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Whale Abruptly Sends $400,000,000 in Bitcoin to Coinbase in Massive Crypto Transfer

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A massive whale is turning heads after relocating nearly half a billion worth of Bitcoin in a single transaction.

The automated blockchain surveilling tool known as Whale Alert detected the huge BTC transfer.

The whale involved transferred 8,000 BTC, worth $399.9 million from a wallet of unknown origin to US-based crypto exchange Coinbase for a fee of just $26, according to Blockchain.com.

Prior to the enormous BTC migration, the whale in question was the owner of the 215th richest Bitcoin address in the world.

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The BTC was sent to two unidentified wallets, the first of which received less than one BTC and has a total of one transaction. The second wallet with a total of six transactions collected 8,000 BTC.

Over the past 24 hours, other large BTC transfers have been sighted as Bitcoin plummets to a seven-day low of $44,454. All in all, whales moved an additional 42,447 BTC worth $2.02 billion over the same time period.

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Nine transfers involved billions of dollars worth of BTC moving between wallets of unknown origin and two whales shifted BTC from Coinbase to unknown wallets. Here’s the summary of the biggest BTC transactions in the last day:

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Whale Alert also reports three transfers of Ethereum (ETH) worth at least $100 million over the past 24 hours, which were all moved between wallets of unknown origin.

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Bitcoin

1.1 Million Salvadorans Now Using Chivo Bitcoin Wallet, President’s Optimistic

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17 percent of the El Salvador’s population have downloaded the local Bitcoin wallet in just ten days

President of El Salvador has taken to his Twitter handle to share some positive news about how the Bitcoin adoption is increasing in the country.

1.1 million citizens have downloaded Chivo wallet

According to the tweet of president Nayib Bukele, approximately 1.1 million of Salvadorans are now ready to use Bitcoin as legal tender in the country and have downloaded the Chivo Bitcoin wallet created there in just ten days.

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This is 17 percent of the country’s population. This high rate of the wallet downloads keeps up despite the fact that 65 percent of smart phone models here are not enabled to operate Chivo yet.

Each citizen gets $30 worth of Bitcoin after downloading the wallet.

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“Bitcoin will help include more people in 1 month than banks have done”

According to the tweet of the president, Bitcoin is able to help spread financial inclusion on way more people in El Salvador than it has been possible with nationalizations and privatizations of traditional banks that took forty years.

Infamous political whistleblower Edward Snowden has recently tweeted that now there is a pressure on competing nations to start buying Bitcoin (even if they buy it only as a reserve asset). Governments that will realize this too late may regret hesitating, he tweeted.

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Bitcoin to compete with MoneyGram and WU in El Salvador

As reported by U.Today earlier, payment providers, like MoneGram, Western Union and those similar to them, have been annually earning around $400 million in El Salvador on remittance fees – 1.5 percent of the country’s GDP.

Remittances in El Salvador are received by over 70 percent of the population. In 2020 alone, locals received a total of $6 billion from abroad. Now, Nayib Bukele is certain that Bitcoin will help Salvadorans to avoid these mammoth fees.

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Bitcoin Price Is Up – And So Are Bitcoin ATMs in the US

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Bitcoin is on the rise again, creating a need for an easy method of buying and withdrawing funds as more consumers begin to invest. With the potential for security breaches on the usual digital platforms scaring away investors, consumers want something safer, something better.

With the surge in Bitcoin prices comes a parallel surge in the number of crypto ATMs across the country. These user-friendly machines don’t require a tedious online sign-up process asking for any of your banking information. They simply let you buy and eventually cash out your assets.

Contrary to earlier versions of cryptocurrency ATMs that were hard to find and often in sketchy businesses, these newer models are located in highly secure areas like shopping malls and sometimes in reputable gas stations, where you can feel safe making your transactions.

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It’s simple: you select how much Bitcoin you want to purchase and insert cash to complete the secure transaction. If you are planning to cash out and withdraw funds from your digital wallet, you can do that too!

With the recent uptick in the price of Bitcoin and the related uptick in interested consumers, more and more cryptocurrency ATMs have been popping up across the country. A simple Google search can help you find locations near you.

Relying on these in-person transactions is much safer than the online platforms that don’t always offer the most helpful customer service. 

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Right now, Bitcoin is moving at an above-average rate, suggesting that it has the momentum to continue on an upward trend. And while prices may not have reached past their previous high points, these higher averages in movement are suggesting that there may be a spike in the near future. Trends across reports lead us to believe that there is no sign of weakness in Bitcoin’s value.

But what, exactly, is causing Bitcoin’s price to increase so much? One major factor that plays into the price is how much positive press a cryptocurrency gets. When people feel safe investing in a cryptocurrency and using crypto ATMs due to the support of high authority press, they are more likely to invest. This helps the price increase and improves the value of existing assets, be it Bitcoin or any other cryptocurrency that widely gains trust.

Currently, there is an ongoing attempt to introduce more regulations for asset safety. One of the biggest deterrents for consumers in investing in cryptocurrencies is that this asset class is largely unregulated. As a result, while this has fueled speculation among some people, many regular investors do not feel comfortable investing in crypto. 

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However, now most states have promoted policies to ensure the safety of crypto buying and trading. The US Treasury Department has even proposed a bill to ensure crypto traders maintain accurate records of everyone buying and selling.

In addition to the US trying to make cryptocurrencies safer and more accessible to investors, Europe, Canada, and even Latin America are working on legal actions to protect their consumers.

With leaders of governments and multi-national companies showing faith in cryptocurrencies, people are gaining more trust in the process of buying and selling cryptos and are more interested in getting involved. Although initially there was a learning curve with the crypto market, and the community was fairly small. Today, there are people taking courses to understand the market conceptually. Globally, most countries now have crypto exchanges and mobile applications that help commoners trade with cryptocurrencies. 

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Although the cost of cryptocurrencies is increasing, does this mean consumers should actually stop buying? Of course, it’s better to buy low and watch your profits soar, but you also don’t want to risk the price getting even higher and missing out on any profits at all.

According to Cove Markets, there are more factors than you may think that go into deciding when it’s the right time to buy. Exchange rates and fees, the type of purchase you make, and your strategy all determine when you should jump into the cryptocurrency market.

Your finances and how much risk you are comfortable with will determine the right time for you to buy, but of course, you want to take a shot when the prices are trending low. Cove Markets does, however, put their faith in Bitcoin as the strongest cryptocurrency to invest in for its global popularity.

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Regardless of when you buy (or even when you sell!), you can count on a crypto ATM to be there whenever you need to use it. In fact, if prices continue their upward trajectory, you might see even more ATMs in the neighborhood!

To determine your plan of action, you should consider future projections that might have an impact on your decision. 

Bitcoin has an end goal of allowing 21 million Bitcoins into circulation. Right now, close to 19 million have been created, and are currently going for just about $41,500 a coin. That’s approximately a $780 billion market cap!

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Some prominent financial analysts predict Bitcoin will one day be worth anywhere between $250,000 to $4 million. That’s a considerable margin, but one that could make you a massive profit if you invest at the right time.

It will be a continuous cycle as people continue to invest and more crypto ATMs are installed, leading to even more press coverage that gets even more consumers interested. Over time, the value will go up and down, but Bitcoin isn’t going anywhere.

The introduction of crypto ATMs in businesses in your town is not only good for Bitcoin’s exposure, though. It’s also beneficial to the locations housing the machines, getting more people who might not usually visit through their doors.

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All it takes to use one of the ATMs is to set up an account for a digital wallet using only your phone number, then insert cash to finalize your transaction.

            Some cryptocurrencies today are recognized and accepted as a form of payment by many establishments. They are not just investments sitting in virtual wallets. With adequate research, one can invest in the crypto market and get a significant return on their investment.

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Hardware wallet maker Ledger sued over data breach “cover-up”

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  • Victims file lawsuit accusing Shopify and Ledger of negligence, losses amount to over $300,000 in Bitcoin and Ethereum.
  • For more than 10 months, a phishing attack allowed a bad actor to steal data from Ledger and Shopify.

A class action lawsuit has been filed against Ledger and Shopify. Both are being sued by Edward Baton and John Chu, and other victims of an attack that resulted in the theft of the personal information of more than 270,000 users.

The lawsuit was filed on April 6 of this year, while the attack spanned for nearly a year. Initiated in the middle of last year, the attackers allegedly used a phishing scheme to steal Ledger and Shopify customer information.

With more than 500,000 active stores on its online platform, and 1 million subscribing businesses worldwide, Shopify is one of the top 3 e-commerce platforms. Similarly, Ledger is one of the most recognized wallet providers in the crypto space.

Does Ledger have security issues?

According to the document, the data was extracted by employees of the referenced platforms who used phishing scams to take fake identities. The data was then allegedly sold on the black market. The plaintiffs accuse Ledger of failing to “act responsibly” and proceeding negligently.

Plaintiffs Baton and Chu are estimated to have lost more than $300,000 in Bitcoin, Ethereum and Monero. They are therefore seeking compensation and injunctive relief. The document states:

Ledgers and Shopify’s misconduct has made targets of Ledger customers, with their identities known or available to every hacker in the world. Ledger’s persistently deficient response compounded the harm. In failing to individually notify every affected customer or admit to the full scope of the breach.

Among other allegations, the lawsuit states that Ledger and Shopify failed to inform those affected of the situation. Ledger had suffered loss of information such as the email, address, full name and other sensitive data.

On July 29, 2020, the crypto wallet service provider made a publication to address data breaches in the e-commerce and marketing sector. There, Ledger claims to have received a report of a “possible” data breach that was remediated.

The company acknowledged that a third party gained access to a portion of their database. At that time, they took the step of making the Ledger Live application the primary interface for all customers to prevent future data breaches.

Earlier this year, Ledger made another post to update their customers on the “efforts” they were taking to protect their data. For example, they made changes to the way they handled user information. The company promised not to keep any information and to delete all personal data of its customers.

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