Investor Chris Burniske has made a bold prediction regarding the future of Bitcoin, foreseeing months of struggle ahead for the cryptocurrency as it attempts to recover its lost ground and challenge previous highs.
In a recent post on X (formerly Twitter), Burniske, who currently serves as a partner at the crypto venture capital firm Placeholder, suggested that the price of BTC could potentially drop to a minimum of $30,000.
Burniske’s outlook aligns with a growing number of crypto industry figures who are also anticipating further declines in Bitcoin’s price.
However, Burniske’s floor target is notably lower than some of his peers, indicating a more bearish stance.
He emphasized that Bitcoin may experience a period of decline, possibly testing levels in the mid-to-high $20,000s before any significant recovery toward previous all-time highs.
He cautioned investors about the potential volatility in the path ahead, including possible fakeouts, and suggested that this extended downturn could take months to play out.
Burniske’s forecast extends beyond the upcoming block subsidy halving in April, indicating that the recovery may be a longer-term endeavor.
While Bitcoin is expected to face challenges, Burniske also anticipates a more challenging situation for altcoins, warning investors to exercise patience during this period of uncertainty.
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He stressed that other cryptocurrencies may experience greater percentage declines compared to Bitcoin.
Despite his bearish outlook, Burniske made it clear that he was not inclined to change his long BTC position, expressing confidence in Bitcoin’s long-term potential.
This perspective on Bitcoin’s future aligns with the broader sentiment in the crypto industry, where several factors are influencing predictions of continued weakness in BTC’s price.
These factors include macroeconomic influences tied to U.S. financial policies and global liquidity trends, which have a significant impact on crypto markets.
Other industry figures, such as Arthur Hayes and notorious trader Il Capo of Crypto, have also made bearish predictions about Bitcoin’s price, with some suggesting the possibility of a dip to $30,000 or even $12,000.
However, some analysts, like Il Capo of Crypto, see a temporary reprieve for Bitcoin bulls and anticipate a potential rebound if key levels are reclaimed.
As of the time of writing, BTC/USD was trading near $40,000, but the future remains uncertain, with investors closely monitoring developments in the crypto market.
The Algorand Foundation made a public announcement on X (formerly known as Twitter), revealing that their CEO, Staci Warden, had fallen victim to a security breach on her X account.
In response to this incident, they urged their community members to exercise caution by refraining from clicking on any suspicious links or engaging with direct messages.
The breach came to light on January 26, when a post from Warden’s X account surfaced, containing offensive language and racial slurs while also disparaging the Algorand community.
These derogatory remarks strongly suggested that an unauthorized party had taken control of her account, Stealth Tax News reported.
Furthermore, the perpetrator of the breach encouraged the community to divest from Algorand and instead invest in Ether.
Following this provocative post, the hacker continued to share satirical content, fabricating a story wherein they claimed that Justin Sun, the founder of Tron, would elevate Algorand to unprecedented heights.
According to the hacker, all that was needed was to grant Sun “total control” over Algorand and allow him to mint any token back to True USD (TUSD).
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This fabricated narrative was presented with tongue-in-cheek humor, insinuating that they had readily accepted this proposal, which would supposedly peg Algorand to the US dollar, ushering in a new era of digital commerce.
The hacker also humorously suggested that Sun’s projects would precipitate the next “major financial collapse in crypto.”
Aside from these fabricated tales, the hacker made various changes to Warden’s X account.
They shared music, modified her profile bio, and alleged that the CEO had siphoned off six figures from the Algorand community while falsely gaslighting them into believing it was a hacking incident.
The hacker even went so far as to change Warden’s bio to claim that she had left the Algorand Foundation and had taken up a new career as a “semi-professional pole dancer.”
Surprisingly, some members of the Algorand community seemed amused by the hacker’s antics.
Some even responded to the post about Justin Sun by suggesting that Algorand should hire the hacker or allow them to maintain control of the account.
Meanwhile, others seized the opportunity to criticize Warden, with one crypto enthusiast suggesting that the hacker would make a “better CEO” for the Algorand Foundation.
Another individual humorously proposed that Warden should consider applying for an internship at the United States Securities and Exchange Commission, given their own recent security breach on X.
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According to analysts at Cantor Fitzgerald, eleven of the largest publicly traded Bitcoin miners may face profitability challenges if the price of Bitcoin (BTC) does not experience a significant increase following the upcoming halving event.
CleanSpark’s executive chairman and co-founder, Matthew Shultz, shared this research on January 25th, highlighting concerns for miners like Marathon Digital, Riot Platforms, and Core Scientific, as their mining operations may no longer cover their costs.
While Bitcoin miner revenues are closely tied to BTC’s price, Luxor’s executive emphasized that miners often employ strategies to mitigate potential losses from price volatility.
Nevertheless, Cantor Fitzgerald’s assessment suggests that, at the current BTC price, UK-based Argo Blockchain and Florida-based Hut 8 could be the most vulnerable post-halving, with an “all in” cost-per-coin rate of $62,276 and $60,360, respectively.
Hut 8 reported in its January 5th update that it held 9,195 BTC, worth $377 million at current prices.
Cantor analysts only expected Singapore-based Bitdeer and US mining firm CleanSpark to maintain profitability following the halving, assuming an average BTC price of $40,000 and no drastic changes in hash rate.
The “all in per coin” metric takes into account all costs incurred in producing a single Bitcoin, including electricity and hosting fees.
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The Bitcoin halving, scheduled for April, involves cutting mining rewards in half, potentially impacting miners with high operational costs.
If BTC’s price does not cover these costs, their situation could worsen.
However, many market experts believe that the halving could drive a long-term increase in BTC’s price, which would alleviate this concern.
Dan Rosen, associate director of derivatives at Bitcoin miner Luxor, explained that miners often employ various strategies to hedge against BTC price fluctuations, such as purchasing derivatives products like hash rate futures contracts and BTC-related options.
Cointelegraph attempted to contact several Bitcoin miners mentioned in the report for comment, but no immediate responses were received.
The fate of these miners will depend on BTC’s post-halving price performance and their ability to manage operational costs in an evolving market.
The United States government’s decision to sell approximately $118 million worth of seized Silk Road Bitcoin has sparked discussions within the cryptocurrency market.
The announcement of this planned sale came through a forfeiture notice on January 10, which gained attention on social media on January 24.
This move follows the sentencing of Silk Road Xanax dealer Ryan Farace and his father Joseph Farace for money laundering conspiracy on January 8.
While some members of the crypto community expressed concerns that this auction might result in a significant Bitcoin “dump,” many market experts disagree.
Steven Lubka, the managing director at the Bitcoin exchange Swan Bitcoin, downplayed the impact of the sale, describing it as “peanuts” compared to the recent outflows from the Grayscale Bitcoin Trust (GBTC).
The GBTC has sold a substantial 106,575 BTC worth $4.2 billion since converting to a spot Bitcoin exchange-traded fund on January 11, with an additional 10,871 BTC outflow on January 24.
Furthermore, the planned sale by the U.S. government represents only 1.5% of its total holdings of approximately 194,188 BTC, equivalent to $7.7 billion, acquired from three separate seizures in criminal cases.
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This figure still accounts for less than 1% of Bitcoin’s overall circulating supply.
The three sources of Bitcoin held by the U.S. government include 94,643 BTC seized in January 2022 from the 2016 Bitfinex hack, 69,369 BTC seized in November 2020 from the Silk Road, and 51,326 BTC seized from Silk Road hacker James Zhong.
Approximately 41,000 BTC is expected to be gradually offloaded through four sales scheduled throughout 2023.
Notably, the U.S. government has a history of auctioning off seized Bitcoin assets.
In 2014, venture capitalist Tim Draper purchased nearly 30,000 BTC through such an auction.
More recently, the government has opted to sell seized cryptocurrencies on exchanges instead of holding auctions, with the last known sale involving 9,118 BTC in March 2023.
Overall, the upcoming sale of seized Silk Road Bitcoin by the U.S. government is expected to have a limited impact on the cryptocurrency market, given its relatively small scale compared to recent market activities and the government’s total holdings.
Paris, France, January 26th, 2024, Chainwire
Twentysix Cloud is an all-in-one, decentralized cloud marketplace, powered by aleph.im’s Decentralized Physical Infrastructure Network (DePIN). This launch marks a significant step in bridging decentralized cloud solutions with the growing demand for computing resources.
Aleph.im announces the launch of its innovative hub. Twentysix Cloud is a decentralized cloud marketplace offering a full range of blockchain-based storage, compute engine, indexing, and AI solutions for businesses and applications. By leveraging the aleph.im network, Twentysix Cloud ensures a secure, resilient, and transparent user experience. It sets a new standard for modern cloud infrastructures, utilizing tens of independent nodes worldwide.
The decentralized design of Twentysix Cloud meets the evolving needs of businesses and developers. It provides a versatile environment for a wide range of applications, empowering users through a robust architecture that seamlessly connects on-chain and off-chain data, eliminating centralized points of failure.
Twentysix Cloud now operates on a Pay-As-You-Go (PAYG) model, offering users the flexibility to pay only for the resources they use. This approach leads to lower costs due to the distributed nature of resources. Payments can be made in ALEPH, the native token of the network, or in stablecoins. This system, which charges by the millisecond, leverages Avalanche C-chain and Superfluid for optimal payment solutions.
Twentysix Cloud is enhancing its integration with EVM blockchains like Avalanche to facilitate global streaming payments. This enhancement enables a seamless Pay-As-You-Go payment system that operates effortlessly across node operators, who contribute to maintaining and securing the network independently.
Jonathan Schemoul, co-founder and CEO of aleph.im, shared, “Twentysix Cloud offers a wide range of products for companies who wish to use an alternative solution to traditional cloud services. Until today, our users needed to hold or stake tokens to use our solutions. With the introduction of our Pay-As-You-Go model, we’re excited to onboard more businesses and developers, providing easy access to a full Web3 cloud platform. Our product will incorporate DeFi components to facilitate stablecoin transactions and include fiat gateways to enhance ease of use.”
Jonathan added, “Our mission is to contribute to the open-cloud industry as a whole and drive innovation across the space, providing new ways to build, deploy, and scale more effective models for AI. By opening this technology, we are offering decentralized AI’s virtual agents and conversational AI products to all who wish to use it, in a confidential way.”
In addition to its advanced capabilities, Twentysix Cloud and aleph.im are GDPR compliant. This ensures that stakers’ personal data remains secure, and they retain ownership of their uploaded documents and metadata. These are stored on Twentysix Cloud’s decentralized storage across 80+ core channel nodes, and 250+ compute resource nodes.
About Twentysix Cloud
Twentysix Cloud is a cross-chain cloud solution powered by the aleph.im decentralized network, which offers developers access to databases, computing power, and file storage. It ensures operational resilience for applications, particularly in AI, DeFi, and gaming industries. Since 2020, its marketplace Instances and Micro-Virtual Machines have provided scalable, high-performance resources across various blockchains.
About aleph.im
Aleph.im is a decentralized physical infrastructure network that enables developers and businesses to build applications with robust features thanks to a system of connected nodes responsible for the security and functionality of the peer-to-peer network. Core Channel Nodes (CCN) play a pivotal role in network control and governance, while Compute Resource Nodes (CRN) are designed to provide distributed secure computing power, and storage, ensuring better privacy, security, and control over their data and applications.
For more information: Twentysix cloud Twitter | aleph.im Twitter | Global Telegram account | Linkedin
Contact
Head of Marketing
Clément Fermaud
Aleph.im / Twentysix Cloud
[email protected]
Former Binance CEO Changpeng Zhao, who is facing money laundering charges, attempted to use his multibillion-dollar stake in Binance.US as collateral to secure temporary travel permission back to the United Arab Emirates (UAE).
This information comes from a recently unsealed court filing dated January 24, which revealed a previously sealed letter from Zhao’s lawyers to Judge Richard Jones, dated December 22.
In the letter, it was disclosed that Changpeng Zhao had sought permission to travel to the UAE for up to four weeks in early January to visit a friend or family member undergoing surgery and recuperating in a hospital.
The value of his equity in Binance.US, estimated at $4.5 billion based on a funding round from two years ago, was offered as collateral.
However, federal prosecutors did not approve this request, and Judge Richard Jones subsequently denied it during a closed-door hearing on December 29.
Changpeng Zhao had previously been prohibited from traveling to the UAE as part of his bond conditions. Judge Jones argued that his substantial wealth and overseas assets made him a flight risk if he returned to the UAE.
READ MORE: Grayscale’s GBTC Exodus Sends Bitcoin Below $39,000, Adding to Cryptocurrency Market Uncertainty
As a result, Zhao is required to remain in the United States until his sentencing on February 23.
His current whereabouts within the country are unknown, and his activity on X, a social media platform, has been minimal since December 6, 2023.
Changpeng Zhao’s legal troubles began when he resigned as CEO of Binance in November 2022, as part of a $4.3 billion settlement with U.S. regulators.
In his admission, he acknowledged running an unlicensed money-transmitting business and violating the Bank Secrecy Act.
Now, Zhao faces a potential prison sentence of up to 18 months and has agreed not to appeal any sentence within that range.
Some details in the recently unsealed letter remain redacted, including the identity of the person undergoing surgery, the nature of the surgery, and other sensitive and personal information.
Blackberry, the renowned tech giant once dominating the mobile phone industry, has sounded the alarm regarding a financially motivated attacker with their research and intelligence division.
This malevolent entity is setting its sights on numerous high-net-worth Mexican cryptocurrency exchanges and banks.
In a detailed report, Blackberry unveiled the attack strategy, which revolves around an attempt to pilfer sensitive user information from banks and cryptocurrency trading platforms.
The weapon of choice for the attacker is an open-source remote access tool known as AllaKore RAT.
This threat operates by infiltrating company-owned computers and databases, often camouflaging itself with official naming conventions and links, thereby slipping under the radar of unsuspecting employees.
The report goes on to highlight the insidious nature of the AllaKore RAT payload, which has been substantially modified to enable the perpetrators to transmit stolen banking credentials and unique authentication data to a command-and-control (C2) server.
This stolen information is then exploited for financial fraud.
Notably, the attackers appear to have a predilection for large companies with gross revenues exceeding $100 million, which typically report directly to the Mexican Social Security Institute (IMSS), according to Blackberry’s findings.
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The majority of these attacks can be traced back to Mexican Starlink IP addresses. Additionally, the use of Spanish-language instructions within the modified RAT payload led Blackberry to conclude that the threat actors are likely based in Latin America.
The latest versions of the AllaKore RAT exhibit a more intricate installation process. They are delivered to their targets within a Microsoft software installer file, with execution contingent on confirming the victim’s location as Mexico.
However, the threat is not confined solely to major banks and crypto trading services.
Large Mexican corporations from various sectors, including retail, agriculture, public administration, manufacturing, transportation, commercial services, and capital goods, are also in the crosshairs of this malicious campaign.
Meanwhile, the cybersecurity landscape continues to witness a surge in basic phishing attacks, with an alarming success rate in stealing funds.
Just recently, on January 20th, the contact details of nearly 66,000 users of the hardware wallet manufacturer Trezor were exposed in a security breach.
Trezor, while reassuring its users that their funds remained secure, cautioned against sharing sensitive information unless properly verified, as attackers had begun sending direct email requests for sensitive recovery seed data to at least 41 users.
With numerous data breaches plaguing the cryptocurrency ecosystem, investors are urged to exercise extreme caution and verify the authenticity of requests for sensitive information.
Trezor, a renowned hardware wallet provider, has confirmed that a recent surge in malicious emails sent to its users over the past 24 hours was a result of unauthorized use of its third-party email provider.
On January 24th, Trezor detected an unauthorized email impersonating the company, originating from a third-party email service they employ.
The fraudulent email, appearing to be from “[email protected],” directed users to upgrade their “network” or risk losing their funds.
It included a malicious link leading to a webpage where users were prompted to enter their seed phrase.
While there is no official confirmation of users losing funds to this phishing attempt, there have been no reports indicating any Trezor users falling victim to the scam.
Trezor took swift action to deactivate the malicious link and assured users that their funds remain secure as long as they refrain from entering their recovery seed.
For those who did enter their recovery seed, Trezor strongly recommends transferring their assets to a new wallet immediately.
Trezor’s investigation has revealed that an unauthorized individual gained access to their database of email addresses for newsletter subscribers and used a third-party email service to distribute the malicious emails.
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As long as users have not disclosed their 12 or 24-word recovery seed through any online form, their assets remain safe.
Interestingly, a few days before this incident, MailerLite, an email marketing software firm, reported a cybersecurity breach on January 23rd, resulting in a series of phishing emails using branded domains, including those associated with Cointelegraph, WalletConnect, and Token Terminal.
These attacks collectively led to losses exceeding $3.3 million through phishing attacks. It remains unclear whether Trezor utilizes the same email domain provider as those affected.
Some suspect that this attack may be linked to a recent security breach involving Trezor’s support portal, where the contact information of nearly 66,000 users was exposed on January 17th.
Trezor promptly took measures to restrict unauthorized access and began notifying affected users.
Digital asset lawyer Joe Carlasare revealed his personal encounter with the phishing email, describing it as a “sophisticated scam.”
This incident is not the first time Trezor has faced phishing threats, as they previously cautioned users in February 2023 about a similar attack aimed at stealing investor funds by tricking them into entering their recovery phrase on a fake Trezor website.
Additionally, in May, cybersecurity firm Kaspersky reported a fake hardware wallet impersonating Trezor that attempted to steal funds by replacing the microcontroller, allowing the attackers to gain control of users’ private keys.
London, Uk, January 26th, 2024, Chainwire
In a significant development for the cryptocurrency industry, Wooooo! Coin has announced its listing on two major exchanges, MEXC and Bitmart. This move represents a key step forward in Wooooo! Coin’s growth and accessibility, bringing the unique energy of WWE/AEW legend Ric Flair to the world of digital assets.
Key Listings on Prominent Exchanges
Wooooo! Coin has successfully secured listings on MEXC and Bitmart, two renowned cryptocurrency exchanges. This achievement enhances the visibility and accessibility of Wooooo! Coin, offering crypto enthusiasts new opportunities to engage with this innovative digital asset. The MEXC listing is set for February 8th, marking a noteworthy event in the coin’s trajectory.
Innovative Tokenomics and Unique Features
Wooooo! Coin, with a total supply of 10 billion tokens, features a unique tokenomics structure, including:
- Reserve: 21.32%
- Liquidity Pool (LP): 29.15%
- Presale Tokens: 19.79%
- Founder Investor Tokens: 29.74%
The coin’s details are as follows:
- Token Name: Wooooo! Coin
- Ticker Symbol: WOOOOO!
- Token Type: ETH (ERC20)
- Contract Address: 0x9B73Ff728D7D4A423e2166a8dFaa1E79D30cddE9
Ensuring Community Confidence
Wooooo! Coin is committed to user’s confidence and stability, implementing a liquidity lock and anti-dump mechanisms. These include:
- Liquidity Lock: Enhancing trading environment stability. (Details: Team Finance)
- Anti-Dump Fees: Applied to large wallet holdings and transactions to prevent market manipulation.
Opportunities and Insights
Crypto users can explore Wooooo! Coin’s vision and potential through its detailed pitch deck, offering comprehensive insights into the coin’s market position and value proposition.
The pitch deck is available at Wooooo! Coin Pitch Deck.
Celebrating the Legacy of Ric Flair
Wooooo! Coin transcends traditional cryptocurrency offerings, encapsulating the vibrant spirit and flamboyance of Ric Flair. It represents a celebration of victory, glamour, and the excitement of being part of a larger-than-life legacy.
The Wooooo! Coin Community
Potential investors and enthusiasts are invited to join the Wooooo! Coin revolution, a journey combining the ease of cryptocurrency with the excitement of a cultural icon.
For media inquiries or interview requests, please contact: [email protected].
About Wooooo! Coin
Inspired by Ric Flair’s legendary status, Wooooo! Coin merges the world of cryptocurrency with unparalleled flair and excitement. With strategic CEX listings, distinctive tokenomics, and an engaging vision, Wooooo! Coin is poised to leave a lasting mark on the crypto industry.
Stay Connected:
- Website: Wooooo! Coin
- Twitter: @WoooooCoin
- Telegram: Official Wooooo! Coin Channel
Wooooo! Coin is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.
Contact
Zamorano
[email protected]