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Indian Police Seize $1.2 Million Worth Of Bitcoin From Hacker

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Bengaluru Joint Commissioner of Police Sandeep Patil has announced it seized Bitcoin worth about $1.2 million from an arrested Indian hacker.

The report by India Today that the said hacker Srikrishna, popularly known as Shreeki, was arrested in November for hacking government websites.

When the police and law enforcement was investigating the incident, they discovered other hacking incidences the hacker has perpetuated in the past. The investigation revealed that Shreeki had hacked 10 poker sites and 3 Bitcoin exchanges to steal over 30 Bitcoins.

The hacker also compromised the government website

The hacker also hacked other websites, including online gaming portals to win money and cryptocurrencies online.

He launched his attacks via malware to target government sites. Srikrishna has reportedly confessed to the crimes as well as the compromise of the Karnataka government’s e-procurement website in 2019. The city of Bengaluru, popularly known as Bangalore, is the country’s IT hub, just like San Francisco in the U.S.

The Bengaluru police and other law enforcement are still investigating the incident to find out if other persons were involved in the hacking incidents.

A Bitcoin Scammer Is Flaunting His Newfound Wealth from Typosquatting

A high rate of crypto hacks

As the Bitcoin and cryptocurrency industry is growing, the spate of cyber attacks on the industry is also growing, as hackers are seeing new opportunities to steal crypto assets.

The rise in the activities of hackers is mainly due to the significant increase in cryptocurrency prices.

Earlier this month, the crypt market prices hit $1 trillion for the first time, with the value of the world’s number one cryptocurrency rose above $40,000 for the first time as well. Although the market has contracted a bit in the past week, the market is still experiencing a good period.

This uptrend in the crypto market has attracted a lot of institutional investors, as well as threat actors too.

India’s cryptocurrency mining rate has been over 400% higher in the past few months than in other regions. It makes the Indian crypto market one of the busiest in the world. In the same vein, the drive-by download attack has increased by 300% more than the regional and global average.

Within the region, India was the seventh-highest victim of malware attacks, with a 5.89% attack rate. Again, the figure is 1.1 times higher than the figure recorded in the region.

According to the same report, India recorded the third-highest ransomware attacks within the Asian region. It has kept the cybercrime unit of the Bengaluru police busier than ever.

Source: https://insidebitcoins.com/news/indian-police-seize-1-2-million-worth-of-bitcoin-from-hacker

Blockchain

Bitcoin: Here’s the long-term signal you might be ignoring

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Bitcoin’s market capitalization hitting $1 trillion corresponded with a surge in price on the charts. In the said case, the last of the market volatility and network momentum pushed the price higher, before the drop that followed. However, if we look at Bitcoin as an asset to be used as collateral, there is wider scope for the vertical growth of its market capitalization.

Arcane Research’s latest report looked at the journey from $1 trillion to $20 trillion, a figure that is the value of the global market for collateral. Currently, while this $20 trillion market is dominated by government bonds and cash-based securities, there is a widening gap that is creating systemic risk in the system.

This makes it possible for Bitcoin to bridge the gap and make the collateral system largely risk-free and stable, unlike the fragility being observed right now. Counterparty risk and credit risk are currently the top two challenges in the collateral system and Bitcoin could emerge as the ideal solution in such a case.

Using Bitcoin as collateral, and how it impacts the price

Source: Arcane Research

Based on the aforementioned report, it can be estimated that around 6,25,000 BTCs are being used as collateral in the crypto-market. At their current price, that would be worth approximately $30 billion. However, right now, Bitcoin accounts for just 0.15% of the total collateral market. With the figures for the same expected to rise, the same is likely to have a positive impact on the price in the long-term.

Of late, whenever Open Interest on derivatives exchanges has hit a peak, it has coincided with times of high volatility and hikes in Bitcoin’s price, with corrections following soon after. An over-leveraged market is closer to price correction, based on past instances in previous cycles.

Using Bitcoin as collateral, and how it impacts the price

Source: Arcane Research

The attached chart, for instance, highlights the OI in Bitcoin Futures corresponding to March 2020’s Black Thursday and the recent ATH of $58,330. Since derivatives markets were the ones to first introduce Bitcoin as collateral, a hike in OI in Bitcoin Futures signals there may be an increase in the amount of Bitcoin being used as collateral, and eventually the price of the asset, in the long-term.

Now, this metric may not influence the price in the short-term as much as other metrics like trade volume, exchange reserves, and the SOPR. In the long-term, however, leveraged futures may lead to a hike in Bitcoin’s price.


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Source: https://ambcrypto.com/bitcoin-heres-the-long-term-signal-you-might-be-ignoring

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ProBit Exchange Lists EXGold (EXG) | Gold For The Digital Age

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ProBit Exchange Lists EXGold (EXG) | Gold For The Digital Age

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EXGold (EXG) has officially listed their token EXG on ProBit Exchange as the digital gold solution solidifies their partnership networks with one of the top South Korean exchanges and its global demographics.

EXGold was developed to capitalize on the burgeoning stable coin niche through its innovative, digitized protocol. Eliciting unmatched price stability and promising conceptual NFTs, EXGold will offer a reliable revenue stream for holders willing to subscribe to predetermined lockup periods.

Pegged to the price of gold, EXGold will reflexively mirror the price of its real-world counterpart. This relationship is immutable, meaning 1 EXGold token will always be worth the price of 1 gram of gold.

Grounded in the Ethereum protocol, EXG offers frictionless transferability and inherent scarcity, with a circulating token supply fixed at 5 million. EXGold ensures a fair, secure incentive structure with programmable smart contracts and predetermined lock-up periods. Soon to be available on Uniswap, EXGold developers are pushing to establish EXG as a potentially leading stablecoin and safe-haven asset.

EXGold’s recent partnership with a Peruvian mine, enabling direct tradeability, is a first of potentially many, real-world partners and the platform is transforming how traders interact with gold and view the “buy” and “hold” process.

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ABOUT EXGOLD

EXGold is a digital secure way to buy and hold gold and is pegged to 1 gram of gold.

http://www.exgoldproject.com/

ABOUT PROBIT EXCHANGE

ProBit Exchange is a Top 20 crypto exchange globally. We have completed over 200 rounds of IEO and have been consistently ranked Top 4 in Korea. ProBit Exchange provides unlimited trading access highlighted by over 1,000 trading pairs.

PROBIT EXCHANGE’S GLOBAL BRAND TRUSTED BY MILLIONS OF USERS 

100,000+ community members
800,000+ monthly active users

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User interface of Multilingual website supporting 41 different languages

Marketing and community support in 8 key languages

Join our active programs and get huge benefits!

1. Trading Fee Discount: Buy PROB, pay trading fees with PROB & get as low as 0.03% trading fee

2. Stake Mining: Stake PROB and earn PROB at a rate of 4% per annum 

3. Referral Program: Earn 10-30% of trading fees for referring friends to ProBit

4. ProBit Exclusive: Subscribe to 50% off Top 200 tokens 

5. Auto Hold Campaigns: Hold tokens and get 6% annualized returns

ProBit Global: www.probit.com

ProBit Korea: www.probit.kr

ProBit Telegram: https://t.me/ProbitEnglish


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/probit-exchange-lists-exgold-exg-gold-for-the-digital-age/

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Bitcoin: Another Correction Stage is Over

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By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

The digital currency is actively recovering after a deep correction. For bulls, it was important to make the price rebound from the support area at $42,500. A lot of investors are scared by such high volatility of the cryptoasset, even hedge funds are pretty sure that the number of institutional investors, who are ready to invest in BTC, will significantly increase after these fluctuations slow down.

Citibank experts believe that there comes a crucial moment for Bitcoin and the digital asset may either become a global payment method or end up with another speculative blowout. JPMorgan specialists are very active in recommending their clients to hedge from other types of markets, such as stocks and precious metals, and invest up to 1% of their investment portfolios in Bitcoin and other digital currencies.

btcusd

In the daily chart, BTC/USD has once again rebounded from the area between Moving Averages and that’s still an indication of a bullish impulse. The previous movement from such an area resulted in further growth of the asset by more than $29,000. Possibly, this scenario may repeat this time as well and BTC may reach $72,000-75,000. Another signal in favor of this idea is another rebound from the support line at the RSI. However, the bullish scenario may no longer be valid if the instrument breaks the rising channel’’ downside border and fixes below $42,950. After that, the price may move downwards with the target at $29,135.

The current asset growth can’t even be stopped by growing criticism of the primary cryptocurrency. Bill Gates is sure that the performance of transactions in the Bitcoin network is extremely power-consuming if compared with conventional transfers, and that causes a lot of harm to nature in the long run. Rakesh Jhunjhunwala, who is called Indian Warrant Buffett, appealed for regulating authorities to ban BTC in India and said that the asset was just a speculation of the highest order.

Many investors think that the current aggressive growth of Bitcoin is just a temporary phenomenon caused by heightening interest among major investors. As far back as a year ago, Ray Dalio said that with cryptocurrencies moving higher and being accepted everywhere, these assets may face aggressive criticism as well as an eventual ban by authorities. This is exactly what we are witnessing right now.

btcusd

As we can see in the H4 chart, BTC/USD has broken the descending channel to the upside and may continue trading upwards to reach $65,000. However, one shouldn’t exclude that the pair may resume growing only after returning to the broken border. A strong signal in favor of a further uptrend will be a rebound from the support line at the RSI.

Disclaimer

Any predictions contained herein are based on the author’s particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Source: https://themerkle.com/bitcoin-another-correction-stage-is-over/

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