Day: July 16, 2020

What Does the Twitter Hack Mean for Bitcoin? Crypto Reacts

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For five hours, all of Twitter became Crypto Twitter. Yesterday, one of the biggest digital hacks in recent memory went down. A hacker, likely a Bitcoiner, gained access to Twitter’s administrative functions and began a crypto-scam campaign. Some of the world’s most notable accounts on the site started offering to double their investments if they sent funds to a Bitcoin wallet.  It’s the type of scummy behavior that Twitter promised to address back in 2018. A federal examination is likely. So, too, is a permanent stain on Twitter’s reputation. What’s unknown…

In the Aftermath of Hack, Lawmakers Blame Twitter, Not Bitcoin

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Wednesday’s Twitter hack would seem to  spell regulatory doom for Bitcoin, which is widely distrusted in Washington. Some lawmakers – and U.S. President Donald  Trump himself – associate it with crime. In 2019 Trump tweeted he is not a fan of bitcoin and that “unregulated crypto assets can facilitate unlawful behavior.” He also reportedly told Steven Treasury Secretary Mnuchin to “go after Bitcoin.” But immediately following the hack, lawmakers seemed more focused on Twitter’s security problems rather than cryptocurrency’s role in the hack. On Wednesday, high-profile accounts belonging to Elon…

Coinbase, Binance, BitGo May Know Hackers ID

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The hackers who conducted the massive Twitter hijacking on July 15 do not appear to be sophisticated Bitcoin (BTC) users, as they left trails leading to and from major exchanges that presumably hold the keys to their identities. Address bc1qxy summary. Source: Crystal Blockchain. The Bitcoin address that hackers used to solicit illicit donations is bc1qxy2kgdygjrsqtzq2n0yrf2493p83kkfjhx0wlh. A couple of hours into the hack, the perpetrators started moving Bitcoin into other addresses. The Bitcoin trail they are leaving behind suggests that they are not terribly sophisticated when it comes to blockchain…

More Than $1.4 Billion of Laundered Money Has Moved Onto Crypto Exchanges This Year

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The latest report by Peckshield, a blockchain security company, shows that more than $1.4 billion of laundered money has moved onto crypto exchanges in 2020.  Peckshield says it has been collecting data both online and offline for more than one year. After verifying and analyzing the data, they were able to identify over 100 million transaction addresses. They could also label more than 50 million mainstream crypto wallet addresses at crypto exchanges.   By leveraging a digital asset tracking platform called CoinHolmes, Peckshield found that some 147,000 Bitcoin (worth more than…

Cardano (ADA) is “Primed to Explode” Higher Despite Market-Wide Weakness

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Cardano’s intense uptrend has started showing signs of faltering as the aggregated cryptocurrency market flashes some warning signals. Although the token is still trading just a hair below its 2020 highs, it has now faced two harsh rejection at $0.135 – elucidating that this is a massive resistance level. Overnight, sellers pushed ADA to lows of $0.119, but the buying pressure it found here proved to be quite significant. Although they have since stabilized the crypto above $0.12, it does appear that Cardano is forming a striking correlation to Bitcoin…

Peter Schiff’s Bitcoin Hack Comment Invites Ridicule

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Euro Pacific Capital CEO, Peter Schiff’s comment suggesting Bitcoin might be the next target following a hack of multiple VIP Twitter accounts has been ridiculed by bitcoiners. Seemingly relishing the prospect of a bitcoin hack, Schiff a gold bug and a well-known bitcoin critic, signs off his Twitter post by urging his followers to stick with gold. The criticism from Schiff took place after a number of popular Twitter accounts were hacked on Wednesday afternoon. It looks like all verified Twitter accounts have been hacked by someone running a #Bitcoin…

Market Wrap: What Twitter Hack? Traders Stay Busy Buying Bitcoin at $9,000

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A crypto-related Twitter hack didn’t deter traders from snatching up $9,000 bitcoin. Wednesday’s Twitter hack didn’t seem to bother traders very much.  “The attack may have harmed bitcoin’s public perception, but the fact that the market has hardly reacted is a positive sign,” said Rich Rosenblum, co-founder of New York-based trading firm GSR. Investors continued to buy in when bitcoin dipped to $9,000. The price headed that low in early Thursday action before traders scooped up more of the world’s oldest cryptocurrency.  “I can see some traders considering the Twitter…

Lightning Startup Zap Raised $3.5M for Bitcoin App Ahead of Visa Deal

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Lightning startup Zap Inc., maker of both the namesake, non-custodial bitcoin wallet and the payments app Strike, raised its first round in April, led by Green Oaks Capital and including veteran bitcoin investor Anthony Pompliano. The funding was first reported by Forbes on Wednesday. Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Original

Bitcoin Cash Is the Only Fork Underperforming Bitcoin This Year

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Bitcoin cash is the only forked cryptocurrency underperforming bitcoin in 2020, according to data from Messari. The inaugural fork is only up 9% year to date.  Although most alternate cryptocurrencies (or “altcoins”) have rallied over the past few months, bitcoin cash – the only fork around today that traded throughout the 2017 cryptocurrency bull market – has been left behind. Bitcoin cash only started underperforming bitcoin in May, but two months was enough time for the forked cryptocurrency to underperform bitcoin by 18 percentage points so far this year. It’s…

Disgraced Lobbyist Abramoff Will Pay $55K as Part of Guilty Plea in SEC Case

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Per a July 15 judgment in the case of the SEC v. Abramoff, Jack Abramoff will pay $55,000 in disgorgement and interest for his involvement in promotion for AML Bitcoin. Abramoff will also be permanently barred from participating in any future securities offerings. The San Francisco court behind the ruling is seeing concurrent criminal charges, to which Abramoff has also pleaded guilty, but for which the judgment remains uncertain. The history of the case The SEC filed charges against Abramoff as well as Rowland Marcus Andrade at the end of…