John E. Montroll (a 37-year-old US citizen who lived in Texas) received a sentence of 30 years in prison for concealing the truth about hacking the two bitcoins-services he ran.
Montroll provided The United States Securities and Exchange Commission (SEC) withfalse testimonies under oath, as well as false documents regarding such services as Weexchange, which functioned as Bitcoin-depository and currency exchange service, and Bitfunder, which provided the purchase and trade of shares for the companies in listing platform in the past.
During the summer period of 2013 more than 6,000 BTC were stolen from the Weexchange exchange by hackers, due to this fact two companies failed to pay the debts to their users. Montroll lied not only to investors, but also to investigators in vain attempts to hide the fact of robbery.
It is noteworthy that John Montroll denied the theft. According to him, “the system stopped hackers, because the amount was enough to cause a failure in the system.” After some time, he added that the problem “was fixed in a few hours.”
The defendant provided the SEC with a screenshot that allegedly showed an amount of 6,679 BTC – it was available to users of Bitfunder and Weexchange in their wallets as of October 13, 2013. Nevertheless, the investigators managed to obtain clues that the electronic document was falsified.
The situation was commented on by the Assistant Director of the FBI, William F. Sweeney, Jr:
“As alleged, Montroll committed a serious crime when he lied to the SEC during sworn testimony. In an attempt to cover up the results of a hack that exploited weaknesses in the programming code of his company, he allegedly went to great lengths to prove the balance of bitcoins available to Bitfunder users in the Weexchange Wallet was sufficient to cover the money owed to investors. It’s said that honesty is always the best policy – this is yet another case in which this virtue holds true.”
Elon Musk has recently made a statement showing his attitude towards cryptocurrency and financial world as a whole. He supports Bitcoin, yet, it will not bring good for Tesla.
Elon Musk is a well-known technology entrepreneur and engineer with a fortune of $22.8 billion, he projects, like SpaceX, Tesla, PayPal, cover different areas of live, meanwhile they are competing to other companies at a high level. Musk is also a socially active person, he likes to post tweets sharing his thoughts about what is happening in the world. Though, sometimes it may bring consequences, like it was in July last year, when the SEC sent a request to Tesla regarding tweets of Elon Musk.
Furthermore, he freely expresses his attitude towards cryptocurrency. Once he even claimed how many Bitcoins he actually possessed. The Twitter community blowed up every time when Musk speaks about cryptocurrency. For instance, in October 2018, Elon posted a tweet about his love for anime and offered a subscriber to buy Bitcoins.
Twitter even blocked his account for a certain period of time to make sure he was the author. So, this time the world has gone mad, when Musk expressed his feelings about financial system and Bitcoin, in particular, in the podcast “On the Road to Full Autonomy With Elon Musk.”
“Paper money is going away. Crypto is a far better way to transfer value than pieces of paper, that’s for sure,” he said.“Bitcoin’s structure is brilliant but I don’t think it would be a good use of Tesla’s resources to get involved in crypto.”
Furthermore, Musk added that Bitcoin has its pros and cons, yet, what he is really concerned about is crypto mining, to create one Bitcoin, people use high-powered computers to solve a complex math problem.
“We’re really just trying to accelerate the advance of sustainable energy, and I think one of the down sides of crypto is that computationally it’s quite energy intensive. There had to be some kind of constraints on the creation of crypto. But it’s very energy intensive to create slightly incremental Bitcoin, at this point.”
Cyber attack and crypto crimes in every shape and form are quite abundant on the market of digital assets right now. They all have different goals and different levels of harm. The careful and thorough analysis of such attacks will make it possible to predict them and protect sites, platforms and companies from breaches and money losses.
However, there is a weird tendency going on among the analytical reports, which we will try to explain down below.
Two major cyber security companies Chainalysis and CipherTrace released their analytical statements at the end of last year. Both reports contained statistics on hacker attacks and crypto crimes and an outline of current trends.
The main focus of CipherTrace was different money laundering techniques, cryptocurrencies that are the easiest targets for crypto criminals that choose this path, AML regulations and other related info.
Whereas Chainalysis told its readers on the scale and profitability of such Ethereum scams as phishing and various Ponzi schemes.
Surprisingly, there seems to be nothing about the infamous SIM-swapping.
Just to remind you, SIM-swapping is a kind of a cyber attack aimed at money theft. Simply speaking, a hacker convinces the phone provider to “swap” the number of a victim to a new device. In such way, criminals get full access to the personal information of their victims, still their identity, and later money.
SIM-swapping scams have been involved in multiple scandals with the biggest cell-phone providers of America, the crimes involving this technique resulted in huge money thefts and loud arrests of witty hackers, yet very few reports actually mention it.
However, this still does not diminish the dominance of SIM-swapping over many other types of crypto crimes. In order to fight it, we not only need more coverage from the mass media and analytical firms, but also the cooperation from the cell phone companies to protect the users, their info and their money.
Cryptocurrency exchanges work on the same principle as traditional exchanges. Potentially, it is possible to earn very good money on these platforms, but for this, it is needed to be able to correctly read the cryptocurrency coin chart. Of course, in order to become a professional trader, it needs to learn and practice a lot, but if your goal is to understand the basics, this article will be an excellent starting point in the exciting world of trading for you.
There are a huge variety of different charts, but the most common is the “Candlestick chart”. The chart is a much more informative tool than digital or text analysis. Using graphics, it is possible to quickly navigate and understand the current mood of the crowd, as well as the balance of power between sellers and buyers of a particular asset. Based on the obtained data, it is possible to calculate the potential profitability or unprofitability of a particular deal.
1. The main types of stock charts
As it was mentioned above, there are a huge number of different types of charts, but the main ones are lines, bars, and candlesticks. All of these tools (with the exception of the line charts) can tell about:
price at the beginning of the selected period (1 minute, 5 minutes, 15 minutes, 1 hour, 1 day, 1 week, etc.);
price at the end of the selected period;
the minimum and maximum rate of the selected period.
By and large, the crypto chart clearly shows the history of the struggle between bulls and bears. In the process of this confrontation, a large number of deals are made. It should be understood that even a slight fluctuation of the price means that some have already earned on it, while others, on the contrary, have suffered losses.
2. “Candlestick chart”
Let’s take a closer look at the most common version of charts, namely “Candlestick chart”. It was invented almost 400 years ago by a rice seller from the country of the Rising Sun. The process of observing a line chart is not entirely convenient; for this reason, the construction of “Candlestick chart” is based on the principle of dividing the total time into specific periods. This principle helps to quickly navigate what is happening on the market and, accordingly, to give the Bitcoin trend prediction or any other financial asset forecast.
3. How to read the chart “Candlestick chart”?
One candle represents the range of prices for an asset for a certain period of time. The boundaries of the candle are the lowest and highest asset price in this period of time. If the candle`s color is green, this means that the asset has increased in value over a given period of time; if it is red, then, on the contrary, it has fallen.
If you look closely at the above chart, you will notice:
the candle corresponds to the time interval – 60 minutes;
the minimum asset price was $3485,24;
the maximum asset price was $3733.58;
This hour began with a price of $3506,42 and ended with the price of $3687 (for this reason, the candle is green).
The main parameters that should be paid attention to when reading cryptocurrency charts are:
By and large, the entire analysis of charts is an ordinary calculation of the balance between supply and demand. It is possible to estimate the level of the strength of bulls or bears through the asset price (vertical axis) and the volume of transactions (horizontal axis). These skills allow experienced traders to take the right position in advance and earn money on any price movement.
In this article, we talked about how to read cryptocurrency charts. As it was mentioned above, there are a huge number of different types of charts, but the most popular and often used is the option “Candlestick chart”. The basic principle of this type of charts is to divide the time into certain periods. It is quite informative and easy to read. If you want to start trading, then you definitely need to get a deeper understanding of this topic.