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Markets
Here are today’s market moves:
Here's what you need to know:
Blacklisted wallet moves $2.3 Billion worth of Bitcoin
In August 2016, Bitfinex, a cryptocurrency exchange, was hacked for more than 119,756 BTC, worth roughly $72 million at the time and worth more than $4.6 billion today.
Today, according to crypto tracker whale alert on Twitter reported that the hacker’s account shifted more than 64,641 Bitcoin across 21 separate transactions. It is valued at $2.3 billion at the time of the transactions. Blockstream Explorer reports that the receiving address now holds more than 94,643.298 BTC. It is currently the fifth-richest Bitcoin address in the world, according to BitInfoCharts.
In August 2020, the exchange announced it would award 5% of any recovered funds to anyone who could put the company in contact with the hacker.
YouTuber steals $500k in crypto and then buys a Tesla with the money
Frens, the crypto space is very new to the world and scammers are taking advantage of this situation.
Popular YouTuber and Twitch streamer Ice Poseidon stole $500,000 from his fans by convincing them to invest in CxCoin, a cryptocurrency he created for a pump-and-dump scheme. $200,000 was used to pay the developers who helped him in orchestrating the scheme (so thoughtful) then proceeds to purchase a new Tesla.
He admitted the cryptocurrency scam but quickly tried to put the blame on his over-emotional fans.
Bitcoin “doesn’t” fix the $30T US national debt
Frens, some perspective:
You might have heard the famous, “Bitcoin fixes this.” phrase.
But, $30 trillion — $30,000,000,000 — is such a large amount of money that even the entire cryptocurrency market cap looks small and insignificant. According to the latest official statistics, U.S. national debt is at levels never seen before, passing the psychological $30-trillion barrier for the first time this week.
Even if the U.S. were to purchase all the BTC in circulation, it would still only pay off that tiny fraction of its debt.
2.43% to be precise, says CoinTelegraph.
Wonderland founder trying to fix everything
In a recent edition, we wrote about one of the biggest crypto scammers getting doxxed. He was apparently Wonderland’s treasury head going by the Twitter pseudonym ‘0xSifu’ and was asked to step down by Wonderland co-founder Daniele Sestagalli.
Sestagalli has now promised Wonderland’s user a brighter future but the roadmap isn’t clear.
Check this out
Frens, if you want to get sound knowledge of crypto and how things work in this noisy world, we recommend following @punk6529 on Twitter.
He breaks down and explains NFTs, crypto tokenomics and other crypto jargons in a simple format.
He also says gm and would like it if you said it back.
Did you hear?
OpenSea had a record-breaking January, with more than $5 billion in trading volume between Ethereum and Polygon.
Coachella is selling lifetime festival passes for the first time — but as an NFT. In collaboration with FTX, the festival is dropping three collections of NFTs going on sale February 4th.
Russian citizens reportedly own 16.5 trillion rubles ($214 billion) worth of cryptocurrencies, according to official government estimates.
Crypto lingo of the day
Decentralization:
The principle of distributing power away from a central point. Blockchains are traditionally decentralized because they require majority approval from all users to operate and make changes, rather than a central authority such as a national bank.
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