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Here’s What’s Next for Bitcoin and One Ethereum Competitor, According to Crypto Analyst Michaël van de Poppe

A popular crypto analyst is digging into the charts to see what’s next for Bitcoin (BTC) as well as one enterprise-grade blockchain platform. In a new post, Michaël van de Poppe alerts his 602,500 Twitter followers that he’s eyeing $29,300 as a key make-or-break indicator for Bitcoin. “Still watching the level at $29,300 for Bitcoin. […]

The post Here’s What’s Next for Bitcoin and One Ethereum Competitor, According to Crypto Analyst Michaël van de Poppe appeared first on The Daily Hodl.

Crypto News

BitMEX Mastermind Arthur Hayes Pleads Guilty, Avoids Jail Time

The picture is getting clearer for BitMEX co-founder Arthur Hayes. The judge called what he did “a willful violation of the Bank Secrecy Act,” but he still got two years probation. Hayes will serve the first six months of that sentence in home confinement, but that’s it. The banker and entrepreneur will not set foot in a cell. Why was anyone expecting otherwise, though?  Related Reading | Arthur Hayes’ Crystal Ball Predicts: Bitcoin And Ethereum To See Carnage In June The top federal prosecutor in Manhattan, Damian Williams, commented in a statement that Hayes “allowed BitMEX to operate as a platform in the shadows of the financial markets.” That’s according to Bloomberg, publication that summarizes the situation as: “On Friday a federal judge sentenced Hayes to two years’ probation, after Hayes and BitMEX’s other founders were charged in 2020 with violating the Bank Secrecy Act, which requires the establishment of such safeguards, including verifying the identities of an exchange’s customers.” His company, BitMEX, also “agreed to pay $100 million to settle civil allegations that it allowed illegal trades for years and violated rules requiring anti-money-laundering programs, without admitting to or denying the claims.” Some people are completely against the sentence, as they believe it sets a dark precedent. Objections To Arthur Hayes’ Sentence  The publication quotes assistant US Attorney Samuel Raymond, who told US District Judge John Koeltl.  “This is a very serious offense. There were real consequences. When individuals like Mr. Hayes operate platforms without anti-money-laundering programs or know-your-customer programs, they become a magnet for people to launder money.” Considering criminals are highly incentivized to circumvent the AML measures and KYC procedures, we can categorically say that John Koeltl’s assumptions are skewed. However, that doesn’t justify not complying with the law. According to Samuel Raymond, not sending Hayes to prison “would send a message to him that the cost of doing business is merely a fine, and he could continue to violate the law for huge amounts and pay any fine.”  What About The Other BitMEX Co-Founders? The article is about Hayes, so, it doesn’t go into detail about the others. It summarizes their situation as follows: “Hayes and co-founder Benjamin Delo pleaded guilty in February, and Samuel Reed in March, each agreeing to forfeit $10 million. Delo is scheduled to be sentenced next month and Reed in July.” To close it all off, James Benjamin, Hayes’ lawyer, states the obvious. “Did BitMEX do a perfect and seamless job on its path from startup to a mature fintech company? No, it did not. There were some bumps in the road.” LUNA price chart on FTX | Source: LUNA/USD on TradingView.com Arthur Hayes On The Terra Luna Collapse As many crypto-experts knew, Terra was a disaster waiting to happen. In his latest piece about the Luna collapse, Arthur Hayes tried to explain the underlying problem with algo-stablecoins. Related Reading | BitMEX CEO Arthur Hayes Goes Mum amid CFTC Probe Rumor ”Algorithmic stablecoins are not much different than fiat debt-backed currencies, save for one crucial factor. Terra and others like it cannot force anyone to use UST at any price. They must convince the market with their fancy designs that the governance tokens backing the protocol will have a non-zero value that rises more quickly over time than the amount of fiat-pegged tokens issued.” Obviously, the model failed. The vulnerability was so big that maybe it wasn’t even a coordinated attack. The Terra Luna scheme wasn’t long for this world, in any case. Featured Image by Ichigo121212 from Pixabay | Charts by TradingView

Crypto News Ethereum

Blockchain Data Indicates $10M Worth Of Ether From The Ronin Exploit In Rotation

More than 5,505 Ether of the Ronin Bridge exploitation seems to be transferred through Tornado Cash, a unique privacy crypto exchange. Blockchain data showed that the address associated with the $625 million Ronin Bridge Attack had begun transferring ether tokens valued at over $10 million. This occurred during the Asian morning hours. The data showed that the Ronin hacker had transferred over 5,505 ether to one unknown account this morning. Additionally, the funds were sent from another Ethereum wallet funded by the prominent hacker’s blockchain address. All these took place within the early hours of Wednesday, as the funds were sent in groups of 100 ether each to the Tornado privacy crypto exchange. The Ronin Bridge Ether Exploit Ronin Bridge is an Ethereum-based sidechain for the play-to-earn game Axie Infinity, an NFT game. It was created by Sky Mavis and is running both Ronin Bridge and Axie Infinity. Related Reading | Bitcoin Market Plunges Into Extreme Fear, How Scary Does It Get? On March 23, cybercriminals exploited The Ronin Bridge Network, and the hackers looted over $625 million worth of assets. The assets comprise 25.5 million USDC and over 173,600 ether. A report on their blog revealed this data. The platform realized the attack when one of its users couldn’t withdraw 5,000 Ether from the Ronin Network. Then, they took to Twitter to notify the public of the security breach on the platform. After the hack, the Ronin Bridge temporarily shut down to redevelop the platform. Moreover, even though attackers targeted the hack at Ronin and Axie Infinity, the incident didn’t affect the ‘axie’ tokens. Therefore, the AXS and SLP tokens used to facilitate transactions within the Axie Infinity game are still safe and unaffected. Blockchain Data Reveals Ongoing Ether Fund Transfer Within the early hours of Wednesday, Etherscan, a blockchain tracking platform, revealed that the attackers made about 55 transactions from an address funded by the principal looter. Currently, the wallet holds 3.45 ether, summing to $6,885.84. This step followed the massive selling of looted ether in April when the looters transferred over 21,000 ether via various transfers to the Tornado exchange. The transaction was worth over $65 million then. Tornado Privacy Crypto Exchange Tornado crypto exchange is an advanced crypto exchange that tweaks and breaks through the on-chain for a destination and source address. Thus, enabling hackers to hide their addresses while illegally withdrawing looted funds. The United States Trace the Looting to North Korean Hackers The United States official had previously traced the looter’s address to the “Lazarus” group, an infamous group of hackers sponsored by the North Korean supreme leader Kim Kuk-song. Also, Chainalysis, the blockchain tracking platform, traced and confirmed the transaction between the North Korean Cybercriminal group. Related Reading | New Data Shows China Still Controls 21% Of The Global Bitcoin Mining Hashrate In a thread on Twitter, the platform even provided proof of the Lazarus group being behind the March exploitation. Sky Mavis Accrues $150 Million In A Funding Round to Regain Ronin Bridge Sky Mavis, the Ronin Bridge, and the Axie Infinity platform raised over $150 million following the massive attack and exploitation. This effort was to regain the Ronin Bridge platform after the previous hit. Among the list of supporters was the world’s biggest cryptocurrency exchange Binance, alongside other crypto entities. Featured image from Pexels, charts from EtherScan and TradingView.com

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Citadel Securities, BlackRock Push Back Against Rumors of Involvement in Terra (LUNA) Collapse: Report

Prominent blue-chip institutions are debunking rumors circulating on social media that they had a hand in the recent collapse of Ethereum challenger Terra (LUNA) after its algorithmic stablecoin depegged from the dollar. According to a new report by Bloomberg, massive institutional investors such as BlackRock and Citadel Securities are pushing back against the notion that […]

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Phishing Scams Target Users Of Crypto Data Tracking Websites With Malicious Ad

Nearly $2 Million In ETH Stolen From OpenSea Users In Latest 'Phishing Attack'

Phishing scams are not new in the digital space, and cybercriminals are increasingly employing them in the crypto space. For example, multiple reports on Friday have revealed that scammers targeted users of crypto data tracking platforms CoinGecko and Etherscan. On Friday, CoinGecko, and Etherscan warned users against possible phishing exploits on their platforms. Consequently, both […]