Cryptocurrency & Mining News - Page 1
The cryptocurrency space is riddled with many problems, and one big issue is the amount of theft, fraud, and security breaches that occur.
In March 2022, the Ronin Network, a sidechain built for the popular play-to-earn game Axie Infinity was hacked by North Korean-linked hacking group Lazarus Group. At the time, the Ronin Network explained that the security breach resulted in 173,600 Ethereum and $25.5 million in USDC ($625 million in total) were stolen after the attacker used hacked private keys in order to forge fake withdrawals.
Chainalysis, an American blockchain analysis firm, took to its blog to explain how it assisted the US government in recovering the stolen funds and the process of how the money was laundered. The Lazarus Group gained access to five of nine private keys held by transaction validators for the Ronin Network's cross-chain bridge, and with these keys, the hackers approved two withdrawal transactions - the 173,600 Ethereum and $25.5 million in USDC.
The price of Bitcoin is in yet another steady downtrend as the world's most valuable cryptocurrency's value drops below the $19,000 mark.
Bitcoin reached its all-time high price of $69,000 in November 2021, and since then, the cryptocurrency has been in an overall downward trend, with only some small periods of a price increase. One of the small periods of price growth occurred halfway through July, when Bitcoin broke the $21,000 resistance ceiling and climbed to approximately $24,500 by August 12.
The following day Bitcoin began its now current downward trend in price, dropping from the achieved $24,500 mark down to $21,000 by August 19, and a further drop to $19,000 by August 31. Currently, Bitcoin has fallen through the $19,000 support range, dropping to $18,700 at the time of publication. Over the last seven days, Bitcoin has lost 7% of its value, and over the course of a month, its value has decreased by 6.6%.
The monetary system of the future will be a collaborative effort between cryptocurrency technology that has largely been demonstrated and central banks, according to the International Monetary Fund (IMF).
A new report published to the IMF website outlines an argument that the monetary system of the future should include the technical capabilities demonstrated by cryptocurrency, but be grounded in the trust of central banks. The report was written by executives from the Bank for International Settlements (BIS) and stated that any legitimate transaction that is carried out in a cryptocurrency is better with central bank money, specifically Central bank digital currencies (CBDCs).
The IMF report points out many flaws of the cryptocurrency industry, writing that its "neither stable nor efficient", hardly regulated, and all of its participants aren't "accountable to society". Adding that the crypto industry is plagued with frequent fraud, theft, scams, and it propagates concerns regarding market integrity. Despite its shortcomings, the cryptocurrency industry has demonstrated incredible technology that the IMF recognizes is necessary for the monetary system of the future.
The founder of Turkish crypto currency exchange, Thodex, has been arrested in Albania after fleeing the country in 2021 with $2 billion with of cryptocurrency and now he faces 40,564 years in jail.
Faruk Fatih Özer, the founder Thodex, is one of the most infamous crypto scammers after screwing around 400,000 customers of Thodex, running away with around $2 billion in various cryptocurrencies. Özer was arrested in Albania after fleeing authorities for over a year, where Interpol identified him using biometric results.
Thodex staff were detailed when Özer went missing, with executives of the company as well as founding members of Thodex each looking at 40,564 years in jail. That's a lot of time. I wonder if you could play every single game ever made, and watch every single TV series and movie in that time. Anyway, in 2017 the company had 700,000+ clients from Turkey that allowed them to protect their money through investing into cryptocurrency -- in exchanges like Thodex -- against the decline in their national currency: Lira.
Meta is fully adopting digital collectibles such as NFTs, according to a recent announcement on the company's website.
On Meta's Newsroom website, the company outlined its continued plan to adopt digital collectibles across Facebook and Instagram, with Meta writing as of August 29 that it's begun giving users the ability to post digital collectibles that they own across both Facebook and Instagram. Additionally, the company wrote that it will be allowing Facebook and Instagram users to connect their digital wallets once to either application, which will enable the user to share digital collectibles across both platforms.
Meta's digital collection adoption plan has been rolling out for quite some time, with the company announcing on August 4 that it expanded into support for digital collectibles to 100 more countries, ushering in support for popular digital wallets such as Coinbase Wallet, Dapper, and more. As reported by TechCrunch, Meta CEO and Facebook founder Mark Zuckerberg began talking about NFTs coming to Instagram in March 2022, and now they have been rolled out to US-based users.
Police have arrested a 17-year-old high school student that used Bitcoin to pay for fake bomb threats to be sent to a local high school.
Joseph Garrison admitted that he was responsible for the bomb threats, and according to Fox47, authorities analyzed the students' digital wallets and found that there were multiple payments right before the bomb threats were issued. The teen used paid an online contact that specialized in threat calls and took Bitcoin as payment.
The calls were made to Vel Phillips Memorial High School from February 28 to March 4, but after the analysis of Garrison's digital wallets, it was discovered he made payments before threats were made to several different schools, some outside of Wisconsin.
BlackRock has announced that it opened up a spot Bitcoin private trust for its U.S. institutional customers, marking a pivotal moment in the adoption of cryptocurrency by legacy firms.
Five years ago, BlackRock CEO Larry Fink described Bitcoin and the cryptocurrency industry as an "index of money laundering". His opinion later changed in 2020 when he said that the cryptocurrency industry is a "global market". Fink and the world's largest asset management firm, has seemingly fully accepted the new industry even further by opening up a spot Bitcoin private trust that seeks to track the performance of bitcoin, less expenses, and liabilities of the trust.
The event of BlackRock taking a bigger step into the cryptocurrency market comes after the asset management firm announced a partnership with U.S. cryptocurrency exchange Coinbase, with the new collaboration planning on offering institutional clients access to cryptocurrency trading and other related services. For more information on this story, check out this link here.
James Howells claims he was one of the first five people running the Bitcoin algorithms, and since 2013 he has been searching for a hard drive that he mined 7,500 Bitcoin on for next to nothing.
The British computer engineer recently sat down for an interview with James Hammond, where he recounted his journey of recovering a computer hard drive worth more than $150 million at the current price of Bitcoin (approximately $23,000). Howell accidentally threw out the hard drive and has been searching for it ever since, with many requests made to the local Newport government to dig through its landfill site. All of his requests so far have been denied, but a new one may be considered with the inclusion of artificial intelligence.
Howell's plan includes human sorters, Boston Dynamics "Spot Dogs", automated sorting systems paired with a special conveyor belt, and an artificial intelligence system that is believed to significantly speed up the identification process. This method would take anywhere between nine to twelve months to complete and would cost an estimated $11 million. Howell also believes a scaled-down model of the same design could be created for $6 million, but would take up to 18 months to complete.
The co-founder of the second largest cryptocurrency, Ethereum, has commented on the metaverse and what companies are currently developing.
Vitalik Buterin took to his personal Twitter account to state that the metaverse "is going to happen," but none of the current projects being developed by big-name corporations such as Meta, formerly Facebook, will go anywhere. Notably, Buterin explains that there isn't yet a unanimous definition for "metaverse" as he believes it's still "far too early to know what people actually want". Furthermore, Buterin wrote that "anything Facebook creates now will misfire".
For those wondering, Facebook changed its name to Meta back in October last year and has been pushing into the virtual reality space for quite some time, with the company purchasing Oculus in 2014 for $2 billion. Since the acquisition of Oculus, Meta CEO and founder Mark Zuckerberg has been touting the metaverse as the future of technology adoption, with Zuckerberg stating last year that he believes the "metaverse is the next chapter of the internet".
The price of Bitcoin has seen some growth, with the world's most valuable cryptocurrency moving up from the $20,000 price point to its current position of $23,000.
If you haven't been following the cryptocurrency market, the price of Bitcoin has been in decline since it reached its all-time high of $69,000 back in November 2021, and now traders are seeming a flicker of hope as it seems the price is climbing. One analyst named TechDev has put forward his prediction for Bitcoin's price over the coming months, and it's citing the price trend of the digital asset from 2011 to 2027.
TechDev points to the True Strength Index (TSI), which is a metric that is used to determine how much of the cryptocurrency is overbought or oversold. The analyst states that the downtrend traders are currently experiencing is on track with past years of Bitcoin bear markets (where the price goes down), and that by 2023 the top price of Bitcoin will fall between $80,000 and $120,000.