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Bitcoin ATM Fraud: Four Canadian Men Declared Wanted

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Four men have been suspected and declared wanted by the police in connection with the Bitcoin ATM double-spending attacks.

According to a report published by the CBC. four men have been suspected and declared wanted by the police in connection with the double-spending attacks at Bitcoin ATMs. According to the report, a hundred and twelve transactions took place in just September 2018 out of which around sixty-six (half) of these took place in Calgary and others in Hamilton, Toronto, Winnipeg, Montreal, Ottawa, and Sherwood Park. However, the men that are suspected have unknown identities and the local police are seeking the help of the public in order to identify them.

 

Bitcoin ATM: Double Spend Fraud

Bitcoin ATMs installed in these areas had a zero-confirmation transaction which means that even without a single confirmation, the bitcoin atm allowed the withdrawals which made it possible for the suspects to perform double-spending in these ATMs.

The alleged persons performed a hundred and twelve transaction averaging to around $1800 per transaction in just ten days of time and made more than $200,000 out of it.

 

How does Double-Spending Work?

Double spend is made possible due to tools developed by Peter Todd, a bitcoin core developer who resides in Canada. The tool called replace-by-fee-tools allows the user to ‘unstuck’ and ‘stuck’ transaction by paying extra fees. However, the tools were not developed or endorsed for performing such criminal activity at a bitcoin atm.

According to Peter Todd, the double spend tool creates two transactions in sequence out of which the 1st transaction makes the stated payment to the stated address and the 2nd transaction double spends the same transaction with a transaction which has a greater amount of mining fee, making the payment only to the change address. Also, the user can choose to state that the 1st transaction additional OP-Return, Multisig as well as Blacklisted address outputs. As many bitcoin miners would not accept the transactions that have these kinds of outputs, instead they will accept the 2nd transaction that is a double-spend transaction which indeed assists the user to double spend.

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Cryptocurrency Price Analysis: Great Week for the top 10

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The current week has proved to be quite amazing for the cryptocurrency market as all major coins are holding green. The total cryptocurrency market rose by around $1.5 billion yesterday night with the price of bitcoin reaching $4100.

 

Bitcoin:

BTCUSD Price Chart

BTC/USD Weekly Price Chart

Bitcoin broke the $4000 resistance level on 17th March and has been over this range since then. Bitcoin has turned the previous resistance into strong support now and has moved upwards slowly currently trading around $4120 (according to Bitfinex chart) with around 1% increase in the last 24 hours. If bitcoin is able to maintain its position above $4100 range for long, it might soon move ahead towards the major long term resistances such as $4500 and $4600.

 

Altcoins:

ETHUSD Weekly Chart

ETH/USD Weekly Chart

Ethereum also saw a nice bullish momentum this week after reaching the highest point of $143. Currently, Ethereum is trading nicely around $140 and is experiencing a few dips while trying to move upwards.

Unlike other top 10 coins, Ripple market is experiencing volatility from the last week but the momentum is still quite bullish.

LTCUSD Weekly Chart

LTCUSD Weekly Chart

Litecoin has been following trends and is steadily trading around $60 from the start of the week. Litecoin has increased more than 1.67% in the last 24 hours which makes it the best performing crypto of the day (in comparison with the top 10 cryptos according to market capitalization). LTC is currently trading around $61 (according to Bitfinex chart).

 

The overall cryptocurrency market is in a bullish momentum with sings of further gains. After a long bearish trend, cryptocurrency analysts are now believing that the bull market might be coming soon.

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Tom Lee: Bitcoin Bull Market Coming Soon

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Tom Lee, the co-founder of Fundstrat Global has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months.

Tom Lee, the co-founder of Fundstrat Global also known as the bitcoin bull has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months. Lee predicted this during an interview with the CNBC. According to Lee, the 200 daily moving average is the number to keep in mind. If bitcoin is able to stay above $4000 till August this year, it will cross the 200 daily moving average and thus technically the overall chart would start to look bullish.

During the interview, he also mentioned that the future of bitcoin and other cryptocurrencies lies on the fact of whether it becomes an asset class and bitcoin is still in the early days of becoming one. Although Tom Lee has been quite bullish about the price of bitcoin, Fundstrat had recently posted a warning that the cryptocurrency market might crash to a new bottom before actually starting a bull run.

 

Tom Lee on JP Morgan Coin:

In the interview, Lee also expressed his concerns regarding the recently launched JP Morgan Coin which is a stablecoin launched by the banking giant JP Morgan Chase. He said that things such as the JP Morgan Coin and Facebook Coin create use cases for cryptocurrencies and according to him, the JPM Coin is surely not a competitor to bitcoin as it is a stablecoin in nature.

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Alert: Bitcoin Breaks Record, Highest Hash Rate Since November 2018.

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The hash rate of bitcoin which is the power that secures the bitcoin network has recorded the highest level yesterday (19th March) since last year November.  The Bitcoin hash rate passed over fifty-two quintillion hash per second in accordance with the data feed on Blockchain.com.

 

Bitcoin Hash Rate:

Bitcoin hash rate is the computation of the performance of bitcoin miners. In simpler terms, as the hash rate goes higher, the bitcoin network becomes more secure. It becomes more difficult to attack the bitcoin network as an attacker would need increased resources in order to attack the network. The increasing hash rate also depicts the increase in the number of bitcoin miners. As the BTC mining difficulty level is quite stable now, more and more miners are joining the bitcoin network. Although, the increasing hash rate would eventually result in an increase in the overall difficulty level.

bitcoin hash rate 19th march

Bitcoin hash rate 19th March 2019

 

The bitcoin network security is at its peak since November last year. The highest hash rate ever recorded has been around 62 quintillion hash per second in August last year. Looking at the current chart, it depicts that the hash rate might even cross this level in the coming time.

 

The increased hash rate also builds up confidence in the minds of the miners as it shows the overall security of the bitcoin network and thus predicting a secure future of the investment of the miners. Thus, overall, more and more miners are now joining the bitcoin mining network after a subsequent decrease last year which led to a lot of miners moving out of the mining business. Bitcoin price analysts believe that the hash rate of the network follows the price of bitcoin as it helps them in speculating the future price of BTC.

 

During last year’s bear market, the hash rate also fell drastically which led to a lot of miners shutting down and the mining equipment were being sold at waste prices. Now as the hash rate is rising, miners are again turning on their mining rigs and moving back to business. It is also worth examining that the current hash rate of the network is even more than the recorded hash rate in December 2017 when the price of BTC went up to $20,000.

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