MultiversX Introduced On-Chain 2FA to Combat Theft and Scams

MultiversX, previously known as Elrond, has launched Guardians – a voluntary, on-chain security system using two-factor authentication (2FA) to reduce the risk of cryptocurrency fraud and theft.

By utilizing established 2FA methods such as Microsoft Authenticator, Authy, or Google Authenticator, users can be certain that only authorized actions are carried out on their accounts. MultiversX made this announcement in a statement.

Many cryptocurrency users are at risk of scams and thefts that can deceive them into validating fake transactions, resulting in billions of dollars in losses every year.

The Federal Trade Commission reported that crypto phishing attacks alone cause losses of $1 billion annually. Additionally, The Block’s data dashboard shows that DeFi exploits have resulted in nearly $3 billion in stolen funds.

A crypto trader with a large following has made predictions about the rise of certain altcoins, including Dogecoin (DOGE) and Pepe (PEPE) memecoins.

The trader, known as Kaleo, believes that DOGE is headed for a bullish trend after breaking its diagonal resistance on the four-hour chart. Kaleo’s analysis suggests that if DOGE surpasses its horizontal resistance at $0.072, it could experience significant upward movements.

“We’ve already seen a decent resistance break for DOGE on the USD chart.

Expecting acceleration above a reclaim of $0.072 (early June pre-breakdown/capitulation level).”

At time of writing, DOGE is trading for $0.068.

Looking at fellow meme token Pepe, Kaleo believes that the altcoin is gearing up for a rally after moving above its diagonal resistance on the four-hour chart.

The trader predicts that this drop will be a bear trap, and BTC will immediately reverse and rally towards $32,000.

“> Early week dump to break support
> People go short
> They get trapped
> Then we try to long the reclaim before the squeeze

That’s a setup I would long.”

Stay tuned for more news and make sure to check out the markets as well.