Meta To Shut Down Novi Wallet In Pilot Stage Amid Crypto Crash, Bitcoin Falls

Cryptocurrency digital wallet Novi will be shut down by Facebook parent Meta, the company has announced. The company will be shut down at the pilot stage itself, before even getting fully launched. The move takes place as crypto market values plunge to new lows and the market is in a state of chaos.

Novi customers can withdraw money and deposit it into their bank accounts in the US and Guatemala. Users can also ask for a copy of every piece of information from their profile up to the point of closure.

Meta claimed in a statement to Bloomberg that it was “already exploiting the years invested on establishing capabilities for Meta overall on blockchain and introducing new goods like digital collectibles”.

Further, Facebook and Twitter accounts of the British Army were compromised to advertise crypto frauds, according to the UK Ministry of Defence. When exactly the accounts were hacked is unknown. Both accounts now seem to be operational and functioning regularly.

Both the British Army’s YouTube channel and Twitter account were taken over by hackers. Users were directed to a bogus NFT minting webpage by the account. Old livestreams of celebrities, including Tesla CEO Elon Musk and former Twitter CEO Jack Dorsey, were substituted for the channel’s videos by hackers.

Cryptocurrency Prices

The global crypto market capitalisation went down by 1.15 per cent to $859.38 billion as of 9 am. The global crypto volume was up by 0.97 per cent to $40.48 billion, as per Coinmarketcap data.

Bitcoin holds new support slightly above $19,000 and other cryptos traded flat over the weekend.

The market’s price action remains weak. Volatility is not very high and  the market continues to witness pauses between trend continuations. – Gaurav Dahake, CEO & Founder, Bitbns

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $19,086.10 lower by 0.84 per cent in the last 24 hours. Ethereum (ETH) was down by 0.76 per cent to $1,051.93

Among other significant coins, Cardano (ADA) was down by 1.40 per cent at $0.4456, Algorand (ALGO) was trading with a loss of 2.97 per cent at $0.3013, Solana (SOL) was trading with a loss of 0.73 per cent at $32.69, Polkadot (DOT) was down by 0.91 per cent at $6.70, and Binance Coin (BNB) was down by 1.50 per cent at $215.37

Meme Coin And DeFi Prices

Dogecoin (DOGE) was up by 0.64 per cent at $0.06649. Its volume to market cap ratio stands at 0.036145. Rival Shiba Inu (SHIB) was down by 0.85 per cent at $0.000009966.

Dogelon Mars (ELON) lost 0.98 per cent to trade at $0.0000003068, Floki Inu (FLOKI) gained 1.11 per cent at $0.00000605, and Samoyed Coin (SAMO) falls by 1.11 per cent at $0.007309

In the DeFi segment, YFI ( was down by 1.72 per cent at $5,595.03 and Terra Classic (LUNC) was trading with a loss of 0.98 per cent at $0.0001249. Avalanche (AVAX) was up by 0.88 per cent at $16.38, Uniswap (UNI) was trading with a loss of 3.56 per cent at $4.75, and Aave (AAVE) fell by 0.27 per cent at $56.52.

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