Argentina raises interest rates by 600 basis points!

Welcome to Coinsauce's central hub, the crypto compass that points you in the right direction!

Let’s dive straight into the top headlines for the day 👇️ 

1. 🇦🇷 Banking on the extreme: Argentina's Central Bank raises interest rates to 97%.

2. 👀 Cloning Chaos: Crypto scammer rakes in $15M by cloning Hong-Kong-based HitBTC exchange.

3. 🔴 Funding Alert: Sam Altman’s Worldcoin in talks to secure $100 million in funding

Rate hikes on Steroids 💉 

Up, Up, and Away! Argentina's Central Bank has cranked up the heat to fight off inflation, raising interest rates to a scorching 97%. With an eye on preventing financial chaos and taming soaring inflation expectations, they're jumping into action faster than you can say "economía" 🙈 

Argentina's CPI sky-rocketed to a jaw-dropping 108.8% in April, and the Central Bank responded by raising rates by 600 bps to shield the currency from spiralling losses. The Argentine Peso has depreciated over 22% against the US Dollars since the start of the year.

With presidential elections looming, the country is caught in an economic tango. The citizens of Argentina have long been hoping for financial stability, but for now, they have to make do with just the World Cup glory 😅 

Copycat gone rogue 🖥️ 

A crypto scammer has stolen more than $15 million in BTC, ETH, USDT, and SHIB by cloning the user interface of popular Hong Kong-based crypto exchange HitBTC 🙈 

This sneaky scam has been running for almost a year, luring unsuspecting victims into activating a phishing contract that promises "unlimited authorization" for their USDT. Once users make their innocent deposits, the scammer swiftly drains their entire wallet. (Not cool, Mr. Trickster)

The hackers have been busy masquerading as other crypto platforms, too, like Coinone, etc. Unfortunately, these phishing attacks are on the rise, with a staggering 40% increase reported between 2021 and 2022 😢 

As usual, we advise readers always to be vigilant, double-check those URLs, and keep their assets locked away in cold wallets, away from the clutches and reach of potential hackers!

Securing the bag 💰️ 

Worldcoin, a new cryptocurrency project founded by Sam Altman, the CEO of OpenAl, is in talks to receive $100 million in fresh funding. According to Pitchbook, the company behind the project has already raised over $200 million across multiple funding rounds ❗️ 

Earlier this week, the firm launched a crypto wallet known as World App. The ultimate goal of Worldcoin is to create a biometric verification system that gives access to crypto without sacrificing privacy.

It also aims to create a global digital currency that can be used by anyone, anywhere in the world, distributed through a universal basic income (UBI) system, where every person in the world will receive a certain amount of Worldcoin tokens every week 😅 

With the hype of meme tokens soaring daily, it is refreshing to finally see high-utility real-world projects being funded and built in this challenging market cycle phase. It looks like Worldcoin is on a mission to shape the future of finance, one token at a time!

Meme of the day

The government is trying to pick its poison like.. 😂 

And that's a wrap for today's newsletter! We hope you found today’s read informative and insightful. Remember, knowledge is power in this ever-evolving market, so stay tuned for more thrilling updates, insights, and opportunities. Until next time, happy HODLing!

Disclaimer: This newsletter is educational and does not constitute financial advice. You must exercise caution and conduct your research before making any financial decisions get