Curve Finance Warns About Fake App; Bitcoin Surpasses $1T Cap, Unaffected Robinhood Volumes
Summary:
A fraudulent app impersonating Curve Finance has surfaced on the App Store, Bitcoin has surpassed the $1 trillion market cap, and Robinhood's trading activity remains unaffected by new Bitcoin ETFs. The industry continues to grapple with issues of fake apps, exemplified by the unauthentic Curve Finance app associated with MK Technology. Simultaneously, Bitcoin's market cap exceeded $1 trillion amid anticipations of the halving impacts. Despite the surge in Bitcoin ETFs, Robinhood's spot Bitcoin trading remains dominant, with its total crypto assets under management increasing substantially year-over-year.
A fraudulent application mimicking Curve Finance has been discovered in the Apple App Store. In the meantime, Bitcoin's valuation pierced the $1 trillion mark as its price soared above $50,000, rebounding from a previous downturn sparked by higher-than-anticipated inflation numbers in the U.S. Moreover, according to the firm's finance chief, the slew of new Bitcoin ETFs hasn't eroded Robinhood’s trading volumes.
The team behind Curve Finance issued a caution against a counterfeit representation of their decentralized finance protocol posted on Apple’s App Store. The alert, which was released on February 14, advised individuals to stay vigilant against potential scams, noting the discovery of a bogus app bearing the same logo.
Associated with MK Technology Co. Ltd, the seemingly phony app merely provides a single proton email address on its affiliated website, with a reference to the term "Curve Finance". Its actual motives are yet to be determined - the fraudulent app could just be riding on Curve Finance’s popularity without permission or worse, actively collecting users' digital wallet information.
Scam apps aren't unusual in the world of cryptocurrency. Apple had to take down an malign version of the Trezor wallet app from its store in June 2023.
In related news, Bitcoin (BTC) broke the $1 trillion market capitalization barrier again, as it surged past $51,000. Its previous peak was reached back in November 2021 when BTC hit an all-time high of $69,000.
Analysts from Grayscale posit that the forthcoming Bitcoin halving might significantly boost Bitcoin's market price. The advent of Bitcoin ETFs could fundamentally shift the crypto's demand-supply equilibrium, offering a counterpoise to the selling pressure triggered by the halving event.
According to a Robinhood executive, the firm's traders haven't shown much interest in Bitcoin ETFs, as most of the crypto trading on the platform continues to be in spot Bitcoin. During the earnings call, he noted, “Despite a few traders moving from trading Bitcoin spot to ETF, we don’t see this as cannibalization. It’s actually an augmentation."
Data from the company reveals an 89% surge in the notional volumes of cryptocurrency trades over the third quarter, driven by increased user engagement and overall trade volumes. Furthermore, Robinhood’s total crypto assets under management swelled 87.5% YoY to reach $15 billion by the end of 2023.
This report does not propose any investment advice or suggestions. Any movement involving investment and trading entails risk, and readers need to perform their own due diligence before making decisions.
Published At
2/14/2024 10:50:14 PM
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