TL;DR Breakdown Scam Sniffer has found that some phishing attacks are linked to Inferno Drainer, a multi-chain scam vendor that charges 20% of the stolen assets.  So far, $5.9 million has been taken by analyzing data from different chains, with about 4,888 victims. Scams posing as services have become an increasing problem in the crypto community. In the ever-evolving landscape of cybercrime, a new threat has emerged, leaving individuals and businesses vulnerable to financial losses and privacy breaches – Inferno Drainer. The Inferno Drainer phishing scam, aptly named for its ability to drain victims’ resources, has recently come to the forefront of crypto evolution. This sophisticated “scam-as-a-service” operation has already pilfered an astonishing $5.9 million since March, underscoring the urgent need for increased vigilance and robust security measures. Inferno Drainer’s sophisticated phishing scam leaves millions vulnerable Operating behind a veil of anonymity, the Inferno Drainer has quickly gained notoriety within the dark web. The group behind this scam-as-a-service operation remains shrouded in mystery, employing advanced techniques to evade detection by law enforcement agencies and cybersecurity experts. According to the Web3…

TL;DR Breakdown Hashflow price analysis supports the bears. Price dropped down to $0.424 level. Support is still stable at $0.398. The Hashflow price analysis reveals a persisting downward trajectory as a significant downward movement has been registered today. The bearish momentum has exerted a considerable adverse influence on the cryptocurrency’s value, leading to a substantial and noteworthy decrease in price. The prevailing bearish wave has brought the HFT/USD value down to the critical threshold of $0.424, thereby creating a highly favorable environment for bearish market participants. Consequently, the cryptocurrency’s overall trend has been characterized by a notable and continuous descent. HFT/USD 1-day price chart: Price abruptly steps down to $0.424 after unwavering success The one-day Hashflow price analysis has delivered surprising outcomes for buyers, with an unexpected downward movement observed. The bearish momentum has been robust, pushing the price down to the $0.424 level within the past 24 hours. While the price had displayed stability in the previous week, it is now on a declining trajectory. The moving average indicator currently sits at $0.451, signaling a downward trend. Notably, there…

TL;DR Breakdown MetaMask has clarified the news making the rounds about withholding crypto belonging to users to pay tax. Users warn about the need for accurate information in the crypto space. ConsenSys, the company behind the popular MetaMask browser-based cryptocurrency wallet, has responded to circulating tweets that contain inaccurate information about the company’s terms of service. In a statement, ConsenSys clarified that MetaMask does not collect taxes on crypto transactions and that there have been no recent changes to the terms of service to indicate otherwise. MetaMask debunks crypto tax rumors The confusion arose from a misinterpretation of section 4.2 of MetaMask’s terms of use, which pertains to fees and payment. ConsenSys emphasized that this section is only applicable to products and paid plans offered by ConsenSys itself and does not apply to MetaMask or any other products that do not involve sales tax. The company clarified that the tax section of their terms is related to sales tax for specific products and non-capital tax on crypto transactions. The inaccurate claim quickly spread across various social media platforms, including Twitter,…

TL;DR Breakdown Hotbit crypto exchange has announced plans to permanently suspend its operations citing some concerns. Crypto analysts drum up the need for adaptation in the crypto market. Hotbit, a cryptocurrency exchange, has recently announced that it will cease all operations starting May 22. The exchange attributed its decision to a series of factors that have negatively impacted its operating conditions. Hotbit will begin the process on May 22 One significant event was an investigation involving a former team member in August 2022, which forced the exchange to halt its business for several weeks. Hotbit also pointed to various incidents within the broader crypto space as contributing to its decline. The collapse of the FTX exchange and the subsequent banking crises, which led to the de-pegging incident of USD Coin (USDC), resulted in a continuous outflow of funds from centralized exchanges, including Hotbit. These events adversely affected the exchange’s cash flow. Moreover, Hotbit expressed its belief that centralized exchanges are becoming increasingly burdensome and are unlikely to align with long-term trends. In response, the exchange stated that two options are…

TL;DR Breakdown Michael Burry has made significant portfolio adjustments, reducing his holdings in prominent technology stocks and showing a growing interest in cryptocurrencies. Burry’s moves have sparked discussions about the future of the technology sector and the potential impact on the cryptocurrency market. In the world of investing, Michael Burry is a name that carries significant weight. Known for his successful predictions during the 2008 financial crisis, Burry has garnered attention and respect as a renowned investor. Recently, news broke out about Burry’s portfolio shift, raising eyebrows and prompting discussions among market observers and cryptocurrency enthusiasts. This article aims to explore the implications of Michael Burry’s portfolio adjustments and how they might impact the crypto market. Famous for his accurate predictions during the 2008 financial crisis, Burry’s moves are closely scrutinized by market observers and investors alike. The latest news of Burry’s portfolio shift has sent ripples through the investment community and sparked discussions about its potential impact on various sectors, including the cryptocurrency market. As the cryptocurrency industry continues to gain traction and attract mainstream attention, the involvement of…

TL;DR Breakdown Vitalik Buterin warns against misusing Ethereum’s social consensus, emphasizing the systemic risks involved. He discourages high-risk practices such as offloading disputes onto Ethereum and expanding validator duties. Buterin suggests tailor-made solutions for each challenge, while warning of geopolitical implications and legal risks. Ethereum‘s co-founder, Vitalik Buterin, has issued a warning to the Ethereum community regarding potential threats to the network’s consensus. Ethereum’s crypto-economic consensus is robustly fortified, with a staggering $34 billion worth of ETH actively validating blocks every 6.4 minutes. Buterin cautions, however, against the misuse of the consensus system, especially in scenarios where its stability could be jeopardized. Vitalik Buterin on misusing the Ethereum consensus system Proposals have been advanced over time suggesting alternative uses for Ethereum’s validator set and social consensus. Some of these concepts include ‘ultimate oracle’, a voting system based on ETH where the majority gets rewarded with the minority’s share; and ‘re-staking’, a system allowing Ethereum stakers to use their stake as a deposit in another protocol. Buterin, however, cautions against certain techniques he sees as potentially hazardous to Ethereum’s ecosystem. The…

TL;DR Breakdown Bhutan’s Druk Holding & Investments (DHI) plans a $500 million venture into crypto mining with Bitdeer, utilizing local hydropower. DHI is also investing in drone technology and a biometric digital identity system, emphasizing innovation for economic growth. Despite crypto volatility and drone operation challenges due to Bhutan’s terrain, the nation remains optimistic about these tech ventures. Bhutan, an enchanting Himalayan kingdom renowned for its unique emphasis on ‘Gross National Happiness as a development indicator, has embarked on a daring economic journey. It is important to know that the kingdom is weaving new-age technology, specifically blockchain and drone innovation, into its traditionally rural economy. At the heart of these ventures is Druk Holding & Investments (DHI), Bhutan’s state-owned commercial holding enterprise, which is on a mission to push the envelope of technological adoption in the mountainous nation. Cryptocurrency, specifically Bitcoin mining, is a significant part of DHI’s forward-thinking strategy. Despite the volatility of the crypto sector, DHI recently partnered with Bitdeer, a leading Singapore-based crypto company, seeking to raise about $500 million for a crypto mining business. Bhutan’s crypto…

TL;DR Breakdown Marathon Digital Holdings commits $500K to support Bitcoin Core development, matching donations to Brink on a two-for-one basis. The initiative ensures financial stability for Bitcoin Core developers and rallies industry support, setting a positive example for funding cryptocurrency development. Marathon Digital Holdings, a prominent Bitcoin mining company, made a groundbreaking announcement at the Bitcoin 2023 conference held in Miami, Florida. The company unveiled its commitment to provide financial support for the development and maintenance of the open-source Bitcoin Core client software. In a move aimed at bolstering the funding landscape for Bitcoin development, Marathon pledged to match donations to the non-profit Bitcoin research and development firm, Brink, up to $500,000 on a two-for-one basis. The CEO of Marathon Digital Holdings, Fred Thiel, emphasized the importance of compensating Bitcoin Core developers, who often rely on grants to sustain their critical work. Thiel expressed his desire to engage other industry partners in supporting this vital ecosystem. The generous pledge by the company demonstrates its dedication to the continuous improvement of the world’s dominant blockchain and sets a precedent for other…

TL;DR Breakdown Balaji Srinivasan predicts that Bitcoin will play a significant role in shaping the outcome of the 2024 US presidential election. The rise of BTC in political fundraising and its potential to shape voter sentiments and political discourse is driving speculation about its impact on the upcoming election. In the ever-evolving landscape of cryptocurrency, prominent figures continue to share their insights on the potential impact of digital assets on various sectors. One such individual is Balaji Srinivasan, the former Chief Technology Officer (CTO) of Coinbase. Srinivasan recently made headlines with his bold prediction about Bitcoin’s role in the upcoming 2024 US Presidential election. His forecast has sparked interest and speculation among crypto enthusiasts and political observers alike. In this article, we delve into Srinivasan’s prediction and explore the potential implications of Bitcoin’s influence in the realm of politics. Bitcoin’s potential impact on the US election raises intriguing questions about the role of digital assets in the democratic process. Could BTC donations become a norm in political campaigns? How might the acceptance of Bitcoin by political candidates influence public perception…

TL;DR Breakdown The Litecoin price analysis shows bearish market sentiment. Strong support is found at $89. The nearest resistance is found at $92.5. The Litecoin price analysis shows a further collapse of price levels. The LTC/USD pair price went a little up on May 19 and 20, 2023, after a strong correction. But the coin is on a downslide since yesterday, as it started to reverse slowly, and the bearish momentum propelled today’s price slump to $90.94. Currently, LTC/USD is testing $91 support, which might act as a cushion for a bounce upward. LTC/USD 1-day price chart: Selling pressure is fulsome The 1-day Litecoin price analysis shows LTC is struggling at $90.94. The price shows a significant deficit, which is quite impactful. During the last few hours, some variations in price have been observed. As the bears are trying to suppress the price further, selling pressure is still there, providing support to the bears. The price is already down by 1.57 percent over the last 24 hours. LTC/USD 1-day price chart. Source: tradingview The price may fall below the moving average…