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Major Darknet Marketplace for Stolen Cards Shuts Down After Making Over $1 Billion in Bitcoin

20/01/2021 by Idelto Editor

Major Stolen Card Darknet Marketplace Joker's Stash Shuts Down After Making a Bitcoin Billionaire Fortune in Revenues

The longest-running marketplace for stolen credit cards on the darknet has announced the shutting down of its services. The administrator of Joker’s Stash, founded in 2014, stated that the site would be taken down in February.

Site Generated Over $1 Billion in BTC ‘Over the Past Years,’ Claims a Security Research Firm

According to the announcement made through its forum, the admin known as “Jokerstash” stated that “it’s time for us to leave forever.” Stash’s users could spend their account balances until Feb. 15, before the admin proceeds to “wipe all our servers and backups.”

Jokerstash made it clear that they will “never ever open again.” However, the admin didn’t provide more details on the motivation behind the closure.

According to the figures revealed by Gemini Advisory, the site has been one of the most profitable marketplaces on the darknet. Over the past years, Joker’s Stash generated more than $1 billion in bitcoin (BTC) revenue, said the report.

Possible Reasons Behind the Marketplace’s Closure

Although the closure’s announcement didn’t reveal details on the reasons behind the decision, Gemini Advisory has some hypotheses. One of them is the recent bitcoin’s price spike across the markets, as Jokerstash is an early bitcoin advocate. The firm detailed:

This actor was already likely to be among the wealthiest cybercriminals, and the spike may have multiplied their fortune, earning them enough money to retire. However, the true reason behind this shutdown remains unclear.

However, the FBI and Interpol’s pressure on the marketplace could have added some weight to the admin’s decision. In 2020, law enforcement seized the web domains and blockchain addresses tied to Joker’s Stash. The admin also claimed to have caught coronavirus in October.

Over the past year, Gemini Advisory stated that the darknet marketplace added more than 40 million new stolen card records, most of them from physical transactions at a point-of-sale. Meanwhile, stolen online payment data came from Magecart breaches or phishing incidents.

On Jan. 12, news.Bitcoin.com reported that the authorities in seven countries and Europol jointly took down Darkmarket, one of the largest darknet marketplaces. The action was taken after the marketplace’s alleged operator was arrested in Germany.

What do you think about the revenues accumulated by this darknet marketplace? Let us know in the comments section below.

Filed Under: Bitcoin (BTC), dark market, darknet, darknet marketplace, darknet marketplace shut down, English, Featured, Fortune, News Bitcoin, stolen

Australian Bitcoin Trader Sues Banks for Systematic Discrimination

19/01/2021 by Idelto Editor

Australian Bitcoin Trader Sues Banks for Systematic Discrimination

An Australian bitcoin trader has filed a lawsuit against two of the country’s biggest commercial banks, accusing them of systematic discrimination when they closed his accounts on short notice.

Allan Flynn is demanding compensation of AU$250,000 ($193,000) from ANZ and Westpac banks for closing his accounts immediately after they had been opened, the Australian Financial Review reported on Jan. 18.

Flynn, who operates a registered bitcoin (BTC) exchange, has started proceedings against both banks at the ACT Civil and Administrative Tribunal. The trader alleges he is the victim of unlawful discrimination, with no less than 20 banks closing his accounts in the past three years.

He lamented:

How am I supposed to run a lawful business if I can’t get a bank account? I am by no means alone or the first. I know of at least one other trader who has had accounts closed more than 60 times.

Flynn’s exchange is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), he says, and has helped facilitate BTC trades for about 450 customers.

Westpac reportedly told Flynn that his account was closed because he was “under investigation for cryptocurrency fraud.” ANZ said it does not offer banking services to crypto brokers, issuers or exchanges. Per the report, Flynn claimed an ANZ worker had informed other banks and his clients that he was involved in fraud.

Crypto exchange operators have had a tough time opening and maintaining accounts with traditional banking institutions. Earlier this month, Chile’s Free Competition Defense Court ruled that Banco Itaú and Banco Estado, two major banks in the country, must reopen the checking accounts of crypto exchange Buda.

The accounts were closed in 2018 after they were wrongly implicated in a scam run by Terra Finance.

What do you think about banks denying crypto exchanges banking services? Let us know in the comments section below.

Filed Under: ACT Civil and Administrative Tribunal, Allan Flynn, ANZ bank, Australian Transaction Reports and Analysis Centre (AUSTRAC), Banco Estado, Banco Itaú, Banks sued, Bitcoin exchange, Chile Free Competition Defense Court, English, Featured, News Bitcoin, Westpac bank

Ex-Real Madrid Football Player Joins a Spanish Lower Division Club in Deal Financed With Crypto

19/01/2021 by Idelto Editor

Ex-Real Madrid Football Player Joins a Spanish Lower Division Club in Deal Financed With Crypto

In a possible first for Spanish football, DUX Internacional de Madrid, a lower division side says it has used crypto buy a new player. The player, David Barral moved to his new club after Criptan, the new club sponsor facilitated the acquisition. Criptan is a cryptocurrency trading company that is registered in Valencia, Spain.

Meanwhile, following the player’s move, a Spanish football news site quotes Barral, who is now aged 37, expressing his eagerness to continue playing for what will be his seventh club. Barral says:

I am happy to join this project, with desire, ambition and responsibility to continue competing and achieve important challenges in my sports career.

Furthermore, the news report also details Barral’s football journey prior to joining Dux International de Madrid. The report says in addition to playing for Real Madrid, Barral has also played for four other sides which are namely “Granada, Cádiz, Levante and Sporting.”

During his stint as a player in the Spanish’s top division, Barral played a total 221 games and 60 when he played in the second division. In total, Barral scored 53 goals, 46 when playing for Sporting and 7 when playing for Racing.

In the meantime, Barral’s crypto financed move, which was also announced on Twitter, sparked interest on the social media platform. For instance, some Twitter users like Mimy de Miguel wondered if Barral could also charge or receive payments in crypto. However, some crypto supporters were happy with the way the player’s acquisition was carried out.

Do you think this acquisition will encourage other clubs to do the same? You can share your views in the comments section below.

Filed Under: Criptan, crypto payments, cryptocurrency, David Barral, Dux International de Madrid, English, Featured, football, Granada, News Bitcoin, Real Madrid, Spain, Spanish football, Sports

Dollar-Cost Averaging Crypto Profits: Low-Risk Bitcoin Investing Without All the Stress

17/01/2021 by Idelto Editor

Dollar-Cost Averaging Crypto Profits: Low-Risk Bitcoin Investing Without All the Stress

Bitcoin prices and a number of other digital assets have grown significantly in value during the last decade. Some people have made millions and even billions throwing down everything they have during the cryptocurrency’s earliest days of price discovery. However, there’s another method of investing called dollar-cost averaging or DCA, a scheme that’s considered far less risky and can still bring a cryptocurrency investor decent profits over the long term.

Ever since bitcoin jumped over the crypto asset’s all-time high (ATH) recorded in 2017, the digital currency has continued to gather a higher value after surpassing the $20k zone. Then bitcoin (BTC) tapped a new ATH ten days ago, after the crypto asset jumped over the $42k range. Additionally, a number of alternative digital assets are nearing their 2017 ATHs and some newer coins like Polkadot and Chainlink also touched price highs.

Now there are many people who were able to invest in bitcoin, ethereum, bitcoin cash, and many other coins early, and this has produced significant gains for these risk-takers. But there is another method of investment that people have been leveraging for a very long time called dollar-cost averaging or DCA.

The most important #Bitcoin advice you’ll ever get. pic.twitter.com/hFU7t3gYPJ

— Documenting Bitcoin 📄 (@DocumentBitcoin) January 14, 2021

Essentially, the DCA method of purchasing involves buying a set sum of cryptocurrency at regularly scheduled intervals. This contrast is quite different than throwing all the funds down at once and waiting for profits. An example of DCA buying would be to purchase $10 in bitcoin per week, for a three year or longer period of time.

Buying in this manner is considered less of a strain on emotions and far less risky as well. The scheduled intervals of buying take place no matter what the cost of bitcoin (BTC) or the other cryptocurrency costs at that moment in time. Then if you aggregate the number of purchases per week, and standard price from the purchases over the three-year period, the investment cost will be measured in a mean average.

Moreover, depending on the crypto asset’s market performance a DCA investor can do extremely well for themselves in a much slower and less risky manner.

There’s also a website that can help you estimate the interval of purchases over time and the mean average over the course of the time period. The web portal dcabtc.com offers a calculator in order to figure out your DCA metrics over time, and if you’ve already been leveraging the DCA scheme you can check the profits of your current BTC investment.

Here’s a great example of DCA purchasing over time with an investment of $1 per week into BTC during the last nine years. Dcabtc.com explains that purchasing $1 of BTC since January 2012, every week for nine years starting nine years ago, would have turned $470 into $289,295 using today’s exchange rates. That’s a whopping 61,452% gain in value over the course of a nine-year span.

Dollar-Cost Averaging Crypto Profits: Low-Risk Bitcoin Investing Without All the Stress
This chart shows a DCA bitcoin investment for a period of three years with a purchase of $10 every week.

Now if the person started three years ago, and invested $10 per week into BTC every week for the last three years would have seen a 361% increase. That method of DCA purchasing would have made $1,570 turn into $7,249 during the three-year timeframe. Of course, the period when you start investing does make a difference for both DCA and just throwing down all the funds at once.

Timing is key and sometimes earlier doesn’t make a difference either, because of bitcoin’s price fluctuations. A good example of this is if someone invested one large sum into BTC on March 12, 2020, at a low of $3,800 per unit. Using today’s BTC exchange rate shows that investment would produce a whopping 821% over the course of time up until January 17, 2021.

Dollar-Cost Averaging Crypto Profits: Low-Risk Bitcoin Investing Without All the Stress

Dollar-cost averaging is still far less stressful, because a person can invest without putting much emotional energy into playing the lows and highs like the aforementioned lump-sum investment. DCA investors don’t have to put a lot of time and effort into studying market charts, keeping an eye on breaking crypto-related news stories, and keeping tabs with industry heavyweights. The funds are simply invested without many time-consuming activities, and the investment can be calculated over extended periods of time without much worry.

The crypto investor who calculates with a DCA approach doesn’t care that the market is not predictable and the stress relieved from trying to time crypto markets is insurmountable. Throwing it all down at once and trading cryptocurrencies successfully takes time and research, things that some people just don’t have the time to apply.

A DCA investor understands that the price of bitcoin changes very often, and catching highs and lows can be difficult. But long term perspectives, logarithmic growth curves, and overall rising interest shows holding digital assets for a long period of time has so far, been an extremely profitable means of investing.

What do you think about dollar-cost averaging? Do you use this method of investment or do you day trade highs and lows? Let us know what you think in the comments below.

Filed Under: $1 Weekly Investment, $10 Weekly Investment, Average Purchase Price, Bitcoin, Bitcoin (BTC), BTC, Crypto Asset Investing, cryptocurrency, DCA, DCA Average, dcabtc.com, dollar-cost averaging, English, Featured, Markets.Bitcoin.com, News Bitcoin, Recurring Investment, Research, trading

French Programmer Sent Bitcoin Donations to Far-Right Activists Who Participated in the US Capitol Riots

16/01/2021 by Idelto Editor

French Computer Programmer Sent Bitcoin Donations to Far-Right Activists in 2020 Who Participated in the US Capitol Riots

A crypto forensic analysis reveals that a French donor sent over $500,000 worth of bitcoin (BTC) to far-right activists in the United States. The half-million dollars went to the groups that took part in the pro-Trump riots in the U.S. Capitol.

Alt-Right Personalities and Websites Are Included on the List of Recipients

According to Chainalysis, the unnamed donor sent 28.15 BTC (worth $522,000 at the transfer time) on Dec. 6, 2020, to 22 separate addresses in a single transaction. Per the report, many of those wallets belong to personalities tied to far-right activists in the U.S.

Yahoo News detailed that Vdare (anti-immigration organization), the Daily Stormer (right-wing website), and Nick Fuentes were among the crypto donation recipients. Alt-right streamer Ethan Ralph is also on the list that Chainalysis published regarding the half a million dollar donation.

The blockchain analytics firm clarified that there is no evidence yet on Fuentes’ participation in the Capitol’s riots. However, it quoted previous statements from him asking people to protest Congressional certification of Joe Biden’s victory.

But Chainalysis still highlighted that a BTC donation worth over $250,000 sent on Dec. 8, 2020, is by far the largest crypto donation Fuentes has ever received.

Donor Might Have Committed Suicide After Arranging the BTC Payments

Regarding the French donor’s identity, there is information that the wallet used to arrange the payments has been active since 2013. The blockchain analytics firm suggests he could be a “relatively early adopter of bitcoin whose holdings have grown in value significantly.”

One of the BTC addresses associated with the donor’s wallet is registered on Nameid — a service that allows users to associate their online identity with their BTC address.

Chainalysis found that the crypto donor is a French computer programmer after searching through his email address. After he sent the donations, he published what seems to be a suicide note on a personal blog. The report, which indicates the motivation behind his donations, reads:

He mentions that he has ‘bequeathed [his] fortune to certain causes and certain people,’ and cites several alt-right talking points in his analysis of the world today. For instance, he states his belief that ‘Western civilization is declining,’ and claims that Westerners are encouraged to hate their ‘ancestors and heritage.’

According to Yahoo News, Federal authorities and law enforcement agencies are also investigating the source of funds.

What do you think about the findings by Chainalysis? Let us know in the comments section below.

Filed Under: Bitcoin Donations, Chainalysis, Crypto Research, English, Featured, french, News Bitcoin, Riots, United States

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