Riding The Wave News Summary 117
Here’s how to prevent NFT theft, according to industry professionals, Fed Preview: Powell to Trigger 'Healthy Pullback' in Bitcoin, Experts Say, & more
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Tweets
Here’s how to prevent NFT theft, according to industry professionals
Fed Preview: Powell to Trigger 'Healthy Pullback' in Bitcoin, Experts Say
Wormhole Wins Vote to Be Uniswap’s Designated Bridge to BNB Chain
Examiner finds customer deception, ‘very Ponzi-like’ use of funds at Celsius
Tweets
Here’s how to prevent NFT theft, according to industry professionals
As nonfungible tokens (NFTs) attract more users, they also capture the eyes of scammers. Bad actors in Web3 have set their sights on digital collectibles, with millions being lost through scams and various attacks.
However, according to professionals working in the Web3 space, there are multiple ways and tools to prevent being a victim of NFT theft. In addition, users can also take various actions after losing their digital collectibles to hacks.
Ronghui Gu, the co-founder and CEO of blockchain security firm CertiK, told Cointelegraph that the first and most important step is always due diligence. “Avoid clicking on suspicious links and be very careful when signing token approvals,” Gu shared.
Taking it a step further, the executive shared other best practices like periodically checking and revoking unneeded permissions and segregating NFTs into different wallets according to their purpose.
While hardware wallets may be a great solution, Michael Pierce, the CEO of Web3 security firm NotCommon, said there are still risks involved. He explained that:
“People should buy the hardware directly from the manufacturer to minimize any chance the wallet has been tampered with before the person receives it.”
While it’s very important to report scams and hacks to law enforcement, he believes NFT holders can protect their investment with tools like Storyline, an analysis software created by their firm.
After becoming a victim of a hack or scam, Kan highlighted that it’s important to reach out to NFT marketplaces.
Fed Preview: Powell to Trigger 'Healthy Pullback' in Bitcoin, Experts Say
The year 2023 has begun on a positive note, with bitcoin (BTC), a pure play on the U.S. dollar liquidity conditions, outperforming traditional risk assets with a 40% price gain.
The rally could be interrupted by a temporary price pullback as the Federal Reserve President Jerome Powell is likely to stick to his hawkish script during Wednesday's post-meeting press conference, analysts told CoinDesk.
The Fed will begin its two-day meeting later today and announce its rate decision at 19:00 UTC on Wednesday. Powell's press conference will follow the rate decision at 19:30 UTC.
Having raised rates by 425 basis points (bps) last year that included outsized moves of 75 bps and 50 bps, expectations are firmly centered on the Fed to slow the pace of tightening to 25 bps on Wednesday. In other words, a 25 basis point rate hike is priced in. The focus will be on whether Powell acknowledges the recent softening in inflation and economic activity, bolstering markets' hopes for an early pivot toward easing.
The odds, however, are stacked against such an outcome, as the recent rally in stocks and bonds and the decline in the U.S. dollar have eased financial conditions in the economy for the first time since April. That has dented the Fed's effort to counter rampant price pressures in the economy with tighter credit standards.
"There is a strong possibility that in the press conference, Powell will be more hawkish and re-tighten financial conditions. For that reason, we could see a healthy short-term correction in crypto and all risk assets," Nauman Sheikh, head of treasury at crypto asset management firm Wave Financial, said.
The expected Powell-induced pullback could be short-lived, as the market has recently become resilient to hawkish Fed talk.
Several Fed officials warned of higher rates early this month. Still, bitcoin managed to gain 40% this month, with more risky cryptocurrencies like gaming tokens staging bigger rallies.
A lot of Bitcoin’s behavior will come down to whether its growth behaves more like a stock/other financial instrument or more like a new technology being adopted.
Wormhole Wins Vote to Be Uniswap’s Designated Bridge to BNB Chain
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