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June 17 23:47

CryptoNews of the Week

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- Editor-in-chief and founding family member of Forbes business publication Steve Forbes called bitcoin and other cryptocurrencies a protective tool against unstable economic policies of states. In his opinion, cryptocurrencies have become a technologically advanced “cry for help.” They become relevant when governments resort to handing out free loans and quantitative easing.
At the same time, Forbes noted a number of disadvantages of bitcoin. He believes that limiting emissions to 21 million BTC is Satoshi Nakamoto’s erroneous move, because money is needed to simplify trade and not control the economy.
- Kenya and Brazil have taken a leading position in terms of the level of public interest in bitcoin. This is evidenced by data from the analytical portal Blockchaincenter. The researchers compared the data from Google Trends and concluded that 94.7% of all cryptocurrency-related requests in Kenya relate specifically to bitcoin. In Brazil, the figure is as high as 92.6%. Poland closes the top ten with an indicator of 86.4%.
South America became the most interested continent in the leading cryptocurrency. On average, bitcoin accounts for 80.8% of all cryptocurrency related requests in Google. Ethereum is significantly inferior with an indicator of 13.7%, the top three is closed by ripple - 7.7%.
- Researchers of the analytical service Glassnode noticed a sharp increase in the number of large bitcoin investors. The number of such “whales” has been steadily increasing since the beginning of last year and is now approaching the level recorded at the end of 2017, when the BTC price was approaching $20,000. In the expert environment, “whales” are holders of wallets with 1000 or more coins, which at any moment can provoke both strong growth and a collapse of quotes.
- Protocol Podcast host Eric Savix lost all his savings in BTC, which he saved for seven years to buy an apartment. On June 10, Savix downloaded a fake Google Chrome extension for storing cryptocurrencies, Keep Key. He was not embarrassed by the requirement of the program to introduce a seed phrase from the wallet. As a result, the hackers transferred all Savix's 12 BTC (about $120,000 at the time of the theft) to their account.
The concerned community managed to collect a sixth of the stolen within one day. However, some Twitter users questioned Savix' honesty after spotting this name in the Panama Papers. This is the name given to confidential documents of the Panamanian law firm Mossack Fonseca, leaked in 2015 and launched a large-scale investigation into the shadowy activities of 140 heads of state and prominent politicians, as well as 240 thousand offshore companies from 200 countries.
- Nuriel Roubini, an economist and well-known critic of bitcoin, expressed confidence that the cryptocurrency market is full of fraudulent schemes. Commenting on the story of Protocol Podcast host Eric Savix about the loss of 12 BTC due to a phishing scheme, Rubini exclaimed: “This is only one of the 1000 daily scams in the world of bitcoin and shitcoins. There is zero security in the world of shitcoins! If someone steals my credit card or bank account details, I will get a 100% refund after a one-minute phone call. Traditional financial systems have 100% protection! “. For reference: CipherTrace estimates that in the first five months, the total amount of crypto assets seized by fraudsters was $1.4 billion.
- Less than three years ago, Estonia opened its doors to cryptocurrency industry participants. And now, after instead of a fintech hub, this Baltic country almost became a money laundering hub, the Estonian financial authorities revoked licenses from more than 500 of 1,400 crypto companies and substantially tightened the requirements for issuing new licenses. Experts have already called such a sharp change of course a “crypto-sweep”.
- American Knoxville joined the list of cities that were attacked by hackers who demanded a ransom in crypto assets. The introduction of the virus took place on June 10-11 and led to the disconnection of city information systems, including the city hall and the court, and the city information portal also stopped working. The FBI is currently investigating, but the identity of the hackers who control the ransomware virus has not yet been established.
On the other side of the planet, in South Korea, law enforcement has shut down another cryptocurrency pyramid called “ETH Wallet.” As in other similar cases, attackers lured victims with promises of high incomes. Police estimate the number of victims at between 500 and 20,000, and the amount of stolen money at $100 million. Three organizers of the fraudulent scheme have already been charged, and about a hundred people are still under investigation.
- Bearish sentiment this year can positively affect the growth of the first cryptocurrency in 2021. This was stated by a well-known trader Tone Vays in a live broadcast on the ForkLog YouTube channel. According to him, the absence of To the Moon should make people angry enough to start selling bitcoin. To the Moon means the continuous growth of the cryptocurrency rate in a geometrical progression. It is the lack of such growth that will trigger its rapid rise in the future. According to the analyst, "for bitcoin to rise, people must hate it."
"Until the price breaks through $10,000, I will expect the price to fall," Weiss concluded his interview. – If we fall by the end of the summer, I think it will be somewhere around $7,000. But the first cryptocurrency will not fall below $6,000."