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BITCOIN THIEVES ARRESTED IN JAPAN FOR PILFERING $700K IN BTC

The Rundown

  • Internal Information Helped Order Bitcoin Withdrawals for Personal Enrichment
  • Former Employee Possibly Precipitated the Bankruptcy and Closing of CoinExchange

The Japanese police arrested two suspects for the theft of Bitcoin (BTC) from the coffers of the relatively small market operator CoinExchange.

INTERNAL INFORMATION HELPED ORDER BITCOIN WITHDRAWALS FOR PERSONAL ENRICHMENT

Yuto Onitsuka, 25, and Takuma Sasaki, 28, reportedly stole 78 million yen in Bitcoins, equivalent to about $710,000, reported Japan Times. The theft was possible for former employee Onitsuka, who knew the access credentials to the wallets of CoinExchange. The small market operator closed in late 2019, after accruing losses due to the bear market.

The theft happened in October 2018, about a year before the exchange closed when Bitcoin had stabilized around $6,400. The BTC stolen was tracked to foreign and domestic exchanges, thus identifying the culprits.

Onitsuka and Sasaki reportedly never met each other, and only communicated through crypto-related bulletin boards. Sasaki used the login credentials to order BTC withdrawals from one of the exchange’s hot wallets.

FORMER EMPLOYEE POSSIBLY PRECIPITATED THE BANKRUPTCY AND CLOSING OF COINEXCHANGE

Statements by Onitsuka also suggest the actions may have precipitated the bankruptcy of CoinExchange. The Bitcoin withdrawals harmed the already failing exchange operator, and Onitsuka wanted to additionally protest against the company’s management. Sources have suggested Onitsuka wanted to bankrupt the company for internal struggle and disagreements.10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure!

The theft of roughly 100 BTC at 2018 prices was relatively small in comparison to other exchange heists. But the involvement of an employee suggests that heists are sometimes more easily explained with the human factor, and having access to hot or cold wallets.

The exchange, which was one of the smaller altcoin markets, did not have a process of internal controls to stop abuses. Hence, only one set of credentials was enough to order a withdrawal, and there were no internal controls on where the Bitcins went. The theft also left plenty of traces, as the funds were liquidated and sent to Sasaki’s bank account. The funds stolen were used for travel and personal expenses, with no attempts to conceal the transfers.

Japan has been the scene of relatively large coin heists, which affected the CoinCheck exchange. Other markets affected include Bitpoint, Remixpoint, and Zaif. The trend accelerated in 2019 when more exchange thefts were noted worldwide.

Japanese exchanges have slowed down their activity, winding down from the peak of the bull market where Japanese investors made up to 60% of Bitcoin trading volumes. Altcoins also slowed down their turnover, even ones highly active on the Japanese market. Japanese Bitcoin exchanges are highly regulated, requiring KYC and local bank accounts, but have been heavily affected by heists, which are still under investigation.

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Bitcoin to Secure Bullish Rally as Candlestick Pattern Confirms

While seeing the technical chart, bitcoin cross is building up that foreshadows the bullish season for Bitcoin.

Bitcoin cannot stable is itself above the key level- $10,000- for a long time but plunged back. BTC performed opposite the claim of many maximalists as they predicted about the price value breaking the resistance level of $10,500. However, the technical analysis of the coin shows the formation of the golden cross- that may end up in the long-term bullish rally.

Last week, Bitcoin witnessed a great move and touched the figure of $10,500- the highest since the start of the year. But it started retracing back and recorded a 10% down in value. On the contrary, the analysts are obsessive with bullish predictions for the next coming days.

Formation of Golden Cross- Bullish Pattern

While seeing the technical chart, bitcoin cross is building up that foreshadows the bullish season for Bitcoin. Bitcoin cross usually makes when the short term moving average crosses the long-term moving average in an upward direction. Currently, it is clearly seen on the one-day BTC chart where 50-day MA is approaching the 200-days MA.

The speculation following the golden cross is not hypothetical but is pertaining to the past data. In April 2019, the BTC value was surged by almost 170% in three months after the formation o f the bullish pattern- the golden cross.

Not everyone is inspired by the particular candlesticks pattern as the crypto trader Shitcoin Riddler believes that we cannot predict whether it will pump the price or not as there are 55% chances for such happening.

He said:

‘’If we take the past odds and project it into the future, there is a 55% chance for $BTC to act as “expected” on the golden cross event. golden/death cross events don’t have a significant impact on bitcoin‘s price. People just try to fit coincidence in their bias

Bitcoin has outperformed major traditional assets as there is a disruption in the world economic markets due to Coronavirus outbreak but the digital gold is going up with other cryptocurrencies. According to many analysts, it is due to the interest of investors who are turning to bitcoin to experiment with their assets.

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Bitcoin Evolution

Crypto currency has now become more mature, we cannot say that the boost in digital currency is temporary or the trend is for limited time – As people are earning millions from trading. It has made a permanent position in the market even analysts are predicting it as “future money”. It is like a blank check for people, they can fill as much amount as they want to. The invention of automated trading platforms has provided a golden opportunity to traders to earn dollars with minimal efforts. They are not scam or fake, they actually work. However, we cannot trust all of them. One of the most secure automated trading platform now in the market is “Bitcoin Evolution”

How it works?

Bitcoin Evolution is not a scam or fraud rather it is one of the world widely trusted platform with an accuracy rate of 99.4%. Old traders or even beginners can boost up their earnings. It has been confirmed that Bitcoin Evolution is legal and registered – everyone can use this platform with no worries. Heavy machine learning algorithms have been used to make sure that the robots will take right decisions and quickly change the behavior according to market situations. Unlike, in manual trading you have to consider a lot of factors and then take a decision meanwhile the conditions may change. So, Robots will response (response time is 0.01) on your behalf, they start making transactions and respond in seconds. It has been observed that a user needs to spend half an hour or less.

Once you have earned money then the withdrawal stage comes and surprisingly this stage is very fast and secure in bitcoin evolution; a user can get their earnings in 24 hours which is an amazing fact in this platform as unlike other websites they take a minimum of 7 day for payment clearance.

The Bitcoin Evolution website is not restricted to geographical boundaries as they provide services in around 150 countries. We also realized that the developers of the auto trading platform have added features that can help all its users have a pleasant experience regardless of location. Every user has an equal importance.

How to Start Trading?

Account Registration and Security

All you have to do is to create an account on Bitcoin Evolution. It does not require any comprehensive details, you have to enter your name, email, phone number and a strong password this shows the convenience and security of this website. Keep in mind that your personal information and bank account details won’t be leaked out to third party as security and privacy is the main pillar pf bitcoin evolution. The Bitcoin Evolution software performs detailed research on each of our brokers to ensure that they provide A1 security on their trading platforms. As a result of this, you can have peace of mind that your trading activities are secure at all times. The developers have used SSL secure module on websites thus another prove of security.

Initial Trading and Funding

A trader can start the trading with the minimum deposit of $250 and a maximum of $15000. It has been tested that there are no hidden and extra charger by the site on trading. The founders have developed this site with sole aim of providing ease to people to earn money. Bitcoin evolution entertains MasterCard, Visa, PostPay, and Skrill among other payment options. It is recommended to new comers to start trading with minimum deposits and then enjoy the rewards.

Features

User Intreface

Bitcoin Evolution is highly interactive unlike other auto trading website. It provide what so ever is stated. Every minor information is provided on the website to make sure that quality service and a healthy environment can be guaranteed.

Live trading option

A click on live trading lead you in to the market of crypto currency. Robots start making the transactions by quickly analyzing the market trends. The flawless algorithms is key feature of Bitcoin evolution no matter you are new into the market and don’t know a single terminology of digital currency or you are an experienced trader, both will surely earn thousands of dollars in a day. The trading robots can perform transactions with your funds on trading pairs that can match the following; Bitcoin, Litecoin, Ethereum, Ripple, Bitcoin Cash, and global currencies such as USD, EUR, CAD, or NZD.

Live trading option

All users who have active accounts on Bitcoin Evolution can test the demo trading feature on the system. It is a special platform that has similar features with live trading tools on the website. However, demo trading does not require the use of real money. We were able to observe how live trading is done by studying the demo trading platform.

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Bitcoin’s high volumes in Africa, despite remittance restrictions, reflect growing popularity

As frustrations towards existing payment solutions in Africa rise, many of its residents have increasingly been turning to cryptocurrency. For instance, according to reports from 2019, 10.7% of all South Africans possess some form of cryptocurrency, with 7-8% of Ghana and Nigeria’s populations holding Bitcoin and altcoins.

Zimbabwe, in particular, has become one of the biggest markets for cryptocurrencies on the continent, with citizens increasingly flocking to Bitcoin due to the instability of the country’s fiat currency and economy.

On the latest edition of the Bitcoin Magazine podcast, Ray Youssef, CEO of peer-to-peer exchange Paxful, spoke about the state of cryptocurrencies in Africa and why the world’s second-largest continent is the main source of volume on the exchange on a daily basis.

“Financial issues are rife,” he said, adding that difficulties pertaining to sending money to even nearby countries through the banking system persist.  According to Youssef, many African citizens might as well resort to moving cash across borders on trucks, even when the countries are separated by just a few miles.

This is an accurate assessment as lately, sending money outside Africa has also become increasingly difficult, with countries like Zimbabwe going so far as to ban the use of United States dollars, British pounds, and other foreign currencies in the nation. In fact, around three years ago, the Nigerian central bank had also placed restrictions on its citizens, forbidding them from sending money outside the country.

Youssef went on to cite the example of car dealerships in Africa to highlight this point. Many of these car dealers who had previously been making 300% profits importing cars from the United States found themselves in a pickle after such restrictions as they were then unable to send money to sellers abroad, something that spurred the people to find alternate methods of transferring value outside the country. That’s when they found Bitcoin, he said.

According to Youssef, between $40-50 million worth of Bitcoin volume takes place between Nigeria and China in just one week.

The poorest countries of the continent aren’t the only ones finding solutions to such problems, however. South Africa also imposed a remittance limit of R1,000,000 ($80,000), something to which its people found a slightly convoluted workaround for transferring value abroad. They do this by selling users in China iTunes gift cards from the United States and Europe, in exchange for Bitcoin, giving them access to otherwise cordoned off western media. 

Youssef concluded the interview by highlighting Africa’s importance in the largest crypto-market, a sentiment shared by many in the space. In fact, as was reported by AMBCrypto, Twitter and Square CEO Jack Dorsey had recently declared that Bitcoin’s future would be defined by Africa.

Tendai Tomu, author of Libra in Africa, was one of those to share this sentiment too, stating that in light of the growing digital payments market in Africa, cryptocurrencies are well-positioned to build on its existing popularity.

Considering the steady growth and adoption of cryptocurrencies in the region, this might genuinely be the case.

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