MyCryptoParadise | Crypto News | Weekly 4

August 5, 2020

Reading Time: 6 minutes

MyCryptoParadise | Crypto News | Weekly 4

My crypto paradise weekly news is here and this is the final edition of MyCryptoParadise | Crypto News | Weekly 4. Crypto News Weekly 4 has all the trending news of the week.

What’s new this week in the crypto world?

Bitcoin finally broken the $10,000 barrier to $12,000 per bitcoin on a Luxembourg based exchange on Sunday, however, shortly enough, the cryptocurrency dipped 12% to $10,500 in under an hour. In other news a Spanish Crypto Firm struggled to reimburse its users after a hack. Moreover, in other parts of the globe, the rainy season has watered down mining operations. Find out more about these key highlights and more interesting scoops in our weekly news update.

Overview

More details have emerged on the Twitter Crypto Mega Hack, where high profile accounts on the famous social networking platform, Twitter, were used for a  ‘social engineering’ attack that scammed users of 11.3 Bitcoins, or around $105,000, read more about the Twitter Hack in our detailed coverage story. The hack involved hackers compromising Twitters Security Login and Account Management features targeting verified high profile celebrity accounts such as those of Elon Musk, Bill Gates, and Jeff Bezos to solicit bitcoins from unsuspecting Followers with the promise of doubling them in return. Interestingly, it has been reported by major news outlets that the mastermind behind the Mega Hack is allegedly a 17-year-old male with over $3 million worth of bitcoin.

In other news Bitcoin’s price skyrocketed to over $11,000 for the first time since August of 2019. Interestingly, the price surge of the leading cryptocurrency has also influenced smaller cryptocurrencies to rise over the last month.

Furthermore, a popular crypto hedge fund had to shut down. Neural Capital reported losing half of its money since 2017 in response to crypto-assets being liquidated in December. Currently, the hedge fund is striving to reimburse its investors.

US authorities are reimbursing victims of the BananaFund with $6.5 million. BananaFund, a crowdfunding project, was reported as a Ponzi scheme by the US government upon further investigation.

As cryptocurrencies emerge around the globe, hacks continue to create friction for the rise of the asset. A Spanish cryptocurrency payment app fell victim to a hack that cost them over $1.4 million. A platform further admits to not being able to reimburse its users immediately.

After weeks of good news and experts indicating a positive rise for the ecosystem, the current week brings some gravity for the industry. In this article, we’ll break down how cryptocurrencies are rising in some markets and the events that have occurred over the week.

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News

Twitter Hack Aftermath

Graham Ivan Clark, the mastermind behind the ‘social-engineering’ Twitter attack, was arrested Friday morning. The seventeen-year-old ringleader identified as the mastermind behind the successful “CryptoforHealth” Twitter hack. The CryptoforHealth Twitter hack successfully infiltrated the platform’s high-profile accounts. The hack included popular cryptocurrency exchanges, cryptocurrency representatives, and celebrities.

The hack successfully scammed people of over $100,000 worth of cryptocurrencies before the social media platform could intervene and block access for users. Interestingly, the seventeen-year-old alleged mastermind is worth over $3 million in cryptocurrencies, according to his attorney.

Interestingly, this isn’t the first time the teenager is suspected of fraudulent activities. In a recent investigation, the authorities confiscated 400 bitcoins from the young male; however, 300 bitcoins were returned.

Currently, the investigation shall continue as Mr.Clark stands accused of multiple counts spanning from communications fraud, fraudulent use of personal information, and more.

NetWalker

Netwalker has gained popularity as a ransomware service, gaining access through phishing emails and manipulating users with the recent COVID-19 pandemic. Netwalker has been encrypting infected systems and holding user’s hostage.

Interestingly, notable cyber security platforms such as McAfee have traced over $25 million to NetWalker’s wallet addresses. Unfortunately, Netwalker stills stays at large and continues to scam organizations, companies, and governments worldwide.

The ransomware’s developers have further matured their bitcoin payment systems by transitioning to Segwit Addresses from traditional legacy wallets. Experts illustrate the shift to Segwit could indicate utilizing hardware wallets to store the latter of the Bitcoins.

China’s Rainy season

Although Miners have shown keen expectations for China’s monsoon seasons, as excessive rain has led to cheaper hydroelectricity, things have changed for the worse. Interestingly, this year’s monsoon season will prove different for the miners and mining farms who reportedly dominate over 65% of the global billion-dollar bitcoin mining industry.

Bitcoin’s mining difficulty has doubled in comparison to last year’s monsoon season. The mining difficulty also correlates with the block rewards halving. The inherent incentivization proves to be less motivating, especially when mining difficulty has soared to new heights and rewards decrease.

The cryptocurrency industry has faced many challenges over the year. Miners expected Bitcoin prices to skyrocket to over $20,000; however, that’s not the case. The recent pandemic affected Bitcoin prices in early March, causing forced liquidation and loss on a larger scale.

Bitcoin’s price remains similar to those of last year despite the difficulty being twice as hard. Miners’ revenue has decreased by over 70% in contrast to the previous year. Moreover, the rise of investment in bitcoin mining has led to the construction of mining facilities across China. Despite the challenges the Chinese mining industry faces, bullish trends continue to prevail with introducing attractive products.

2gether

A notable Spanish payments app and card issuer offered a cryptocurrency trading platform for the European market. The app gained popularity for enabling users to buy and sell on the platform without any additional fees. However, the app fell victim to a hack that cost them over $1.4 million in cryptocurrencies.

The hackers successfully skimmed the platform’s investment accounts, which equated to over 25% of the platform’s funds. The Platform’s advocates went out on Twitter to control the damage done through a stream of tweets on the platform.

The representative emphasized the security of general wallets and Euro Accounts not being impacted and the financial details of payment cards not being breached.

The Madrid based platform further admitted to not being able to reimburse its users with the stolen funds. However, the platforms did offer to refund users through their platform’s coin, 2GT.

Bitcoin’s Rally

Bitcoin surged over $12,000 on Luxembourg based exchanges on Sunday. However, the price later dropped to $10,500 within an hour. Although bitcoin price has jumped back to $11,300, over $1 Billion of Bitcoins were liquidated across various exchanges.

Crypto market data providers have illustrated that over 74,000 people were liquidated. The recent price rally has allowed retail traders to take up an interest in the crypto market. Experts have speculated the sudden market movement being manipulated by Bitcoin Whales. Interestingly, the market movement attributed to a $20 Billion worth of value disappearing from the industry’s global market capitalization.

In other news, Bitcoin’s tokenized supply has grown over 70%, with over 20,000 BTC being tokenized using Ethereum’s protocols known as WBTC, Wrapped Bitcoin. The tokenized supply constitutes over $15,500 BTC, with the total amount growing to over $90 million in July.

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Conclusion

In light of the recent events, Cryptocurrencies may continue to face challenges from malicious users worldwide. Although cryptocurrencies are finally getting the recognition they deserve, many platforms and businesses worldwide are being affected by malice.

Governments, global economies, and security platforms strive to create a security system for the asset; however, the asset is still in its nascency. Providing a system could potentially destroy the decentralized nature of the currency.

With the Markets moving because of the pandemic and rising tensions of the US-China Trade, Commodities and minerals around the world have surged with meteoric emergence. However, cryptocurrencies prove to persevere as a safe-haven, deflationary asset.

This week, a lot has happened, stay tuned for more as we at  MyCryptoParadise will try our best to provide you with the latest crypto alerts.

That’s it. We hope you like our Crypto News Weekly 4.  you have any questions or have feedback regarding our Crypto News Weekly 4 then let us know in the comments section

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