Bitcoin Whale Breaks 8 Year Long Silence With $30 Million Worth Of BTC Transfer

Bitcoin Whale Breaks 8 Year Long Silence With $30 Million Worth Of BTC Transfer

After an eight-year dormancy, a Bitcoin (BTC) Whale unexpectedly moved $30 million worth of BTC. On November 20th, 2013, the exact address received 1,000 BTC worth $567,600 at the time, Blockchair reported. 

The Bitcoin remained dormant in one wallet until it was moved as part of a much larger block that sent nearly 2,100 BTC to two other addresses. One address received 2,000 bitcoins, while the second collected above 99.99 bitcoins.

Related Readings | Snoop & Gary Vee Got “Ownership” Of A Basketball Team With Ice Cube’s BIG3 NFTs

Bitcoin Movements In Dormant Wallets 

1,000 BTC were worth $30,090,000. That’s more than 53 times the original price from 2013, when Bitcoin was only $567. The transaction only cost 0.0016 BTC in fees, which is about $47.15 at the time it was executed.

During the last eight years, the inactive whale wallet received trace amounts of Bitcoin 23 times, and it appears that those amounts were for dusting attacks. 

What are dusting attacks? These involve hackers and scammers sending minuscule amounts of Bitcoin (or other cryptocurrencies) to break wallets’ privacy.

BTC is trading at $29,353 after recovering from $27,000 | Source: BTC/USD price chart from tradingview.com

The advanced blockchain tracker, Whale Alert, traced the transaction and reported on Twitter as: 

A dormant address containing 1,000 #BTC (30,395,186 USD) has just been activated after 8.5 years (worth 468,643 USD in 2013)!

Blockchair also identified another wallet that has remained dormant since 2012 and finally transferred 500 BTC on Thursday. The first deposit of one Bitcoin was made back on 5th April 2012.  The wallet then added another 499 BTC on June 3rd of the same year. The Bitcoin price at that time was only $5.25 per coin.

However, throughout that period, the wallet received modest sums of BTC, which appears to be dust transactions used by scammers to carry out dusting attacks.

Remarks And Contribution of Satoshi Nakamoto

The creator of Bitcoin has been silent for years, but people still think they know who it is. As a result, transactions from long-dormant wallets typically drum up media interest. Because they generate chatter speculating that the BTC could be owned by Bitcoin’s secretive creator, Satoshi Nakamoto.

Nakamoto launched the genesis block on January 3, 2009. Since then, it has succeeded in mining almost 1,000,000 BTC, according to the assessment of Blockchain analysts.

Related Readings | Investors Make For Stablecoin Hills As USDT Volume Touches All-Time High

Satoshi confirmed his appearance on the internet in December 2010 when the Bitcoin network’s client software version was 0.3.19, and now Bitcoin’s version is 22.0.  

Bitcoin has been showing high volatile movements during the last few months; it was at the price of $ 36,000 before a week and declined to $25,401 last Thursday. 

Bitcoin is currently recovering from a market-wide dip. As of the time of writing, it has increased in value by 13.5% from this year’s low and is trading for $29,353.

 

                   Featured image from Pixabay, and the chart from Tradingview.com

 



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US, UK, Canada, Australia, Netherlands Share Crypto Criminal Leads, Including a Potential $1B Ponzi Scheme – Regulation Bitcoin News

US, UK, Canada, Australia, Netherlands Share Crypto Criminal Leads, Including a Potential $1B Ponzi Scheme – Regulation Bitcoin News

Officials from the U.S., U.K., Canada, Australia, and the Netherlands have shared data and identified more than 50 crypto-related criminal leads, including one case that could be a $1 billion Ponzi scheme.

Officials Share Data on Global Crypto Crime

The heads of tax enforcement from the Joint Chiefs of Global Tax Enforcement (J5) countries met in London this week to share intelligence and data to identify sources of illegal cross-border crypto activity, Bloomberg reported Friday.

The J5 was formed in response to the call to action from the Organisation for Economic Co-operation and Development (OECD) for countries to do more to tackle the enablers of tax crime. It’s comprised of the Australian Taxation Office (ATO), the Canada Revenue Agency (CRA), the Fiscale Inlichtingen- en Opsporingsdienst (FIOD), HM Revenue & Customs (HMRC), and the Internal Revenue Service Criminal Investigation (IRS-CI).

During the meeting, the officials identified more than 50 crypto-related criminal leads, the publication conveyed.

Jim Lee, chief of criminal investigations at the Internal Revenue Service (IRS), told reporters Friday:

Some of these leads … involve individuals with significant NFT transactions revolving around potential tax or other financial crimes throughout our jurisdictions.

He added that one lead “appears to be a $1 billion Ponzi scheme,” noting that this lead “touches every single J5 country.”

Moreover, the officials have identified leads involving decentralized exchanges and financial technology companies, Lee said, adding that there could be announcements on “significant targets” as soon as this month.

Niels Obbink, chief and general director of the Dutch Fiscal Information and Investigation Service (FIOD), told reporters:

NFTs are one of the new modern digital ways of trade-based money laundering.

Obbink noted that crypto has “less control and less supervision and a limited regulation that makes it vulnerable for fraud.” He stressed, “it must have our attention.”

What do you think about countries sharing data on crypto crime? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.

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Number of Busted Illegal Crypto Mining Farms in Iran Nears 7,000 – Mining Bitcoin News

Number of Busted Illegal Crypto Mining Farms in Iran Nears 7,000 – Mining Bitcoin News

Authorities in Iran have shut down close to 7,000 unauthorized facilities for cryptocurrency mining in the past two years, local media revealed. According to a report, most of the illegal bitcoin farms were concentrated in five provinces of the Islamic Republic, including Tehran.

Iran Continues Crackdown on Unlicensed Cryptocurrency Mining

Iranian officials have unplugged and disbanded a total of 6,914 crypto farms operating without a mining license. This since authorities started clamping down on the illegal extraction of cryptocurrencies in 2020, the English-language Iranian daily Financial Tribune unveiled this week.

The newspaper quotes a report by Iribnews.ir, which details that these facilities have burned some 645 megawatts of electrical power while minting digital currencies without permission. It has been estimated this equals the annual consumption of three major regions — North Khorasan, South Khorasan, and Chaharmahal-Bakhtiari.

Cryptocurrency mining has been a legal industrial activity in Iran for almost three years now, after the government approved regulations for the sector in July 2019. A licensing regime was introduced and companies that want to get involved in the business need to obtain authorization from the Ministry of Industries.

However, as registered crypto miners are required to buy the electrical energy they need at higher, export rates, many Iranian miners have opted to remain under the radar. They usually connect illegally to the grid and use subsidized electricity to power their mining hardware.

Iran’s Power Generation, Distribution, and Transmission Company (Tavanir) has been going after underground crypto farms, closing them down and confiscating hundreds of thousands of mining machines. If identified, their operators can be fined for damages inflicted on the distribution network and a report revealed last month that the government is preparing to increase the penalties.

The country’s electricity shortages last summer were partially blamed on increased electricity usage for coin minting and even licensed miners were asked to shut down their equipment. They were allowed to resume operations in September but then again ordered to suspend activities in the face of a growing power deficit in the cold winter months.

Tags in this story
bitcoin farms, Bitcoin Miners, Bitcoin mining, closed down, consumption, Crackdown, Crypto, crypto farms, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, deficit, Electricity, fines, Iran, Iranian, Miners, mining, mining farms, penalties, shortages, shut down, Tavanir

Do you expect Iran to continue to crack down on unlicensed crypto mining? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.

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Crypto Market Rout Pulls the Floor out From Blue-Chip NFTs, Weekly Sales Down 64% – Bitcoin News

Crypto Market Rout Pulls the Floor out From Blue-Chip NFTs, Weekly Sales Down 64% – Bitcoin News

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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Germany Declares Crypto Gains Tax-Free After 1 Year — Even if Used for Staking, Lending – Taxes Bitcoin News

Germany Declares Crypto Gains Tax-Free After 1 Year — Even if Used for Staking, Lending – Taxes Bitcoin News

The German Ministry of Finance has published a letter officially confirming that the sale of crypto assets is tax-free after one year even if the coins are used for staking and lending.

How Crypto Gains Are Taxed in Germany

The German Ministry of Finance announced Wednesday that it has published a letter on the income taxation of cryptocurrency, stating:

This is the first time that there is a nationwide uniform administrative instruction on the subject.

The finance ministry detailed that in a hearing that took place last year, one of the most intensely discussed questions was whether the tax-free holding period for crypto lending and staking should be a minimum of 10 years.

The ministry noted that in coordination with federated states:

The letter now states that the so-called 10-year period does not apply to virtual currencies.

In Germany, cryptocurrency is viewed as “a private asset,” which means “it attracts an individual income tax rather than a capital gains tax,” crypto tax firm Koinly explained, emphasizing that Germany “only taxes crypto if it’s sold within the same year it was bought.”

Koinly further detailed:

As a ‘private sale’ in Germany, crypto gains are completely tax-exempt after a holding period of one year.

“In addition, profits on crypto sales up to €600 per calendar year remain tax-free,” the firm added, noting that previously, “When it comes to cashing in on staked crypto, that tax-free holding period is a minimum of 10 years.”

Citing the letter published by the Ministry of Finance, crypto advisor Patrick Hansen explained on Twitter:

The sale of acquired crypto assets will remain tax-free after one year, even if used for staking/lending.

Parliamentary State Secretary Katja Hessel commented: “For individuals, the sale of acquired bitcoin and ether is tax-free after one year. The period is not extended to 10 years even if, for example, bitcoin was previously used for lending or the taxpayer provided ether as a stake for someone else.”

What do you think about this German tax law? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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LUNA Climbs 1,500% Following Do Kwon Tweets, While AVAX and NEAR Fall on Saturday – Market Updates Bitcoin News

LUNA Climbs 1,500% Following Do Kwon Tweets, While AVAX and NEAR Fall on Saturday – Market Updates Bitcoin News

Following tweets from Terra founder Do Kwon, LUNA surged by over 1,500% on Saturday. However, with several exchanges halting deposits, only those who entered at the very bottom have seen these gains. This comes as AVAX and NEAR both fell by over 20%.

Avalanche (AVAX)

Although LUNA was undoubtedly today’s biggest gainer, recent volatility and price action makes it almost impossible to truly analyze.

However, another relative big mover in today’s session was AVAX, which fell by as much as 20%.

AVAX/USD slipped to an intraday low of $29.55, which as of writing, is 20.83% lower than Friday’s peak of $37.72.

Biggest Movers: LUNA Climbs 1,500% Following Do Kwon Tweets, While AVAX and NEAR Fall on Saturday
AVAX/USD – Daily Chart

Since breaking out of its long-term support level of $65.60 only ten days ago, AVAX has dropped for eight of those sessions, to now trading at a new floor.

This new support looks to be the $28.80 level, which is marginally above a nine-month low in prices.

Despite this recent decline in value, bulls are optimistic about a recovery, as the RSI hovers in oversold territory, which has led some to believe that price strength can only go up from here.

Near Protocol (NEAR)

SOL was also down close to 20% on Saturday, however the drop in NEAR sent prices closer to a nine-month low of its own.

Following a high of $7.58 on Friday, NEAR/USD sank to an intraday bottom of $5.98, which is over 21% lower than yesterday’s price.

NEAR has broken out of two key support levels in the last ten days —first, that of the $12.60 point, and more recently the $9.90 level.

Biggest Movers: LUNA Climbs 1,500% Following Do Kwon Tweets, While AVAX and NEAR Fall on Saturday
NEAR/USD – Daily Chart

As a result of these drops, it has been a struggle for traders to find a new floor, however this seems to have come at $6.00.

Despite prices falling to $3.57 earlier this week, which is the lowest level since last August, we have seen a slight recovery, as AVAX consolidates at the new support point.

The RSI is also tracking in oversold territory, and as of writing is at 25.76, which is its weakest point since September 2020, when the first AVAX token was issued.

Is this an ideal time for bulls to re-enter the market? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




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How to Buy Metaverse Index on CoinStats

How to Buy Metaverse Index on CoinStats

The “Metaverse” is a shared digital space that integrates real-world elements such as ownership, identity, and financial value. The Metaverse Index project is designed to enable you to invest in the evolution of this digital sector.

Index Coop has launched the Metaverse Index, a collection of tokens created to capitalize on the trend of entertainment, sports, and business shifting to the virtual realm.  MVI and  ERC-20 token represents the index.

MVI makes it possible to invest in the Metaverse by giving investors access to a diverse set of protocols rather than relying on a single token.

Read on to learn everything you need to know about Metaverse Index (MVI) and how to buy Metaverse Index on CoinStats in a few simple steps.

What Is Metaverse Index (MVI)

The Metaverse Index (MVI) is a virtual economy index driven by NFTs and blockchain technology, designed to capture the trend of entertainment, sports, social activity, and business shifting to a virtual environment. 

Inclusion Criteria for MVI Tokens

The index follows a methodology to assess tokens for inclusion. Each token must meet the following conditions to be accepted into MVI:

Ethereum Token: The token must be available on the Ethereum blockchain. If the Set Protocol infrastructure becomes multi-chain, this requirement will be revised.  

History: The protocol should have been operational for at least 3 months, and the token must have a 3-months price and liquidity history. 

Market Capitalization: The circulating market capitalization must be more than $50 million. 

Liquidity: The token must have reasonable and consistent DEX liquidity on Ethereum.  

Protocol Categorization: The protocol must be in one of the following token categories on Coingecko: Non-Fungible Tokens, Entertainment, Virtual Reality, Augmented Reality, or Music. As the market grows, more categories will be introduced. 

Staking: At the index launch, no tokens will be staked. This is subject to change as liquidity increases and staking becomes a safe way to earn income. 

Security: The protocol should have undergone an independent security audit, with the results verified by the product methodologist. In the absence of an audit, the methodologist makes a subjective assessment of the protocol based on the criteria listed above and discussions with the team. 

Index Maintenance

Methodologists maintain the index’s quality by monthly maintenance, divided into two phases:

Determination Phase: During the last week of the quarter, the inclusion criteria are re-evaluated, and tokens are added and removed from the index computation accordingly. 

Rebalancing Phase: Following the conclusion of the determination phase, the index composition will change to the new weights in the first week of the following quarter.

Underlying Tokens in the Metaverse Index as of April 2022 Rebalance:

Illuvium (ILV), Axie Infinity (AXS), The Sandbox (SAND), Decentraland (MANA), Enjin (EFI), Rally (RLY), WAX (WAXE), Audius (AUDIO), Yield Guild Games (YGG), Decentral Games (DG), Whale (WHALE), Terra Virtua Kolect (TVK), Ethernity Chain (ERN), Rarible (RARI), NFTX (NFTX), REVV (REVV).

MVI Advantages 

Simplicity: Based on the concept of the Metaverse, MVI offers a simple solution to capture a broad market trend without having to research and rebalance a portfolio continually. 

Risk Management: Holding an index reduces the volatility of individual tokens. 

Cost-effectiveness: Lower gas fees as compared to buying and selling tokens separately.  

Transparency: To evaluate tokens for inclusion and removal, the index follows a set of transparent rules. 

Where Can You Buy Metaverse Index  (MVI)

$MVI can be purchased at app.indexcoop.com/mvi and is available on both Ethereum and Polygon. Simply connect your wallet and swap ETH for MVI. You can also buy it on major cryptocurrency exchanges such as eToro and Crypto.com, as well as decentralized markets such as Uniswap.

Metaverse Index has joined forces with the Set Protocol, enabling the creation, maintenance, and trading of “Sets,” baskets of ERC-20 tokens representing a portfolio of underlying assets.

How to Buy Metaverse Index on Coinstats

Some cryptocurrencies, such as the Metaverse Index, can only be acquired on decentralized exchanges with another coin. To buy Metaverse Index, you must first buy  Ethereum (ETH) and then use ETH to buy Metaverse Index (MVI).

You can buy ETH on popular cryptocurrency exchanges such as Coinbase, Binance, Bitfinex, Gemini, Bitstamp, Kraken, KuCoin, etc., with credit/debit cards or bank transfers. 

Let’s learn how to buy Metaverse Index on CoinStats:

Step #1: Connect Your Wallet 

Go to coinstats.app and search for the Metaverse Index (MVI) Price in the search bar. Scroll down to the “swap” features and connect the wallet where you store ETH tokens.

Metaverse Index price page on CoinStats

Once you click on the “Connect” button, you’ll see various wallet choices offered by CoinStats. Search for your wallet and connect it. 

Connect portfolio

You can connect it by scanning the QR Code via WalletConnect or manually adding the Blockchain/Crypto and Wallet address in your web or mobile application.

Add your wallet manually or via WalletConnect

Step #2: Select Token

After successfully linking your wallet, choose the token you want to swap by providing the data either in cryptocurrencies or USD/EUR.

For example, we are swapping ETH for MVI or buying Metaverse Index (MVI) with ETH.

In the “From” field, select the ETH token from your wallet, and in the “To” field, select “MVI.”

Buying MVI on CoinStats

Step #3: Click Swap

Click on Advanced Options to change the slippage and gas settings. When you’re finished with customizing, scroll down to the bottom of your screen and click the “Submit Swap” button.

After you’ve submitted your swap request, you’ll be prompted to confirm it. To begin the swap, review the information displayed on your web or mobile app screen, and click the “Confirm” button.

Your transaction is now being processed. The pace of your transaction will vary depending on the gas parameters you select. You can trace your transaction from the loader at the bottom right corner or the wallet’s home page.

NOTE: You’ll be charged Network Transaction fees, also known as gas fees. This refers to the charge necessary to complete a transaction on the blockchain. In essence, gas fees are paid in the native currency of the network, i.e., Ethereum for the Ethereum network. CoinStats also charges a small swap fee in addition to the gas fees.

Step #4: Purchase a Wallet (Optional)

After completing your Metaverse Index Purchase, choosing a crypto wallet to store your coins safely is the next step. Your coins can be saved in your brokerage exchange wallet, but we strongly recommend creating a private wallet with your own set of keys. Depending on your investment preferences, you can pick software or hardware wallets, the latter being a more secure option. 

A hardware wallet, also known as cold storage, is a physical device that stores the private keys necessary to receive and transmit cryptocurrency. Hardware wallets are often regarded as the safest option to store your cryptocurrency since they offer offline storage, which decreases the risk of hacks. They are password-protected and will erase all data after multiple failed attempts, preventing physical theft. Hardware wallets also let you sign and confirm blockchain transactions, adding an extra layer of protection against cyber threats.

Ledger wallets are undoubtedly the most secure hardware wallets available to users of all skill levels. The Ledger Nano X is ideally suited for experienced crypto traders and can store various assets, including DPI tokens.

A software wallet, on the other hand, is the most user-friendly crypto wallet, allowing you to interact with numerous decentralized finance (DeFi) applications instantly. However, software wallets are vulnerable to security breaches because they are hosted online. If you wish to use a software wallet, conduct due diligence before selecting one to avoid security breaches. As an added layer of protection, we recommend using a platform that supports 2-factor authentication.

Closing Thoughts

MVI is currently worth $50.26, down 85.3% from its all-time high of $354.73 in November last year. But it’s not all bad news; the token is still up 71.6% from its low of $29.28 in June 2021.

To summarise, MVI’s first 6-months have been a frenzy. Despite the poor performance in the last six months, we remain quite optimistic about the Metaverse concept. The massive social migration to digital space will eventually result in Metaverse’s global economy 2.0,  operating on Ethereum and linked to DeFi. 

We find positive indicators of product-market fit in MVI and believe that some of the liquidity problems will be addressed over time. In the end, the Metaverse is unavoidable.

You can also visit our CoinStats blog to learn more about wallets, cryptocurrency exchanges, portfolio trackers, tokens, etc., and explore our in-depth buying guides on buying various cryptocurrencies, such as How to Buy STEPN, What Is DeFi, How to Buy Cryptocurrency, etc.

Investment Advice Disclaimer: The information contained on this website is provided to you solely for informational purposes and does not constitute a recommendation by CoinStats to buy, sell, or hold any securities, financial product, or instrument mentioned in the content, nor does it constitute investment advice, financial advice, trading advice, or any other type of advice. Our information is based on independent research and may differ from what you see from a financial institution or service provider.

Investments are subject to market risk, including the possible loss of principal. Cryptocurrency is a highly volatile market and sensitive to secondary activity, do your independent research, obtain your own advice, and be sure never to invest more money than you can afford to lose. There are significant risks involved in trading CFDs, stocks, and cryptocurrencies. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider your circumstances and obtain your advice before making any investment. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant regulators’ websites before making any decision.



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Terra Founder Do Kwon’s Spouse Seeks Police Protection After the LUNA and UST Fallout – Bitcoin News

Terra Founder Do Kwon’s Spouse Seeks Police Protection After the LUNA and UST Fallout – Bitcoin News

Following the aftermath of the Terra blockchain tokens LUNA and UST losing significant value, reports indicate that the Terraform Labs founder Do Kwon’s apartment was visited by an unidentified person. Do Kwon’s spouse has requested protection from the Seongdong police in Seoul after the unknown person broke into the apartment building and rang the doorbell asking for Kwon.

Unidentified Person Breaks Into Do Kwon’s Apartment Building Seeking Terra Founder’s Whereabouts, Kwon’s Spouse Seeks Help From Police

Not too long ago, on May 1, 2022, the Terra blockchain token LUNA was the eighth-largest market cap among 13,000+ cryptocurrencies in existence. LUNA’s market cap on that day was $28.3 billion and terrausd (UST) was two spots below LUNA with an $18.5 billion market valuation. Both crypto market caps combined on May 1, 2022, were around $46.8 billion in value and today, around 91% of that value has disappeared.

At the time of writing, UST’s and LUNA’s market cap combined equates to $3.9 billion in value. Terra’s fallout has caused a lot of pain among UST and LUNA investors and many have been very upset about how the situation was handled. Some investors lost their life savings and children’s college funds, and others managed to escape with a haircut in terms of losses. Social media and forums are filled with horrifying stories of people who are severely depressed over the Terra situation and losing funds.

Now, after a few days since the initial UST de-pegging incident, reports note that an unidentified person visited Do Kwon’s apartment building and rang the doorbell asking for the Terra founder. One local report explains that Do Kwon’s spouse was home and she asked the Seongdong police to designate an officer for emergency protection. The crypto publication Forkast also spoke with Seoul’s Seongdong-gu district police and confirmed the story.

The police report notes that the unidentified person rang the doorbell and Kwon’s spouse answered. “Is your husband in the apartment?” the unknown person said. The report said that while the Terra blockchain tokens were down in value, Do Kwon’s home was “exposed to unspecified investors.” Seongdong police also noted that they were investigating the situation further and “plan to review what additional measures.”

Tags in this story
apartment building, do kwon, Implosion, Intruder, Kwon’s Spouse, Police, Police Protection, Seongdong police, Seoul, South Korea, terra (LUNA), Terra Founder, Terrausd (UST), Unidentified Person, Unintended visit, Unknown Person

What do you think about the unidentified person going to Do Kwon’s home and his spouse asking for police protection after the Terra blockchain implosion incident? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.

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ETH Back Below $2,000, BTC Down 6% to Start the Weekend – Market Updates Bitcoin News

ETH Back Below $2,000, BTC Down 6% to Start the Weekend – Market Updates Bitcoin News

Following a strong rebound on Friday, crypto prices moved back into the red today, with BTC falling below $30,000 to start the weekend. ETH also moved lower, as its own price slipped below the $2,000 level during Saturday’s session.

Bitcoin

On Saturday, bitcoin’s price fell below $30,000, as crypto bears returned to action to start the weekend.

Following a rise of nearly 10% during Friday’s session, BTC/USD fell to an intraday low of $28,860.79 earlier today.

Saturday’s decline comes after prices hit a peak of $30,924.80 yesterday, as LUNA appeared to have finally fallen into crypto irrelevancy.

Bitcoin, Ethereum Technical Analysis: ETH Back Below $2,000, BTC Down 6% to Start the Weekend
BTC/USD – Daily Chart

However, as LUNA spiked by almost 2,000% in today’s session, the volatility and general uncertainty in markets likely contributed to BTC’s selloff.

Looking at the chart, the 14-day RSI is now trading lower, as it fell to a bottom of 25, which is a floor that has not been broken since late January.

Should this change, then we will likely be looking at bitcoin trading closer to $25,000 in upcoming sessions.

Ethereum

The world’s second-largest cryptocurrency also moved lower to start the weekend, as ETH fell below $2,000 on Saturday.

ETH/USD dropped to a bottom of $1,964.65 on Saturday, which is around 7% lower than yesterday’s peak of $2,139.71.

As a result of today’s move, prices are now hovering close to a support level of $1,950, which was the starting point of Friday’s rally.

Bitcoin, Ethereum Technical Analysis: ETH Back Below $2,000, BTC Down 6% to Start the Weekend
ETH/USD – Daily Chart

Similar to BTC, the 14-day Relative Strength Index on the ethereum chart is also tracking around 25, which is its lowest point in over four months.

We have already seen prices of ETH fall to as low as $1,695 this week, and should the RSI continue to weaken, we might soon revisit these lows.

Overall, ETH is down over 26% in the last seven days, with BTC trading almost 20% lower in that same period.

Could we see these support levels broken this weekend? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.




Image Credits: Shutterstock, Pixabay, Wiki Commons

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Despite the Low Price, Bitcoin’s Hashrate Remains Elevated as Difficulty Taps an All-Time High – Mining Bitcoin News

Despite the Low Price, Bitcoin’s Hashrate Remains Elevated as Difficulty Taps an All-Time High – Mining Bitcoin News

Amid the Terra blockchain meltdown, Bitcoin’s hashrate has been well above the 200 exahash per second range, at 212 EH/s at the time of writing. Bitcoin’s hashpower has remained high after reaching an all-time high on May 02, at block height 734,577. Moreover, while bitcoin miners continue to search for blocks, the network recorded another difficulty increase following the last hike on May 10, at block height 735,840.

Bitcoin’s Security Has Never Been Stronger — Difficulty Reaches 31.25 Trillion

Over the last 12 months, Bitcoin’s hashrate has continued to proliferate, reaching a number of all-time highs this past year. The most recent all-time high took place on May 02, 2022, at block height 734,577, which saw the hashrate tap 275.01 EH/s.

Currently, the hashrate continues to remain elevated at 212 EH/s, despite the fact that $350 billion was erased from the crypto economy in seven days according to Into the Block’s weekly key metrics. While BTC’s price is down, the network also saw a 4.89% difficulty increase at block height 735,840.

Despite the Low Price, Bitcoin's Hashrate Remains Elevated as Difficulty Taps an All-Time High

Over the last two difficulty adjustment algorithm (DAA) changes, the network’s difficulty has increased by 10.45% in four weeks’ time. With the difficulty at 31.25 trillion, it is the most difficult it has ever been to mine bitcoin (BTC). In nine days, the DAA is expected to increase again by an estimated 0.72%. With the price down, BTC miners are seeing much smaller profits than two weeks ago.

For instance, the Bitmain Antminer S19 Pro+ Hyd., which produces 198 terahash per second (TH/s) only gets $9.29 per day at current prices. That’s if the bitcoin miner is paying $0.12 per kilowatt-hour (kWh). Machines producing less than 30 TH/s may not be seeing profits if they pay $0.12 per kWh in electrical costs. Innosilicon’s Terminator 3, a miner that produces 52 TH/s, gets roughly $0.22 per day in BTC if they pay $0.12 per kWh in electrical costs.

During the past seven days, 1,035 blocks were mined on the Bitcoin blockchain and three of the blocks were empty blocks. Foundry USA is this week’s top miner as the pool found 211 blocks out of the 1,035. Foundry commands 20.39% of the global hashrate, or 45.75 EH/s in terms of hashpower. Foundry is followed by F2pool, a mining operation that currently commands 14.49% of the global processing power dedicated to the Bitcoin network.

F2pool has 32.52 EH/s of hashpower dedicated to the network and the pool found 150 blocks out of the 1,035 found this past week. There are 15 known pools today dedicating SHA256 hashpower toward the BTC chain and around 1.16% of the global hashrate is owned by unknown miners. Unknown mining entities or stealth miners command 2.6 EH/s and have captured 12 blocks out of the 1,035 found this week.

While it’s been a crazy week in crypto, Bitcoin miners continue to do what they do best, which is continuously working to find as many blocks as possible. Today, BTC prices are much lower than they were two weeks ago, and the difficulty increase makes it harder than ever to find a BTC block. In the face of these factors, the network hashrate remains high and BTC is far more secure than it has ever been during the last 13 years.

Tags in this story
10.45%, 31.25 Trillion, 5.56% jump, Bitcoin’s hashrate, Block time, BTC difficulty, BTC.com, chinese miners, difficulty, Difficulty Adjustment, Exahash, Foundry USA, Hashpower, Hashrate, Mempool, Mining Difficulty, Mining Operations, Mining Pools, network difficulty, Overall Hashrate, SHA256 Hashrate

What do you think about the hashrate remaining high while bitcoin’s price is lower, and the difficulty reaching an all-time high? Let us know what you think about these subjects in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is 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 this article.

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