Todays cryptocurrency news roundup sees higher international cryptocurrency adoption, more hacks and rip-offs and Bitcoin gaining recognition by Guinness World Records, amongst other headings.
2019 Thief Who Sold Ed Sheeran Songs for Bitcoin Finally Sentenced
On October 20, Chainanalysis 2022 Geography of Cryptocurrency Report exposed that the UK had a cryptocurrency trading worth of $233 billion USD between July 2021 to June 2022. This makes it the 6th biggest cryptocurrency economy by trading volume in Europe and the sixth largest economy on the planet. However, in terms of adoption per capita, the UK just position 17th, with first place going to Vietnam, 2nd to the Philippines and 3rd going to Ukraine.
On October 22, the hacker who took the unreleased music of 89 US-based artists, totalling 565 tunes, including Ed Sheeran and offered them for Bitcoin (BTC) was sentenced to 18 months in jail. Adrian Kwiatkowski, a 23-year-old from Ipswich UK sold 2 unreleased songs by Ed Sheeran and 12 tunes by rap artist Lil Uzi Vert for the equivalent of ₤ 131,000 (~$ 148,090 USD.) At the time of the theft, the hacker passed the alias Spirdark. According to the BBCs report, the New York authorities handled to trace the sales back to him and discovered the material on his laptop. In August this year, he appeared prior to the court, where he pleaded guilty to 20 different criminal charges..
Coinbase Users Sue Platform After $21 Million Scam.
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 appealing sign of how much more recognition cryptocurrency is getting even within mediums that one would not always expect, such as this case where Guinness World Records is typically interested in real-world info are remembering of the achievements of the more nuanced and specific niche sections of the digital area.
Read more on The Block.
Mastercard Announces Planned Project to Connect Banks with Cryptocurrency Services.
Olympus DAO Becomes Latest Hacking Victim.
Read more on CoinTelegraph.
German Crypto Bank Warns Users to Withdraw Fund Ahead of Shutdown.
Find out more on ars Technica.
Read more on CNBC.
Guinness World Records Awards Bitcoin as First Decentralized Cryptocurrency.
Find out more on BBC News.
On October 21, a hacker syphoned 30,437 OHM tokens, valued at around $300,000 USD, by making use of a weakness in Olympus Bond Protocol that enabled them access into one of the platforms wise contracts. The funds were returned within 11 hours of the hack after Olympus and the hacker worked out an exchange deal. This still does not bode well, because there is no warranty that this hacker or another one will not make use of the weak point once again.
Find out more on CityA.M.
On October 19, Nuris, a German cryptocurrency bank, CEO, Kristina Mayer, informed its 500,000 clients to withdraw their funds from their accountants ahead of its planned shutdown in mid-December 2022. This statement follows the company declared insolvency in August 2022 after being struck hard by the 2022 crypto economic crisis. It has invested the last 2 months attempting to resole their solvency problems however were unable to do so.
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, claiming that the rip-off was an outcome 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 real. However, once they downloaded the app through the link, the scammers were offered complete access to the users genuine accounts without requiring a password. The users claims are not relating to the scam itself, however rather Coinbases action to it, as the platform had been warned about the rip-off for months without them taking any preventative procedures to protect their platform users.
UK Becomes Largest Crypto Economy in Europe.
Read more on BitcoinChaser.
On October 20, Chainanalysis 2022 Geography of Cryptocurrency Report revealed that the UK had a cryptocurrency trading value of $233 billion USD in between July 2021 to June 2022. On October 19, Nuris, a German cryptocurrency bank, CEO, Kristina Mayer, informed its 500,000 customers to withdraw their funds from their accountants ahead of its planned shutdown in mid-December 2022. On October 18, nearly 100 Coinbase users banded together to sue the business following a fake Coinbase Wallet app scam on the cryptocurrency exchange platform that saw around $21 million USD worth of cryptocurrency being stolen from its users. Paxos is a cryptocurrency trading platform that is already connected to PayPal. Mastercards goal in offering this service is to make sure that it and Paxos will make sure that all procedures are in line with SEC cryptocurrency guidelines on the banks behalf, as well as to supply a more accessible and trustworthy approach for hesitant customers to invest in cryptocurrency.
Paxos is a cryptocurrency trading platform that is currently linked to PayPal. Mastercards aim in offering this service is to ensure that it and Paxos will ensure that all procedures are in line with SEC cryptocurrency guidelines on the banks behalf, as well as to offer a more trustworthy and accessible approach for reluctant clients to invest in cryptocurrency.
