Saturday, January 27, 2024

Estonian Government Approves Extradition of Crypto-Fraud Accused Duo to the US, Again

The Estonian government has once again approved the extradition of the two alleged masterminds behind the Hashflare crypto mining Ponzi scheme to the United States. According to a local news report, the government has met the conditions for the men’s extradition set by the Tallinn Circuit Court.

The Estonian Ministry of Justice Has Collected Sufficient Evidence as Demanded by the Court

The Estonian government has approved the extradition of two founders of the crypto mining platform Hashflare, who are accused of operating a Ponzi scheme that fleeced $575 million from unsuspecting investors.

Ivan Turogin and Sergei Potapenko were arrested in Estonia’s capital Tallinn in November 2022, in a joint operation by the Estonian police and the U.S. Federal Bureau of Investigations (FBI). They face 18 counts of fraud and money laundering charges.

According to a Post Timees report, Tallinn Circuit Court initially blocked the attempt to extradite the duo because the Estonian government had failed to probe the conditions of the place where Turogin and Potapenko were to be held, among other things. However, the Estonian government through the Ministry of Justice has said it has gathered enough evidence as per the court ruling.

The Estonian government now believes it has satisfied the conditions set by the court, and the men’s extradition to the U.S. would be above board. Described as one of Estonia’s high-profile fraud cases, Turogin and Potapenko’s Ponzi scheme reportedly took money from hundreds of thousands of Estonian and non-Estonian investors who were promised high returns on their investments.

After their arrest, a U.S. attorney suggested that Turogin and Potapenko had used the allure of cryptocurrency mining to dupe people into investing.

What are your thoughts on this story? Let us know what you think in the comments section below.



via Terence Zimwara

Friday, January 26, 2024

Bitcoin Technical Analysis: BTC Reclaims $41K Mark Following Short-Term Consolidation 

Bitcoin Technical Analysis: BTC Reclaims $41K Mark Following Short-Term Consolidation 

At present, the price of bitcoin is $41,106, marking a significant climb from its 24-hour low of $39,538 and peaking at $41,474. This upward movement signifies a 3% gain within the last day, reflecting a surge of optimistic sentiment among investors in the short term. Yet, when expanding the view to include a broader timeframe, the picture shifts: there’s a marginal 0.5% decrease over the previous week, a more pronounced 10% fall in the past fortnight, and an aggregate drop of 4.3% since the preceding month.

Bitcoin

As of Friday, bitcoin’s market capitalization stands impressively at $806 billion, bolstered by a vigorous 24-hour trading volume of $21.44 billion. A glance at the 1-hour chart reveals bitcoin’s recent upward trajectory, marked by significant price increases underpinned by strong trading volume, vital for maintaining this upward trend.

However, recent declines hint at a moderate retraction from its highest point, likely a standard correction after a steep rise. The 4-hour chart offers a broader view, depicting a stagnant market pattern before the rally, indicative of horizontal trading. The ensuing sharp increase in price, coupled with a noticeable rise in volume, indicates a powerful market movement with the potential for further development, although a slight pullback is currently evident.

On the daily chart, the wider market mood is discernible. Prior to the latest price activity, bitcoin experienced a downward trend and then entered a consolidation phase. The escape from this phase was characterized by a substantial jump but was soon followed by a decline, suggesting persistent selling pressure.

Current oscillators shed light on BTC’s market dynamics. The relative strength index (RSI) is at 45, suggesting a neutral market. The Stochastic and commodity channel index (CCI) reinforce this neutral position, showing values of 28 and -69, respectively. Meanwhile, the momentum indicator indicates positive market sentiment at -2001, while the current moving average convergence/divergence (MACD) level at -807 points towards bearish tendencies, presenting a market with conflicting dynamics.

The moving averages (MAs) provide a varied outlook. Short-term exponential moving averages (EMAs) and simple moving averages (SMAs) for 10 days reflect a positive trend, mirroring the recent upward shifts. In contrast, the 20, 30, and 50-day EMAs and SMAs suggest a bearish trend, underscoring the downturns in these periods. However, the longer-term 100 and 200-day EMAs and SMAs lean towards bullish territory, indicating a fundamental strength in the market.

Bull Verdict:

From a bullish perspective, bitcoin’s recent price action, characterized by a 3% rise in the last 24 hours and a strong rebound from its 24-hour low, demonstrates a resilient market presence. The substantial trade volume and a robust market capitalization of $806 billion further reinforce the underlying strength of bitcoin’s market standings. The short-term bullish signals in moving averages and positive momentum indicators suggest the potential for further upward movement.

Bear Verdict:

On the bearish side, bitcoin’s performance over broader time frames cannot be overlooked. The 0.5% decline over the past week, coupled with a 10% drop in the last two weeks and a 4.3% decrease since last month, paints a picture of lingering uncertainty and potential downward pressure. The mixed signals from oscillators and the negative indications in longer-term moving averages suggest a cautious approach.

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What do you think about bitcoin’s market action on Friday? Share your thoughts and opinions about this subject in the comments section below.



via Jamie Redman

Peeling Back the Layers: Ensuring AR Remains a Tool for Expression, Not Manipulation

With the launch of Apple’s Reality Pro headset just a few days away, Augmented Reality (AR) is the topic on everyone’s minds. But the buzz isn’t baseless – the possibilities of AR technology are breathtaking! Fancy the new MSG Sphere in Las Vegas? Imagine having one in your own backyard! But beneath this surface-level spectacle, AR presents a major paradigm shift in technology and introduces several potential threats. AR will add exciting new dimensions to our physical world, but we need to build the infrastructure to ensure they are equitable and resistant to manipulation.

The following is an opinion editorial written by Markus Levin, the co-founder of XYO Network, a technology protocol designed to improve the validity, certainty, and value of data. As a blockchain pioneer and industry visionary, he is known for his integral role in shaping the introduction and growth of oracle technology in decentralized finance.

What Are AR ‘Layers’?

Simply put, AR layers are virtual content overlaid atop the physical world. They allow us to turn the world around us into a canvas for digital experiences – extra information can be added to points of interest, buildings can be draped in digital artwork, and mixed-reality experiences can be placed in the real world around us.

Digital layers can be shared, so you can interact with others, and persistent, meaning they continue to exist when they aren’t being accessed (like how time passes in Animal Crossing even when you’ve logged off). They are continuous universes that change over time as a result of users’ actions, similar to massively multiplayer online (MMO) video games.

The applications of this technology are diverse and abundant. For example, accessibility layers can offer extra audio or visual cues for the physical world, allowing those with hearing or sight issues to receive the exact support they need without inconveniencing others or requiring expensive physical accommodations. Other layers can let artists tuck art installations with impossible scale into any corner of their community and empower creatives to use the physical world itself as a canvas for satire.

The possibilities are endless and enthralling, but share one common thread – they allow us to communicate, express ideas, and exchange information. In many ways, AR is the next evolution of the public square, and as such, we must build the infrastructure necessary to ensure that AR layers remain accurate and resistant to tampering.

Controlling How We See The World

Who will govern these AR layers as they transition from a high-tech novelty to an everyday tool? How will we ensure that the information shown on our screens is an authentic representation of the world around us? As we begin building in a realm that our naked eyes can’t see, we expose a fatal vulnerability: our world can be distorted.

As it stands, AR layers will likely be governed by central authorities – probably the companies manufacturing AR devices such as Apple and Meta. When users build an art installation in their neighborhood, although the project is intended for their local community, it gets stored on Apple or Meta’s servers.

Of course, this is how most internet infrastructure functions now, and no one seems particularly perturbed. We regularly rely on centralized infrastructure every day… Why should we suddenly care when it comes to AR?

For starters, security researchers have been warning about the dangers of centralized infrastructure for years – AR or otherwise. There are countless examples of regimes leveraging their central authority to censor, manipulate, and distort their people’s view of the outside world. However, despite wielding these tools of manipulation, even the most corrupt regime can not distort what people see with their own eyes.

But AR goes further, it’s more intimate. It allows people to design local murals for their communities – not intended for a global audience, but to brighten up their own environment and share their gifts with those around them. It allows people to leave their mark on the world right in front of them, not in theoretical cyberspace. It will inevitably become part of what makes our home our home. It’s content that is too important to who we are as individuals and as a society at large to cede total control to others.

Building the Infrastructure for Accurate AR

Luckily, technology companies have already begun addressing this issue and developing alternative solutions. Decentralized infrastructure has had a renaissance in recent years thanks to the rise of blockchain technology and the development of new cryptographic techniques and validity proofs. The Web3 industry has driven billions of dollars into the advancement of new network architecture, encryption techniques, privacy-preserving data verification, and decentralized protocols; decentralized projects have funded the research necessary to establish sovereign networks as a realistic solution.

Blockchain technology can be leveraged to ensure immutability, meaning whatever information is recorded is permanent and cannot be altered. Zero-knowledge proofs allow us to verify that a piece of information is accurate, without gathering personal data on the person who collected or transported it. Decentralized oracles allow us to gather and cross-reference information in real-time, affording us protections from manipulation, censorship, and spam.

Eschewing centralized infrastructure and closed ecosystems is no longer a pipe dream. We’ve assembled the tools to build decentralized networks and open ecosystems that let users own their own content, keep their personal information private, avoid distorted content, and guarantee that the information on their AR screen is the same as on everyone else’s. Now it’s time to put them to use.

AR That Belongs to The People

We’re on the precipice of a thrilling shift in technology, expanding our world into new dimensions and redefining the way we interact with others. But amidst the glamor of sleek AR devices, quirky new games, and impressive features, we must remain vigilant of the potential for manipulation and continue building the infrastructure to ensure AR is a tool for expression, not oppression.

What do you think about the Augmented Reality (AR) topic? Share your thoughts and opinions about this subject in the comments section below.



via Guest Author

Core DAO Launches $5 Million ‘Innovation Fund’ to Support Africa-Based Web3 Developers

Core DAO, the foundation supporting Core Chain protocol, said on Jan. 24 that it has launched a fund to “provide resources and networks to support African Web3 builders.” Brendan Sedo said since much of Core DAO’s community is in Africa, it therefore made sense to launch a fund that supports the continent’s Web3 builders.

More Than Just a Regular Fund

Core DAO, the foundation behind the decentralized protocol Core Chain, recently announced the launch of a $5 million fund to support blockchain builders and projects in Africa. According to the foundation, qualifying projects or individuals are expected to access the fund via grants, builder programs, technical resources, and venture capital investments.

Remarking on the fund dubbed Core African Innovation Fund, Rich Rines, an initial contributor at Core DAO, suggested that the fund’s launch is a testament to how the crypto market has evolved in Africa. He also explained why the Core African Innovation Fund is more than just a regular fund.

“The fund goes beyond just monetary support. We are aiming to truly nurture the next generation of builders and create a sustainable, interconnected blockchain future within the continent,” Rines said.

Driving Growth and Innovation in Africa

Another contributor, Brendan Sedo, said the fund is a combination of grants and venture capital investments launched to help developers improve their respective products. Sedo revealed that since much of Core DAO’s community is in Africa, it made sense to launch a fund that supports the continent’s Web3 builders.

In an announcement, Core DAO stated that its approach “ensures the promotion of long-term success, playing a pivotal role in driving innovation and growth within the African Web3 landscape.” The foundation also mentioned that it intends to support the best projects within the African Web3 space.

Meanwhile, in an effort aimed at bolstering its strategy for Africa, Core DAO said it has appointed Oluwashina Peter as its first contributor from the continent.

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What are your thoughts on this story? Let us know what you think in the comments section below.



via Terence Zimwara

Armored Truck Giant Brink’s Partners With Bitgo

Brink's Dives Deeper Into Digital Assets With Strategic Bitgo Investment

Brink’s, the company famous for its armored cash trucks, has invested in Bitgo. This partnership paves the way for Brink’s and Bitgo to rapidly evolve in the digital asset industry.

Brink’s Dives Deeper Into Digital Assets With Strategic Bitgo Investment

Brink’s, the famous cash handling business known for its armored trucks, has announced a strategic investment in crypto custody firm Bitgo. This partnership indicates a strategic shift for Brink’s, traditionally known for its physical handling of cash.

While the financial specifics of this investment remain undisclosed, the collaboration positions Brink’s as Bitgo’s global logistics and vaulting provider. The partnership is seen as a step in both companies’ plans to expand and adapt in the rapidly growing digital asset industry.

“Brink’s commitment to best-in-class security makes them a valuable partner as we continue to innovate in the financial sector,” Bitgo stated in a post on X. The collaboration comes on the heels of Bitgo’s Series C funding round last August, where they raised $100 million and reached a valuation of $1.75 billion.

Baylor Myers, Vice President of Corporate Development at Bitgo said of the partnership:

Brinks is one of America’s most historic brands. Their commitment to best-in-class security is universally known. Bitgo is proud to join with them as we advance financial innovation both here in the USA and around the globe. Bitgo and Brinks are a natural fit, joining their tradition of security to the exciting digital future ahead.

Brink’s move into digital assets isn’t entirely new; the company began its foray by partnering with Metaco, a Swiss crypto custody firm, in 2022. This latest investment in Bitgo shows a continued commitment to the digital asset sector.

“In an increasingly digital world, it was a logical next step for Brink’s, the global leader in physical security and logistics, to partner with Bitgo, the leader in digital asset security and custody,” said Zac McKenna, Brink’s Manager of Digital Assets.

How do you think Bitgo will utilize Brink’s physical asset-based expertise? Share your thoughts and opinions about this subject in the comments section below.



via David Sencil

Thursday, January 25, 2024

Grayscale’s GBTC Offloads $527M in Bitcoin as Spot ETFs Record Lower Trading Volumes; Other Funds Continue BTC Accumulation

Grayscale's GBTC Offloads $527M in Bitcoin as Spot ETFs Record Lower Trading Volumes; Other Funds Continue BTC Accumulation

Based on the latest data, the recently introduced spot bitcoin exchange-traded funds (ETFs) experienced their lowest trading volume day since Jan. 11, 2024, recording roughly $1.28 billion in volume on Wednesday. Additionally, figures indicate that Grayscale’s Bitcoin Trust GBTC has offloaded another tranche of bitcoins, totaling 13,178.50 bitcoin valued at $527 million, in the last 24 hours.

Spot Bitcoin ETFs Hit Lowest Volume Since Jan. 11; Grayscale Unloads Over 13,000 Bitcoin, 9 New ETFs Hold $4.91B in Assets

As of Thursday, Jan. 25, Grayscale’s GBTC possesses 523,516.43 BTC, valued approximately at $20.71 billion based on the current BTC exchange rates. This figure is 13,178.50 BTC less than the previous day when the holding was 536,694.93 BTC. Consequently, since Jan. 12, 2024, GBTC’s bitcoin holdings have diminished by 93,563.56 bitcoin, equivalent to a value of $3.74 billion.

Despite Wednesday’s trading sessions being less vigorous than earlier days, GBTC remained a major player, commanding $610 million of the day’s total $1.28 billion in trading volume. In contrast, other spot bitcoin ETFs are steadily accumulating bitcoins. Blackrock’s IBIT currently possesses 45,668.08 BTC, valued at approximately $1.83 billion.

Fidelity’s FBTC has yet to update its daily figures, with the last recorded amount on Jan. 24 being 38,149.16 BTC. However, onchain metrics as of 8:00 a.m. Eastern Time on Thursday suggest FBTC now contains 39,319 BTC. On Wednesday, Ark Invest’s ETF had a holding of 12,880 BTC, which increased to 12,880 BTC by Thursday. Bitwise’s holdings remain static, with its address “1CKVs” continuing to secure 11,858.64 BTC.

Vaneck’s HODL ETF has experienced a modest rise, moving from 2,715.77 BTC to 2,772.33 BTC within a day. Similarly, Franklin Templeton’s EZBC has escalated from 1,305 BTC to 1,344 BTC. The Invesco Galaxy ETF, known as BTCO, maintains an estimated 6,339 BTC based on its assets under management (AUM). Valkyrie’s BRRR ETF has ascended from 2,201.50 BTC to a present total of 2,429.72 BTC, while Wisdomtree’s BTCW ETF has increased from 191 BTC to 201 BTC. Collectively, these newly launched spot bitcoin ETFs now hold a cumulative total of 122,831.77 BTC, worth an estimated $4.91 billion.

What do you think about the latest GBTC outflow and the accumulation from other ETFs? Share your thoughts and opinions about this subject in the comments section below.



via Jamie Redman

LABEL Foundation’s Tracks Launches Web3 Music dApp on LG Smart TVs

PRESS RELEASE. Tracks, the innovative Web3 music streaming dApp created by LABEL Foundation and built on the BNB Chain, is now available on LG Smart TVs running webOS 22 and webOs 23, globally. This pioneering launch introduces the first-ever Web3 music app on an LG smart TV platform, transforming how users engage with music streaming.

The app delivers an engaging experience by offering high-quality music coupled with stylish artworks, strongly resonating with millennials and seamlessly integrating into their daily lives. Since its debut in July, the mobile dApp TRACKS, running on the BNB Chain, has rapidly gained momentum, acquiring over 150,000 users and 10,000 daily active users, predominantly among millennials. This surge in popularity followed investments from top-tier funds in 2022.

Tracks’ success stems from its user-centric approach, distinguishing it from conventional content provider-focused music services. Along with a sustainable revenue model, Tracks aligns with the growing trend of Free Ad-Supported TV, aiming to further amplify its revenue strategy in this area.

Through its collaboration with LG, Tracks extends its reach into the lives of users across various devices, aiming to surpass the limitations of paid streaming and globalize music access. Tracks is well on its way to becoming a premier platform in both Web3 and Web2 music services.

The app is now accessible on the latest LG Smart TV models at no cost, offering an immersive and accessible music experience.

 

 

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.



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