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Victims of the biggest heist in the cryptocurrency world may soon get some retribution.
That's because the US Justice Department is selling $56 million worth of cryptocurrency it seized as part of its case against BitConnect, according to a Tuesday press release. The founder of BitConnect, a scam cryptocurrency, and its promoters swindled thousands of people out of $2 billion worth of bitcoin in 2017.
The scheme is the largest cryptocurrency fraud ever criminally charged, the Justice Department said in its statement. The proceeds from the sale will be used to help pay back victims of the scam.
The crypto to be sold was seized from BitConnect's top promoter, 44-year-old Glenn Arcaro, who pleaded guilty in federal criminal court for his role in the case. Insider previously reported that he and BitConnect founder Satish Kumbhani told investors the coin could get monthly returns as high as 40%.
In September, the US Securities and Exchange Commission sued Kumbhani for raising $2 billion from investors in an offering not properly registered with regulators. In May, the SEC sued five BitConnect promoters who created video testimonials on YouTube and received commissions from it. Arcaro, for his part, received $24 million in referral comissions, Insider said previously.
Experts have been advising investors to remain vigilant in the crypto world. As the popularity of cryptocurrencies rises, so does the number of scams. Insider reported in July one 77-year-old woman lost more than $12,000 in a bitcoin scam. She's one of many who has been swindled out of money.
More recently, the makers of the Squid Game coin named after the hit Netflix show made millions after investors caused the meme coin price to skyrocket. The scammers reaped the rewards before the crypto project was taken offline.
Bitcoin's Dominance of Crypto Payments Is Starting to Erode – TIME
Consumers and businesses are increasingly starting to use digital tokens other than Bitcoin for purchases, according to BitPay Inc., one of the biggest crypto payments processors in the world.
Last year, Bitcoin’s use at merchants that use BitPay dropped to about 65% of processed payments, down from 92% in 2020, the company told Bloomberg. Ether purchases accounted for 15% of the total, stablecoins were 13% and new coins added to BitPay in 2021 — Dogecoin, Shiba Inu and Litecoin — accounted for 3%.
The alternative coins’ use surged partly as more businesses have begun using stablecoins for cross-border payments. Consumers also tend to move to stablecoins — whose value is supposed to stay steady — when crypto prices drop, and they’ve been falling since early November. Coins like Doge also made a splash last year, thanks to fans like Tesla Inc. Chief Executive Elon Musk, who on Friday said the token can be used to buy the company’s merchandise.
With Bitcoin’s price rising 60% last year, despite the fourth-quarter volatility, many investors may also have chosen to hold onto the world’s biggest cryptocurrency instead of spending it. Many remember Bitcoin’s first commercial transaction, in which a programmer spent Bitcoins now worth billions on two pizza pies.
When they did spend their crypto, many bought luxury good like jewelry and watches, cars, boats — and even (cover your ears) gold, which Bitcoin — touted as digital gold — is supposed to replace, according to BitPay. The Atlanta-based private company’s transaction volumes related to luxury goods surged 31% last year from 9% in 2020, said Chief Executive Officer Stephen Pair. The company’s overall 2021 payment volumes rose 57% year over year.
BitPay was founded in 2011, when few companies accepted digital coins. Today it processes an average of about 66,000 transactions per month. That’s a tiny fraction of, say, Visa’s volume: The credit-card network processed 206 billion transactions in the year ended June 30, 2021.BitPay, with its $1 billion in annual transaction volume and 80 employees, helps companies ranging from Microsoft Corp. to AT&T Inc. accept cryptocurrency payments.
It can also serve as an industry barometer. At least so far, the recent downturn hasn’t affected crypto investors’ spending habits as much as in the crypto winter of 2018, Pair said. While luxury spending has been hit, the overall declines have been much smaller, he said — perhaps a sign of confidence that the current downturn could be short-lived, or that crypto has a much broader base of users.
“Our business ebbs and flows to some degree with the price, when the price goes down, people tend to spend less,” Pair said. “We have not experienced as much of a decline in volume with this recent pullback. It’s probably just a reflection of more and more companies that need to use this as a tool to conduct payments.”
More merchants are accepting crypto payments now. Last year BitPay began working with VeriFone to accept digital coins at its terminals at various stores.
For its part, BitPay is showing signs of confidence as well. It just appointed Jim Lester its first-ever chief operating officer to expand the business. Lester previously headed startup ThingTech, and was also senior vice president of product management, strategy and marketing at Fiserv Inc.’s electronic billing and payments division.
A growing list of companies including PayPal Holdings Inc. are stepping into crypto payments as well, showing the payments market’s growth potential.
“PayPal getting into this space has been great for our business, because it causes companies to start asking the question of should they accept crypto payments,” Pair said. BitPay had close to 50% revenue growth last year, he said.
The company has raised $72 million from the likes of Index Ventures and Founders Fund. It doesn’t expect to go public, raise another funding round or sell in the near term, though it has talked about an IPO internally, Pair said.
“We really like where we are strategically,” Pair said. “This space is still very young. A lot of it has to do with what we think about timing. In the next couple of years we are likely to see very substantial growth.”
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SHIB Crypto News: The CoinMarketCap Update Frustrating Shiba Inu Fans – InvestorPlace
Copyright © 2022 InvestorPlace Media, LLC. All rights reserved. 1125 N. Charles St, Baltimore, MD 21201.
Shiba Inu is starting a Twitter war with CoinMarketCap over incorrect addresses
It’s no everyday occurrence for a cryptocurrency to start a Twitter (NYSE:TWTR) war with one of its largest price-tracking websites. However, that’s exactly what’s happening this morning with pupcoin Shiba Inu (CCC:SHIB-USD) and price reference site CoinMarketCap. Indeed, the SHIB crypto is catching headlines today with its latest internet tiff.
So, what do you need to know about the Shiba Inu debacle today?
Well, on Thursday, Jan. 13, the official Shiba Inu Twitter made a statement challenging recent actions by CoinMarketCap. SHIB accuses the site of knowingly listing three apparently fake contract addresses for the crypto, for Bep20 (CCC:SNM-USD), Solana (CCC:SOL-USD) and Terra (CCC:LUNA-USD). It went on to state that CoinMarketCap ignored communication requests and expressed its disappointment with the website.
Official Statement regarding the recent actions by @CoinMarketCap . pic.twitter.com/DXP2wZRhYC
— Shib (@Shibtoken) January 13, 2022
The @Shibtoken account followed up with two more tweets elaborating that “$SHIB is an ERC-20 Token Only!” Additionally, the account requested the #ShibArmy to remain “calm and professional” while they wait for a resolution.
CoinMarketCap has responded publicly, denying the claims. How will this latest crypto conflict conclude?
CoinMarketCap took no time in refuting the injurious claims against them with its own clarifying tweet.
For the avoidance of doubt, the addresses are not malicious. There is precedent for us to publish the contract addresses for wrapped assets because it would ultimately streamline the user experience and facilitate cross-chain transactions.
— CoinMarketCap (@CoinMarketCap) January 14, 2022
In addition to the tweet, the site added a notification to the top of its Shiba Inu page. It reads:
“Please note that the non-ETH contract addresses on this page are wormhole addresses, which are designed to facilitate cross-chain transactions of wrapped versions of this asset.”
CoinMarketCap’s defense isn’t without precedent. The practice of including wormhole addresses for wrapped versions of cryptos is common.
Fortunately for Shiba Inu, crypto bulls seem unbothered by the news. The token is up more than 3% so far today, despite the controversy. However, whether the address mix-up will be a thorn in SHIB’s side or not remains to be seen.
On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Article printed from InvestorPlace Media, https://investorplace.com/2022/01/shib-crypto-news-the-coinmarketcap-update-frustrating-shiba-inu-fans/.
©2022 InvestorPlace Media, LLC
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Quadruple MSRP wanted for GeForce RTX 3090 on eBay while US$16000 secures an Ampere-based mining rig with six GPUs – Notebookcheck.net
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Gamers who have not managed to pick up an RTX 30-series board at anything close to MSRP might want to hold out for the “Lovelace” RTX 40-series launch if listings on eBay are anything to go by. While many graphics cards hunters will be used to the fact that resellers are pricing the boards at around double MSRP, with some examples hitting close to triple MSRP, it now appears quadruple MSRP is justifiable to some sellers. A listing for an Nvidia GeForce RTX 3090 Founders Edition card has a “buy it now” price of an astounding US$6,102, which is almost 4.1x MSRP.
The RTX 3090 card in question is obviously new and apparently unopened, with the unit being supplied by a Japanese store. While this price tag is shocking enough, it’s not even the most-expensive GeForce RTX 3090 board listed, with an optimistic seller wanting US$6,316.70 for an Asus TUF Gaming GeForce RTX 3090 OC Edition. What will be even more galling to frustrated gamers is that this particular seller seemingly has two of these boards available for sale.
However, arguably the most divisive listing here will be the one for the crypto mining rig that is jam-packed with Ampere boards. The rig comes with an RTX 3090 Founders Edition unit, an RTX 3080 MSI Ventus 3X board, an RTX 3070 MSI Gaming X Trio card, two RTX 3060 Ti Founders Editions boards, and one RTX 3060 Ti Asus ROG Strix model (LHR V2 variant). The used mining rig is going for the astonishing amount of US$16,000, although the seller claims none of the GPUs are older than five months. The total MSRP for all of those six boards would be just US$3,894.
It’s worth pointing out that the rig does feature other components, such as a couple of powerful PSUs, an entry-level motherboard, and a dual-core AMD Athlon 2GE processor. But there’s absolutely no doubt the ridiculously high asking price is based on the GeForce RTX 30-series boards alone, and even though AIB partner units tend to be more expensive than Nvidia’s MSRP because of their customizations and enhancements, this is still yet another example of serious price-gouging caused by a combination of ongoing chip shortages and the crypto mining boom.
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