Rug Pull Alert! Fake XAI Plunges 100%, Drags Real Xai Too
Just after a hack of the United States Security and Exchange Commissionâs official X account and false post of spot Bitcoin (Exchange Traded Fund) ETF, another report from a crypto security firm, PeckShieldAlert, gathered everyoneâs attention as a fake XAI token dropped by 100%.
#PeckShieldAlert #Slippage Fake $XAI has dropped -100%The deployer 0xB3FfâŚ47DD has swapped 2,077,982,891,807.9 $XAI for ~219,516 $BSC-USD*Note*: The #rugpull token shares the same name as the legitimate ones pic.twitter.com/iLOEasmGlM
â PeckShieldAlert (@PeckShieldAlert) January 10, 2024
Fake XAI token plummeted 100%
On January 10, 2024, PeckShieldAlert made a post on X (previously Twitter) that the duplicate XAI token fell by 100% after the deployer address 0xB3FfâŚ47DD swapped 2,077,982,891,807.9 XAI tokens for $219,516 BSC-USD. This XAI token appeared after Elon Musk disclosed his startup âxAI Crop,â with the main objective of understanding the universe, on July 7, 2023.
According to data from the trading view platform, this token was initially trading near $0.30 as the original XAI gaming token from the XAI network made its listing on Binance. After that, the deployer swapped its majority of holdings, causing the price of the fake XAI to plummet to $0.000000105.
Due to the fall of this fake XAI token, the original XAI token also suffered after its listing on Binance. Currently, the XAI gaming token is trading near $0.51, and in the last 24 hours, it experienced over a 24% price drop just because of the fake token.
Arbitrumâs XAI gaming token (XAI)
Currently, there are several tokens with the same name as XAI, including the recently listed XAI network (XAI) gaming tokens, the second XAI (X) token, the third XAI (XAI) token, and the last fourth SideShift token (XAI). However, in all these XAI tokens, the genuine XAI token is the gaming one, as it uses the Xai blockchain developed by the primary developer of Arbitrum in collaboration with Offchain Labs and overseen by the Xai Foundation.
Source: Xai-foundation
Additionally, the XAI gaming token has a dual purpose within the blockchain. First, it works as the designated token fee for facilitating transactions within the network, and second, Xai tokens will be used to reward the validator node, as their role is to validate transactions within the network. Moreover, Xai tokens, as the primary token, will be used for multiple purposes within the gaming ecosystem, including payment for in-game items.
Investors need to understand the basic price principle of investing, which is not to create FOMO in the cryptocurrency landscape. As the cryptocurrency industry is very volatile, investors need to look at the white papers, roadmap, token listings, market capitalization, maximum token supply, and the purpose of the token. After understanding all of these facts, they need to take action on whether to invest or not, and not based on anyoneâs tweet or hype.
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Argentinaâs Bold Cryptocurrency Proposal: the Milei Bill
The post Argentinaâs Bold Cryptocurrency Proposal: The Milei Bill appeared first on Coinpedia Fintech News
South Americaâs second-largest economy, Argentina, is experiencing significant changes under its newly elected president, Javier Milei. Milei has introduced a daring new proposal concerning cryptocurrency holdings. The focus of this proposal is to require citizens to declare all their cryptocurrency assets, both domestically and abroad.
The bill has sparked controversy, mainly due to its innovative approach to ensuring compliance. It offers a preferential tax rate for those who declare their crypto assets, both domestic and foreign, before the 31st March 2024 deadline. However, this rate is set to increase substantially, reaching 15% after November 30.
Mileiâs Unconventional Economic Approach
Milei is known for his dynamic and unorthodox economic strategies. This cryptocurrency draft bill fits into his broader economic and political reform agenda. One key feature of the bill is the asset regularization program, which aims to bring various assets, including cryptocurrencies and crypto assets, into the formal economy. This program offers reduced penalties for those who disclose their assets early. For instance, citizens who comply before the March 31 deadline will face only a 5% tax rate, increasing to 15% by the end of November.
Universal Application for Crypto and Digital Assets
The billâs provisions apply universally to âcryptocurrencies, crypto assets, and other similar goods,â irrespective of the issuer, owner, or where they are stored. This is part of an effort to legitimize the use of digital assets within Argentina, promoting their regularization and integration into the formal economy.