National Power Administration (ANDE) employees have been accused of participating directly in setting up illegal bitcoin mining farms in Paraguay. According to local sources, seven engineers of the institution would have been installing bitcoin farms across the country as the prosecutor’s office is carrying out this investigation with ANDE’s cooperation. Seven ANDE Engineers Involved in […]
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Venezuelan Probe Unveils Crypto Money Laundering Scheme Linked to Oil Sale Embezzlement; Kraken Involved
The Venezuelan Attorney General, Tarek William Saab, unveiled the second wave of detentions linked to a crypto money laundering scheme derived from unregistered oil sales paid in different currencies and crypto. The former president of the state-owned oil company PDVSA, Tareck El Aissami, the former Economy Minister Simon Alejandro Zerpa, and entrepreneur Samark Lopez were […]
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Algorand CEO’s X Account Hacked, Is Justin Sun Involved?
On Thursday night, Algorand CEO Staci Warden’s X Account (formerly known as Twitter) was compromised. Since then, the crypto community and the hacker have been having a back-and-forth conversation.
Justin Sun Will Boost Algorand To “New Heights”
Algorand Foundation’s X account was the first to inform about the hack and advised users to be careful when interacting with the compromised account or any link promoted by it. The hacker then took Staci Warden’s compromised account to start a series of controversial posts and replies.
The hacker called Algorand’s community “poor” in the initial post, later suggesting it would be better for the community if they “sold ALGO and instead bought Ether.” Both posts have amassed a combined total of 150,000 views and, as it’s worth noting, contain racial slurs.
Additionally, the hacker offered a fake airdrop giveaway, claiming they would send “1 $ETH for every % $ALGO drops this week.” While following some users’ petitions, the hacker shared music and changed the account’s bio, claiming that Warden had exited Algorand Foundation and had become a “semi-professional pole dancer.”
Most notably, a fake story was shared in the account narrating a call with Tron founder Justin Sun, referred to as “his excellency” by the hacker. In the fake story, Sun promised to take Algorand to “new heights” under the condition that Algorand’s CEO gave total control over the network and allowed Sun to mint any token to back TRUE USD (TUSD).
A sarcastic comment insinuating that Sun’s projects will be the reason behind “the next major financial collapse in crypto” closed the story.
Just when I thought it was all over for Algorand — my phone rang — it was his excellency. Justin told me that he would boost Algorand to new heights by launching TUSD (TRUE USD) and VRUSD (VERY REAL USD) on Algorand, and all I had to do was agree to give him total control over… pic.twitter.com/Rr9K28uGwh
— staci.algo (@StaciW_DC) January 26, 2024
Algorand CEO Criticized By The Community
The original announcement about the hack and the different posts shared on the compromised account ignited comments from the crypto community. Most users took the incident with humor, while others have taken the opportunity to express their discontent with the CEO.
One user claimed that Algorand CEO “qualifies to be an intern” at the Securities and Exchange Commission (SEC), clearly referencing the recent hack to the SEC’s X account suffered and resulted in a false report about the approval of spot Bitcoin ETFs.
Similarly, known crypto sleuth ZachXBT shared his thoughts about the hack, “Unpopular opinion: Staci hacker would make a better CEO for Algorand Foundation.” To which the hacker jokingly replied, “Hey bro, I just send you ,000. Keep up the good work for this industry, buy your mom some flowers, and take your father out for a nice dinner,” referencing a previous X post informing the crypto detective of a donation made about a week ago.
No further posts have been shared in the last hours, but the account appears to still be under the hacker’s control, as none of the posts have been taken down, and there’s no official statement about the account’s recovery.
As reported by NewsBTC, ALGO outperformed the general crypto market growth in Q4 2023, experiencing an increase in market capitalization, transaction volume, revenue, and user adoption. ALGO’s prince trades at .1652, a 3.18% surge in the last 24 hours.
JPMorgan CEO Advises Investors to Stay Away From Bitcoin — ‘My Personal Advice Is Don’t Get Involved’
Jamie Dimon, the CEO of JPMorgan Chase, has advised investors to stay away from bitcoin. “My personal advice is don’t get involved,” he said. “But I don’t want to tell anyone what to do. It’s a free country.” The executive added that he doesn’t care about Blackrock, the world’s largest asset manager, embracing bitcoin, insisting that the cryptocurrency’s use cases are illicit activities.
JPMorgan CEO’s Bitcoin Investing Advice
The CEO of JPMorgan Chase, Jamie Dimon, once again weighed in on bitcoin and crypto investing in an interview with CNBC on Wednesday. His comments came amid growing institutional interest in crypto, with major asset management firms, like Blackrock, embracing BTC following the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
Dimon began by stating: “Blockchain is real. It’s a technology. We use it. It’s gonna move money, it’s gonna move data, it’s efficient. We’ve been talking about that for 12 years too. And it’s very small.” Regarding cryptocurrencies, the JPMorgan boss said there are two types. “There’s a cryptocurrency which might actually do something,” Dimon explained. “If a cryptocurrency has an embedded smart contract in it, and then we can use it to buy and sell real estate, move data that may have value … tokenizing things that you do something with.”
The JPMorgan executive proceeded to describe the second type of cryptocurrency. “And then there’s one which does nothing, I called it pet rock, the bitcoin, something like that,” he stated, reiterating his previous statement about bitcoin’s use cases being illicit activities. “So on the bitcoin … there are use cases: AML, fraud, anti-money laundering, tax avoidance, sex trafficking — those are real use cases. And you see it being used for … maybe billion, a 0 billion a year for that. That is the end use case. Everything else is people trading among themselves.” Nonetheless, Dimon insisted, “I defend your right to do bitcoin,” elaborating:
My personal advice is don’t get involved. But I don’t want to tell anyone what to do. It’s a free country.
When questioned about the recent involvement of major asset managers like Blackrock and Fidelity in the bitcoin market, including Blackrock CEO Larry Fink becoming a big believer in BTC, Dimon responded:
Number one, I don’t care. So just please stop talking about this.
“And I don’t know what he [Larry Fink] would say about blockchain versus currencies that do something versus bitcoin that does nothing … But you know this is what makes a market. People have opinions, and this is the last time I’m ever going to state my opinion,” Dimon concluded.
Blackrock launched a spot bitcoin ETF, the Ishares Bitcoin Trust, last week with JPMorgan as a lead authorized participant. Dimon has long been a vocal bitcoin and crypto skeptic. He said in December last year that he would close crypto down if he were the government.
Dimon’s statements about bitcoin drew lots of comments on social media. Microstrategy’s executive chairman, Michael Saylor, an avid Bitcoin advocate, commented on X: “If you encounter a strange new asset (‘Pet Rock’) circulating on a blockchain that ‘does nothing’ other than allow people to own something they can ‘trade among themselves’ without fear of debasement or theft, you have just discovered digital money.”
What do you think about the statements by JPMorgan CEO Jamie Dimon about bitcoin? Let us know in the comments section below.
Lawyer Involved In Cryptoqueen’s OneCoin Scam Receives Shocking Response From Court
The OneCoin scam saga has continued to linger despite it being years since it took place, and this time around, a lawyer who was involved in the pyramid scheme has received a rather shocking response from the court.
OneCoin Lawyer Denied Retrial
According to a report by Bloomberg, a US court has denied Mark Scott’s request to be granted a new trial. The lawyer is said to have helped launder 0 million as part of the proceeds from the scheme and was found guilty by the court in November 2019 of money laundering and bank fraud conspiracy.
However, Scott was hoping to get a new trial on the grounds of “legal mistakes” and following evidence that the prosecution witness, who happens to be the brother of the “cryptoqueen” Ruja Ignatova, perjured himself on the witness stand.
As to the court’s reason for the decision, US District Judge Edgardo Ramos stated that he wasn’t convinced that Scott was innocent despite the fact that Ignatova’s brother, Konstantin Ignatov, lied in his testimony.
The judge may have reached this conclusion because the prosecution provided other irrefutable evidence to the fact that Scott was guilty, and the court’s ruling paves the way for Scott to be sentenced.
However, Bloomberg reports that Scott’s lawyer mentioned that his client intends to appeal the decision. According to him, it is disappointing that the court didn’t grant a new trial despite being provided with “undisputed evidence that the Government’s sole cooperating witness perjured himself.”
Ignatov had himself been prosecuted for his role in his sister’s fraudulent scheme. However, he pleaded guilty and agreed to cooperate with the prosecutor, including testifying against other alleged conspirators like Scott.
One Of The Largest Fraud Schemes
On September 12, US District Judge Edgardo Ramos sentenced OneCoin’s co-founder Karl Greenwood to 20 years imprisonment and ordered him to pay close to 0 Million in forfeiture. In the Department of Justice’s (DOJ) statement, Greenwood, alongside Ruja Ignatova, is said to have “operated one of the largest fraud schemes ever perpetrated.”
Karlwood and Ignatova reportedly made over billion from their fraudulent scheme, with many investors worldwide investing their money in the cryptocurrency OneCoin. At the time, Ignotova claimed that crypto would be the “Bitcoin killer.”
The “Cryptoqueen” still remains at large and is listed on the Federal Bureau of Investigation’s (FBI) top 10 most-wanted fugitives. She is also listed as one of the most wanted criminals in Europe, with Europol offering a reward of 5,000 Euros for information leading to her arrest.
The last known fact as to her whereabouts is that she boarded a plane from Bulgaria to Athens and has ‘disappeared’ since then.
Openai Boss Sam Altman Claims He’s Not Involved in Worldcoin’s Day-to-Day Operations at All
After Tools for Humanity, the team behind the biometric cryptocurrency project Worldcoin announced it had raised 5 million in a Series C led by Blockchain Capital, Sam Altman, co-founder and chief executive of the artificial intelligence (AI) firm Openai, clarified at an event held at Tel Aviv University that he is not involved in the project’s day-to-day operations.
Sam Altman Says He’s Not Close Enough to the Worldcoin Project to ‘Meaningfully Comment on the Plans’
Sam Altman holds an esteemed presence in the technology sphere and has performed various roles such as Y Combinator’s president, Reddit’s brief CEO tenure, and presently leading Openai, maker of AI-driven chatbot Chatgpt. In 2019, Altman teamed up with Max Novendstern and Alex Bania to establish Tools for Humanity (TFH), the creators behind Worldcoin’s iris biometric cryptocurrency venture.
Worldcoin envisions multiple objectives like constructing a vast identity and financial framework that supports universal basic income (UBI) principles. Supposedly based on Ethereum, the token project recently introduced its dual services—World ID and World App. While World ID claims to provide AI-resistant, iris-dependent identification procedures, the World App focuses on enhancing decentralized identification.
TFH recently acquired 5 million through a Series C financing round headlined by Blockchain Capital. Other participants included Andreessen Horowitz’s A16z crypto branch, Bain Capital Crypto, and Distributed Global. In a video published on Monday, Altman engaged with Dr. Nadav Cohen and others at a Tel Aviv University event discussing AI technology trends. Towards its conclusion, an attendee inquired about Altman’s “future plans” concerning the Worldcoin project.
“I’m an investor,” Altman replied to the woman. “I kind of like helped put the company together but I’m not involved day to day at all. I think it’s very exciting, I think experimenting with new ways to differentiate between … like to prove humanity in a privacy-preserving way and to think about things like global [universal basic income] and ways to fairly democratize access, is a super great area to explore.”
Altman added:
But I’m not close enough to the company to like meaningfully comment on the plans.
Despite its altruistic goals, Worldcoin has faced criticism. Whistleblower and former NSA contractor Edward Snowden rebuked the idea of registering eyeballs in October 2021. MIT Technology Review called out the project in April 2022 for allegedly deceiving and exploiting third-world country citizens to expand its user base. Furthermore, Techcrunch reported hackers allegedly compromised some of the Worldcoin scanning orbs administrators’ credentials last month.
What do you think about Sam Altman’s commentary about not being close enough to the Worldcoin project to comment on it? Share your thoughts and opinions about this subject in the comments section below.
Russia Involved in De-Dollarization Talks With the Islamic World to Create Independent Financial System
Russia and the Islamic world are currently discussing how to deepen the de-dollarization agenda to create a new financial system. According to statements from Russian Deputy Prime Minister Alexey Overchuk, these topics are inscribed in broader deglobalization talks, and the Russian government is invested in developing these issues with Islamic countries.
Russia Talks De-Dollarization With Islamic Nations
Russia is veering to the east in order to build a less polarized world and is currently involved in talks about de-dollarization and the construction of a new financial system away from the dominance of the traditional hegemonies. According to Russian Deputy Prime Minister Alexey Overchuk, the Russian Federation is currently in broad talks with the Islamic world that include these subjects and other related topics.
During the international economic forum Russia-Islamic World: KazanForum, Overchuk stated:
Our relations with the countries of the Islamic world cannot but be influenced by the global shifts that are taking place and the global trends. We are talking about processes of de-dollarization and the creation of an independent financial system.
In this sense, Russia has been recently seeking the construction of an alternative financial system to let them transact with other countries without relying on SWIFT, the global banking linking system, and the U.S. dollar, as the Group of the Seven (G7) intends to further restrict Russian access to the financial system.
Deglobalization on the Table
However, these talks are not limited to the previously mentioned topics but are merely inscribed into more comprehensive subjects that include deglobalization and how to deal with the changing trends in how investments are moving in the countries in the current geopolitical context.
Overchuk explained he was positive about the outcome of these talks, remarking on the common problems that Russia and these countries are facing. Overchuk declared:
This broader agenda and how it affects countries and relationships enables us to see that relations between Russia and the Islamic states have a very large and very positive future. The government is doing a lot to ensure further development along these lines.
Russia has recently narrowed its relations with Iran, announcing the construction of the Rasht-Astara railway, a route prompted as a rival to the Suez Canal that would connect India, Iran, Russia, Azerbaijan, and other countries part of the Islamic world with 162 km of railway.
What do you think about the de-dollarization and deglobalization talks that the Russian Federation is conducting with Islamic countries? Tell us in the comment section below.
Arkansas Makes Gold, Silver Legal Tender; 23 States Involved in Similar Legislation to Establish US Dollar Alternatives
A bill signed into law on April 11 has made gold and silver legal tender in the U.S. state of Arkansas, allowing citizens to use gold and silver coins to pay debts. The bill also clarifies that gold and silver “specie” (coins) will not be considered property for tax purposes, and transactions made with these precious metals will not result in tax duties.
Arkansas Embraces Gold and Silver as Legal Tender
The state of Arkansas has moved to make gold and silver function as legal tender in its territories. The “Arkansas Legal Tender Act,” signed by Arkansas Governor Sarah Huckabee Sanders on April 11, explicitly mentions that gold and silver “specie” (meaning any kind of bullion or coin containing these materials) can be used to pay for debts.
The act also specifies that “specie or legal tender shall not be characterized as personal property for taxation or regulatory purposes,” and that “the purchase, sale, or exchange of any type or form of specie shall not give rise to any tax liability.”
The law, which will enter into validity 90 days after its approval in the April 7 legislative session, makes Arkansas the fourth state to designate previously approved gold and silver coins as legal tender, behind Wyoming, Oklahoma, and Utah.
More States Moving to Approve U.S. Dollar Alternatives
23 states are currently developing regulations that will also allow their citizens to use gold and silver as legal tender, according to the Tenth Amendment Center, a federalism advocacy organization. Michael Marrahey, communications director for the Tenth Amendment Center, believes this is an initiative to undermine the powers of the U.S. Federal Reserve, noting that states are “nullifying the Fed on a state-by-state level.”
The theory behind this idea is that in a multicurrency environment, the better currency will be the one that prevails. In this sense, constitutional tender expert professor William Greene explains:
Over time, as residents of the state use both Federal Reserve notes and silver and gold coins, the fact that the coins hold their value more than Federal Reserve notes do will lead to a “reverse Gresham’s Law” effect, where good money (gold and silver coins) will drive out bad money (Federal Reserve notes).
The debate of making gold and silver legal tender comes from way back, with experts stating this possibility is enshrined in the U.S. Constitution, which states that “no state shall … make anything but gold and silver coin a tender in payment of debts.” Market analysts like Peter Schiff have predicted that a bull market for gold is coming, saying “it will be spectacular.”
What do you think about Arkansas making gold and silver legal tender? Tell us in the comments section below.
North Korean Hackers Involved In Euler Finance Exploit: Chainalysis
The recent Euler Finance exploit is the largest attack in the crypto space in 2023. The incident occurred through a flash loan attack that led to the loss of almost 0 million in crypto assets.
The hacker eventually transferred the stolen funds to different crypto addresses. A report from a blockchain analytics company, Chainalysis, links a North Korean crypto address to the attack. The address received a transfer of about 0,000 of the stolen funds from the Euler platform.
Euler Finance Stolen Funds Traced To North Korean Hackers
According to the report, Chainalysis identified another address linked with North Korean hackers receiving the Euler stolen funds. The analysis said the address got a transfer of some Ether tokens worth almost 0 million. The North Korean address was traced to several hacking activities in the past.
Also, Chainalysis noted that two primary on-chain entities are involved in the exploits. There are a front-running Miner Extractable Value (MEV) bot and the primary personal wallet of the hacker.
The hacker preyed on Euler software vulnerabilities that lack collateralization in flash loans to borrow huge funds. The action aided them in manipulating token prices. Also, the infamous sanctioned crypto mixer, Tornado Cash, provided initial financial support to the exploiter. It assisted in covering the gas fees and constructing the contracts used in the attack.
The hacker initiated a flash loan, borrowing several DAI tokens worth million from the Aave protocol. After completing the attack, the hacker still transferred some of the funds back to the Tornado Cash platform.
North Korea And Crypto Attacks
The connection of the North Korean hackers and address prove their involvement in exploiting Euler Finance. Also, it could mean that the attacker was trying to throw the investigation off balance by transferring some funds to the address.
However, North Korean hackers are notorious for increasing criminal activities and attacks on decentralized finance (DeFi). According to data from Chainalysis, North Korean hackers raked about .8 billion from the crypto industry in 2022. This value was higher than what they stole in the previous years.
Also, the analytics firm noted that the hackers were connected to most of the crypto attacks in 2022. But decentralized finance protocols are the major victims of the group’s hacking activities. Attacks on DeFi protocols ranked up to 82.1% of the total hacking activities of the group.
In February 2023, the Korea Times reported that South Korea slammed North Korea with sanctions concerning crypto crimes. This marked the first independent imposed sanctions from South Korea on its northern neighbor as related to cyber activity.
The South Korean sanctions were on four North Korean hackers and seven groups that allegedly assisted in funding the weapons program of the regime. Among the North Korean hackers sanctioned is the notorious Lazarus Group, with high records of cybercrimes globally.
Featured image from Pixabay and chart from Tradingview.com
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