Crypto Pirates

According to data from The Giving Platform, a crypto philanthropy platform for organisations and individuals, Ether will be the most-donated cryptocurrency in 2021, with a donation volume of $30.79 million.

Bitcoin, which has traditionally had the highest annual donation volume, came in second with $25.88 million last year.

According to The Giving Platform's year-end report, which was released on Wednesday, stablecoins were also gifted in large quantities. Overall, bitcoin, ether, and USD coin accounted for 85 percent of total donation volume.

As more options were added to the platform throughout the year, people donated more than 70 cryptos. For example, the meme token shiba inu debuted in November and was already the fourth-most donated cryptocurrency a month later. 

In comparison to the previous year, total donations increased by 1,558 percent to $69.6 million for the year. The average size of a cryptocurrency donation was $10,455, a 236 percent increase from 2020.

The platform attributed the increased giving to three factors: the crypto market's bull run performance, which resulted in the appreciation of many crypto assets; the diversity of assets donated, which reflected the evolution of the digital asset ecosystem; and the deadline to qualify for the tax benefits of donating crypto.

Nonprofits became more accepting of digital assets as well. According to the Giving Platform, by the end of 2021, over 1,000 organisations will accept cryptocurrency.

The report stated that "many nonprofits have looked to cryptocurrency as the next logical step in fundraising innovation." "Crypto philanthropy addresses the more specific challenge of creating sustained, meaningful engagement with younger donors for several organisations, while also taking advantage of a powerful tax incentive to donate."

Non-fungible token projects donated an additional $12.3 million in 2021, establishing themselves as a major force in charitable crypto giving. According to the report, one gift was worth $3.5 million at the time of its donation.

The Giving Block is a non-profit organisation that promotes crypto philanthropy. It was founded in 2018. More than 1,000 organisations, charities, universities, and faith-based organisations of all sizes are now able to accept cryptocurrency donations through the platform.

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According to popular crypto analyst Nicholas Merten, investors are currently overlooking Ethereum, the leading smart contract platform (ETH).

The host of DataDash tells his 507,000 subscribers in a new strategy session that Ethereum's Bitcoin pair (ETH/BTC) is flashing signals that suggest it is nowhere near the start of a bear market.

"If we look at the overall trend here against Bitcoin – and again, this is probably one of the most important key signals that we are not in a bear market – this is not a time to panic."

Throughout this pullback, we've been setting in higher lows and generally consistent higher highs."

Merten goes on to say that, while the last few weeks of ETH may appear bleak, the second-largest crypto asset by market cap is recovering much faster than leader Bitcoin.

"Since we've seen a bit of a bump in the market for BTC, it's not just Bitcoin that's leading the way." Ethereum is regaining ground even faster. We've been chartering higher since the lows we saw at the end of January...

It appears to be a repeat of what we've seen in the past couple of corrections."

According to Merten, ETH could break out sometime in March, potentially flipping Bitcoin in a massive rally.

"We're going to see some kind of breakout, a squeezing, a coiling, if you will, of price against the resistance point where things can really start to leapfrog higher going into the rest of 2022."

And this is where I truly believe we have a chance to see the 'flippening.' A true reversal of Ethereum emerging as the market's top player, albeit for a limited time... Ethereum may be able to emerge and outperform Bitcoin." 

Merten's chart appears to indicate that he believes ETH could reach $10,000 by mid to late 2022.

At the time of press, Ethereum is trading at $2,686, up 14 percent from its seven-day low of $2,353.

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Crypto.com has provided its exchange and application to Australian users, as well as protection from hacks, phishing scams, and unauthorised transactions. Proponents believe that the announcement is one of the key factors that could fuel a bullish narrative for Crypto.com's native token.

Crypto.com provides users with up to $250,000 in withdrawal protection.

Crypto.com has revealed its Account Protection Programme (APP) for Australian users. The new policy is applicable to users of the Crypto.com App and exchange.

If users lose funds due to a hack, phishing attack, or unauthorised withdrawals, Crypto.com will reimburse them up to $250,000. The policy document explains the program's terms and conditions.

Benefits of APP vary by market and apply to users who have met the necessary KYC requirements. Before providing goodwill protection, Crypto.com would determine whether an authorised transaction is eligible for reimbursement.

In the event of an unauthorised withdrawal of cryptocurrencies and fiat currencies from a KYC verified Australian user's Crypto.com wallet, the user may be eligible for reimbursement.

Proponents believe that the announcement of the Account Protection Programme will increase investor confidence. Nonetheless, the price of CRO has fallen by nearly 5% in the last 24 hours.

Technical analysts have assessed the price of Crypto.com and predict a sharp recovery. For example, @DaCryptoGeneral believes that the price of CRO could reach $0.49 before the next bullish surge.

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Cryptocurrency has a unique silver lining that the throngs of crypto enthusiasts who sign up for this rather frantic rollercoaster ride easily recognise. Despite the ups and downs and deep dives of the graphs, cryptocurrency maintains its popularity, which is definitely on the rise these days. However, every coin has two sides, and cryptocurrency unquestionably has two days. While we are constantly praising one, let us not forget the other side, which is fraught with uncertainty and risk. And now, another heinous cryptocurrency scam has exposed the dark side of cryptocurrency, in which a popular YouTuber stole $500,000 from his fans in a crypto scam. Talk about audacity on a whole new level! As if the stealth wasn't enough, he used the money from the theft to buy a Tesla. 

What and why are they important? 

Crypto fraud is nothing new to those involved in the cryptocurrency industry. The advancement and advancement of technology that supports the growth of cryptocurrency also opens the door for cybercriminals who are waiting to exploit users. People have been taken aback by this particular scam because the perpetrator is a popular YouTuber and gamer with a large number of fans and followers. Ice Poseidon, a popular game streamer on both YouTube and Twitch, decided it was okay to steal a few million dollars from his unsuspecting followers who believed in his pump and dump scheme. To enhance the overall effect, Poseidon decided to spend the money on a brand-new Tesla. 

Kotaku broke the news first. Ice Poseidon used his followers' trust and influence to persuade them to participate in a pump and dump scheme. CxCoin, a cryptocurrency, was created specifically for this purpose. What a commitment to the cause! To gain the trust and conviction of his followers, the gamer, whose real name is Paul Denino, used the same line of reasoning used by the vast majority of crypto enthusiasts when confronted with perplexing questions: crypto is a long-term investment. Denino's supporters appear to have believed his argument and invested in the pump and dump scheme. 

Denino was able to obtain a total of $500,000 through the scam, of which he paid the developers who assisted him with the fraud $200,000, and the remaining funds were used to purchase a brand new Tesla. The man also didn't forget to live stream while picking up the car, which was the icing on the cake. Take notes from Paul Denino if you want to learn how to have insane audacity and a complete lack of guilt. (Mr. Denino also did not shy away from blaming his "over-emotional" followers for the shambles and stated unequivocally that he has no intention of returning the money.

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Normally, the only method for him to access his crypto money is through his private key, which, because to advancements in cryptography, would require nothing less than a futuristic quantum computer to decrypt. Having said that, mafias and gangs have demonstrated an ability to think creatively. Rather than spending their time cracking the underlying crypto, they concentrated their efforts on the crypto owners themselves.

A $5 key attack occurs when someone discovers you have a large amount of cryptocurrency and either confronts you physically or threatens you with your private keys. At least eight individuals, including a police officer, were arrested Wednesday in the Indian town of Pimpri-Chinchwad for reportedly kidnapping a cryptocurrency dealer and demanding a ransom. Constable Dilip Tukaram Khandare, the arrested officer, allegedly learned of the crypto trader's Rs 300 crore ($40.13 million) fortune through access to classified data while working for the Department of Security. The trader was released after a friend filed a missing person report, which prompted Khandare to release him out of concern about the trader's safety.

Similarly, four criminals allegedly stormed into the Spanish house of American technology entrepreneur Dentzel Zaryn last November and attempted to compel him into handing over his private keys. According to reports, the internet entrepreneur has $58 million in Bitcoin (BTC) in his wallets, with a large amount of the cash concentrated in a single account. When Zaryn refused, he was tortured until the account information was divulged. Shortly thereafter, the intruders fled the property.

As Dr. Anon, a member of the TBEN team who specialises in such topics, put it in a linked magazine article:

THESE ATTACKS ARE COMMONLY "YOUR MONEY OR YOUR LIFE" SITUATIONS PERFORMED BY SMART, PROFESSIONAL, AND ORGANISED CRIMINALS. WITH THAT SAID, ONE CAN SIGNIFICANTLY REDUCE THEIR LOSSES BY USING A "DECOY" CRYPTO WALLET WITH A SMALL AMOUNT OF THE FUNDS. IF A THEFT, KIDNAPPING, OR OTHER CRIME OCCURS, SIMPLY HAND IT OVER AND NOTIFY THE AUTHORITIES IMMEDIATELY. THE RISK OF BEING TORTURED OR KILLED FOR REFUSING TO PAY IS NOT WORTH IT.

In the same month, a crypto trader in Hong Kong was kidnapped by members of the triad gang, who sought a ransom of 30 million Hong Kong dollars ($3.85 million). Police raided the kidnappers' home and rescued the shopkeeper, but not before he was held captive for more than a week and subjected to hammer beatings during interrogation. According to accounts, the kidnappers initially requested an 8 million Hong Kong dollar ($1.03 million) ransom, which was then escalated to 30 million Hong Kong dollars once the triad found the victim's account contained a large amount of USDT. "It may be best to remain silent, maintain a low profile, particularly online, and fabricate a cover story if you are ever asked what you are doing," Dr. Anon writes. "Even if you have a decoy wallet, criminals could always get the wrong impression about your financial situation and demand ransom greater than your total nett worth, which would be quite difficult to recover from."

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This is the direction analysts believe ICP will take next.

Today has been an eventful day for investors in Internet Computer (ICP), a lesser-known cryptocurrency. Today, a variety of Internet Computer price estimates are being revised, as this token surges more than 10% on a negative day in the cryptocurrency sector.

Any upward movement on a negative day is noteworthy. Among the major drivers of this rise are two triggers that investors are watching closely at the moment.

To begin, investors are encouraged by reports that Bitcoin (BTC) and Ethereum (ETH) will be integrated with Internet Computer. These integrations are slated to take place sometime this year, according to the company's recently disclosed roadmap. By integrating smart contract capabilities into various blockchains, investors may be betting that ICP would be perceived as a scaling solution for these leading blockchains.

The concept is that smart contracts running on Internet Computers will enable the transmission of Bitcoin without the use of private keys. Uncharted terrain appears to pique the interest of certain investors. Others may be enthusiastic about the multichain future that the Internet Computer may have.

The second catalyst that investors are eyeing is the introduction of the network's first decentralised exchange. On Sunday, the Sonic exchange fully started, allowing for immediate token swaps between three tokens. Additional functionality, on the other hand, is anticipated to be added over time. Users can earn incentives by trading these three token pairs and contributing liquidity to pools.

In general, investors have a lot to look forwards to with Internet Protocol. As such, let's take a look at the experts' predictions for where this coin might go.

Predictions for the Future of the Internet Computer Price: Where Will ICP Go?

To put this into context, ICP is presently trading at $21.94 per token.

* Wallet Investor is pessimistic about ICP. According to the website, this token may be worth $3.49 in a year.

* Digitalcoin, on the other hand, is slightly bullish. This website projects ICP's price to be $33.72, $46.03, or $93.64 in 2023, 2025, and 2029, respectively.

* According to CryptoNewsZ, this coin will reach a price of $35.80 in 2023 and $50 in 2025.

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Part 3 of Cryptonites' documentary on Bitcoin's social impact, technology, and economics was released this week.

In the final chapter of Cryptonites' three-part documentary, Andreas Antonopoulos, Levina Osbourne, Joel Dietz, Roger Huang, and many others discuss the social implications of Bitcoin and its disruptive and empowering technology.

This final section of the documentary clarifies what experts mean when they say Bitcoin is creating a new global economy, and more importantly, discusses all of the reasons why one should care, so don't miss it!

Here are some of the film's more intriguing quotes.

Everyone has access to it, and no one controls it.

"The trackability, transparency, and traceability of not only Bitcoin, but of blockchain–it made me think about all the different ways people can use it–to create wealth and financial inclusion." The other important point is that you do not need permission to use blockchain. That, as a premise, as an idea, was so powerful for me. I don't need permission to enter the space, and there are no barriers to entry. The only barrier to entry is me, which I love because as women, how many times do we need to ask permission?" said Lavinia Osbourne, founder of Women in Blockchain Talks.

"There are no gatekeepers–in the sense of hard gatekeepers–no one can stop you from participating, no one can stop you from running a node, no one can stop you from paying someone in Bitcoin, receiving something in Bitcoin, being part of the community, or creating tutorials, and in fact, that behaviour is frequently encouraged." "That is a very powerful concept to me, because one of the most fascinating aspects of decentralisation is what it means when you get rid of the hard gatekeepers–the people who say you can't participate in this political or economic system because of where you were born or arbitrary factor 'x' or arbitrary factor 'y'," Forbes contributor Roger Huang commented.

Technology that has the potential to change the world

"Bitcoin is not merely a minor incremental change; it is also not a payment network." Bitcoin is one of the most fundamental changes to the monetary foundation. Money, what exactly is it? Because when you talk about Bitcoin, that becomes the focal point of the conversation–you realise that the vast majority of people don't know what money is," said Andreas Antonopoulos, a Bitcoin and open blockchain expert.

"When we first got into crypto, we wanted to do it because we thought we could help governance evolve." Some of the primitives and their thinking about governance were deeply embedded, you know, whatever 18th century mentality of what the rule of law looks like. And we've advanced a couple of centuries, so I'm thinking about how we can evolve both our consciousness and the actual structures that we use globally and locally," said MetaMask founder Joel Dietz.

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While the country is not opposed to the use of cryptocurrencies, it does encourage responsible use in order to avoid the misuse of anonymity.

As crypto adoption rates skyrocket in one form or another around the world, the discussion about regulation and safe use appears to be becoming a reality.

Colombia is also in this boat, as the country's regulators are tightening their grip.

Colombia Pursues Cryptofraudsters

Colombian authorities declared in a press release a few days ago that they intend to take action against those who have been evading paying taxes on their crypto transactions in order to ensure that the use of cryptocurrencies in the country does not have a negative impact on the citizens.

The Directorate of National Taxes and Customs – DIAN – has explicitly stated that they have initiated actions aimed at controlling taxpayers who have been conducting internal operations.

DIAN's actions are aimed at establishing tax control for citizens who either completely omitted or incorrectly recorded their income from crypto operations when filing their Income and Complimentary Tax returns.

In line with this, the press release went on to say:

"In this regard, the DIAN has issued official guidance on fiscal management and proper crypto asset declaration." The DIAN's work on these operations is part of the mechanisms for combating tax evasion and other legal mechanisms for combating and controlling money laundering and terrorism financing."

DIAN stated that the exchange of information is critical in the field of crypto and cryptocurrencies in order to maintain the fair use of crypto among taxpayers.

In this regard, the press release cited the Agreement with the Organisation for Economic Co-operation and Development (OECD), which stated that they are responsible for:

"Colombia and Finland have signed a mutual information assistance agreement on tax issues."

In the aforementioned agreement, both authorities collaborate to ensure compliance with tax obligations in domestic cryptocurrency transactions, facilitating progress and innovation in tax control actions that adapt to the new dynamics in which taxpayers operate and, ultimately, achieving a more honest Colombia."

Colombian Statutes

The country currently has 3.1 million cryptocurrency owners, accounting for approximately 6.14 percent of the total population. As a result, there is currently no ban on the use of cryptocurrency in the country.

Similarly, many other countries are looking into developing a more manageable method of regulating cryptocurrency, with India recently joining the bandwagon after declaring a 30% tax on cryptocurrency income yesterday.

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Hackers stole $320 million in cryptocurrency by exploiting a vulnerability in the Wormhole cross-chain crypto platform.

Wormhole is a platform that enables users to transfer cryptocurrency between blockchains. This is accomplished by first encrypting the original token in a smart contract and then minting a wrapped version of the stored token that can be transferred to another blockchain.

The platform supports the blockchains Avalanche, Oasis, Binance Smart Chain, Ethereum, Polygon, Solana, and Terra.

Wormhole was allegedly hacked for $326 million.

Wormhole announced today at 3:42 PM EST that they were shutting down their platform while they investigated an exploit on their network.

Using an exploit, a threat actor stole 120k wrapped Ether tokens on the Solana blockchain. They converted 80,000 of the 120k tokens to Ethereum and left the rest on the Solana blockchain, where they began selling them.

Wormhole later confirmed that a hacker stole 120k wrapped Ethereum (wEth) and that Ethereum would be added to their platform to ensure that all wETh is properly backed.

According to Elliptic, a Wormhole representative sent a message to the hacker's address offering a $10 million bug bounty under a "whitehat agreement."

This agreement requires the return of all stolen funds as well as information about the vulnerability and the exploit used.

"We noticed you were able to exploit the Solana VAA verification and mint tokens, so this is the Wormhole Deployer. We'd like to offer you a whitehat agreement, a bug bounty of $10 million for exploit details, and the wETH you've earned back. You can contact us at [email protected] "Wormhole sent a message to the attackers.

It's unclear whether the hacker responded to the message and is willing to collaborate with Wormhole to recover the assets.

Wormhole is now the second-largest attack on DeFi services, after Poly Network, which was hacked for more than $600 million in August.

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For years, energy consumption by various crypto blockchains has been a source of contention, and now a research firm has attempted to quantify the precise differences in consumption by some of the top networks.

Polkadot has the lowest total electricity consumption and total carbon emissions per year of the six so-called proof-of-stake blockchains studied, according to a report from the Crypto Carbon Ratings Institute's Ulrich Gallersdörfer, Lena Klaaßen, and Christian Stoll. According to the report, Cardano uses the least amount of energy per node per year, and Solana uses the least amount of electricity per transaction. Ava Labs, which is associated with the Avalanche blockchain, one of those studied, commissioned the report.

According to the report, using DeFiLlama data from February 1, the economic value secured in financial applications on each platform – known as the total value locked – is $18,454 per kilowatt hour for Avalanche, $4,395 for Solana, and $19.18 for Polkadot.

Proof of Work systems, like the one that underpins Bitcoin, require computational power to solve mining puzzles in order to secure the network, whereas Proof of Stake requires validators to lock in funds for a set period of time in order to propose or vote on new blocks. Ethereum also employs Proof of Work, though it is currently undergoing upgrades that will convert it to Proof of Stake.

Elon Musk, Bank of America Corp. researchers, and others have expressed concern about Bitcoin's energy consumption, as have countries that host miners. According to the CCRI report, Proof of Stake networks consume less than 0.001% of the Bitcoin network.

The CCRI report goes on to say that the Proof of Stake networks studied use so little energy that other factors should be given more consideration when evaluating them.

"Other factors such as decentralisation, network throughput, or functionality (e.g., smart contracts) should increase in relevance as decision criteria for practitioners selecting a PoS blockchain protocol," the report stated.

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