Weekly Update #27: $10,000 For a Bitcoin

Dominik Olech
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This was a generous week for Bitcoin and an exciting time for the industry. Check the last updates from the crypto world!

Back in the last Weekly Update, we have commented about the blockchain industry’s reaction for the Brexit and some news concerning famous crypto-related lawsuits. Let’s see what stories this week has brought.

$10,000 achieved

First, let’s start with a price update. Bitcoin managed to reach the cap of $10,000 per coin, proving that the current bull run is a serious business. Since the beginning of the year, the leading cryptocurrency performed very well. There are various theories pointing to reasons for this price growth. Most of them are seeking them in the last international events, like the coronavirus outbreak or tense situation between the USA and Iran. Nevertheless, the market appears to be in excellent condition – and let’s hope it will last long.

Charity against coronavirus

Since we mentioned the infamous disease, it is good to mention that the blockchain industry is also trying to help fight the outbreak of the coronavirus. Hyperchain, a Chinese company specialized in blockchain application, announced the launch of a charity initiative devoted to that goal. Alongside with Fuxing Group and Xiongan Group, they are going to gather funds for medical supplies

The coronavirus outbreak coincided with the proclamation of the Chinese shift toward the blockchain. Decentralized technologies are believed to be a solution for better management of many systems, including healthcare. But Chineses government probably didn’t expect that the usage of blockchain may be useful in practice so quickly.

More details about Telegram’s blockchain

Messaging platform Telegram is already strictly connected with the blockchain technology, with many cryptocurrency firms actively communicating through its app. But Telegram’s relation with the industry doesn’t end here. Since 2017, the company is working on its own project called TON Blockchain, alongside with related currency, gram. 

The project, however, has already caused some controversies, mostly by a lawsuit by the U.S. Securities and Exchange Commission. The reason for the legal fight was the alleged selling of unregistered securities during a pre-sale of grams. However, it doesn’t stop Telegram from the development of TON. Last works on it concerned tests over the blockchain and resulted in a white paper summarizing present progress.

Does Wright defend himself with defunct companies?

The case of Craig Wright’s legal problems is still pending, and every week brings some new updates. First, a short reminder: Wrights got sued over the rights to the $10 billion in bitcoin by the family of his former, deceased partner, Dave Kleiman. According to the lawsuit, Wright defrauded Kleiman of money and intellectual property.

New concerns are about the 11,000 documents, which could shed some light on the case. The papers are, according to Wright, unavailable to be provided in court due to attorney-client privilege. It caused a reaction of Kleiman lawyers, who believed that documents are considered privileged without any legal basis, since they come largely from defunct companies, and called for the court for a reaction.

North Korea stole funds on the realistic-looking website

The Democratic People’s Republic of Korea, widely-known as an international troublemaker, is frequently trying to use blockchain and cryptocurrencies to its advantage. The range of North Korean actions consists of both hackers’ operation and a blockchain conference, which caused some problems to former Ethereum developer, Virgil Griffith.

This time, Kim Jong-un’s regime managed to steal coins via a highly sophisticated method. As Chainalysis has reported, a well-known hackers group called Lazarus managed to create a realistic-looking trading bot, which fraudulently obtained about $7 million from traders. The sum may not seem big, but the website used to steal it is definitely worth attention. 

A fake firm named WFC Proof had everything that a proper blockchain company should have: a legitimate website with a professional look and active social media, ironically pointing on the importance of the security. Such a high-level of fraud should be alarming.

Half a billion transactions on a Bitcoin blockchain

Reaching the $10,000 wasn’t the only Bitcoin’s success last week. The cryptocurrency has achieved a historical milestone of half a billion transactions. Since the first transaction between Satoshi Nakamoto and Hal Finney, the first cryptocurrency was pushing forward to reach this impressive number. You may find more details about the half a million Bitcoin transactions in our article dedicated especially for this event. And we hope there will be even more positive news like this one in the incoming weeks.

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