Big Crypto hacks: Bad crypto news of the week

There is some bad news for cryptocurrency enthusiasts this week. As the hackers managed to get access to a few high profile twitter accounts, it caused ripples in the cryptocurrency world. The attackers requested for some donations after promising a return of 2:1. As usual, most novice traders and enthusiasts fell prey to this trick and donated money. It is estimated that the attackers managed to collect over $100000 in Bitcoin from various people. Apart from that, the attackers may also have used personal data for other malicious activities.

Further reports are awaited in this regard from the authorities. However, it must be noted here that experts in the field of cybersecurity and finance had disclosed their concerns for the security of this currency very early and now it seems their suspicion has taken the form of reality. More details on the incident will help users to have better precautions or stop using the same.

Massive hacking of twitter accounts

In an unprecedented attack on high profile twitter accounts, hackers managed to spread panic in the cryptocurrency industry. The hackers managed to put scam messages on various high profile accounts including that of Joe Biden, Bill Gates, Elon Musk and Kanye West. They appealed for donations in Bitcoins, and the donors were promised a return of 2:1 on the amount donated in Bitcoins. In this way, they were able to collect a large amount of money before things came under control.

Unknown attackers used Monero?

In early reports that are coming from investigating agencies, it is noticed that scammers used Monero, and this suggests that they may be associated with crypto for portal. The portal is now defunct, and it is still not clear if the attackers are from this batch. Justin Sun, who was one of the victims, is even offering a one million bounty to the person who can track the scammers.

Two promoters of OneCoin scam found dead

In a shocking development, the dead bodies of two of the OneCoin scam promoters are found in Mexico. It appears like they were killed and their bodies were dumped in suitcases. According to initial reports from agencies, the two men who acted as promoters of OneCoin were kidnapped and killed. The cause of death is said to be suffocation. Police have identified them as Ignacio Ibarra and Oscar Brito Ibarra who were earlier involved in the OneCoin scam.

TikTok Sends Dogecoin Cost Value To Two Years High As Twitter Says ‘Be Smart’

TikTok is a very popular application used as a video sharing platform. It is owned by ByteDance, which is an Internet technology company based in Beijing, launched in 2012 by Zhang Yiming. It is famous for many short dance videos, talent, and comedy videos. It is one of the most popular applications worldwide. It mainly got fame after it merged with in October 2018.

Dogecoin is defined as a peer-to-peer cryptocurrency that is open source. It is taken under the consideration of being an altcoin. It was initially created as a joke, and so is also popularly known as sarcastic meme coin. Although it was made as a joke, it still carries blockchain that has merit. It was developed and brought into being in 2013 in the month of December.

For your information, the market capitalization of Dogecoin is under 500 million USD. That was enough with the background check. Let’s get into the main subject.

The Main Matter: TikTok Sending DOGE Cost to 2-Year High for Twitter Saying to Be Smart

As we already had a background check on TikTok and Dogecoin (DOGE), here’s the main concern. The profits made from a brand new viral campaign that supported DOGE on TikTok resulted in a request or appeal to speculators from the account of Dogecoin.

The cryptocurrency Dogecoin (DOGE), also said to be meme-based, has warned the dealers against the supposition right after the money value of DOGE made a profit of 15% in less than a day time. On the 8th of July, 2020, a tweet from the manager of the DOGE twitter account cleared about its appeal to the purchasers for being “heedful of the public intentions when they instruct you to purchase things.”

‘Be Safe and be Smart’: From DOGE to the Dealers Out There

DOGE has gone way high up in the recent period, and the complete credit goes to a renowned action that deals with the videos going viral on TikTok. There is a heavy increment seen in the volume, and it is 2000% where Google trends have made the confirmation that a large quantity of interest in how to buy the altcoin, 27th position in worldwide by market cap at present.

Reports also revealed that enthusiasm is completely surrounding these two trends: 1. “dogecointiktokchallange,”  2. “#dogecointiktokchallenge.”

The Ones to Use TikTok are Even Inviting Others to Join

Even the users of TikTok are uploading videos on trading and performances and sending an invitation to the others for joining them in this. One such video even brings into play in the economy to own DOGE/dollar to 1 USD.

During the press, the couple dealt comparatively in more low-key 0.042 USD. It is till date at the top since October 2018, the same time when and TikTok merged.


So, that was all about TikTok transferring Dogecoin value to 2 years high as Twitter said to be smart. That was the best of the information you can get regarding this update on cryptocurrency.

ASIC Bans Steve Marsh For 3 years After Cancelling Forex CT License

First, the ASIC cancels Forex CT license, and now Forex bans former employee, Steve Marsh, from ASIC for 3 years! Because of this ban on Steve Marsh, he won’t be able to provide any financial services for three years!

 What’s All This About?

ASIC can be expanded as Australian Securities and Investment Commission, declared openly on Monday, that they have banned Steve Marsh, a former employee of the Forex Capital Trading Pty LTD. This ban has fallen upon him very heavily because the ban will have already restricted him from providing any financial services for 3 years.

This Ban from ASIC comes in after they banned AFS license of Forex CT, a retail over-the-counter derivative issuer.

 The Real Gossip

The ban was imposed on Marsh within a month after ASIC banned Forex CT. They have various reasons for the ban imposed on Marsh. After very detailed research, our reporters came to know about the real issues. As reported by them, the ban came into existence because the farm was operating on misleading, deceptive conduct. The business model that they followed was disregarding the key obligations of an AFS license, which resulted in immoral means of conduct, which developed in failure to manage conflicts of interest.

After a thorough investigation of the issues and Steve Marsh’s conduct, they found that Mr. Marsh was involved in making misleading representations to the clients. These misleading representations consisted of some disturbing truth about Forex CT. He used to convince clients that they will be able to make profits even when CFDs are unpredictable, and sometimes this brought high-riah investment. He used to convince people that if they trade with Forex CT, they will always be in profit. He intentionally misleads people by saying the money they invest isn’t a high-risk investment and that they will surely be profited!

Marsh has been alleged to lure people into money traps by not making them understand the risks involved in these investments. Instead, he made them invest in even larger amounts! Marsh asked people to increase their deposit in order to reduce the risk of incurring trade losses. He made people fool to make money for him and the company!

After investigating by the Australian regulator, they found that Marsh was not trained nor competent to provide financial services because he did not comply with the financial services rule and law. In fact, he used the powers to suck out money from people using immoral and illegal means. Therefore, regulators concluded that he was not fit for the post or deserved it, and hence, the ban was imposed on him after thorough investigation. 

 What Was Steve Marsh’s Original Position In the Company?

Mr. Steve Marsh was an account manager in Forex CT. He was in that particular position from February 18 to March 19. He was responsible for interaction with the clients associated with their trades in margin forex exchange contracts. Also, he used to interact with trades associated with contracts for different derivations. Exactly during this period, he misused his power and did not comply with the rules of the final services just for the benefit of his personal ego. When these discrepancies in the trading system came into limelight, regulators started investigating the issue.

Singapore to Explore CBDC with China

Singapore recently announced that it is ready to partner with China in the space of cryptocurrencies and digital money. The Central Bank of Singapore and the country’s financial regulatory authority has given green signal to move ahead with collaboration with the Chinese counterpart in the sector of central bank digital money. The MD of MAS or Monetary Authority of Singapore, Ravi Menon, has said that the country is ready to move ahead in its cooperation with China with respect to digital currencies.

Ravi Menon, in his speech at a financial conference in Shanghai, mentioned about the progress and achievements of China in the field of the Chinese currency. He went on to highlight the leaps made by China, especially with the development of the CBDC or Central Bank Digital Currency, popularly referred to as Digital Yuan. Singapore has been in the process of developing its own blockchain-based CBDC for quite a while now. Monetary Authority of Singapore is hoping to partner with China to gain knowledge and share data to make it a reality, as reported by Sina Finance.

Menon said in the economic forum that CBDC is a trending topic at the moment, and the concerned regulatory and financial authorities of China and Singapore are discussing various scenarios with regards to CBDC development. Ravi Menon also said that the need for CBDC varies greatly from country to country. The primary reasons behind Singapore’s desire to develop CBDC are to reduce settlement time, enhance transaction security, settlement cost, and cross-border payment costs.

At the international forum, Ravi Menon also mentioned about the stablecoin project of Facebook, namely Libra. He added that it could not be denied that Libra comes across as a huge challenge for the global banking systems but also highlighted the fact that the team at Libra is flexible and committed to working closely with international partners to find a middle ground. Menon has visibly supported the Libra project of Facebook in the past. Libra encountered a range of challenges from financial regulators and government authorities after it was rolled out. The surmounting pressure on Libra even resulted in some of the association members leaving the project.

The Monetary Authority of Singapore has been working since 2016 to build an advanced blockchain technology backed interbank payment system. The MAS made the project public in the year 2018 and was officially named “Project Ubin.”It is a collective effort of the financial regulators and the central bank of Singapore to come together to build a system that helps with the settlement of securities and payments.

China has been in the cryptocurrency race for a while now and, in 2019, even raced to launch its digital Yuan before Facebook could launch its Libra project. At present, China’s CBDC is being tested in several major cities in China. Based on the feedback and the response, the experts plan to launch CBDC nationwide and are confident that it would integrate with the economy seamlessly without coming across any hiccups. It is also reported that China is planning a digital currency focused particularly on East Asia to counter the US dollar and get relief from its dependency. This digital currency, in particular, is planned to include a host of other regional currencies, which includes South Korean Won, Chinese Yuan, Japanese Yen, and Hong Kong Dollar.

The Monetary Authority of Singapore has partnered with JP Morgan and Singapore’s own Temasek to propel Project Ubin in the right direction. JP Morgan has rolled out JPM Coins, which are a blockchain version of US dollars for use in blockchain payments. Ravi Menon of MAS said while Singapore is looking forward to work with the People’s Bank of China closely, it is open to working with other international financial and banking organizations to collaborate and share blockchain technology and platform as well as include other foreign currencies on the Ubin’s network.

The collaboration between Singapore and China has been growing phenomenally in recent times as the trade between the countries has been growing massively. Singapore has become the second-largest forex trading center for RMB. The growing economic partnership between the two countries has paved the way for further collaboration on other fronts, including digital currencies, blockchain technology, and more.

PayPal Bitcoin rumor boosts BTC price rally chances

It is a fact that in this age of technology, the virtual currency is dominating. With the help of Bitcoin, people can easily transact across the globe, and that is why more platforms have started accepting this digital currency. The name of PayPal in the world of transactions across the platform is much reputed, and recently it has started hiring engineers for the cryptocurrency domain.

The market speculation about PayPal offering a Bitcoin buying and selling option to its users has increased the BTC price last week. Even though there is no clear news about this collaboration, market participants are watching this crucial move by PayPal. One of the biggest sparks came from PayPal hiring blockchain experts for its research team. This sent out strong feelers that the company may be integrating Bitcoins or other cryptocurrency options to its services. As the company has a large database of customers, this is naturally bringing a lot of attention towards the BTC price in the market.

PayPal is looking to overcome blockchain threats

As a global platform, the policy of PayPal is much known as users can transact on this platform in any currency and from any platform. Since the beginning, PayPal has been a critic of the blockchain concept. However, it has faced many problems in recent years due to the increasing demand for bitcoins and other cryptocurrency offers. The consumers have opened up to digital currencies, and they are no longer interested in the plain services offered by PayPal. If the company does not make aggressive moves in this direction, there is a threat that it will be left out in the race. For this reason, PayPal is also planning to enter into the blockchain market to counter the competition.

Increasing demand for Bitcoins

Even though it started slowly, Bitcoins have been conquering the digital wallet space in recent years. Many people are now open to using such currencies for international as well as local transactions. It has brought a new set of customers into the market who were earlier not interested in such financial transactions. Also, the boom in BTC price in recent years has increased market participation in a huge way. Considering all these factors, big players like PayPal may also collaborate with Bitcoins in the near future.

Resistance level for BTC price

When it comes to BTC price, the current resistance is near the $9600 mark. However, many market participants feel that this can be easily broken considering the positive news it is getting from PayPal and other sources. If the resistance holds firmly for a longer duration, bears may make a killing as they are expected to create short positions at this level.

The expected target for BTC price

If the resistance of $9600 is crossed, the BTC price can climb up to $12000 within a short duration of time. The price is expected to reach the five-figure mark considering the rumors regarding PayPal floating in the market.

Future of PayPal after Bitcoin collaboration

If the rumors about PayPal and Bitcoins come true, the BTC price will be the biggest beneficiary in this deal. Even PayPal will benefit in the long run with its integration with Bitcoins. The company has been facing some hurdles about offering advanced services to its consumers. In this regard, they can make giant strides into the cryptocurrency market with this collaboration. The market for PayPal can expand further, and it can become a leader in blockchain service providers in future. However, these are mere speculations, and many factors may affect the collaboration in the long run.

Has Canada Put a Question Mark Over the Bitcoin?

Highlighted in the Wall Street Journal post, the statement, ” Canada Put a Question Mark Over the Bitcoin,” was given by David George-Cosh responding to an email about Bitcoin usage in Canada.

Bitcoin has become one of the safest virtual payment systems globally, and its value is multiplying every second. Its importance cannot be ignored because of the penetration in almost every economy on the globe. One such economy is Canada, where an official from the federal department of finance indicated in an email that Bitcoin is not a legal tender in Canada. As a reaction to this, David George-Cosh suggested putting a question mark over the use of Bitcoin.

This comment has hardly to do anything with Bitcoin’s acceptance, adoption, or growth in Canada. Canadian currency act states that “legal tender” is only Canadian fiat money. There is nothing in the statement that directly or indirectly implies that any class of citizens cannot transact in bitcoins. So, this is not expected to have any impact on the bitcoin use of Canadian citizens.

It is seen, from the ongoing trends, that the overall interest in virtual cryptocurrencies has grown and, with this, their price has also scaled up. The business involvement and innovation will show in the coming years that we have exploited most of the technology of this virtual currency. Canada is not behind in this race and is leading the pack, trying very hard to regulate the technology and its instrumentalities.

One of the first bitcoin ATMs was rolled out in Canada’s Vancouver city, followed by launches in Ottawa and Toronto following the trend. Researchers have found that there is an impressive number of vibrant groups seeking bitcoin entrepreneurs and developers to build their network for becoming versatile bitcoin visionaries.

The country is every day attracting those who look into new frontiers for cryptocurrency and how the future versions of bitcoin can improve. Having a stable justice and taxation system with the first-world infrastructure, it will not be an understatement to say that Canada is a hotbed for Bitcoin activities. There are some regulators who, every day, carefully evaluate how and if the Bitcoin transactions may be regulated.

However, the news is not all positive because Canada’s chartered banks are generally very hostile to Bitcoin, and getting solutions to this is quite challenging. Also, the scrutiny for singled out Bitcoin users is quite strict for tax obligations even though crypto crimes are way less than those of actual fiat currency crimes. Despite this, innovation has always been possible by the handlers and the system does not fail to deliver something new every time.

Canada has more ATMs than any other country in the world, and the federal system always issues guidance on how to tax bitcoin rather than bringing the entire system down. There is also a national alliance that actively promotes, increases, and innovates the use of Bitcoin among Canadian citizens. Bitcoin Decentral in Toronto and Bitcoin Embassy in Montreal are two major innovation centers in Canada working on everything which relates to bitcoin.

It can thus be concluded that despite obligations and hostility from authorities, Bitcoin is still a greatly used virtual currency platform in Canada. Not limiting themselves to just usage, the citizens, developers, and networkers, in specific, are innovating the use every day, and this is leading to a rise in the market value of this cryptocurrency exponentially over time. The statement of putting a question mark is, therefore, not very effective in limiting the activities of Bitcoin in the country, and neither has any significant federal or fiscal impact. Undoubtedly, there are several controversies and hot talks on the statement, but their effects are not very significant.