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It has been a generous week for Bitcoin and an exciting time for the industry. Check out the latest updates from the crypto world!
Back in the last weekly update, we commented on the blockchain industry’s reaction to Brexit and some news regarding the famous crypto-related lawsuits. Let’s see what this week’s stories have brought.
$ 10,000 achieved
First, let’s start with a price update. Bitcoin managed to hit the cap of $ 10,000 per coin, proving that the current bull run is serious business. Since the start of the year, the main cryptocurrency has performed very well. There are different theories indicating the reasons for this price increase. Most of them seek them out in the latest international events, such as the coronavirus epidemic or the tense situation between the United States and Iran. Nonetheless, the market appears to be in great shape – and let’s hope it will last a long time.
Charity against the coronavirus
Since we have mentioned the infamous disease, it is worth mentioning that the blockchain industry is also trying to help fight the coronavirus outbreak. Hyperchaîne, a Chinese company specializing in the blockchain application, has announced the launch of a charity initiative dedicated to this goal. Alongside Fuxing Group and Xiongan Group, they will raise funds for medical material.
The coronavirus epidemic coincided with the proclamation of the Chinese shift to blockchain. Decentralized technologies are seen as a solution for better management of many systems, including healthcare. But the Chinese government probably didn’t expect the use of blockchain to be useful in practice so quickly.
More details on Telegram’s blockchain
The Telegram messaging platform is already closely tied to blockchain technology, with many cryptocurrency companies actively communicating through its app. But Telegram’s relationship with the industry doesn’t end there. Since 2017, the company has been working on its own project called TON Blockchain, alongside the associated currency, the gram.
The project, however, has already caused some controversy, mainly through a lawsuit filed by the United States Securities and Exchange Commission. The reason for the legal battle was the alleged sale of unregistered securities during a pre-sale of grams. However, that does not prevent Telegram from developing TON. The latest work on it involved testing on the blockchain and resulted in a white paper summarizing current progress.
Is Wright defending himself with companies that have disappeared?
Craig Wright’s legal issues case is still pending, and each week brings new updates. First, a quick reminder: Wrights was sued for the rights to the $ 10 billion bitcoin by the family of his late former partner, Dave Kleiman. According to the lawsuit, Wright defrauded Kleiman of money and intellectual property.
New concerns relate to the 11,000 documents, which could shed light on the case. The documents are, according to Wright, not available to be provided to the court due to solicitor-client privilege. This prompted a reaction from Kleiman’s lawyers, who felt the documents are considered privileged without any legal basis, as they largely come from missing companies, and called on the court to respond.
North Korea stole funds from realistic-looking website
The Democratic People’s Republic of Korea, widely known as an international troublemaker, frequently tries to use blockchain and cryptocurrencies to its advantage. The spectrum of North Korean stocks consists of both hacker operations and a blockchain conference, which has caused some problems for former Ethereum developer Virgil Griffith.
This time, Kim Jong-un’s regime managed to steal coins through a very sophisticated method. As Channel analysis reported, a well-known hacker group called Lazarus managed to create a realistic-looking trading bot, which fraudulently obtained around $ 7 million from traders. The sum may not seem like a lot, but the website used to steal it is definitely worth a look.
A bogus company named WFC Proof had everything a real blockchain business should have: a legitimate website with a professional appearance and active social media, ironically emphasizing the importance of security. Such a high level of fraud should be alarming.
Half a billion transactions on a Bitcoin blockchain
Reaching $ 10,000 wasn’t Bitcoin’s only success last week. The cryptocurrency has passed the historic milestone of half a billion transactions. Since the first transaction between Satoshi Nakamoto and Hal Finney, the first cryptocurrency has been advancing to reach this impressive number. You may find more details on the half a million Bitcoin transactions in our article dedicated specifically to this event. And we hope there will be even more positive news like this in the weeks to come.
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