News BITCOIN, Heists, Thefts, Hacks, Scams, and Losses

[phinds]

Ok can I ask you what this will do to the exchange rate? That is USD/All others

Approximately nothing, same as post #985

 

[Vanadium 50]

I also question the total valuation of BTC at a trillion plus. Lets say I mint 1000 MagicBeans and sell 999 for a dollar, and the last one for $1000. Is the total valuation of the MagicBeans really a million dollars?

People "invest" in BTC because they think it will go up. In a sell-off, the price goes down. If it goes down, its not going up. People don't want it if its going down, so they sell. That depresses the price further. And so on. The same positive feedback that sent the price up now sends it down. In the 20th century, this was called a "bubble".

I realize writing this means I am an old stick in the mud who doesn't understand "but this time it's different!". We shall see.

 

[Astronuc]

Symbol	Last Price	Change	% Change
BTC-USD Bitcoin USD	49,875.36	-10,973.19	-18.03%
ETH-USD Ethereum USD	2,222.04	-690.42	-23.71%
USDT-USD Tether USDt USD	1.00	-0.00	-0.08%
BNB-USD BNB USD	414.31	-111.98	-21.28%
SOL-USD Solana USD	113.91	-30.04	-20.87%

0918 EDT, 5 Aug 2024
Volatility

 

[Vanadium 50]

But crypto, like stonks, can only go up!

 

[Astronuc]

But crypto, like stonks, can only go up!

Cryptostonks = double the fun.

 

[Astronuc]

NEW YORK (AP) — Several online brokerage firms including Charles Schwab, Fidelity and Vanguard appeared to be down for thousands of users early Monday during one of the biggest stock markets sell-offs of 2024.

Exquisite timing.
https://apnews.com/article/charles-schwab-fidelity-vanguard-outage-216a92fdac853d4c6b4caa91dfcbb22d

Don't panic! Put one's big boy pants on.

 

[Astronuc]

Not bitcoin, but gold. It could happen with digital currency as well.

A Beverly Hills company that promised to convert retirement accounts into precious metals has seemingly shut down without a trace — and its customers fear their nest eggs have vanished with it.

https://www.yahoo.com/finance/news/investors-across-us-fear-retirement-104400082.html

The company now appears to have shut down and has vacated its office on Wilshire Boulevard.

When Eyewitness News reached out to California’s Department of Financial Protection and Innovation — the agency that regulates financial service providers — officials refused to talk specifically about Oxford Gold. Instead, they issued a warning to Americans (especially older generations) to be careful when trading precious metals.

“They're targeting senior citizens… because they have the highest amount in their retirement funds,” explained Danielle Stoumbos, senior counsel with the agency. “That's really what these precious metals dealers are focusing on. They're trying to encourage people to sell securities in their traditional retirement accounts.”

Stoumbos also reiterated that California does have a “strong anti-fraud statute,” adding that “if there's any misappropriation of customer funds, if there's misrepresentations or omissions in connection with the offer of sale or if there's a scheme to defraud, then we can take enforcement action against the company and the individuals that are operating the company.”

Folks need to work with 'reputable' institutions, or at least check with authorities regarding companies to see if they are properly registered with a good record.

 

[Vanadium 50]

I suspect they are long gone, drinking margaritas on a beach in Mexico or something.

They apparently were licensed, and they took customers money, talling them they would put an equivalent amount of metal in a vault somewhere, and never did. Since this crossed state lines, and since it was for IRAs, this makes it federal. Clearly not an oopsie.

 

[russ_watters]

2 years in prison for Ellison:
https://www.foxbusiness.com/busines...ieds-ex-girlfriend-caroline-ellison-sentenced

 

[Vanadium 50]

Does she get to keep any of the money she was paid?

 

[nsaspook]

Does she get to keep any of the money she was paid?

Caroline Ellison, the former CEO of Alameda Research, was sentenced to 24 months in prison for her role in the FTX collapse. She must also forfeit $11 billion.
Ellison pleaded guilty to two counts of wire fraud and five conspiracy counts in December 2022 as part of a cooperation agreement with the government. Prosecutors had recommended a lenient sentence because of Ellison’s “extraordinary” and “very timely” cooperation. Her own lawyers asked for no jail time, as did the federal Probation Department.


SBF's parents should be next.

 

[Vanadium 50]

She must also forfeit $11 billion.

Wow. Considering that she only got something like $6M, that's going to be tough.

I guess the lesson is "commit no small crimes".

2 years is minimum 21 months, right?

 

[Vanadium 50]

I just read that Sean "Diddy" Combs is in the same section of jail as SBF. (Combs is awaiting trial; SBF is awaiting transfer to where he will be serving his sentence)

 

[Astronuc]

She must also forfeit $11 billion.

How does one forfeit $11 billion if one does not have such funds? Future earnings?! Did Ellison ever own such funds?

I would think FTX should be on the hook, no? The funds were tied up in Alameda and FTX, no?

 

[Vanadium 50]

How does one forfeit $11 billion if one does not have such funds?

I believe one doesn't.

The short answer is she took Alameda customer funds, gave them to SBF, who then spent them. So they aren't there any more, so giving them back is not an option. She still technically owes it back, but because its been spent, that's not going to happen.

A good question is how she walked away with only a fraction of a percent of the scam. Three words: worst boyfriend ever.

 

[nsaspook]

https://apnews.com/article/ftx-bank...y-sentencing-fa898c3ff61d9a797d016a12c0862ca1

Ex-FTX executive spared prison sentence after cooperating against Sam Bankman-Fried​

The prosecutor also said Singh revealed private conversations with Bankman-Fried that strengthened the government’s case and enabled it to bring charges more quickly against multiple people.

Singh gave prosecutors “documentary evidence the government did not have and likely never would have had,” Roos said.

https://www.cnbc.com/2024/10/30/ftxs-nishad-singh-gets-not-jail-time-3-years-supervised-release.html

Former FTX executive Nishad Singh was sentenced to time served and three years of supervised release on Wednesday, becoming the fourth ex-employee of the collapsed crypto exchange to be punished. Singh was also ordered to forfeit $11 billion.

11 billion here, 11 billion there, ...

 

[Rive]

As others have said "The markets can stay irrational longer than you can stay solvent".

This story just would not have been possible without many betting against it - supported by very logical reasons.

 

[nsaspook]

This story just would not have been possible without many betting against it - supported by very logical reasons.

 

[Rive]

[/MEDIA]

For short squeezes seatbelts are indeed good choice...

 

[Astronuc]

Bitcoin Price ‘Flash Crash’ Panic Suddenly Wipes $100 Billion From Crypto Market​

https://www.forbes.com/sites/digita...uddenly-wipes-100-billion-from-crypto-market/

Bitcoin has suffered a so-called “flash crash" that knocked $4,000 from the bitcoin price in a matter of minutes (just after a Harvard economist admitted he got bitcoin and crypto wrong ten years ago).

The bitcoin price, which has been on a downward trend since getting a boost from comments made by the Federal Reserve chair Jerome Powell on Friday, has continued to sink after plunging lower—with fears it could have killed off Kanye West’s new cryptocurrency that’s down 80% from its all-time high.

Bitcoin’s sudden decline, coming amid fears a U.S. dollar “crisis" could propel the bitcoin price higher, has been blamed on a single large holder cashing out 24,000 bitcoin worth over $2 billion, according to social media reports.

 

[nsaspook]

Bitcoin Price ‘Flash Crash’ Panic Suddenly Wipes $100 Billion From Crypto Market​

https://www.forbes.com/sites/digita...uddenly-wipes-100-billion-from-crypto-market/

 

[Astronuc]

The electric scooter sharing scam that fleeced millions of dollars from Americans
https://www.nbcnews.com/news/us-new...htning-shared-scooter-co-investors-rcna226832

Promise of investing small amounts with high rates of return. The scam preyed on inexperienced and vulnerable people.

The pitch was simple: How’d you like to make some extra money with just a few taps on your phone?

Start by investing a small amount — say, a couple thousand dollars — in a high-tech scooter-sharing company based in Hong Kong. Watch from your phone as the electric scooters get rented and your money doubles, then triples. Recruit your friends and family and earn even more. Win a cruise or a Tesla.

“Don’t miss this opportunity,” urged a marketing video for Lightning Shared Scooter Co.

Skeptical?

Small-town mayors endorsed the company, known as LSSC. So did police officers and a lieutenant colonel in the U.S. Army. Former White House press secretary Sean Spicer appeared to give it a shoutout on Cameo, where people ask public figures to record online messages. A photo of French soccer star Kylian Mbappé was used to promote it.

And if that wasn’t good enough, LSSC storefronts and offices popped up in at least eight cities across the United States filled with sleek black scooters — which really worked — and the requisite state paperwork to prove it was all real.

Do not respond with personal information to 'unsolicitied' emails, messages or phone calls. If the person contacting one does not give a full name and contact information, report the contact as apsm or phishing.