Monday Movers 06

Argentina eyes USDT after the Minister of Economy quits, while Samsung utilizes 3nm tech for Bitcoin mining.

Highlights from the weekend:

  • Argentina turns to USDT as a hedge after the Minister of Economy resigns
  • The British army reports hacked social media accounts by crypto scammers
  • Samsung starts chip production by utilizing the 3nm technology method
  • Coinbase plans to strengthen its hold in France and European countries

Words of Wisdom:

"The biggest risk of all is not taking one."

- Mellody Hobson 
"Bitcoin will do to banks what email did to the postal industry."

- Rick Falkvinge
"Anything that can conceive of as a supply chain, blockchain can vastly improve its efficiency - it doesn’t matter if its people, numbers, data, money."

- Ginni Rometty

Finblox Performers:

The Scoop:

The British army experienced a hack on all their platforms - including Twitter, Youtube, and Facebook. This hack persisted for nearly four hours, with hackers promoting stolen NFTs and other cryptocurrencies. The Ministry of Defense Press Office released an update after the incident, stating that the account breaches were dealt with - and openly expressed their sincerest apologies.

The army's official account posted screenshots of users promoting fraudulent derivatives of "The Possessed" and "BAPESCLAN" NFT collections, accompanied by what was most likely a phishing link that strips users of their funds - if their wallets were connected.

The British Army Tom Watson crypto cryptocurrency The Possessed and BAPESCLAN NFT
Tom Watson shares vital info about the British army's Twitter.

Tom Watson, one of the collection's founders - stated that these tweets were false, and that users should avoid clicking the link. This wasn't the first time the British army had been hacked; they even had their Youtube channel stripped of its videos in the past - which were replaced with livestreams of former Twitter CEO Jack Dorsey and Elon Musk. Currently, the perpetrators are still unknown - and all the fake links and tweets have been deleted by the British army.

Martin Guzman, Argentina’s Minister of Economy - announced his resignation on Twitter this week. His surprising exit was the result of pressure from high inflation, and a depreciating national currency. Following this event, the price of USDT in Argentinian pesos climbed unexpectedly. 1 USDT sold for 257 pesos on Binance, while on Lemon Cash Exchange - the value was 11% higher at 279 pesos. Combined with the low volume, this incremental growth could possibly indicate unease among traders.

Guzman also previously decided to restructure the country’s $45 billion debt - with the help of the IMF. The public negatively received the restructuring bill when it was released, and they took to the streets to express their resentment. Argentina is currently facing 50% annual inflation, and according to financial experts - the need for new assets to maintain financial security is pivotal.

Samsung, the South Korean tech king - recently announced that they’ll be producing 3-nanometer (nm) chips. The chips will be used for Bitcoin mining and are currently in the initial production phase. Samsung will begin the initial application with the use of nanosheet transistors paired with semiconductor chips for increased performance. Low power application computing will also be incorporated, with plans to develop mobile processors.

“Samsung has grown rapidly as we continue to demonstrate leadership in applying next-generation technologies to manufacturing, such as the foundry industry’s first High-K Metal Gate, FinFET, as well as EUV. We seek to continue this leadership with the world’s first 3nm process with the MBCFET.”

Dr. Siyoung Choi, President and Head of Foundry Business at Samsung Electronics

Samsung 3nm wafers Hwaseong Campus
Corporate vice presidents from Samsung, holding 3nm wafers at the Hwaseong Campus.

The use of nanosheets with wider channels will allow for higher performance, paired with greater energy efficiency. Through the use of 3nm GAA technology, Samsung will be able to adjust the channel width of its nanosheet and hone its power usage and performance to meet customer needs.

Coinbase has been making strides in increasing its presence in the European Union. Their rampant growth has spilled over into France, Italy, the Netherlands, Spain, Germany, and Ireland. According to Bloomberg, Coinbase is shifting its focus to Europe after a massive layoff of 1,000 employees in the United States. The company is open to making acquisitions that will accelerate its growth especially with the plunge in crypto valuations amidst the bear market. Coinbase’s shares dropped significantly this year, and experienced another downturn this week with Goldman Sachs. After the release of the landmark agreement known as the Markets in Crypto Assets Regulation (MiCa) - expansion in Europe has been more inviting. The legal and regulatory framework will help raise standards across the industry, and Coinbase is not sleeping on the opportunity.

Blockchain Events and Conferences:

...and finally, some memes for your morning:

DISCLOSURE:

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. Charts, graphs and references to any digital assets are for informational and illustrative purposes only.

Finblox Blog is associated with Finblox - a reliable cryptocurrency earnings platform where you can buy and earn passive income on your digital assets.

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