BTC scammers were on a rampage on Twitter late Wednesday, as many top personalities, had their accounts tweeting about a BTC giveaway. Later, it became obvious that the breach was much more serious when leading brands and famous people including, Barack Obama, Elon Musk, Jeff Bezos, Kanye West, and Uber, tweeted that they would double your bitcoin.
However, Cameron Winklevoss, co-founder of the world’s leading crypto exchange Gemini, disclosed that the scammers were only able to make away with “a paltry sum,” though he wondered if there were underlying reasons for the attack.
Despite gaining control of the most prominent accounts on Twitter, it appears the attacker has made off with only a paltry sum thus far. Very little to show for, given the options and what was at stake. Maybe this wasn't about the money….
— Cameron Winklevoss (@winklevoss) July 16, 2020
Recall that a few days ago, Nairametrics reported how crypto scammers gained about $24 million worth of BTCs in the first six months of 2020.
As the COVID-19 pandemic kept a lot of individuals more active online, fraudsters have pulled dozens of different types of scams such as fake ICOs, BTC recovery, fake exchanges, giveaways, video scams, fake tumblers, Ponzi schemes, malware and many more.
READ ALSO: BTC outperforms precious metals in H1 2020
The scammers deceive their intended victims by offering one or all of the following: no taxes, high profits, little effort, and no risk. It’s thus projected by Whale alert that these fraudsters could gain about $50 million dollars before the end of 2020.
Twitter CEO, Jack Dorsey, finally tweeted:
“Tough day for us at Twitter. We all feel terrible this happened. We’re diagnosing and will share everything we can when we have a more complete understanding of exactly what happened.”
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Meanwhile, the price of bitcoin remains largely unaffected by the news of the hack, as it is currently still stuck at around $9,200.
Tough day for us at Twitter. We all feel terrible this happened.
We’re diagnosing and will share everything we can when we have a more complete understanding of exactly what happened.
💙 to our teammates working hard to make this right.
— jack (@jack) July 16, 2020
Two day old crypto, YAM’s market value drops from $60 million to $0 in 35mins
Given YAM’s governance module, this bug would render it impossible to reach quorum.
Two-day-old crypto asset, YAM has seen its market capitalization vanish in less than 60 minutes. This happened after developers of the once-promising defi project attempted to fix a bug in the code, but weren’t successful.
Data from BKCoincapital, a crypto hedge fund, revealed how YAM, a liquidity mining protocol which attracted >$400mm in just its first 2 days of trading, had a bug discovered in its code. The bug caused the unaudited defi platform’s Market Capitalization to go from $60 million to $0 in approx. 35 minutes.
YAM, a liquidity mining protocol which attracted >$400mm in just its first 2 days of trading, had a bug discovered in its code, which caused the unaudited DeFi platform’s Market Capitalization to go from $60mm to $0 in approx. 35 minutes. #cryptocurrencies #YAM #Bitcoin pic.twitter.com/qBf07IzgVe
— BKCoinCapital (@BKCoinCapital) August 13, 2020
YAM is an experimental protocol mashing up some of the most exciting innovations in programmable money and governance.
YAM project developers, discovered a bug in the YAM rebasing contract that would mint far more YAM than intended to sell to the Uniswap YAM/yCRV pool, sending a large amount of excess YAM to the protocol reserve. Given YAM’s governance module, this bug would render it impossible to reach quorum, meaning no governance action would be possible and funds in the treasury would be locked.
At its core, YAM is an elastic supply cryptocurrency, which expands and contracts supply in response to market conditions, initially targeting 1 USD per YAM.
Global companies are buying Bitcoins to hedge against inflation
MicroStrategy recently adopted Bitcoin as a treasury reserve asset to hedge against fiat inflation.
The most valuable and widely used crypto-asset, Bitcoin, is now the most preferred asset to own among institutional investors.
Gemini crypto exchange co-founder, Cameron Winklevoss, on his Twitter feed, wrote about the sudden rush by institutions trying to have a piece of BTC.
This is HUGE. #Bitcoin is going mainstream. Companies are starting to understand the importance of holding a fixed asset in their treasury. There will never be more than 21 million bitcoin. There's no bitcoin printer. Full stop. https://t.co/9hyYJPtO7E
— Cameron Winklevoss (@winklevoss) August 11, 2020
Publicly traded company based in America, MicroStrategy, recently adopted Bitcoin as a treasury reserve asset to hedge against fiat inflation. This is a big deal and it’s good to see BTC’s being used as intended – a hard money/savings instrument.
— Michael Saylor (@michael_saylor) August 11, 2020
“Our investment in Bitcoin is part of our new capital allocation strategy, which seeks to maximize long-term value for our shareholders,” said Michael J. Saylor, CEO, MicroStrategy Incorporated.
“This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash,” he added.
There’s never been a better time to buy Bitcoins than now that the government is involved in stimulus packages that are intended to pump money into the system.
In an explanatory note to Nairametrics, Ekene Ojieh, Head of Public Relations and Corporate Strategy at Buffalo Chase, a crypto-asset custodian management firm, gave vital insights on why BTC seems to be the next safe-haven asset. She said:
“In the past few weeks, gold saw a new all-time high of $2034 which is about 42.6% in the last decade.
“Bitcoin has gained about 8.9 million percentages over the last decade. Security and scarcity are the topmost reasons why traders have trust in safe-haven assets like gold and bitcoin.
“Bitcoin would outperform gold in a foreseeable future because it’s easily accessible for anyone with internet and of course a more profitable asset than gold.”
She spoke about the initial skepticism that traditional banks, and global financial regulators had on bitcoin, which looks to be changing now, saying:
“The last decade has been quite challenging for bitcoin and the crypto space despite the enormous price increase. Regulators, investors, and mainstream traders were skeptical about bitcoin because of its volatility and how bitcoin works.
“In recent times, we have seen growth in the adoption of bitcoin and other cryptocurrencies in general; regulators, banks, are finding an entry point into the crypto space.
“In addition, the market cap of both gold and bitcoin, 9 trillion dollars, and 117.81 billion dollars respectively, shows that bitcoin still has a lot of potentials. Going by this trajectory, bitcoin is expected to gain more grounds, increase in value, and also be widely used/accepted.”
Quick fact: In recent times, some emerged markets have beefed up their monetary activities, attempting to prop up a fragile economy disrupted by the raging COVID-19 pandemic.
BTC’s primary advantage
BTC holds a maximum supply of about 21 million digital coins of which there are about 18.5 million in circulation, while over 4 million BTCs have already been lost forever. These show that its definite supply protects the asset against value dilution.
The many global economic problems around the world including inflation and the recent plunge in value for most fiat currencies have made cash an unreliable store of value, pushing some to store their value in a deflationary currency like Bitcoin which can protect.
Warning signs: Ethereum daily active wallets hit a 67-day low
Ethereum is a decentralized system, fully independent, and not under anybody’s authority.
Ethereum daily active wallets have been dropping at a steady pace, lately. Data obtained from Santiment Research Company showed that Ethereum daily active wallets hit a 67-day low today, closing out at 351.3k addresses transacting on the network.
According to Santiment, the last time DAA was this low was June 7th. Though the long-term fundamentals for the second most valuable crypto asset are great, these warning signals are worthy of note.
$ETH daily active addresses hit a 67-day low today, closing out at 351.3k addresses transacting on the network. The last time DAA was this low was June 7th. The long-term fundamentals for the #2 market cap token are great, but note these warning signals. https://t.co/QTAAWkwq3T pic.twitter.com/2saQbNK5I6
— Santiment (@santimentfeed) August 13, 2020
Why this matters: Nairametrics’ recent study on the second most valuable crypto market, showed that in 2020, when the number of active ETH wallets increased by 1%, its price climbed up, on average, by 0.18% the same day.
Breaking the $400 resistance level represents a dramatic shift for Ethereum, which stood at around the $112 price level in March following the market carnage that occurred as a result of the ravaging COVID-19 virus.
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It should, therefore, be noted that Ethereum 2.0 is imminent. This will see the crypto asset switching from the current proof-of-work model to proof-of-stake. It will also optimize sharding techniques which will help hasten up transactions on the blockchain.
However, Ethereum holders have been euphoric for good reason, considering the massive price surge since Black Thursday five months ago.
Ethereum is at +2.78 deviations above its neutral resting position when it comes to weighted social sentiment, which is easily an all-time high.
Ethereum is a decentralized system, fully independent, and not under anybody’s authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing systems around the world, which means it’s almost impossible for Ethereum to go offline.