On September 26, 2024, Hamster Kombat, a popular tap-to-earn Telegram game, launched the trading of its HMSTR token on several major exchanges. While the event was highly anticipated, the airdrop ended up disappointing a large portion of the crypto community.

Many believe it was “one of the worst airdrops in the history of the crypto.” Here are five reasons why the Hamster Kombat airdrop failed to meet expectations.

What’s Wrong With the Hamster Kombat Airdrop

1. Unfair Reward Distribution

Ahead of the airdrop, many participants were unexpectedly disqualified. Those who focused on boosting their points per hour (PPH) to accumulate tokens were banned just before the event. The developers implemented a new “anti-cheat” system, which caught many off guard.

According to those affected, the move seemed to benefit influencers, with a significant amount of the tokens redirected to them instead of regular players. This last-minute rule change caused major outrage.

2. Frequent Postponements and Sudden Rule Changes

Initially, the Hamster Kombat team had planned the airdrop for July 2024, but due to technical unpreparedness, the event was delayed. This postponement angered many who had been eagerly awaiting their rewards.

In late August, the team announced that the airdrop would finally occur in September. While they met this new deadline, they lost the trust of many community members.

Worse, just before the airdrop, the developers announced that participants would only receive 88.75% of their tokens. The remaining 11.25% wouldn’t be distributed until July 2025. This unexpected rule change led to a growing boycott movement within the community.

3. Low Listing Price of the HMSTR Token

One of the main concerns going into the airdrop was the value of the HMSTR token at launch. Unfortunately, these fears were realized when the token debuted at $0.01.

Almost immediately, the price began to decline. This sharp drop disappointed both long-term and short-term investors who had expected more from the project’s token.

“Where are those YouTubers and influencers who gave the community false hope of $0.10 or $0.50?  Hamster Kombat has turned out to be the worst airdrop in crypto history. It’s almost 50%-60% down now,” one X user wrote.

Read more: 7 Best Exchanges To Buy and Sell Hamster Kombat (HMSTR) in 2024

As of this writing, HMSTR is trading at $0.0019 — almost 40% lower than its initial value.

4. Problems with Selling HMSTR Tokens

Many project participants found themselves with only a few dollars’ worth of HMSTR tokens after months of interacting with the game. Players complained that despite the time spent on activities like tapping hamsters to earn rewards, the payouts were disappointingly low.

“Hamster Kombat has cheated the community. They have allocated a large portion of airdrops to YouTubers and influencers for referrals. They’ve implemented vesting without informing the community. They’ve made people work like labor, day and night to collect keys from their games and gave $5 or $10 tokens,” Crypto with Khan, a prominent crypto influencer commented.

Moreover, those with small token amounts faced additional challenges when trying to sell them. Some exchanges, like Binance, require a minimum transaction value of $5, making it impossible for users with smaller token balances to cash out their HMSTR.

5. Telegram Wallet Outages

The launch of HMSTR trading coincided with technical issues in the Telegram wallet, which is operated by TON blockchain. TON, built on the remnants of an abandoned Telegram crypto project, is responsible for running the crypto wallet within Telegram, where users hold HMSTR tokens.

Due to network overloads, many users found themselves unable to access or trade their tokens, further compounding frustrations around the airdrop.

Latin America (LATAM) continues to assert its growing importance in the global crypto ecosystem. In Colombia, Nexo has joined the Fintech Association, marking a significant step in its regional expansion. Meanwhile, Worldcoin is extending its World ID verification service to Guatemala, addressing digital identity issues in a world increasingly dominated by bots.

This article explores these developments and more, including crypto adoption surges in Bolivia and Brazil’s advancement in developing its central bank digital currency (CBDC).

Bolivia’s Crypto Transactions Surge Following Ban Lift

Bolivia has seen a rapid rise in cryptocurrency activity since its central bank lifted the long-standing ban on digital assets in June 2024. The Central Bank of Bolivia (BCB) reported 100% growth in crypto transactions over just three months. Between July and August, the average crypto trading volume in Bolivia soared to $15.6 million, doubling from the $7.6 million recorded in the first half of the year.

Read more: Crypto Regulation: What Are the Benefits and Drawbacks?

Stablecoins have emerged as the preferred choice for many Bolivians, offering an alternative for e-commerce and international transactions. BCB President Edwin Rojas highlighted the significance of this shift.

“The use of virtual assets is a favorable step towards modernization and economic integration with the world to strengthen international commercial and financial activities. Since the regulation came into force, the population has an alternative mechanism to process transfers to and from abroad and electronic commerce payments, among other activities,” Rojas stated.

Despite these gains, Deputy Mariela Baldivieso, a proponent of cryptocurrency, stresses that more work is needed. Bolivia still faces challenges, particularly in the areas of financial literacy and regulatory infrastructure. Baldivieso believes that with stronger education initiatives and clearer regulations, Bolivia could become a hub for crypto innovation in the future.

Worldcoin Expands Digital ID Services in Guatemala

Worldcoin continues its expansion in Latin America by launching its World ID verification service in Guatemala. As of September 25, Guatemalan users can use Worldcoin’s orb technology to verify their identity as humans, countering the growing concern over online bots. With a quick download of the World App and an appointment at one of the orb locations, users can ensure their online interactions are genuine.

In a recent survey, 83% of Guatemalans expressed concerns about distinguishing between human-generated and bot-generated content online. The launch of World ID is seen as a solution to this issue, providing increased security and transparency in digital interactions.

Worldcoin’s expansion into Guatemala follows its previous launches in Ecuador and Mexico, where the technology has already gained traction. However, as Worldcoin grows in Latin America, it has sparked privacy debates in countries like Argentina, where concerns over biometric data protection have prompted regulatory discussions.

Nexo Eyes Growth in Colombia with Fintech Association Membership

On September 26, crypto lending platform Nexo officially joined the Colombia Fintech Association. This partnership enables Nexo to integrate into Colombia’s financial environment and offer digital asset solutions. Joining the association also enables Nexo to further engage with the local fintech community and explore synergies within the sector.

In a statement shared with BeInCrypto, Elitsa Taskova, Nexo’s Chief Product Officer, stated that the partnership with the Colombia Fintech Association reflects Nexo’s commitment to providing advanced digital asset solutions. 

“Colombia presents a unique opportunity: with an astounding 92.1% of the population already having access to crypto-related services, the country is making a notable leap towards digital finance. […] We’re not just entering a market; we’re empowering millions of Colombians with accessible digital asset tools and shaping the future of finance in Latin America,” Taskova said.

These solutions meet the country’s growing demand for stablecoins and secure cross-border transactions. Over the past year, Nexo has observed a 73% rise in local clients using its crypto-yield products. Colombia’s interest in cryptocurrencies, particularly stablecoins, has been driven by remittances and a growing need for digital financial services.

Paraguay Develops World’s First National Blockchain to Push Sovereignty

Paraguay is making waves with the development of Legaledger, the world’s first third-generation blockchain network with national sovereignty. The Paraguayan Blockchain Chamber drives this initiative, aiming to provide secure blockchain-based solutions for the public and private sectors. These solutions encompass financial, civil, and military transactions.

Ricardo Prieto, the director of the Blockchain Chamber, explained that Legaledger is built on Hyperledger technology. It is designed to offer legal certainty in blockchain transactions, addressing concerns over security and fraud.

“Our blockchain network model is fractal. […] It can be implemented in a company, conglomerate, state, and country, with the same schematic design, and all would remain interoperable for the purposes of what we call sequencing, publication of the procedure or transaction, including international operations,” Prieto explained.

Through its sovereign blockchain model, Legaledger aims to position Paraguay as a global leader in blockchain governance and innovation. The organization plans to expand its solutions internationally by 2026.

Brazil’s CBDC Initiative DREX Enters Second Phase of Development

The Central Bank of Brazil is making progress with its CBDC project—DREX. The institution recently entered the second phase of its DREX pilot program. This phase focuses on 13 strategic projects that will test the viability of smart contract-based financial services.

“We will also test the use of assets not regulated by the Central Bank. To this end, we are working together with the Securities and Exchange Commission (CVM). Other regulators have also shown interest in testing operations with assets under their jurisdiction in order to expand the usability of the platform,” Fabio Araújo, Coordinator of the Drex Initiative and Consultant of the Department of Banking Operations and Payment System of Brazil’s Central Bank, elaborated.

The projects cover various sectors, including international trade financing, real estate transactions, and credit collateralized in public securities. Major financial players such as Bradesco, Itaú, and Santander are part of the consortium leading the development of DREX, which focuses on privacy and regulatory compliance.

Read more: What Is Fiat Currency? How Does It Differ From Cryptocurrency?

Brazil’s push toward a CBDC is part of its broader strategy to modernize its financial infrastructure. The country plans to roll out more advanced digital solutions by mid-2025.

As the market enters a critical period in October, staying ahead could mean following some of the best crypto traders who give timely calls and have a deep understanding of emerging trends.

Whether you are looking for technical insights, smart portfolio rebalancing, or changes in market sentiment, these crypto traders can significantly offer an edge. Here are the top five to follow next month

Crypto trader Miles Deutscher ranks number one, especially since the analyst has recently been sharing what the community calls “gems.” On X (formerly Twitter), Deutscher has 541,500 followers and is famous for giving tips on altcoins and meme coins. 

On September 25, for instance, the trader gave a list of altcoins and meme coins that could perform well in Q4 2024. The list includes AI-themed tokens, including Bittensor (TAO), Artificial Superintelligence Alliance (FET), and NEAR Protocol (NEAR).

Other altcoins include Sui (SUI), Fantom (FTM), Pepe (PEPE), and Sundog (SUNDOG). The trader noted that FTM could hit $1 as the Sonic upgrade approaches.

“I’m still in my long from $0.38. It was great to see a break of the ‘must break’ zone I highlighted weeks ago. I think it can continue its run to $1 as we approach Sonic.” The crypto trader wrote on X.

With over $383,000 followers on X, Daan Crypto Trades is another trader to follow in October 2024. The trader, who also operates a YouTube channel, focuses on the price action of Bitcoin (BTC) and altcoins. Recently, he shared on his X account that BTC’s performance was healthy and that the coin could go higher. 

Four days ago, Daan Crypto Trades also posted on its YouTube page analyzing how prices might perform after the recent Federal Open Market Committee (FOMC) which led to a Fed Rate Cut.  

In the analysis, the traders opined that the broader market could remain bullish from October 2024 till the end of the year. Thus, if you are looking for one of the best crypto traders to follow, then this is one.

Also known as the Wolf of All Streets, Scott Melker is a crypto investor and trader who has 960,000 followers on X. Melker also has his podcast on YouTube with 151,000 and talks about Bitcoin.

In a podcast posted on September 27, Melker admitted that the bull run might be back. Referring to the surging liquidity, the analyst noted that the Chinese billion-dollar capital could help Bitcoin consistently stay above $65,000.

Read more: 7 Best Crypto Contract Trading Platforms in 2024

However, it is also important to note that Melker also gives insights on Ethereum (ETH) besides BTC. Therefore, if the top two cryptos are your major point of interest, then Melker is one of the best crypto traders to follow in October 2024.

Pseudonymous analyst PlanB is the creator of the Bitcoin stock-to-flow model and one of the best crypto traders. Unlike the others, the trader focuses solely on BTC and regularly gives tips and insights on the coin’s potential to the 1.9 million people following the X account. 

Like previous times, PlanB has again said BTC’s long-term target could run into millions of dollars. For the 2024 to 2028 cycle, the trader mentioned that the coin could jump toward $500,000.

“As you know my Bitcoin prediction is ~500k average for 2024-2028 halving period, with 250k-1m stdev band. 2020-2024 prediction (made in 2019 when BTC<4k) was ~50k average, with 25k-100k band. 2020-2024 average was 34k. I know some keep crying ‘But 100k’ … IMO 34k was spot on,” PlanB emphasized.

However, it is important to note that most of the tips this account gives are for the long term. Hence, if your focus is on the short term, you might need to follow other crypto traders.

To end this list is Ansem, one of the best crypto traders who is making good calls for meme coins. On X, Ansem has 495,000 followers and sometimes gives his take on BTC as well. 

Famous for doubling down on Dogwifhat (WIF), Ansem recently released a list of meme coins that could bring good gains from October until next year. He also gave his take on Solana, saying the token could hit higher highs from the current price.

Read more: Top 9 Safest Crypto Exchanges in 2024

In conclusion, it is necessary to remember that some of these traders may not give accurate insights at all times. However, on several occasions, they have been right about some things. Still, it is up to you to do extra research before making informed decisions provided by these crypto traders.