Twitter Hacker Has 3000 Bitcoin, Says Attorney
Graham Ivan Clark, the 17-year-old ringleader behind the recent Twitter hack, reportedly has 300 Bitcoin estimated at about $3.347 million.
The lawyer representing Clark made the disclosure on Saturday at Hillsborough County Courthouse, Florida.
Clark’s bail was set at $725,000 during his first court appearance on Saturday.
The 17-year-old was arrested on Friday as authorities see Clark as the ringleader and mastermind of last month’s ‘CryptoforHealth’ Twitter hack — that attacked about 30 high profile accounts and promised to double the money of users who sent cryptocurrency.
The report shows in total about $117,000 worth of cryptocurrency was transferred to the hackers in one afternoon.
Two other accomplices were also picked and charged in California, according to the report.
Authorities had previously confiscated 400 bitcoin from Clark before returning 300 in 2019 when authorities accused him of acquiring them illegally. An accusation his attorney has argued it was legitimate because it was eventually returned.
Clark now faces 17 counts of communications fraud 11 counts of fraudulent use of personal information, as well as one count of breaking into an electronic device and another for organized fraud.
Meanwhile, Bitcoin has rebounded from Sunday low following the flash crash it suffered. The coin rebounded slightly from $10,960 to $11,157 on Monday during the New York trading session.
Dogecoin is the New GameStop – Are Investors Going to Get Burned?
Dogecoin has become the new GameStop, with frenzied trading potentially going to deliver a bloody nose to novice investors, warns the CEO of one of the world’s largest independent financial advisory and fintech organisations.
The warning from Nigel Green, the chief executive and founder of deVere Group, comes as the market capitalisation of Dogecoin hit almost $45 billion on Friday, and its price has risen by 400% in the last seven days.
The memecoin was created in 2013 as a joke, poking fun at the rise of established digital assets such as Bitcoin. Dogecoin was inspired by the popular Doge meme, which offers the image of a Shiba Inu looking sideways at the camera with raised eyebrows.
Mr Green says: “Dogecoin is the new GameStop. The out-of-favour bricks and mortar videogame retailer rocked Wall Street in January when a group of small-scale mainly inexperienced investors, led by a frenzy on Reddit, sparked a historic short squeeze where they drove up its stock prices.
“This week, since Reddit lifted its ban on the discussion of three cryptocurrencies – Bitcoin, Ethereum and Dogecoin – activist investors and also some celebrity investors on social media have been urging others to invest their cash into Dogecoin – their new pet populist bandwagon.
“In the same way that the GameStop frenzy was pitched as a battle-play of ‘Wall Street versus The Little Guy’, Dogecoin is being pitched as a battle-play against the well-established crypto giants like Bitcoin.
“But this is not typically the way reasoned, savvy investors should strategise to create and build their portfolios in order to reach their financial goals.
“We can expect many novice retail investors – who may not have the financial resilience needed – to get burned in the Dogecoin frenzy – in the same way they did with the GameStop one.”
The deVere CEO says that investors should avoid being drawn into the hysteria driven by social media and look at the fundamentals of the different cryptocurrencies.
“It’s very hard to compare Dogecoin with the likes of Bitcoin, which runs on ground-breaking tech and has a limited supply giving it scarcity value, amongst other valuable attributes; and Ethereum, which is solving real-world issues and providing in-demand business solutions. For these reasons, amongst others, they are attracting huge institutional investment.”
“Whereas we can assume that many people have been buying Dogecoin, not because they think it has any real value, but because they hope others will get FOMO (the Fear of Missing Out), jack the price up, and then they can sell off and make a quick profit.”
Mr Green reiterates a message he gave in January at the height of the GameStop mania.
“If you do want the thrill or novelty of chasing big gains led by activists on social media, you really should make sure that you have a sound, diversified, long-term financial strategy established in place first,” he affirms.
Canada Approves Two Ethereum ETFs in One Day
The approval comes just over two months after Canada approved its first bitcoin ETF.
Purpose Investments and CI Global Asset Management both received approval to launch an exchange-traded fund (ETF) in Canada that offers exposure to ether.
Purpose is the manager of Purpose Ether ETF and Ether Capital Corporation will consult. The ETH will be kept in cold storage with Gemini acting as the sub-custodian and CIBC Mellon Global Securities acting as the fund administrator.
CI Global Asset management will launch CI Galaxy Ethereum ETF on April 20 on the Toronto Stock Exchange (TSX), subject to TSX approval. It will charge a 0.4% management. CI GAM is the manager of the ETF and Galaxy Digital Asset Management (“GDAM”) serves as the sub-advisor.
The approval comes a little over two months after Canada approved the Purpose Bitcoin ETF which held 10,064 BTC in the first week of trading. Meanwhile, in the U.S., bitcoin ETF approvals have been piling up in the hope that new Securities and Exchange Commission (SEC) Chief Gary Gensler could change the regulatory agency’s attitude to the novel investment product.
“While bitcoin tends to get a lot of attention as it was the first major cryptocurrency, what ether and the Ethereum ecosystem represent is one of the most exciting new technology visions today in society,” Som Seif, founder and CEO of Purpose Investments, said in a statement. “By launching the first ETF in the world that directly owns and provides exposure to ether, we are enabling every investor to have access to this unique opportunity and ecosystem.”
Purpose ETF is designed to provide investors with exposure to ether by investing directly in physically settled ether. The ETF will offer three classes of units: Canadian dollar currency hedged units (ETHH), Canadian dollar non-currency hedged units (ETHH.B) and U.S. dollar units with ticker units (ETHH.U).
TradeBlock, a CoinDesk subsidiary, is the index provider for Purpose.
Fintech CEO: The Paxful Data Leak that Wasn’t: A Cautionary Tale in Vendor Selection
Last week, it was reported that cryptocurrency exchange Paxful released a firm denial of an alleged data leak with 4.8 million entries. The company noted that the data from the supposed leak, which contained employee information among other items, was actually data which was illegally stolen from a third-party vendor.
“If you take Paxful at their word, and I’m not aware of any reason that we shouldn’t at this point, users can be relieved that the exchange wasn’t successfully hacked. But, the issue of incompetent vendors is one which all too often plagues cryptocurrency exchanges,” said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges. “It’s tough because the cryptocurrency space is relatively new, so most vendors are new, too. Those are the vendors who compete on cost, instead of on their industry success.”
“Fundamentally, however, cryptocurrency exchanges are, at their core, financial exchanges. The technology required to ensure they run flawlessly and with appropriate security measures in place — those things require experience in providing technology for exchanges. Building online auction sites or websites, dabbling in development… those kinds of vendors aren’t capable of handling the kinds of stress put onto a cryptocurrency exchange,” explained Gardner.
Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Over the past twenty years, the company has built technology for the world’s most notable exchanges, with a client list which includes NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.
“What happens here is that these technology vendors watched Bitcoin explode, and they wanted to cash in on that opportunity. They built technology that’s shiny and works until put under stress. Then they charge rock bottom prices for it. Crypro-preneurs, looking to get to market fast and cheap, find themselves enamored with the offering. For years, the exchange runs without issue because the exchange never saw peak traffic. Once it’s successful and bringing in significant money, hackers will become interested in it. Even worse, the technology stack that powers the exchange isn’t set up to handle the volume demanded by success. Bad things happen. We’ve watched this movie before,” Gardner continued.
“How does this stop? Our industry needs to stop normalizing sub-par, cheap technology provided by suppliers without any experience in the field in which they’re now practicing. We need to normalize and prioritize security. In this case, if the vendor couldn’t secure their own house, how can they be trusted to work on exchange technology in any capacity? Luckily, Paxful executives noted that the vendor is no longer under contract. But, that vendor is very likely still supplying technology to dozens, or even hundreds, of other exchanges. It’s time to flip the script and value experience over sticker price,” opined Gardner.
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