Connect with us

Blockchain

Bitcoin scam: Police raised alarm after $430,000 was raked from 78 residents in Waterloo Region

More than a dozen residents from Waterloo Region have been caught in a Bitcoin scam, which was perpetrated through the cryptocurrency ATM machines, and fake phone calls. To that extent, the local police have been led to issue warnings to the residents, informing them on the phone call tricks. Bitcoin scams hit residents in Waterloo […]

Avatar

Published

on

More than a dozen residents from Waterloo Region have been caught in a Bitcoin scam, which was perpetrated through the cryptocurrency ATM machines, and fake phone calls. To that extent, the local police have been led to issue warnings to the residents, informing them on the phone call tricks.

Bitcoin scams hit residents in Waterloo Region

Waterloo Region, formally known as the Regional Municipality of Waterloo, is a mid-sized community and metropolitan area located in Southern Ontario, Canada. Over the months, Bitcoin scammers have been contacting the residents through phone, while falsely posing as a government official from Service Ontario, Canada Revenue Agency (CRA), Service Canada, and other law enforcement bodies.

Via the phone calls, the scammers created fears in the minds of the victims, demanding that they pay a certain amount of money in Bitcoin to them, to avoid going to prison. In one of the cases, a Waterloo Region resident was told that his/her Social Insurance Number or SIN was compromised. Some others were told that they owed either the Service Canada or the CRA.

Waterloo Region lost over $400k to Bitcoin scams

After convincing victims that they defaulted in one way or the other, the Bitcoin scammers would ask them to verify their SIN and other financial information. To do so, victims were told to withdraw certain fund from their bank, which they will convert to bitcoin and send them to scammers. 

The bitcoin scammers will have them transfer the cryptocurrencies from different Bitcoin ATM machine locations, as was the case of one victim who lost $10,000.

During their time, the scammer would warn them not to disclose the transaction to anybody. In total, the Water Region Police mentioned in the report that 78 residents were duped $430,000 this year, via the Bitcoin scam. Meanwhile, 29 victims from the total number were scammed just last month.

The residents have been warned that those government bodies and accredited business wouldn’t call with threats of arrest, neither will they ask for their personal information.

Blockchain

Over 200,000 Bitcoin Moved Out of Long-Term Storage Since November

Unchained Capital revealed the news via a data visualization on Dec 3. Unchained’s ‘HODL Waves’ metric measures the activity of bitcoin by the length of storage. The total share of the bitcoin supply locked in storage between five and seven years fell from 5.48% to 4.67% between Nov 1 and Nov 30. Some Long-Term Investors … Continued

The post Over 200,000 Bitcoin Moved Out of Long-Term Storage Since November appeared first on BeInCrypto.

Avatar

Published

on

Approximately $4 billion worth of bitcoin which had been inactive for between five and seven years was moved out of long-term storage following November’s massive price rally.

Unchained Capital revealed the news via a data visualization on Dec 3.

Unchained’s ‘HODL Waves’ metric measures the activity of bitcoin by the length of storage. The total share of the bitcoin supply locked in storage between five and seven years fell from 5.48% to 4.67% between Nov 1 and Nov 30.

Some Long-Term Investors Take Profit

Investors who locked their coins into storage in 2013 did so at a price level that averaged between $134 and $1,151. In 2014 and 2015, the price averaged between $500 and $750.

With bitcoin closing at $18,702 on Nov 30, long-term investors would have made anywhere between 1524% and 13,856%.

Bitcoin All-Time Price Chart: TradingView

According to the HODL Waves calculation, 1.19% of the bitcoin total supply left this storage category and became active on-chain.

Given the current total supply of 18,60,637.5 BTC at press time, this represents roughly 200,000 BTC, currently worth just over $3.8 billion.

Bitcoin HODLers Not Relenting

The data reveals a mix of long-term strategies. The vast majority of long-term investors are not only holding, but also increasing their holdings.

Whereas the previous five to seven year long-term storage category fell more than 1%, the over ten-year storage category actually rose 0.19% from 9.73% to 9.92%.

The long-term storage category between seven and ten years also rose 0.2% from 7.08% to 7.28%. Similarly, the three to five year storage category jumped 0.69% from 10.06% to 10.85%.

In fact, the data shows that it’s mostly the shorter-term storage categories that witnessed holding declines. Overall, more than 61% of bitcoin’s total supply has not moved at all in more than a year.

This data, some argue, would seem to validate the position that bitcoin could be viewed more as a store of value asset and an inflation hedge versus just a speculative instrument.

On Nov 19, BeInCrypto reported that Glassnode data had revealed a huge surge in creation of new bitcoin addresses, only bettered in January of 2018.

On-chain analyst Willy Woo predicted that bitcoin’s Network Value Transaction Ratio (NVT) all-time high in mid-November was driven by the presence of “underlying long term investors.” This he said, would drive bitcoin to a new all time high, which subsequently took place on Nov 30.

Share Article

David is a journalist, writer and broadcaster whose work has appeared on CNN, The Africa Report, The New Yorker Magazine and The Washington Post. His work as a satirist on ‘The Other News,’ Nigeria’s answer to The Daily Show has featured in the New Yorker Magazine and in the Netflix documentary ‘Larry Charles’ Dangerous World of Comedy.’ In 2018, he was nominated by the US State Department for the 2019 Edward Murrow program for journalists under the International Visitors Leadership Program (IVLP). He tweets at @DavidHundeyin

Follow Author

Source: https://beincrypto.com/over-200000-bitcoin-moved-out-of-long-term-storage-since-november/

Continue Reading

Blockchain

OMG Network acquisition raises its token price by 18%

TL:DR Breakdown: Ethereum-based OMG Network has been acquired by a Hong Kong blockchain venture capital firm. The announcement brought over an 18 percent price increase for the native token, OMG.  The native cryptocurrency of the OMG Network (OMG) noted a two-digit percentage increase today. The development follows an announcement that the network has been acquired […]

Avatar

Published

on

TL:DR Breakdown:

  • Ethereum-based OMG Network has been acquired by a Hong Kong blockchain venture capital firm.
  • The announcement brought over an 18 percent price increase for the native token, OMG. 

The native cryptocurrency of the OMG Network (OMG) noted a two-digit percentage increase today. The development follows an announcement that the network has been acquired by Genesis Block Ventures (GBV), a blockchain-focused venture capital investment company. GBV’s plans for the blockchain network is geared at accelerating more adoption and expanding its reach across countries in Asia and beyond, according to the announcement on Friday.

OMG Network sets for adoption

In 2017, the OMG Network was established as a subsidiary of SYNQA, a holding computer in Asia that specializes in blockchain development for fintech, online payment, and digital transformation. The OMG Network serves an Ethereum-based network that allows users to process transactions on Ethereum off-chain at a faster and reduced fee. In August 2020, Tether had partnered with the OMG team to host the popular US dollar-backed stablecoin, USDT, on the OMG Network.

However, following the acquisition by GBV, the network’s team and business will be transitioned from the initial parent company, SYNQA, to Genesis Block, in a bid to spearhead more growth and adoption for the blockchain network. Meanwhile, the acquisition today could be viewed as an important development for OMG users, as the native token surged by 18 percent since the announcement today. 

OMG reacts to new acquisition

According to Denis Vinokourov at Brokerage Bequant in London, “OMG surged higher overnight in reaction to the news that Hong-Kong based OTC trading firm is to acquire OMG Network.” The cryptocurrency increased from $3.74 to $4.41, making over 18 percent price growth. In August, the token grew by more than 200 percent due to the craze in the decentralized finance (DeFi) market, which, in turn, increased the activities on the network.

Continue Reading

Blockchain

Audio Streaming Mogul Spotify Considering Cryptocurrency Payments

Avatar

Published

on

Joining the tech and financial services bigwigs in the payments revolution, Spotify too is going the crypto way. The Swedish audio streaming and music services giant just put up a job offer for an Associate Director, Payments Strategy & Innovation. The desired candidate will play a key role in ‘navigating the company’s payments rudder’ through the cryptocurrency ecosystem.

Spotify Looking To Be A ‘Leading Player In The Cryptocurrency Space’

As per an official job opening that Spotify just posted, the company is looking for an Associate Director for their Payments Strategy & Innovation Team. The said individual would report to the Director of the same team. And will be instrumental in Spotify gaining a considerable foothold wrt integration of cryptocurrency payments. According to the description:

We are now looking for an outstanding Associate Director to join our Payments Strategy & Innovation team. This role will report to the Director, Payments Strategy & Innovation and will play a key part in defining and implementing Spotify’s payments strategy as well as leading Spotify’s activity within the Libra stablecoin project and wider digital asset & cryptocurrency space.

The objective is to address the company’s plan of ‘enabling new monetization opportunities’ for music creators. Also, Spotify wants its platform to become accessible to a larger section of potential users.

Spotify intends to inculcate all the latest fintech trends in their payments strategy, including cryptocurrencies. So that users from all sections of the society can access the music streaming platform.

Crypto Agenda Involves Libra As Well

One of the designated roles of the incoming Associate Payments Strategy Director would be to lead ‘Spotify’s day-to-day engagement with the Libra Association.’ This is due to the ongoing alliance of the company with Facebook’s digital currency project.

Along with this, the company is looking to leverage all the blue-chip aspects of the blockchain and cryptocurrency space. This includes stablecoins and Central Bank Digital Currencies (CBDCs). It is to streamline its transition to the most advanced payment methods available in finance at the moment.

The Associate Payments Strategy Director would be required to fulfill the above roadmap by making use of

Spotify’s global footprint to seek out innovation in the payments domain globally as well as emerging regulatory & market trends that could influence Spotify’s approach to payments.

Through all the above, the company actually intends to elevate its ‘reputation as a market leader in payments’, the website said. And give giant payments players like PayPal a run for their money.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/audio-streaming-mogul-spotify-considering-cryptocurrency-payments/

Continue Reading
Blockchain1 day ago

Spotify Thinking of Accepting Bitcoin

Blockchain1 day ago

Litecoin, Cosmos, Dogecoin Price Analysis: 03 December

Blockchain3 days ago

Greenheart Punt World Debut on DigiFinex

Blockchain5 days ago

Coinbase unwilling to participate in Spark’s airdrop

Blockchain2 days ago

IlCOIN Launches Blockchain-Powered VR First on Steam

Blockchain3 days ago

Mining City: A Blueprint for Success?

Blockchain5 days ago

Trading 212, PayPal Crypto User Ban, BTC and ETH Tank: Editor’s Pick

Blockchain4 days ago

Yearn Finance Continues Growing with Latest DeFi Acquisitions

Blockchain5 days ago

Curve Finance to Distribute Almost $3 Million in Fees

Blockchain5 days ago

Wall Street Giant Guggenheim Fund Seeks SEC Approval to Buy Bitcoin Worth up to $500 Million

Blockchain4 days ago

Bitcoin, Ether, and XRP Weekly Market Update November 30, 2020

Blockchain4 days ago

Golff Vault 2.0’s New Launch – One-Stop Services Encrypted Bank

Blockchain5 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain5 days ago

Editorial: Why the 2020 Bitcoin Bull Run Ain’t Over Yet?

Blockchain5 days ago

UAE, Saudi Arabian central banks release report on Project Aber CBDC trial

Blockchain4 days ago

J.P. Morgan Analysts Foreshadow Further Bitcoin Declines

Blockchain4 days ago

BREAKING: Bitcoin Miners in China’s Yunnan Province Cut off from Electricity Supply

Blockchain5 days ago

Bitcoin SV, Maker, Ethereum Classic Price Analysis: 29 November

Blockchain3 days ago

Facebook Libra changes name to Diem

Blockchain5 days ago

Visa CEO Alfred Kelly: ‘We Are Very Interested in Cryptocurrencies’

Blockchain5 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain4 days ago

Nicholas Baumer Appointed Chief Marketing Officer by Tickmill

Blockchain4 days ago

TRON’s BitTorrent Partnered with Huawei

Blockchain5 days ago

Guggenheim Funds Intends $500 Million BTC Investment

Blockchain5 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain4 days ago

SEC Letter Reveals China’s Crypto Ambitions Threaten US

Blockchain4 days ago

FCA Exposes 4TFX as Crackdown on Clone Scams Continues

Blockchain4 days ago

5 Reasons Why Bitcoin Just Hit an All-Time High Price

Blockchain5 days ago

How Bitcoin Gets to $100,000

Blockchain5 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain5 days ago

Bitcoin Cash Price Prediction: BCH/USD Stays Above $280; the Bulls May Regain the Ground

Blockchain4 days ago

Ethereum Classic Hashrate Rises Following Successful Thanos Hardfork

Blockchain5 days ago

Former Goldman Sachs VP Explains Why Bitcoin Price Could Reach $500,000 by 2030

Blockchain5 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain4 days ago

$100 Million in Bitcoin From Bitfinex Hack Has Moved

Blockchain5 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain5 days ago

Bitcoin Continues to Stay Strong Thanks to PayPal

Blockchain5 days ago

Pizza Hut to accept Bitcoin for pies in Venezuela

Blockchain4 days ago

Crypto Market Cap Gained $30 Billion While BTC Eyes $19K

Trending