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Satoshi Nakamoto’s Website Gets Hacked, Scammers Run BTC Giveaway Scam

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Bitcoin.org, the oldest cryptocurrency website registered by the pseudo-anonymous creator of Bitcoin Satoshi Nakamoto was hacked earlier today. The hackers then ran a BTC giveaway scam promising to return double the amount of BTC that users send to the mentioned address. The scammers reportedly managed to collect $17,764 before the website was taken down. It is still offline and cannot be accessed at the time of writing.

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Source: Bitcoin.org

The website which is run by another pseudo-anonymous account that goes by the name of Cobra took to Twitter to reveal the news and claimed the website might remain offline for a couple of days.

Cobra also blamed the security breach on the recent change to Cloudflare for web hosting and believed there was some sort of lapse from the web infrastructure provider. Cobra tweeted,“Bitcoin.org hasn’t been hacked, ever. And then we move to Cloudflare, and two months later we get hacked. Can you explain where you were routing my traffic too? Because my actual server didn’t get any traffic during the hack.”

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Bitcoin Giveaway Scams

Bitcoin giveaway scams are quite popular among hackers as it allows them to make quick money without the need to breach anyone’s wallet. Last year, Twitter handles of top celebrities, influencers and politicians were hacked to run a similar Bitcoin giveaway scam that managed to siphon hundreds of thousands of dollars within a few minutes that the tweets were up for. The culprits were later apprehended but it did highlight how people still fall for these very obvious scams.

Bitcoin price wasn’t affected by the news as the top cryptocurrency was trading in green with a 5% gain over the past 24-hours. The top cryptocurrency managed to record a new daily high of $44,270 and currently trading at $43,800. The crypto market collectively surged yesterday after a bearish weekend where it fell below $40K key support owing to the Evergrande market turmoil. With the end of September near, market pundits predict the crypto market would surge to new highs as the final quarter has proven to be historically bullish for the top cryptocurrency.

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Source: TradingView

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These Bitcoin, Ethereum and Solana Price Prediction Charts Are Pure Magic, According to Macro Guru Raoul Pal

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Macro guru Raoul Pal says three price prediction charts for Bitcoin, Ethereum and Solana are working like “pure magic.”

In a new Crypto Banter podcast, the co-founder and chief executive officer of Real Vision compares Bitcoin’s current market cycle to that of 2012-13, suggesting a price target of over $250,000 for the end of this bull run.

“I’ve been using this for over a year, and it’s been pure magic…It gives us a pretty clear target, and it’s been magic. It gave me the strength through the bear market to keep adding, thinking ‘we know how this plays out.’”

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Source: Raoul Pal

The former Goldman Sachs executive then pulls up another chart that compares Ethereum’s price trend from 2016 to Bitcoin’s from 2011 to 2019.

“And so here’s Ethereum VS Bitcoin in 2017. It’s been pretty damn good. In fact, I’ve got this as a real-time chart on my Bloomberg and it almost works to the day right now [because] it’s so close.”

Source: Raoul Pal

Lastly, Pal brings up a chart that shows how smart contract platform Solana (SOL) is following the same path Ethereum did in 2016-2017, which if continued would land SOL above $800 in April 2022.

“The Ethereum price now is pretty exactly in line with the Bitcoin price in 2017. And here’s Solana at the price as ETH, growing faster as a network, but the chart is identical again. It’s crazy.”

Source: Raoul Pal

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Barry Silbert on Converting GBTC Into ETF: “Stay Tuned”

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Digital Currency Group CEO Barry Silbert has started teasing Grayscale’s ETF push

Barry Silbert, CEO of Digital Currency Group, urged his followers to “stay tuned” in response to a tweet about potentially converting its Grayscale Bitcoin Trust into a physically-backed exchange-traded fund.

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ProShares’s Bitcoin futures ETF is set to start trading on Monday after it was greenlit by the U.S. Securities and Exchange Commission earlier this week.  

However, the regulator has so far shot down all the proposals to launch an ETF that will not track the price of Bitcoin directly due to concerns about investor protection. Instead, investors will have exposure to the Chicago Mercantile Exchange’s futures contracts.  

Joe Orsini, director of research at Eaglebrook Advisors, has outlined some risks associated with a futures-based ETF in his recent thread, claiming that it will be applicable for intra-day trading instead of long-term investing.

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Last month, Grayscale CEO Michael Sonnenshein opined that approving a futures-based ETF before a spot-based one would be a “short-sighted” decision.

According to a Thursday report by CNBC, the company is very close to filing with the SEC in order to convert GBTC into a spot-based ETF.

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As reported by U.Today, Grayscale hired ex-Alerian CEO David LaValle to work on such a plan this September.

The leading cryptocurrency asset manager confirmed that it was intending to convert its Bitcoin trust into an ETF in early April.

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Bitcoin ETF Approval is a double Edged Sword in Terms of Price Discovery

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Futures based paper products don’t lead to natural price discovery. There’s so much the players can manipulate on these paper products, which will be fixed in a physically-backed ETF.

In response, Caitlin Long expressed:  Yep, but physically backed ETFs also foster spot price manipulation. As I’ve said for yrs, Bitcoin ETF approval is a double-edged sword.  It brings liquidity, but also brings Wall Street style manipulation and price suppression.

Community response:  I don’t see ever any logic here. Crypto is the Wild West, when it comes to manipulation. How does having liquidity in a more regulated market make the manipulation worse?

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Crypto markets are way more manipulated than any other asset class. Adding an ETF would only dilute the manipulation.

Supply is real with bitcoin paper copies won’t bring more real supply, but can’t the paper push around the price like in gold and silver? I think they will try but will soon discover that the underlying asset isn’t as elastic as gold and silver with a significantly lower inflation rate and stock flow.  Also, gold and silver aren’t 100% auditable by everyone on the planet at all times.

How does a spot ETF foster price manipulation? I don’t really understand the logic here. Most likely, the ETF would simply be buying and storing Bitcoin every single day of its existence.

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What do you think the manipulation would look like? With the open source monetary policy and public blockchain ledger, I think any manipulation would have to be very short lived. They can’t create millions of ‘paper’ BTC like the precious metals markets.

Yeah but unlike gold and silver we can completely verify the total supply, and punish manipulation out of these honest markets. If on-chain metrics unanimously say one thing, futures manipulation will be that much easier to rectify, no?

Wall Street can short BTC through the floor. My guess is they want to hammer the BTC price down and drive everyone back to USD. Same way they control all commodities.

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ETF is a double edged sword, and anyway there’s a lot of manipulation. So, ETF is nothing significant to care about? If the ETF would hurt bitcoin price more than it would help it, the US would have approved it several years ago.

Hard manipulation like in gold/silver market not possible: Withdraw your BTC from the exchange, as soon as supply dries up the price explodes.

With an BTC ETF, have you removed legal tender? Been thinking on this one and I’m not so sure an BTC ETF is the best thing for BTC in the long run. There is always two sides of a coin.

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How can spot price with proof of reserve be manipulated? And how can we move past the financial products created out of thin air, and toward the purpose crypto was created for?

We already have manipulation and suppression in BTC – The Futures-ETF will only serve to deepen that manipulation/suppression. So, Qui Bono? This is not about investors folks!

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