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Post hack, Binance Academy issues report cautioning users of cyber crime via mobile devices

Biraajmaan Tamuly



Binance: Binance Academy releases blog to alert users regarding cyber crime post recent hack
Source: Pixabay

Since the inception of cryptocurrency and Bitcoin [BTC], the ecosystem of virtual assets has witnessed major highs and lows. However, like everything, the world of cryptocurrencies also has its drawbacks. The market surge of 2015 and 2017, which brought the attention of the world to digital currencies, also attracted the attention of cyber-criminals.

The cryptospace is laced with risk and instability, and their relatively anonymous characteristics make them a lucrative target for online hackers and lawbreakers.

Recently, Binance, one of the most active platforms of 2019, witnessed a major security breach which ended up costing the exchange 7,000 BTC, worth $41 million.

The hack hardly affected the prices of BTC, but mildly affecting the price of BNB. However, the fact that the hack also included the theft of a large number of API keys, 2FA codes, and other important information, affected the overall “credibility” of the exchange.

Now, Binance Academy, an online blog/informative website backed by Binance, released a post where it elucidated the various potential threats smartphone users needed to avoid in terms of fake exchange apps and fake digital wallet apps.

The post mentioned that in order to avoid fake exchange apps, users should first verify it with the official website of the exchange to learn if it actually provides an application. It is also necessary to check out app developer information and figure out whether the company is legitimate in terms of an email address and website.

In terms of protecting your account information, users must activate 2FA on their accounts. 2 face-authentication [2FA] is much more difficult to breach, even if one’s login details are compromised.

The blog also mentioned that in the past, various fake wallets had also been created, which led to many users losing their capital. To avoid such a situation, it was mandatory for users to verify the private key provided by the wallet app, as in whether the public addresses can be derived and accessed from it or not.

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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.


JP Morgan: Big banks stand corrected as Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise




JP Morgan: Big bank stands corrected at Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise
Source: Pixabay

Big banks are riding a FOMO wave as the Bitcoin bull-run is just beginning. Spearheaded by the changing colors of JP Morgan, which recently forayed into the digital assets world, the banking elite is now suggesting that their initial stance on Bitcoin and the larger cryptocurrency world might have been off.

A recent chart by JP Morgan shows the current BTC price veer upwards chiding the “intrinsic value” the big bank placed on the virtual currency.

Based on the article by Bloomberg, the price of the coin would reverse towards the end of December 2018 and then make marginal gains until May 2019, all under the $5,000 mark. In reality, the BTC price, after dropping to “rock bottom” at just above $3,100 in early December 2018, edged upwards.

Several spurts of growth were seen in early January and February, prior to a massive April ascendance. On April 2, Bitcoin did away with the bank’s value mode and amassed a daily gain of over 15 percent, fuelling its current rise. Breaking the $5,000 ceiling in the process, which was pegged to remain intact well into May 2019, the king coin is now almost $3,000 ahead of the mark and is not looking to stop.

Source: Bloomberg

It should be noted that JP Morgan’s “intrinsic value” is calculated on the basis of the marginal cost of production, electricity prices, and hash rates. This model does not take into account, at least on absolute terms, the anticipatory effect of the 2020 halving, which, according to a slew of analysts is the behind the price rise.

Nikolaos Panigirtzoglou, the MD in the Global Market Strategy team at JP Morgan stated that Bitcoin breaking through its “intrinsic value” showed signs of mirroring its 2017 bull run. He evidenced this move by comparing the pre-December 2017 slump to the one seen prior to the current bullish swing.

The analyst added:

“Over the past few days, the actual price has moved sharply over marginal cost. This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices.”

With the analyst admitting that the imparting of an “intrinsic or fair value” to a cryptocurrency, much less a volatile one like Bitcoin, is a “challenging” ordeal, a mere JP Morgan acknowledgement of a Bitcoin bull-run is a remarkable sign for the digital assets industry, especially given the bank’s and its CEO Jamie Dimon’s Bitcoin-bashing in the past.

Mati Greenspan, senior market analyst at eToro attested to the same, adding a key point that JP Morgan failed to take into account in their calculation. He stated:

“Great to see JPM finally admitting that Bitcoin has intrinsic value.
Now wait till they understand that miners who run a surplus tend to begin hording.”

Despite Bitcoin slumping at press time, recording a 1.23 percent decline against the dollar, the prospects look positive. After recording a massive gain on 19 May, briefly surging past $8,000 for the second time in a week, Bitcoin created a High-Low [HL] at $7,100, which many analysts look at with glee.

This HL immediately following last week’s pull-back caused due to post-Consensus bears, a Bitstamp sell-order and market correction showed the king coin’s bullish persistence and can even be a foundation for a $9,000 ascendance, defying any “intrinsic value” expectations.

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