Does Craig Wright Have Access to Encrypted Satoshi Files With Private Keys for $7.5B in BTC?

The class-action lawsuit filed by the Kleiman Estate against Craig Wright, the self-proclaimed Bitcoin creator and former partner of late Dave Kleiman has seen several twists and turns with no definitive outcome.

Kleiman Estate is suing Wright to get access to the Bitcoin mined by Wright in partnership with Dave Kleiman, while Wright maintains there was no such partnership.

The latest twist in the case came from the Kleiman Estate, which now claims that Wright had access to the Encrypted Files believed to be those of Satoshi, which contains private keys associated with 820,000 Bitcoin. The Estate filed a new court document on 21st May claiming Wright has the access to Encrypted Files but he won’t do so since it contains clear evidence of his partnership with Dave.

The court document claimed that $1.6 million worth of Bitcoin has been spent from the addresses submitted to the court as a proof suggesting Wright has access to those private keys. It also points to the threats made by Wright about crashing the Bitcoin market, which is only possible by a large amount of dump in the market.

Craig Wright has since submitted a list of 16,404 BTC addresses to prove his claim of being the owner. However, Kleiman’s Estate claimed that this is one of the three batches of addresses which Wright has access to and the fact that a significant amount of BTC has been spent from these addresses “is incontrovertible evidence that Wright has either:

  • Submitted a fraudulent/incomplete list of his bitcoin as the CSW Filed List and/or
  • He does have access to a list of his bitcoin and the private keys associated with them and is lying.

The legal team further points out that Craig Wright throughout the case has lied, submitted misleading filings, caused obstruction with forged evidence are clear signs that Wright has access to the Encrypted files.

Kleiman Estate Lists Lies and Perjuries of Wright

The legal court document also lists four instances where Wright has either lied during the case or submitted forged documents. The one being just last week where Wright has submitted a forged divorce document.

The document claimed that Wright’s wife too lied about the claims of his husband since she is financially dependent on him and thus had clear reasons to do that. The document also claimed that she has lied in the past.

The Kleiman Estate in its legal filing also criticised the court for being soft on Wright and only putting sanctions despite him showing no respect for the legal procedure and the court, as evident from his continuous lying. They appealed to the court to take strict action against the accused to keep him in check. The court filings read:

“For the foregoing reasons, Plaintiffs respectfully request that the Court issue an order pursuant to its inherent powers striking Dr. Wright’s Amended Answer and entering a default judgment against Dr. Wright.”

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Author: Rebecca Asseh

Another Demand Source for BTC In a World of Central Banks’ “Whatever it Takes” Stance

Bitcoin is up about 21% against USD YTD but a whopping 74% against Brazilian Real, 60% in South African Rand, 52% in Mexican Peso, 45% against Turkish Lira, and more than 44% in both Russian Ruble and Colombian Peso.

This is the result of the unprecedented size and speed of monetary and fiscal responses to COVID-19. This relief has already surpassed $10 trillion globally.

The US Federal Reserve added over $2.5 trillion to this in the last two months. The demand for dollar and dollar-based assets gives them far more breathing room than any other central bank in its size of intervention.

Interest rates globally have also been slashed in a desperate attempt to slow the rapid tightening of financial situations.

But the declining value of fiat currencies during this period points out how this “do whatever it takes” mantra — with aggressive rate cuts and massive asset purchases — can only go so far.

Interestingly, Bitcoin cycles tend to peak when the growth of assets of major central banks began to decelerate.

Source: Delphi Digital – The State of Bitcoin 2020

Demand for non-sovereign “safe haven” assets & non-correlated alternatives

Some developing countries have the room to cut rates in case the economic condition worsens. These countries can benefit from mild currency depreciation but at the same time risk driving away foreign investors.

Just last week, Brazil cut down its benchmark interest rates to a record low of 3% and its Congress has given the green light to new asset purchases. Brazilian Real has already lost 30% of its value against the US dollar since the start of this year. As such, BTC is up 74% against it.

Although, the capital flowing out of emerging markets won’t flow right into bitcoin, “the sheer size of this potential move could serve as another demand source for BTC, especially if tighter capital controls become more commonplace,” stated Delphi Digital in its latest report.

In this environment, Delphi Digital expects the demand for non-sovereign “safe haven” assets to rise considerably amidst the increasing risk of broad-based currency debasement, “most notably bitcoin and gold.”

Moreover, a rise in demand for non-correlated alternatives is foreseen by the independent crypto research company as “investors become more aware of the secular headwinds facing growth assets.”

Amidst this macro backdrop, bitcoin had its third halving yesterday. This supply shock has the inflation rate of the world’s leading digital asset declining to 1.80%, less than the global inflation rate of 3.6% while being the best performing asset of the past decade and of 2020 so far. All of this is what makes this digital asset an attractive investment option.

Macro investor Paul Tudor Jones also revealed this week that he has almost 2% of his assets in Bitcoin which he considers a hedge against inflation.

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Author: AnTy

Bitfinex Whale Deletes Twitter and Crypto Exchange Account with BTC’s Surge to $10K

Famous crypto trader J0E007 famously known for betting against Bitcoin’s price disappeared from the internet after Bitcoin’s price recently hit $10k. This has led to unrealized losses amounting to $21million. He has since then deleted his Twitter and Bitfinex accounts.

Before his accounts self-destructed, J0E007 left a farewell letter on his twitter timeline on May 7th saying his journey was undoubtedly very exciting but had now come to an end. He described his stay as having been experimental. J0E who had specialized in betting against Bitcoin’s price to drop, made all the headlines when he netted $10million in 5 minutes back in February this year when the price dropped. However his fortunes were soon to reverse when Bitcoin’s pre halving rally recently began to pick up the pace.

An unexpected price hike

The price of BTC recently went up to $10,000 and this is when things started going south for J0E007. His unrealized losses spiked up to $21million on the Bitfinex Leaderboard. The price Leaderboard was introduced in 2019 to allow anyone to view performance of traders listed on the board, this including realized profits and unrealized losses. The $21million unrealized loss earned J0E a top traders spot but on the opposite end, the red zone. This also led to J0E withdrawing himself from the Bitfinex Leaderboard meaning his trades would not be publicly displayed.

Recording on average $10million in gains every month, J0E had created a name for himself on the cryptocurrency futures market as arguably the most profitable Bitcoin trader. In the space of 8 months running from September 2019 to April of 2020, Joe007 outwitted all traders listed on the leaderboard combined. In that same span, he had made $61 million in profit while the rest realized a $25 million loss.

J0E believed in the shorting trading strategy which banks on asset prices falling in the future. By definition, for him to make a profit, Bitcoin’s price has to go down. On this occasion, unfortunately for him Bitcoin’s price skyrocketed up to $10,000.

Bitcoin proving to be a performing asset

According to coindesk after breaking the 10,000 threshold mark since February, Bitcoin jumped 6% causing a $13 billion surge in market value for the entire crypto market. Binance recorded record-high volume of 23 billion daily value for its BTC-USDT trading pair. As much as BTC is left vulnerable to crashes after sudden price spikes, this trend has seemingly eased in the past month. The risk of Bitcoin long squeeze is not as high as seen in previous trends.

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Author: Lujan Odera

Declining Bitcoin Volatility Indicates “Consolidating Bull Market”

Bitcoin is back against a key inflection point following a swift rally over the past week. Currently, hovering around $7,700 after printing a fresh, multi-high yesterday.

While BTC/USD has recovered to pre-crash levels, US oil prices are still plunging amidst the excess supply of crude at a time when there is no demand for it. The latest crash came as the USO ETF said it would dump its June contracts this week and reduce contracts for other upcoming months to focus on buying long-term oil contracts.

As such, Bond King Jeffrey Gundlach is of the camp that believes, “we are not out of the woods. … I think a retest of the low is very plausible.” He shorted S&P 500 because,

“People don’t understand the magnitude of the social unease that’s going to happen. We’ve lost every single job that we created since the bottom in 2009.”

With the money printer going brrr…

Currently, the equities market is only 16% off its all-time high, and “When those who are in charge of creating the money are buying, it’s kind of hard for prices to fall,” said analyst Mati Greenspan.

Just yesterday, the Bank of Japan ramped up its stimulus with a promise of unlimited bond-buying aimed at preventing its economy from causing a coronavirus-triggered collapse.

With the money printing going on, it is possible we would “bust through the top and zoom toward the next point of resistance, possibly near $10,000,” or it is also “entirely possible that we’re now in a temporary bull trap, and we may test $7,000 to the downside again. In fact, this would be well within the current upward-facing channel,” wrote Greenspan in his daily newsletter Quantum Economics.

A 260-day volatility measure of Bitcoin meanwhile has come down to a record low versus the S&P 500 which indicates a price appreciation tilt towards the digital asset.

“Bitcoin volatility in decline is indicative of maturation and a consolidating bull market,” wrote Bloomberg Intelligence’s Mike McGlone.

“The original cryptocurrency appears to have weathered the financial-market storm and is on sounder footing on the back of a price decline into good support with indications of increasing adoption.”

Long-term Bitcoin undervalued

Meanwhile, the crypto market is preparing for the upcoming halving which can act as a positive catalyst for prices. Don Wyper, COO at DigitalMint said,

“There are so many moving parts to the Bitcoin economy that some potential effects from the halving are likely not fully baked into the price of Bitcoin at this moment.”

Based on bitcoin’s past performance, he expects the price to “skyrocket” as such long-term Bitcoin is undervalued with increased volatility expected in the short-term.

At its current level, bitcoin is holding strong but that fact that $7,800 level can’t take too many more hits and most dips got bought up quickly, “the risk on appetite is still ripe.”

However, as per the futures market which is in backwardation, we are “positioning for more downside” both in the long and short term.

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Author: AnTy

Ripple Taking Legal Action Against YouTube for Aiding & Profiting from XRP-Giveaway Scams

US-based fintech startup Ripple is taking legal action against YouTube “to prompt an industry wide-behavior change and set the expectation of accountability.” As per the company’s announcement on Tuesday, Ripple is taking a step

“to protect customers around the world from dangerous online giveaway scams and false impersonations across YouTube, Twitter, and Facebook.”

Plaintiff Ripple and its CEO Brad Garlinghouse allege that both are suffering “irreparable” harm to their public image, brand, and reputation because of the Google subsidiary’s “deliberate and inexplicable failure to address a pervasive and injurious fraud occurring on its platform.”

Scams like “the XRP1 Giveaway” is a third party attack on XRP holders that are thriving because of YouTube’s “complacency and unwillingness to take seriously Ripple’s repeated demands for action.”

They further elaborated that these scams have been going on for a long time and being replicated many times and in one such instance resulting in the theft of $15,000 worth of XRP.

As per the 22-page long complaint, the scam is misappropriating the company and Garlinghouse’s image further leading to “profound uncertainty and confusion into the broader digital asset market.”

Despite repeatedly demanding that YouTube take action, the online video sharing platform has reacted inadequately but they “must do better” with the company touting its robust tools for self-regulating content.

“YouTube’s inaction undermines its public commitments,” reads the document adding that with its community Guidelines barring precisely the sort of content at issue in this case, they have ignored Ripple’s repeated demands for action.

In doing so, they aren’t only validating the scam as legitimate but profiting from them by aiding and abetting the scammers.

The company is now asking for restraining Defendant YouTube from refusing to apply its content regulation, ignoring and delaying its response to takedown notices, profiting from scams, verifying accounts perpetuating the scam, and awarding fraudulent channels verification badges.

Ripple and Garlinghouse are also seeking damages, reasonable costs including attorneys’ fees, pre- and post-judgment interest, and recovery in restitution equal to any unjust enrichment enjoyed by the Defendant.

Ripple has also hired external cybersecurity and digital threat intelligence vendor to help them with reporting and takedown of these giveaway scams.

Our Team here at BitcoinExchangeGuide have tried to do our part in warning investors, traders, and onlookers to be wary of these types of scams. Here are just a few of the posts we covered on the subject:

And you can bet there are many more that are being reported every day and plenty that are still duping investors that don’t take proper precautions.

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Author: AnTy

Bitcoin is Still a Safe Haven Asset, Despite Collapsing in Line with the Stock Market

  • Bitcoin functions as a hedge against “inflation, geopolitical strife, and central banks” instead of a pandemic
  • The market is experiencing a “very strong risk-off environment,” where gold prices fell as well

The price of bitcoin started declining along with the S&P 500 towards the second half of February amidst the spreading coronavirus (Covid-19). Between Feb. 20 to 28, the S&P 500 fell 14% while the price of BTC slid 13%.

The drop in the crypto asset’s price in line with the S&P 500 led people to question the narrative that Bitcoin could function as a safe haven like gold.

“Safe from what?”

Analyst Mati Greenspan argues this means, Bitcoin functions as a hedge against “inflation, geopolitical strife, and central banks” instead of falling corporate profits or pandemics.

Bloomberg’s Joe Weisenthal also shared a similar opinion saying that Bitcoin is still a safe haven asset but you can’t expect it to hold up well in the current financial market panic.

“The most important thing is that to talk about something being a “safe haven” you have to ask “safe from what?” Different assets — gold, land, diamonds, ammo, canned sardines, Treasuries, dollar bills, Bitcoin — can each offer safety, but from different risks,” said Weisenthal. He added:

“Treasuries won’t help you in a natural disaster or a war. Canned tuna won’t help you in a liquidity crisis. Gold bricks won’t help you if you have to escape a country on foot (too heavy). For each safe haven, there is its time.”

This theory according to SFOX aligns with the data recorded in January this year when the BTC price rose amidst US-Iran tensions.

A “very strong risk-off environment”

If we take a look at the traditional safe-haven asset gold, its prices fell about 5% during this period as well. This has been simply the market experiencing a “very strong risk-off environment,” where traders are selling off even those assets that are typically seen as relatively safe.

The market movements are constrained to just a couple of weeks and to assess the extent bitcoin is growing into a safe haven asset, we need to take a longer-term perspective.

“What is a safe haven anyway? Gold is down 2% since this whole market rout started yet nobody questions its status. In the initial volatility of such an event ppl tend to sell everything indiscriminately. Let’s see what happens when the panic subsides,” said former eToro analyst Greenspan.

Leading to the digital revolution

Today, while bitcoin is up 4.19%, climbing to $8,158, just as stocks are trying to rebound on its worst day since the 2008 financial crisis, gold prices are on a corrective pullback after hitting a 7-year high above $1,700 on Monday. In 2008 as well, the price of the yellow metal fell nearly 25% following stocks as investors try to get hold of cash.

With Saudi Arabia increasing the output to a record 12.3 million barrels a day in April and uncertainty engendered by the virus that has sickened at least 115,000 and claimed over 4,000 lives worldwide, gold bulls remain fairly optimistic.

The same has been happening with bitcoin as Raoul Paul Founder and CEO Real Vision Group said, “It feels like any hedge fund that was long bitcoin is having to liquidate. VAR takes no prisoners.”

VAR is the measure of risk in a portfolio connected to volatility and as the volume of all assets goes up, investors have to reduce risk.

“It’s a buying opportunity but no need to rush in yet. The current event in markets will accelerate the need for the new financial system over time. We know where this is leading to – the digital revolution. Hodl on to your hats…!” Paul said.

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Author: AnTy

Binance Exchange Set To Launch BNB Futures On Monday With 50X Leverage

  • Binance to launch BNB Futures on Feb 10.
  • BNB drops 6% against the dollar to set an intraday low of $20.90 USD.

An announcement released by the world’s largest cryptocurrency exchange, Binance, confirmed the launch of BNB Futures. The trading desk for the futures will launch on Monday, Feb. 10 offering traders a maximum leverage of 50X on their trades. The contracts are paired with Tether (USDT).

The launch of the futures that are backed by the native token of the exchange, presents a new market to bet against the future price of BNB. As at time of writing, the price of BNB stands at $21.67 USD, with the market offering a bullish signal in the near term.

Binance Coin (BNB) faces shock 6% dip

After a sustained uptrend in the past few days, following the BNB Futures announcement and the general bullish momentum in the cryptocurrency market, BNB witnessed a shock 6% reversal in the early hours of the US market as price dipped to $20.90 USD from an intraday high of $22.16 USD.

The price has since recovered lightly to current prices with the bulls on a target of $25.00 in the near term. One crypto trader and analyst, Keith Wareing, believes the launch of BNB Futures will further propel the coin to further heights in the coming bull run. He believes the coin will probably lead the top 10 coins in returns, explaining:

“As such, during the forthcoming bull run, their position as one as one of the most trusted and secure exchanges in the space guarantees to add demand to the BNB token, so I expect it to outperform all other top 10 assets if the Bitcoin bull run continues.”

The BNB Futures follow a slew of crypto futures added by the exchange in the near past such as the ZCash/USDT perpetual contract in early February and Tron (TRX) perpetual contracts in January offering 75X leverage.

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Author: Lujan Odera

DigixDAO (DGD) Jumps 17% After ‘Project Ragnarok’ Gets Approval

DigixDAO holders have voted in favor of the dissolution. Although Digix itself is “against the dissolution,” with over 96% votes, DigixDAO holders have agreed to propose a dissolution mechanism according to which DGD holders will be given the option to dissolve their tokens at the start of each quarter.

With this, DGD token holders are allowed to dissociate themselves from its ecosystem in “the fairest manner possible.” For this, a preset 40% quorum ad 50% quota has been initialized.

As per this Project Ragnarok, after unlocking their DGD from DigixDAO, the token holders will be able to claim a prorated portion of remaining ETH, depending on the amount of DGD they hold, if the dissolution vote passes. In case it fails, DigixDAO will continue the same in the next quarter. According to DigixDAO,

“There will no longer be any transaction fees that will be rewarded to DGD holders in the governance platform as it will cease to exist.”

The approval also means the projects that have currently funded or unfunded milestone on the platform will cease to be funded.

Founded in 2014, DigixDAO builds a decentralized autonomous organization that tokenizes physical assets. With the first ever crowdsale in March 2016, DGD was hosted on the Ethereum network.

To date, DigixDAO holds about 386,000 ETH, currently worth $64,462,000, to continue funding projects build on the DGX ecosystem. DigixDAO on Twitter,

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Author: AnTy

Plaintiffs Withdraw Class Action Lawsuit Accusing Bitfinex, Tether of Manipulating BTC Prices

The class-action lawsuit brought against Bitfinex and Tether for manipulating BTC market prices has officially been withdrawn by the complainants.

According to court documents filed in the Western District of Washington on 7th January 2020, Adam Kurtz and Eric Young, the plaintiffs who had accused the two firms of manipulating BTC market prices have chosen to opt for voluntary case dismissal. The two initially filed the case against iFinex, the parent company to Bitfinex and Tether on 22nd November 2019.

The two petitioners had indicated in the court documents that they were crypto traders focusing on BTC trades. When filing their case, they purported that the two aforementioned companies had provided erroneous trade details. They also claimed that both companies had entered into an agreement that would see them take over the BTC market.

New York’s Attorney General Case

By relying on a past case that had been brought forward by the NYAG the petitioners also went as far as to accuse the respondents of attempting to influence the bitcoin market by printing unbacked tethers. The original filing by the plaintiffs read that:

When Bitcoin prices were falling, Defendants and their co-conspirators printed USD₮s and artificially increased the price of Bitcoin.”

Bitfinex had come out to strongly deny the accusations leveled against it by the plaintiffs. A company spokesperson states that the allegations were baseless and mercenary. The spokesperson went as far as to state that the company was more than willing to challenge any nuisance defrayals.

While it has not yet been established what motivated the two to drop their case, it’s worth noting that the laws in the United States will let someone re-file their suit at a later date. However, they cannot bring it back to the court if they decide to withdraw it for a second time.

Tether had filed a letter of intent that stated their intention to put forth a motion that would lead to the dismissal of yet another class-action lawsuit. In this case, Tether had been accused of manipulating BTC prices, and the plaintiffs were seeking damages to the tune of one trillion dollars.

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Author: Daniel W

Google Trends Reveal “Bitcoin, Not Blockchain” Defined the Crypto Market in 2019

  • XRP, Ethereum, DLT, Blockchain – All Dead against Bitcoin
  • What about the hot trends of 2019? – Crypto Staking & Crypto Lending
  • The buzzwords – Search volume for Bakkt and Bitcoin ETF falling while rising for CBDC

This year, the majority of the Bitcoin-related Google search saw a spike during the periods when the digital asset was either surging in value or falling.

Search volume for Bitcoin surged during the last week of June when BTC price rose sharply from $9,000 to $13,900. Before this, a similar spike was seen in early May when BTC went from $5,500 to just above $8,000.

Also Read: Bitcoin Turns 4,000 Days Old as Searches for “Bitcoin Halving” Rise Significantly Per Google Trends

But it wasn’t only when BTC price went up but also when it was going down. In the mid of July when the price lost over 10% of its value, interest in Bitcoin rose once again. Then in Sept., when it dropped from $10k to about $8k, the market witnessed the same trend. And the same happened in Oct. and Nov. when the price of BTC fell.

Given that both BTC’s rise and fall in price brings forth strong sentiments in the market in the form of fear and greed, it makes sense both will ignite people’s interest.

XRP, Ethereum, DLT, Blockchain – All Dead against Bitcoin

Coming onto the overall crypto market, the search term on Google Trends that defined cryptocurrency in 2019 talks about “Bitcoin, not blockchain” narrative.

When comparing the searches on the largest cryptocurrencies along with cryptocurrency, stablecoin, and blockchain, Bitcoin is a clear winner.

Bitcoin is followed by social media giant Facebook’s crypto project Libra. “Libra” might come in second place but it is affected by non-crypto related searches because even before the official announcement came this summer, the search term was at around 20-level.

In comparison to Bitcoin, all other search terms like XRP, Ethereum, DLT, blockchain, stablecoin, and cryptocurrency are practically dead. These results as Arcane Research says in its weekly newsletter, “undoubtedly show how the public is most interested in bitcoin, and strengthen the popular saying “bitcoin, not blockchain”.”

What About the Hot Trends of 2019?

Taking a look at the hot trends of 2019, we might be seeing them continuing the next year as well.

Crypto Staking has been big this year, likely to be propelled by Tezos as top crypto exchanges, Binance, Coinbase, and Kraken jumped in and announced support for XTZ baking.

As we reported, crypto commentators are expecting 2020 to be a big year for staking, especially with Ethereum 2.0 coming.

Crypto lending recorded massive growth in 2019 thanks to the explosion of Decentralized Finance (DeFi). The total collateral locked in Defi applications increased from about $240 million earlier this year to $682 million this month, according to Defi Pulse.

The leading cryptocurrency exchange Binance also launched its own crypto lending products and institutional digital asset lending firm Genesis Capital recorded a continuous surge in demand.

CBDC – Central Bank Digital Currency

Search volume for CBDC – Central Bank Digital Currency started gaining traction in the second half of the year.

The biggest development in this area has been China’s digital yuan that the officials said has been ready after five years of research. This got other countries worked up as well as they talked about considering their central bank-backed digital currency.

No one wants to be left behind as new ECB president Christine Lagarde said earlier this month, “We’d better be ahead of the curve because there is clearly demand out there that we have to respond to.”

As for other buzzwords of 2019, Bakkt for example, the interest for this search term has been lower than 25 on a 0 to 100 range that shot up to its limit around the launch of the platform. Since then it has only fallen, now at about 3.

Search volume for Bitcoin ETF saw bouts of searches throughout the year but has been on a constant decline as well.

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Author: AnTy