Day: November 4, 2023

Bitfinex users fall for ‘minor’ phishing attack after employee gets hacked

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Cryptocurrency exchange Bitfinex said it suffered a “minor” information security incident after one of its customer support agents was hacked earlier in the week (Oct. 30 — Nov. 5). It led to a spree of phishing attacks against Bitfinex users but little damage was done, the firm explained in a Nov. 4 statement. “A small portion of our customer support boards, which held partial, incomplete and stale information was accessed by an individual or group, through the phishing of a customer support agent.” Fortunately, the customer support agent didn’t have…

The Top 10 high-profile crypto fraud cases

As regulatory scrutiny intensifies, crypto industry executives are increasingly finding themselves entangled in legal battles. The recent case involving prominent crypto entrepreneur Sam Bankman-Fried (SBF) has further highlighted the challenges faced by individuals at the forefront of the digital asset revolution. Let’s take a deep dive into the top 10 high-profile crypto fraud cases so far. Do Kwon and the collapse of Terra In March 2023, Do Kwon, the co-founder of Terraform Labs, a Singapore-based blockchain platform, was arrested in Montenegro. Kwon, a South Korean national, was charged with fraud…

Elon Musk and cryptocurrencies: acquisition on the horizon?

Tesla CEO and X owner Elon Musk has long demonstrated an interest in cryptocurrencies. His public endorsements and criticisms of various digital currencies have often sent ripples through the crypto market.  Yet, despite his fascination with the decentralized digital realm, Musk has once again reiterated that none of his companies will ever create a crypto token. To be super clear, none of my companies will ever create a crypto token — Elon Musk (@elonmusk) November 4, 2023 It follows another clarification in August, which came in the form of a…

Significant whale movements stir up XRP and Bitcoin market

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An unknown wallet recently transferred a staggering amount of XRP tokens to centralized exchanges Bitstamp and Bitso.  According to the latest market data revealed by blockchain tracker Whale Alert, a massive 50 million XRP tokens were moved, attracting the attention of investors and traders worldwide. The unknown wallet (4wf7enWPx…5XgwHh4Rzn) initiated a series of transactions, moving 25.4 million XRP tokens, equivalent to approximately $15.42 million, to both Bitso and Bitstamp. Such significant transfers to centralized exchanges are usually indicative of an impending sell-off. While the sell-off coincided with XRP’s price slipping…

Sam Bankman-Fried convicted, PayPal faces SEC subpoena, and other news: Hodler’s Digest, Oct. 19 – Nov. 4

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Sam Bankman-Fried is found guilty of fraud, other crimes; PayPal receives subpoena from the U.S. SEC, and Invesco Galaxy’s spot Bitcoin ETF joins DTCC website. Top Stories This Week Sam Bankman-Fried found guilty, what’s next for the crypto king? Former FTX CEO Sam Bankman-Fried was found guilty of all seven charges by a jury in his criminal trial in New York after about four hours of deliberation. He was convicted of two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of…

Aave pauses several markets after reports of feature issue

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Decentralized finance (DeFi) protocol Aave paused a number of markets on Nov. 4 after receiving reports of an issue affecting “a certain feature,” according to a post on X (formerly Twitter).  The pause affects multiple networks, including Aave V2 Ethereum Market and certain assets on Aave V2 on Avalanche. In addition, certain assets on Polygon, Arbitrum, and Optimism have been frozen. “Today we received a report of an issue on a certain feature of the Aave Protocol,” Aave announced, adding that After validation by community developers, the guardian has taken…

Bitcoin Mining Stocks Skyrockets as BTC Price Hovers Around $35K

The S&P 500 (INDEXSP:.INX) and Nasdaq Composite (INDEXNASDAQ:.IXIC) equity indexes advanced for the second consecutive day. Bitcoin (BTC) mining stocks enjoyed significant gains on Thursday as the price of the coin hovers around $35,000, its highest level in over 17 months. Bitcoin Mining Stocks’ Strong Performance According to reports, US-listed mining companies such as Marathon Digital Holdings Inc (NASDAQ: MARA), Riot Blockchain Inc (NASDAQ: RIOT), and CleanSpark Inc (NASDAQ: CLSK) experienced remarkable gains of 10% to 12% during the trading day. The double-digit gains by these companies highlight the growing…

Bitcoin Falls Under $35,000 But 88% Of Supply Remains Unmoved

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A look into the Bitcoin price action shows a consolidation under the $35,000 support level has resumed, but the majority of holders are holding steady. Onchain data has revealed that the number of Bitcoin unmoved in a 3-month timeframe has reached a record high of 88.5%. The upside potential remains huge despite the ongoing consolidation, as the top crypto is still up by 26% since the beginning of October. BTC Price Drops Below $35,000 But Investor Sentiment Remains Bullish Bitcoin managed to push above $35,000 a few times this week, …

Blockchain adoption continues unabated — Bloomberg analyst

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Should the current rate of adoption continue, blockchain technology could have 100 million daily users by 2028, according to projections by Bloomberg Intelligence analyst Jamie Coutts.  On X (formerly Twitter), Coutts pointed out that blockchain adoption has been “unabated” throughout bull and bear markets over the past years. “Not having exposure to one of the largest structural trends of the next decade could be costly,” said the analyst. Daily active addresses exceed 5 million in the third quarter of 2023, up 14% from 2022, according to Coutts, while quarter-on-quarter growth…

Avi Eisenberg’s $110m crypto fraud trial gets rescheduled

The trial for Avi Eisenberg, the crypto trader accused of a $110 million fraud, has been pushed back to April 2024. The trial was initially scheduled to kick off next month. Originally set to commence on Dec. 8, Eisenberg’s trial has faced delays due to several factors. His legal team requested additional time to prepare, citing the case’s complexity involving unique legal and factual issues related to crypto-native concepts.  Eisenberg’s lawyers sought extra preparation time, highlighting the intricate and unprecedented legal challenges posed by the alleged fraud. Unlike conventional fraud…