investment for its ETF, with affiliate FMR Capital having purchased 125,000 shares to seed the funds’ basket. The company said in the filing that FMR acquired the 125k shares at per share and the proceeds then purchased 1,250 Ether.

While it disclosed the seed capital for the Ether spot ETF, Fidelity did not include fees. Eric Balchunas, a senior ETF analyst at Bloomberg, says this could be a “waiting” game for the issuers as they gauge what others offer.

“Fidelity kicking off the the S-1-athon. No fee included yet tho (Franklin only one w fee so far at 19bps). Bitwise didn’t include either. Everyone likely waiting till last min and/or on BlackRock to disclose to see what they need to orbit around,” he posted on X.

In January, ahead of SEC’s approval of spot Bitcoin ETFs, issuers looked to take advantage by revealing very low fees. Grayscale, which set its fee at 1.5%, has seen massive outflows from its GBTC spot Bitcoin ETF.

No staking

In its update, Fidelity also confirmed that the asset manager’s ETF will not include staking. In proof-of-stake mechanisms, ETH holders can lock up their assets to participate in transaction validation and in return earn staking rewards.

The firm’s initial filing in March had indicated the inclusion of staking, before an update in May removed that.

When will spot Ether ETFs start trading?

SEC approved spot Ethereum ETFs in May, giving a nod to applications by Fidelity, BlackRock, VanEck, Grayscale, Invesco Galaxy, Franklin Templeton, ARK 21Shares, and Bitwise.

However, the approval of the form 19b-4s was only the first step and a nod to S-1s will have to happen before the ETFs hit exchanges for trading. In recent comments, SEC chair Gary Gensler told lawmakers that he expects the Commission to approve S-1s “in the summer.”

Analysts believe this could be as soon as early July, with Bloomberg’s Balchunas noting that the launch date could be as early as July 2.

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LayerZero price suffers a harsh reversal as traders bet on a rebound

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LayerZero price suffered a harsh reversal on Friday, erasing all gains made on Thursday after its airdrop.

LayerZero plunged to , down from this week’s high of .57. As it dropped, the token’s market cap fell below the billion mark at 5 million.

LayerZero price chart

LayerZero’s price, which we predicted, happened as the crypto industry went through a major sell-off with most tokens falling by double digits. Bitcoin dropped below the key support of ,000 while the market cap of all tokens fell to .33 trillion. 

It also dropped as LayerZero’s users blasted its proof-of-donation mechanism during its airdrop. All token claimants had to donate .1 to the Protocol Guild to claim tokens, a novel approach to airdrops.

ZRO token also crashed as some users complained that they had not received their allocations. In a statement, the developers noted that they had launched a platform to appeal and correct their allocations. 

Further, this decline happened as some ZRO recipients liquidated their positions. As we reported recently, most of the zkSync recipients dumped their tokens after the airdrop.

Still, as we wrote on Thursday, ZRO’s performance was in line with how most tokens trade after their airdrop. For example, Sei rose to .2128 shortly after its airdrop, dropped to a record low of .09, and then eventually rallied to .04. 

Similarly, Sui initially rose to .4 then tumbled to .3, and then jumped to an all-time high of .10 within less than a year.

Therefore, some traders who have suffered heavy losses maintained that they will hold their tokens and wait for a recovery. 

LayerZero’s price rebound will depend on how the crypto market performs in the next few weeks. It will likely continue falling if Bitcoin maintains its bearish trend and crosses ,527, its lowest point in May. 

Altcoins tend to have a close correlation with Bitcoin. For example, most altcoins soared to their multi-year or all-time highs as Bitcoin hit its record high in March. They then retreated as Bitcoin lost momentum. 

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NFT

Ledger warns of new ‘address poisoning’ scam

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Ledger took to X to reveal how crypto users are targeted by a scam known as “address poisoning”. 

Address poisoning is a scam where scammers ‘poison’ a user’s wallet by sending a small amount of crypto or an NFT disguised as a voucher.  The aim is to trick users into copying the scammer’s wallet address from their transaction history and returning the voucher. This will send funds to the scam account instead of a legitimate one.

“These dummy transactions are meant to deceive you into believing that you sent funds to their address in the past – but unless you initiate a transaction to one of these addresses on your own and sign the transaction with your Ledger, no value will actually be transferred from your account,” Ledger tweeted.

Scammers have been using open-source software to create addresses similar to Ledger addresses. They may create addresses with the same first four or five characters and the last four or five characters to trick users into sending them assets.

The scam has been particularly prevalent among users of Ledger Live, a crypto wallet management tool. 

How to avoid the scam 

If there are concerns that a wallet may be compromised or notice a suspicious transaction on an account, it’s best to disregard or ignore the transaction and the associated addresses.

Clicking on or following a link in a malicious NFT is insufficient to jeopardize a wallet. The only potential risks to wallets include sharing or typing out a 24-word recovery phrase or signing a malicious transaction with a Ledger device.

It’s best to avoid engaging with any unwanted tokens or addresses. Ledger advised users to right-click and ‘hide’ the token to remove it from visual sight. 

In general, it’s best to be cautious of malicious links in a wallet that could lead to scam websites attempting to trick users into sharing sensitive information or authorizing harmful transactions.

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