This is an interesting story and it involved a staggering amount of $68M of Bitcoin from the victim and the culprit was using the so-called crypto address poisoning. So what is address poisoning?

According to Cryptonews:

Address poisoning, also known as address spoofing, exploits a trader’s haste and negligence during transactions. It involves tricking victims into sending their digital assets to fraudulent addresses belonging to scammers.

In most probability, the victim was not aware that his gadget can be compromised resulting into this unbelievably high-value  scam which raises the question that even people who are already experienced with cryptocurrency - its ins and outs - can still be victimized by a more creative evil one.

There is no question that scams, hacks and similar cancerous endeavors within the cryptocurrency industry are one of the many blackeyes and which can make some people stay away from participating in this emerging industry. According to CertiK, over $502 million worth of digital assets were stolen across 223 hacks and exploits during the first quarter of 2024. Now, that is staggering!

Do you think that we should now accept the occurrence of these scams and hacks as very normal in the cryptocurrency industry...and what are the things we can do to protect ourselves from them?

The Bitcoin network has hit a significant landmark, processing its one billionth transaction. This milestone comes 15 years and four months after the genesis block of Bitcoin was mined on January 3rd, 2009.

Bitcoin has processed transactions at an average rate of 178,475 per day, showcasing its capacity to handle substantial volumes securely without the need for centralized intermediaries. Despite initial skepticism regarding its utility, Bitcoin now processes daily transaction volumes comparable to those of major payment companies.

This achievement follows Bitcoin's recent record high of over $73,000 in March 2024. Increased network activity has been stimulated by the excitement surrounding the latest halving event. On April 23rd, Bitcoin set a single-day transaction record, exceeding 926,000 transactions. Although transaction volumes have since decreased, the network continues to process over 600,000 transactions daily as of May 2024.

In its 15-year history, Bitcoin has facilitated one billion transactions, demonstrating its resilience and capacity for large-scale operations. 

Red more of this development here: https://www.btctimes.com/news/bitcoin-network-surpasses-one-billion-transactions




What can you say with this another big milestone of Bitcoin? As for me, this speaks volume of Bitcoin as a payment network pushing aside the narrative that it is not viable compared to other centralized platforms. Young as it is, there will be more developments and innovations that can make Bitcoin more attractive as a platform as well as asset. Looking forward to see it process its 2 billionth transaction many years from now!

This topic has been moved to Cryptocurrency discussions.

https://www.altcoinstalks.com/index.php?topic=320951.0

After China banned cryptocurrency years ago, I think we can be facing the same development in Russia which is supposedly a good market for cryptocurrency but because the government in Kremlin is not so friendly with it there had been some skirmishes against the industry players based in Russia and now this news that restriction will finally be imposed except digital financial assets issued in Russian jurisdiction starting in September 2024.

"Russia will enforce a strict ban on the general circulation of crypto assets such as Bitcoin, allowing only digital financial assets issued within its jurisdiction. This initiative, led by Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, is part of a broader governmental effort to control the crypto ecosystem amid rising geopolitical tensions.
Aksakov stated that the forthcoming legislation aims to restrict non-Russian crypto operations to reinforce the ruble’s dominance."

Read more here: https://cryptobriefing.com/russia-crypto-ban-reinforce-ruble/

Though this is truly sad news, I would say that this development will not anymore have any impact with cryptocurrency in general as I think the market has had already discounted Russia and China years ago. Do you agree with me?

MicroStrategy, often dubbed a prominent “Bitcoin development firm” has once again garnered attention following its financial update for Q1 2024. Despite reporting a net loss of $53.1 million, the firm remains steadfast in its pursuit of acquiring Bitcoin, further expanding its already significant cryptocurrency holdings.

Between April 1 and April 26, MicroStrategy went on to add a whopping 122 BTC to its reserves. This was worth $7.8 million. While this figure might be pale compared to previous purchases, it symbolizes MicroStrategy’s unwavering dedication to strengthening its Bitcoin portfolio. This comes amidst turbulent market conditions.

Read more of this news here!



MicroStrategy under the leadership of Michael J. Saylor has been the very embodiment of one of the most famous adage in the cryptocurrency industry: Dip more, buy more! And with all the resources in the fingertips of MicroStrategy, it can do whatever it wants as it continues to be one of the influential firm in the Bitcoin and cryptocurrency industry. When the benefits of halving will be coming in the next few months, am sure Michael will be smiling his way to the bank. Are you somehow inspired by this latest foray of MicroStrategy while we are seems to be in the temporary bearish mood?

Based on some insider views and analysis, the expected approval of ETF for Ethereum will likely be denied in May and in addition nobody can definitely say when will the approval can be, just like what SEC did to Bitcoin ETFs. I can sense a good pattern here since SEC is actually an antagonist to the whole cryptocurrency industry while pretending to be a watchdog and regulator in the name of the US government.

According to this published article: "The US Securities and Exchange Commission (SEC) is expected to deny Spot Ethereum ETF approval next month, according to insiders. Indeed, a report from Reuters notes that the ongoing meetings between issuers and the SEC have dampened expectations, with rejection likely in May."

1. Do you think that eventually approval for Ethereum ETF will happen in either in 2024 the earliest and 2025 the most?

2. Do you think there will almost be the same story here...just like what happened with the Bitcoin ETF...where a court case was necessary to compel SEC for the eventual approval?

The Blockchain Association and the Crypto Freedom Alliance of Texas have filed a lawsuit against the U.S. Securities and Exchange Commission, alleging that its expanded definition of “dealer” unfairly to include ordinary digital asset trading. The suit, submitted to the District Court for the Northern District of Texas, argues that the rule’s broad scope unjustly targets individuals just trading in digital assets.

The BA and CFAT believe the SEC has exceeded its legal powers by applying a wide-ranging definition of “dealer” under the Securities Exchange Act of 1934.

On April 23, the BA announced this legal action, challenging the SEC’s recent decision to expand the “Dealer Rule,” which, according to these industry groups, is hampering innovation in the U.S. digital asset sector.

Blockchain Association CEO Kristin Smith criticized the rule, stating it represented another instance of the SEC’s overt efforts to regulate beyond its authority.

More of this crypto news here!






As one with the whole cryptocurrency industry, I am adding my voice of agreement with this suit initiated by Blockchain Association And Texas Crypto Alliance so that our voice can be heard and our disagreement with the way things are handled by SEC can be on focus. I am really wishing that something good can come out of this case and it would be in favor of the industry we are. The time has come for the government to see and recognize the many small voices of the people in this industry and for them to know that we too matter. Do you think that something advantageous can result from this case...in favor of the people?