Today, Qrafty tells you how NOT to get SIM swapped, FTX's dirty laundry is public and IMF's new crypto framework explained

***Qrafty rolling out the red carpet*** Welcome, curious digital currencies seeker! I am Qrafty - the crypto loving honey badger 🦡 !

You are most welcome to Coinqraft – the daily crypto newsletter for busy but curious people who don’t have time for the crypto drama!🌟

🦡   Today, Qrafty knows 📰 about 👇️

1. Don’t Get Sim Swapped!

2. FTX Trash Is Nastier Than Expected

3. Qrafty Explains IMF’s Crypto Framework

Bonus: Epic Games says metaverse was a bad dream

IMF Says New Tools for Crypto Needed

Oh, the IMF's had a lightbulb moment! Turns out, the old-school finance tools just don't cut it for these new-fangled crypto risks. They've trotted out a fancy framework to help them wrap their heads around the potential chaos that crypto assets might stir up. How quaint, trying to fit the square peg into a round hole!

So they whipped out a new playbook, a three-act crypto evaluation model!

• Step one: a decision tree to see just how big a deal crypto is for a country.

  

• Step two: they're dusting off their trusty old indicators, because, you know, tradition never goes out of style. So they’re looking at systemic importance of crypto in a country’s financials, credit risk, concentration risk, liquidity risk, market risk, regulatory risk and operational risk.

• And the grand finale, step three: zooming out to see how global crypto waves might rock a country's systemic boat.

At the end of the day, the IMF is just the institutional loan shark created for countries. Just so that you have a better idea of what countries are most indebted, from their website:

1. Argentina ~ $33 billion (33,075,000,000)

2. Egypt ~ $12 billion (12,568,075,007)

3. Ukraine ~ $9 billion (9,420,660,839)

4. Pakistan - $6 billion (6,123,145,835)

5. Ecuador ~ $6 billion (6,037,637,500)

Nice, eh? Now guess what countries, or what group of countries control the IMF. Yeah yeah, it’s a group of 140 countries that are in this happy jolly association and it’s all fine and dandy. Now think… It’s pretty obvious that the most indebted countries are in an extremely poor economic and social condition.

So what’s your point, Qrafty?

How many really dirt poor people have you seen turning their life around completely and paying their whole debt? Cool. Now expand that to a country level, add bribed politicians who are interested in serving the interests of those who bought them and not their people and country. Add lethargy and incompetence from all authorities and institutions.

And now think: do you actually believe that these countries will pay off their debt in full or will they reach a point where they will begin to sell ownership of resources or critical infrastructure? The better question is: to whom? And you will understand who is controlling the IMF.

🙃 Qrafty hopes that today’s main story brought brave badgery value to you! Now it’s time for a break, you deserve a bit of fun! 😇 👇️

Friend dot Tech Users Sim Swapped

Well, it seems like Friend[.]tech is in a crash course in Crypto Theft 101! Users are getting a taste of SIM swap attacks and phishing attempts, courtesy of some rather ambitious scammers.

These cunning intruders are getting cozy with personal info via victims' Twitter accounts, and the result? A chorus of spam calls and more missed alerts than a snooze button addict. The purpose? To make the user believe it’s a bug or a notification error and not see the actual messages received when their wallets are being drained.

But his wasn’t the only one who got drained. Multiple users, like this or this, reported that their wallets were robbed of funds.

Ok, now what is SIM swapping and how does it work? SIM swapping is a scam where fraudsters trick phone carriers into transferring a victim's number to a new SIM card. This grants them access to calls, texts, and two-factor authentication messages.

So what’s the conclusion, Qrafty?

The conclusion is that the social platform definitely needs to improve it’s security infrastructure and people need to pay a LOT of attention when they’re suddenly receiving a lot of spam calls or messages. That’s the moment to pay attention, NOT to put your phone on silence!

Juice Is Flowing From FTX 🧃

Remember Qrafty told you about “analysts“? More exactly, how you should not trust anything that they say (including Qrafty) and always think for yourself?

Well, Sam Bankman Fried’s trial has started and the juice about FTX coming out is surreal. Aside from the incompetence and absolute cretinism revealed about the once shining crypto stars and “effective altruism” philosophers, a lot of the paid deals have surfaced as well. As in, the public people who were bought and paid for to bullsheet you into believing that FTX is a great investment. Aka liars and fraud.

And guess what? The list ain’t small and the names aren’t really obscure. Kevin O’Leary was paid $15.7 million for twenty service hours, twenty social posts and fifty autographs to promote FTX. Almost $1 million per hour to lie to you.

What do you think? Was he incentivized to tell you the truth about the exchange or not?

Author Michael Lewis revealed Tom Brady was paid $55 million and Stephen Curry received $35 million to promote FTX.

Never take investment advice from media personalities. They’re trash, 99% of them. Their whole existence is built around becoming likeable and convincing to the public so that they get paid to promote crap they either don’t know about or believe in to people they don’t know or care for. Which makes them liars, grifters and hypocrites.

Epic Games Throws The Towel

"For awhile now, we've been spending way more money than we earn, investing in the next evolution of Epic and Fortnite", said Epic Games CEO Tim Sweeney.

Epic Games is making big changes. They're letting go of 16% of their staff and selling off Bandcamp and tweaking SuperAwesome. They've been spending a lot on Fortnite creators and need to stabilize their finances. They're also offering good support for those losing their jobs.

For those staying, Epic is optimistic about the future of the company. By cutting costs without sacrificing their core business, they believe these changes will help EPic become a leading company in the metaverse, which until now has been kind of a bad dream.

Hey hey 🙃 Qrafty hopes you are enjoying the experience here and would like to regularly get Qrafty’s letters!

If so, please click on the button below. Qrafty is really really grateful to have you here, so thank you!

Tomorrow and Bitcoin share a curious trait; both hold the promise of change, but the only thing certain is their uncertainty!

Qrafty’s thougt of the day

Other stories

Ledger and Sotheby's Collaborate

Ledger, a crypto wallet provider, has joined forces with renowned art auction house Sotheby's, the world biggest and most public money laundering front for wealthy people around the world. From 2024 onwards, purchasers of high-value digital art from Sotheby's will be gifted a special edition Ledger x Sotheby's Nano X hardware wallet.

Solana damage mitigation

Since FTX’s trial started and a lot of dirty laundry have reached the public domain, suddenly we see optimistic pieces about Solana and how it’s used by institutions. It started well before the trial and will not end anytime soon. This time, we get some puff piece about the coin from Coinshares because it has seen a steady inflows of what is pennies compared to actual serious volumes.

Binance US and CZ sued for FTX

Nir Lahav, a California resident, has initiated a class-action suit against Binance and its CEO, CZ. The lawsuit asserts that Binance and CZ breached laws by purportedly undermining competitor FTX in what is claimed to be an attempt to establish a monopoly in the crypto market.

Federal Reserve Blames Crypto and Nepotism for Silvergate Bank Failure

It’s always the dead man’s fault, isn’t it? The Fed Board's Office of Inspector General, in a September 27 review summary of the bank's collapse, attributed Silvergate's downfall to its shift in strategy towards serving customers involved in crypto activities back in 2013. Here’s a more balance article, if you really want to understand who is to blame for this. While Silvergate definitely carries fault, it’s not entirely their own.

Market Whispers

It's been a pretty slow day to the downside for Btc, sweeping Monday's low already.

Most likely will retest the monthly open, as the candle barely has a wick (its just a 10$ difference between the open and the low of the month candle, which may be less on some exchanges). Qrafty is expecting a retest of 26,5K - 26.6K and then a continuation higher, if the market is really in an up mode trend. If it goes below 26.5k then will most likely retest 24.8k.

Qrafty ends channeling his inner trader.

Today is INTERNATIONAL PROCRASTINATION DAY!

That’s all from Qrafty 🦡 for today! Qrafty thanks you and wishes you to live each moment as if you are listening to the music you love most!

If you enjoyed Qrafty’s letters, you can make Qrafty mucho happy happy and subscribe below 👇️ Wahaha!