18 July 2020

The overall cryptocurrency market movement remained almost flat throughout the week. The Bitcoin price stayed between the $9100-$9200 range, showing mild swings. 

The same is the case for most of the altcoins in the top-ten list, except for Chainlink (LINK). Continuing with its massive price surge, the LINK token price surged more than 25% in the last seven days giving it a place in the top-ten list for the first time. 

At this time, LINK is trading at $7.88, with a market cap of $2.75 billion. While the crypto market remained muted for investors, some other news in the crypto space made a massive buzz.

Bitcoin Scammers Hack Twitter Accounts of 130 High-Profile Individuals

In one of the biggest hacks in the history of Twitter, Bitcoin scammers managed to hack into 130 Twitter accounts of high-profile individuals. 

Accounts of big businessmen, politicians, and even corporate accounts were compromised big time as hackers managed to get access to Twitter’s internal tools and systems. 

Twitter accounts of some of the famous personalities like Elon Musk, Bill Gates, Jeff Bezos and others were comprised. Even big-tech companies like Apple and Uber were at the receiving end. On the other hand, politicians like Joe Biden and Barack Obama were a victim of this broader hack. 

The hackers posted a common message across all these Twitter accounts to their millions of followers. In a Ponzi community scheme, the hackers asked the followers to donate X amount of Bitcoin and receive 2X in return. The hackers then attached the BTC address, where they asked the followers to send their Bitcoins. 

FBI’s San Francisco division has already initiated an inquiry in the matter and has asked Twitter to submit a detailed report about the security breach. 

As per the law enforcement agency, scammers managed to take away $100,000 worth of BTC. Several Washington lawmakers have also asked for an inquiry and are calling for an account of how it happened. 

“Our investigation and cooperation with law enforcement continues, and we remain committed to sharing any updates here. We’re still in the process of assessing longer-term steps that we may take and will share more details as soon as we can,” said Twitter. 

 

PayPal Confirms Developing Cryptocurrency Capabilities

In its letter to the European Commission earlier this week, financial payments giant PayPal confirmed that it is developing cryptocurrency-asset management capabilities. 

Citing its attempt to democratize the digital economy, PayPal has invited the Commission to investigate the company’s work on integrating crypto assets. PayPal confirmed that the letter was a response to EU’s public consultation on creating a framework for the crypto market. 

 

PayPal said that it would work as a reliable partner in all upcoming discussions with the “policymakers, regulators and law enforcement”. It also added that it would work in compliance with the regulatory framework developed for cryptocurrency, blockchain, and distributed ledger technology (DLT). 

In its letter to the European Commission, PayPal wrote: “The crypto-asset industry has experienced substantial growth over the past few years. As such, Paypal is continuously monitoring and evaluating global developments in the crypto and blockchain/distributed ledger space.”

 

PayPal also cites its earlier participation in Facebook’s Project Libra, saying that the company “has taken unilateral and tangible steps to further develop its capabilities in this [crypto asset] area”.

It added that it remains dedicated to its mission to democratize the financial services market. “PayPal is continuously monitoring and evaluating global developments in the crypto and blockchain/distributed ledger space,” it continued. “Of particular interest for us is how these technologies and crypto-assets can be utilised to achieve greater financial inclusion and help reduce/eliminate some of the pain points that exist today in financial services.” 

 

PayPal currently serves more than 300 million active users around the globe. The company also holds a license to provide banking and payment services in Luxembourg and also serves customers and businesses in 31 European jurisdictions. 

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