Hack A Cryptocurrency Wallet Filled With Bitcoin to Get Hired By A Cybersecurity Firm

Hack A Cryptocurrency Wallet Filled With Bitcoin to Get Hired By A Cybersecurity Firm

Red Balloon Cyber Security Company is using a unique way to get their next recruits. The company asks prospective candidates to crack an encrypted hard drive before they are offered the opportunity to work with the security firm.

According to the company’s description, anyone with “the skills and passion” to crack the hard drive will be offered 0.1337 Bitcoin (BTC) or about $4,900 as of press time.

Any applicant who decrypts the hard drive and claims the BTC funds is asked to buy a ticket to travel to New York for the recruitment process.

“You have to do a somewhat unusual technical interview: unlocking a hard drive with Bitcoin,” the cybersecurity firm stated.

A Unique Recruitment Method that Brings Result

The Chief executive officer of Red Balloon, Ang Cui, commented on the strange recruitment process by saying that his company is one of the very few firms that use it to recruit its workforce.

According to him, the firm is taking such a method because it is a small company and doesn’t have enough human resources to spend on sorting and going through each resume. So, the idea is to use a smart and effective method to recruit a specialized tech expert group.

The Recruitment Method Records a 1% Success Rate

Cui added that the security firm has sent out the test invitation to anyone interested in the advertised position. He also said only very few persons could scale through the interview, pointing out that the success rate was just 1%.

Red Balloon added 6 people to its workforce, making it 29 employees presently working in the firm. The cybersecurity firm was founded in 2011 and had been using this strange interview method to recruit some of its workers for some time.

A crypto enthusiast recently claimed that he received such invitation and instructions to get back Bitcoin five years ago on Twitter.

Some others also said Red Balloon had been known to use such a recruitment method. Some of them said as part of the Decon Hacker Conference in 2017; the security firm asked programmers to decrypt hard drives with Bitcoin.

Last month, Red Balloon security appointed David Doggett as a senior strategist for its industrial market. As a team senior, his recruitment method was probably not through the hard drive cracking task.

The security firm claims it’s a leading developer of firmware-based security systems that protect embedded devices, including automation systems and electrical systems, from different potential cyber-attacks.

The company’s flagship product, Symbiote Defense, is a defense system designed for embedded devices.

Red Balloon has lots of other products that help customers keep their security systems safe from unwanted exploitation. This explains why the firm uses the unique method of hard drive encryption to recruit its new workforce.

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Author: Ali Raza

Are Whales Controlling the Bitcoin Move or ‘Liquidity Crunch’ Caused by Miners?

The crypto market is showing resilience, with any dips in the BTC price getting filled up immediately.

Bitcoin is holding firm above $18,000, on track to retest the high set early this week and then onto $20,000. Charlie Bilello, founder, and CEO of Compound Capital Advisors, noted,

“During the last 3 months of 2017, Bitcoin hit a new all-time high once every 3 days, on average. Since its peak in 2017, Bitcoin has gone 1,069 days without a new high. Longest streak ever was 1,176 days (Dec 2013 to Feb 2017). Bitcoin is now w/in $2,000 of a new high.”

As we reported, the demand for risk has the open interest in the future and options on the rise with “the skew showing plenty of evidence of bullish market positioning.” Denis Vinokourov of Bequant said,

“The trend of turning to stablecoin margined products is particularly supportive for the price action and removes some of the unfavourable price action, since Bitcoin margined futures can amplify downside due to convexity.”

The Whale Move

While retail is here, albeit not in full force, it has been the whales, a few large holders, who are driving the rally and continuing to own most BTC.

According to researcher Flipside Crypto, about 2% of the whales control 95% of the digital asset. However, Lyn Alden of Lyn Alden Investment Strategy argues that the same could be said of the stock market, and while the number of addresses with >0.1 or >1 BTC is growing, addresses with >100 BTC have been shrinking, she said.

“The story is that as the price has surged upwards lately, the concentration in the hands of the largest accounts has also risen,” since July, said Eric Stone, head of data science at Flipside.

As per the breakdown, whales own 92.4% of the 2% while cryptocurrency exchanges account for nearly 7% of the digital asset, down from 7.7% a year ago. More than 70% of Bitcoin addresses have less than 0.01 Bitcoin in them. Stone said,

“While whales continue to be a significant force behind the overall BTC market, it is always challenging to ascribe a narrative to a particular price swing.”

“The most likely whale story today is that they’ll cautiously liquidate relatively small amounts of BTC over time, rather than risking a supply shock by liquidating larger chunks all at once.”

Miners’ Move or Lack of it

Besides whales propelling BTC forward, as a large holder can have an outsized impact on the market. Some speculated this rally could also be driven by Chinese miners’ inability to sell their BTC because of a regulatory crackdown, which has led to a “liquidity crunch.”

But Lucas Nuzzi from CoinMetrics pointed out that this isn’t the case as the miners are unlikely to play this significant role in liquidity.

The supply held by mining pools and individual miners shows that they have not been selling their BTC, which is part of a long-term trend. Miner outflows also invalidate the narrative with the recent spikes in funds sent shows that miners are moving assets, which signals the ability to sell. Moreover, the 30-day miner rolling inventory suggests that nothing out of the ordinary is taking place.

The market has matured since 2017, with derivatives, credit markets, and institutional custody becoming a big part of the infrastructure, making it easier for hedge funds, family offices, and other professional investors to jump in.

With supportive macro factors, hedge against inflation narrative, and good old FOMO, Bitcoin is enjoying an uptrend.

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Author: AnTy

Renaissance’s $10 Billion Medallion Hedge Fund Permitted to Enter into Bitcoin Futures Market

As per regulatory form filled on March 30, 2020, Renaissance Technologies is permitted to enter the Bitcoin Futures market for cash-settled contracts.

The company’s Medallion hedge fund is currently in the news for having its best years ever. Up 24% year to date it recorded impressive 9.9% gains in March, one of the worst months in modern financial history.

They are well ahead of the broader stock market, which is down over 11% since the rapid spread of the coronavirus pandemic. March’s gains came even after charging hefty investor fees including a cut of 36% of all trading gains and 5% of all money invested.

Cash-settled Bitcoin Futures contracts

Now, Jim Simons founded company has been permitted to enter into bitcoin future transactions, “which Renaissance will limit to cash-settled futures contracts traded on the CME.”

The Form ADV mentions that the underlying commodity, bitcoin is a relatively new and “highly speculative” asset and is extremely volatile, as such “investment results may vary substantially over time.”

It further cautions that these instruments involve much larger risk and potential for loss compared to conventional financial instruments.

“Investments of this type should be considered substantially more speculative and significantly more likely to result in a total loss of capital than many other investments.”

Significant Risk

Renaissance further lays down a list of risks associated with bitcoin including its limited history, the absence of any recognition of bitcoin as legal tender by any government.

Bitcoin’s substantial price volatility, its susceptibility to forking, and possible correlation to the price volatility of other distributed ledger assets are other risks.

What the crypto community hails as the biggest strength of Bitcoin, no central authority to issue or control the world’s leading digital asset is also taken by the company as one of the risks.

Bitcoin’s susceptibility to manipulation by malicious actors or botnets, spot exchanges to fraud, manipulation, and other malfeasance, and the enhanced basis risk in futures compared to other types of investment vehicles are also mentioned.

Moreover, it mentions the undeveloped and evolving nature of regulation amidst the increased regulatory scrutiny of participants in the crypto space.

There is also the possibility of exchanges or FCMs’ imposing other requirements or limitations on bitcoin futures trading.

And any of these factors could “materially and adversely” affect the value of the Fund’s investments, reads the form.

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Author: AnTy