Courtesy of ZeroHedge View original post here. Authored by John Rubino via DollarCollapse.com, Bitcoin had a helluva week. And many Will the state sheriff finally succeed in taking Robin Hood skin? Massachusetts regulators want to take the Robinhood crypto application to court. Pub Robinhood: Was the Game Worth the Candle? RegulatorsState of Massachusetts are considering taking legal action against the crypto trading app Robinhood, for non-compliance with state laws. However, the offense is said to … A herd of new, big investors are scooping up bitcoin this year as the price more than doubles. Investors who bought at least 1,000 bitcoins One of the latest such malwares is the infected RubyGems package managerSecurity researchers have claimed detection of 2 gems namely ‘pretty_color’ and Documentary on Cryptocurrencies: Inside the Crypto Kingdom – Episode 3: In Code We Trust – With bitcoin came blockchain technology – a tool to decentralize all sorts of things beyond cryptocurrency. Will it radically transform the way we live, work, and even govern ourselves? Inside the Cryptokingdom Genre: Documentary Runtime: 1h 0min Language: English Storyline:The
Robinhood crypto trading app faces legal action – Cryptocurrencies
Will the state sheriff finally succeed in taking Robin Hood skin? Massachusetts regulators want to take the Robinhood crypto application to court.
RegulatorsState of Massachusetts are considering taking legal action against the crypto trading app Robinhood, for non-compliance with state laws. However, the offense is said to have no direct connection with cryptocurrencies.
According to an article in Wall Street Journal December 16, 2020, Robinhood allegedly carried out illegal marketing actions targeting inexperienced investors.
According to a 20-page administrative document reviewed by the WSJ, the legal branch of Massachusetts Securitites Division indicates that Robinhood exposed investors to unnecessary trading risks, far from the standards in force. Authorities planned to file a complaint on December 17, 2020.
According to WSJ, the secretary’s office Commonwealth of Massachussetts, William galvin, would be at the origin of this complaint. Galvin indicated that Robinhood presented itself as a game that was easy to win.
A spokesperson for Robinhood had indicated that the company had not yet heard of the complaint. He added that the app provided a new generation of access to financial markets.
He also said that the platform is committed to operating with the utmost respect for all applicable laws and regulations.
Robinhood has had a difficult year. In June 2020, Forbes revealed the suicide ofAlex kearns, a 20-year-old boy who discovered a negative balance of $ 730,000 on his app Robinhood.
Those responsible for Robinhood then issued a statement in which the company pledged to strengthen the eligibility criteria and educational resources available to customers.
The platform also faced multiple technical failures that would have resulted in losses for traders.
The promise of becoming a millionaire easily and quickly thanks to crypto-trading: should we throw stone at the person who promises, or those who agree to play the game of their own accord – we did not put a gun to their temple ? Now it’s up to Robinhood’s lawyers to find the right angle and the right force, to choose the right bow and the right arrow, to hit the middle of the target and get Robinhood out of this legal mess.
Litecoin, welcome in the Silver Age
Big investors new to cryptocurrencies appear to be behind bitcoin’s rally to a record
A herd of new, big investors are scooping up bitcoin this year as the price more than doubles.
Investors who bought at least 1,000 bitcoins — worth roughly $23 million at Friday’s price — and have had an account open for less than a year, drove significant demand since September, according to data firm Chainalysis. The new cohort together bought half a million bitcoins, or $11.5 billion worth, in the past three months.
In the time these new investors accelerated their buying spree, bitcoin’s price more than doubled from $10,000 level. The new demand has helped fuel the cryptocurrency’s rally to an all-time high, according to Philip Gradwell, chief economist at Chainalysis.
“The role of institutional investors is becoming ever clearer in the data,” Gradwell said in a note to clients Friday. “Demand is being driven by North American investors on fiat exchanges, with greater demand from institutional buyers.”
The surge in demand from wealthy Wall Street investors marks a sharp turn-around from bitcoin’s first run-up three years ago. The 2017 rally was driven by retail investors, many of whom who bet on bitcoin and other smaller cryptocurrencies out of speculation. Bitcoin became a household name when it first neared $20,000 that year. It crashed soon after, losing 80% of its value in the following months.
Bitcoin crossed $23,000 for the first time ever this week, bringing its year to date gains to more than 200%. The cryptocurrency has recovered roughly a quarter of its value since Friday, and is on pace for its best week since May 2019.
The price resurgence in 2020 in part has been fueled by well-known Wall Street billionaires publicly backing bitcoin. Analysts say that gave confidence to otherwise skeptical, mainstream investors.
Stanley Druckenmiller and Paul Tudor Jones have both invested in the cryptocurrency and highlighted its potential as a hedge against inflation. Meanwhile, Square, MicroStrategy and Mass Mutual have used their own balance sheets to buy cryptocurrency. PayPal also added the ability for clients to buy bitcoin, which has opened up the market to millions of new buyers.
“We are seeing institutional capital flowing in at the fastest pace in the history of our business, and it is being deployed by some of the world’s largest institutions and some of the most famous investors,” Michael Sonnenshein, managing director at Grayscale Investments, told CNBC in a phone interview Friday. Flows into Grayscale’s publicly traded Bitcoin Trust have increased roughly 6x from a year ago, he said.
Chainalysis also pointed to less liquidity in the market, with fewer sellers than there were there years ago.
Last week, there were 801,000 fewer bitcoin sent compared to 2017. To be sure, not all bitcoin being “sent” is being sold. But Chainalysis’ Gradwell said it’s a “good proxy” since there are limited use cases otherwise, especially when prices are spiking. Less bitcoin availability “would explain the rapid price increase this week,” he said.
As bitcoin neared its high this week, rapper “Megan Thee Stallion” tweeted a bitcoin giveaway with Square Cash App, which was retweeted by Square and Twitter CEO Jack Dorsey. The endorsement coincided with the peak of bitcoin’s price Thursday.
“Celebrity endorsements have typically been a bellwether for the top of the market, so maybe this omen will overcome the fundamentals I have shown in the data,” Gradwell said.
Increasing Cyber Threats on Cryptocurrencies – Cryptocurrency News
- One of the latest such malwares is the infected RubyGems package manager
- Security researchers have claimed detection of 2 gems namely ‘pretty_color’ and ‘ruby-bitcoin’ which are malwares deploying attacks on Windows machines
Since cryptocurrencies are completely dependent on technology, the threat of cyber-attacks is imminent. Hackers are known to be tech-savvy and can penetrate complex systems and infect them to their advantage. Honest users would not even be aware if they are being impacted by such threats. Hackers can convincingly mask their virus to appear as a regular website/link and successfully get access to the most confidential details.
One of the latest such malwares is the infected RubyGems package manager. This package is a collection of software tools responsible for automating the process of installing, upgrading, configuring and removing various computer programmes from their operating systems in a regular and smooth manner. The RubyGems package manager is a tool designed for distribution of Ruby programmes and libraries. An infected such package has been detected in the open-source repository containing malicious codes primarily to steal cryptocurrencies from users through the supply chain attack.
Security researchers have claimed detection of 2 gems namely ‘pretty_color’ and ‘ruby-bitcoin’ which are malwares deploying attacks on Windows machines. These programmes would convincingly replace any Bitcoin (BTC), Ethereum (ETH) or Monero (XMR) wallet address on the victim’s clipboard with that of the attacker’s.
As such programmes are very technical for the common man to understand, the hackers take advantage of it and will take control of the account without the user’s knowledge. Anyone can upload a ‘gem’ to the repository and open the doors for threat actors to infect the system with their malicious packages.
In this specific case, a clipboard hijacker is deployed which would silently change the wallet address of the user with that of the hacker. The back-end scripts are malicious contained in the VBS files. Thus, if even if a user mistakenly installs these gems, and would copy-paste a bitcoin recipient wallet address anywhere on the system, this wallet address would be replaced with that of the attacker who now has complete control of the system and bitcoins.
As this address is very complex in nature, user is not going to check it for every transaction. Unless the user double-checks the address after pasting it, they would be victim to such cyber threats.
The threat of cyber-crime is ever evolving and will continue to pose a threat despite significant developments in regulations and security firewalls. The federal authorities and users have to be very cautious and not share confidential details with anyone irrespective of the situations. With bitcoins gaining attention in 2020, there has been a 430% increase in upstream software supply chain attacks which is very alarming.
Whether the compromised system is controlled by a high skilled hacker or a mischief by an amateur threat actor could be anyone’s guess. However, the pace at which these threats are increasing is a word of caution for all users in addition to following regulatory rules and regulations laid down.
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Author: Antonio K Smith
Bitcoin Film | Documentary on Cryptocurrencies | In Code We Trust | Crypto News | Blockchain Tech
Documentary on Cryptocurrencies: Inside the Crypto Kingdom – Episode 3: In Code We Trust – With bitcoin came blockchain technology – a tool to decentralize all sorts of things beyond cryptocurrency. Will it radically transform the way we live, work, and even govern ourselves?
Storyline:The current hype about bitcoin and other cryptocurrencies as millions are made and lost make for great headlines, but misses the far more interesting story about the technology that allows them to exist blockchain.
This series dives into the crypto-kingdom to understand the technology, and why we should all care about how it develops. Just as it’s difficult to do anything without the internet today, in 10 years we might very well be saying the same thing about blockchain.
Some see it as a revolution, others see the prospect of great profits, and many get lost in between – prey to scams, hacks, or naiveté. We travel across Latin America and Asia in search of the truth behind the hype.
#documentaries #crypto #bitcoin
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