This weeks cryptocurrency news roundup sees greater worldwide cryptocurrency adoption, more hacks and frauds and Bitcoin gaining acknowledgment by Guinness World Records, amongst other headings.
2019 Thief who sold Ed Sheeran songs for Bitcoin finally sentenced
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Coinbase users sue platform after $21 million scam.
On October 18, almost 100 Coinbase users united to take legal action against the business following a phony Coinbase Wallet app scam on the cryptocurrency exchange platform that saw around $21 million USD worth of cryptocurrency being stolen from its users. They are taking Coinbase to court over the matter, declaring that the scam was a result of a security flaw that had actually been overlooked by the platform. The wallet was advertised on social networks platforms such as Twitter and Facebook, leading the platform users to think the adverts were genuine. Nevertheless, once they downloaded the app through the link, the scammers were offered complete access to the users genuine accounts without needing a password. The users claims are not relating to the fraud itself, but rather Coinbases reaction to it, as the platform had been warned about the fraud for months without them taking any preventative procedures to protect their platform users.
German crypto bank warns users to withdraw funds ahead of shutdown.
Mastercard reveals planned task to link banks with crypto services.
Read more on CNBC.
On October 19, Nuris, a German cryptocurrency bank, CEO, Kristina Mayer, told its 500,000 clients to withdraw their funds from their accountants ahead of its planned shutdown in mid-December 2022. This announcement comes after the company declared insolvency in August 2022 after being hit hard by the 2022 crypto economic crisis. It has actually spent the last 2 months trying to resole their solvency issues but were unable to do so.
On October 20, Chainanalysis 2022 Geography of Cryptocurrency Report revealed that the UK had a cryptocurrency trading worth of $233 billion USD between July 2021 to June 2022. On October 19, Nuris, a German cryptocurrency bank, CEO, Kristina Mayer, informed its 500,000 clients to withdraw their funds from their accounting professionals ahead of its organized shutdown in mid-December 2022. On October 18, almost 100 Coinbase users banded together to sue the business following a fake Coinbase Wallet app rip-off on the cryptocurrency exchange platform that saw around $21 million USD worth of cryptocurrency being taken from its users. Paxos is a cryptocurrency trading platform that is currently linked to PayPal. Mastercards objective in offering this service is to make sure that it and Paxos will make sure that all procedures are in line with SEC cryptocurrency regulations on the banks behalf, as well as to provide a more credible and accessible method for hesitant clients to invest in cryptocurrency.
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Olympus DAO ends up being newest hacking victim.
On October 19, Guinness World Records included Bitcoins status as the very first decentralized cryptocurrency accomplishments, its growing list of crypto, blockchain and NFT-based world records. This is another promising indication of just how much more recognition cryptocurrency is gaining even within mediums that a person would not always expect, such as this case where Guinness World Records is usually concerned with real-world info are keeping in mind of the accomplishments of the more nuanced and specific niche sectors of the digital space.
Guinness World Records awards Bitcoin as first decentralized cryptocurrency.
Related: Guinness World Records Awards Bitcoin as First Decentralized Cryptocurrency.
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Read more on BBC News.
On October 22, the hacker who stole the unreleased music of 89 US-based artists, amounting to 565 songs, consisting of Ed Sheeran and offered them for Bitcoin (BTC) was sentenced to 18 months in jail. Adrian Kwiatkowski, a 23-year-old from Ipswich UK offered 2 unreleased tunes by Ed Sheeran and 12 tunes by rap artist Lil Uzi Vert for the equivalent of ₤ 131,000 (~$ 148,090 USD.) At the time of the theft, the hacker went by the alias Spirdark. According to the BBCs report, the New York police managed to trace the sales back to him and found the content on his laptop computer. In August this year, he appeared before the court, where he pleaded guilty to 20 different criminal charges..
Paxos is a cryptocurrency trading platform that is already linked to PayPal. Mastercards aim in providing this service is to make sure that it and Paxos will guarantee that all treatments are in line with SEC cryptocurrency policies on the banks behalf, as well as to supply a more accessible and credible technique for hesitant customers to invest in cryptocurrency.
UK becomes biggest crypto economy in Europe.
On October 21, a hacker syphoned 30,437 OHM tokens, valued at around $300,000 USD, by making use of a weak point in Olympus Bond Protocol that allowed them gain access to into among the platforms wise agreements. The funds were returned within 11 hours of the hack after Olympus and the hacker negotiated an exchange deal. This still does not bode well, given that there is no guarantee that this hacker or another one wont make use of the weakness again.
Read more on CoinTelegraph.
On October 20, Chainanalysis 2022 Geography of Cryptocurrency Report revealed that the UK had a cryptocurrency trading value of $233 billion USD between July 2021 to June 2022. This makes it the sixth biggest cryptocurrency economy by trading volume in Europe and the 6th biggest economy worldwide. In terms of adoption per capita, the UK just position 17th, with first location going to Vietnam, second to the Philippines and 3rd going to Ukraine.
