Gerald Cotten, the founder of the cryptocurrency exchange, seemed to be a brilliant young entrepreneur.
He was leading thousands of people into the new world of crypto, where everyone believed their investments were safe.
But when Cotten suddenly died in India in 2019, the truth came crashing down.
Cotten was the only person who had access to the keys that secured nearly $190 million in customer funds.
After his death, those funds were locked away, and people were left helpless, unable to get their money back.
Panic set in as the platform shut down, and over 76,000 people—many who had trusted Cotten with their life savings—were left with nothing.
As investigators started digging, the truth turned out to be much worse than anyone expected.
Cotten had been running a giant scam. He had been taking customer money and using it to fund his lavish lifestyle—fancy trips, expensive properties, and a life of luxury.
He had also been creating fake accounts on the platform and trading fake money with real customers, causing even more losses.
It was all smoke and mirrors.
In the end, it wasn’t just about Cotten’s death. He had been playing with people's trust for years, and by the time it all fell apart, there was almost nothing left.
OneCoin, founded by Ruja Ignatova in 2014, became infamous as one of the largest cryptocurrency Ponzi schemes in history.
Promoted as a revolutionary cryptocurrency, OneCoin lured in millions of investors from around the globe, claiming to have a legitimate blockchain.
However, it turned out that the "blockchain" was merely a database on an SQL server, and no actual cryptocurrency was ever created.
Ruja Ignatova, known as the "Cryptoqueen," disappeared in 2017, shortly after law enforcement started closing in.
Since then, her brother Konstantin Ignatov took over but was arrested in 2019.
The scheme defrauded investors of an estimated $4 billion, although some reports suggest the total losses could be as high as $19 billion.
Ignatova remains on the FBI’s Ten Most Wanted list, with a reward of $100,000 for information leading to her arrest.
Meanwhile, key figures like Karl Sebastian Greenwood were sentenced to prison for their involvement
💥 Why Bitcoin is set to surge past $130,000 in January 2025
A cryptocurrency trading analyst has projected that January 2025 might be the moment when Bitcoin (BTC) clinches a new historical high. This projection follows Bitcoin’s ongoing rally that has placed the asset on the cusp of reclaiming the crucial $70,000 resistance.
Alan Santana, rather than settling for conservative targets of $130,000, suggested that Bitcoin could reach the $155,000 to $200,000 range by early 2025, according to an analysis shared in a TradingView post on October 19.
The expert envisioned two possible trajectories for Bitcoin’s future. In one scenario, Bitcoin could experience an early blow-off top, with a rapid bullish surge peaking around April or May 2025. However, this is considered less likely due to the speed such a rally would require.
The more probable outcome suggests Bitcoin will break out of its current consolidation and enter a lengthy accumulation phase before rising parabolically. This final surge could drive prices to $155,000 or even as high as $208,000, particularly if inflation worsens or significant geopolitical events occur.
“Not $130,000 but actually much higher, think more of a price number around $155,000 or even $180,000 – $200,000 if inflation gets out of control, the only part that needs adjustment is the date,” the expert noted.
Santana emphasized that Bitcoin will likely experience a “blow-off top” in late 2025, contrasting with the 2021 double-top formation. This blow-off top is typical of Bitcoin’s historical cycles, reminiscent of the 2017 bull market.
A key component of this forecast is Bitcoin’s technical outlook, which outlines notable phases of consolidation followed by a massive rally. The expert highlighted a pattern pointing toward Bitcoin testing support around the 200-day moving average (MA 200), which may create a short-term correction. This correction could bring Bitcoin to around $42,000 before a major bull run starts.
#BTC #Bitcoin
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The Bitfinex hack in 2016 remains one of the largest cryptocurrency thefts ever, involving the theft of around 120,000 Bitcoin($BTC ), valued at $71 million back then but now worth over $4 billion.
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Two individuals, Ilya Lichtenstein and Heather Morgan, were arrested for attempting to launder the stolen funds.
Over the years, they used a complex network of transactions to move and obscure 25,000 Bitcoin.
However, U.S. law enforcement eventually recovered 94,000 Bitcoin, making it the largest financial seizure in the Justice Department’s history.
The recovery operation, completed in 2022, highlights the U.S. government's ability to trace cryptocurrency transactions despite efforts to maintain anonymity.
Bitfinex, which initially compensated its customers with tokens, is now working to reclaim the stolen Bitcoin.
Both Lichtenstein and Morgan face serious charges that could result in up to 25 years in prison
The Mt. Gox hack of 2014 is one of the most infamous incidents in cryptocurrency history.
At the time, Mt. Gox was the largest Bitcoin exchange, handling over 70% of all Bitcoin transactions worldwide.
The platform collapsed after it was discovered that hackers had stolen approximately 850,000 Bitcoins, which were worth around $450 million at the time.
These Bitcoins ($BTC ) had been gradually siphoned off from Mt. Gox's wallets over the span of several years, exploiting vulnerabilities in the exchange’s security.
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Mt. Gox halted trading on February 24, 2014, and soon after, the company filed for bankruptcy. Initially, it was believed that the full amount was lost, but later, around 200,000 Bitcoins were found in an old wallet.
The CEO, Mark Karpelès, was later arrested and charged with embezzlement and data manipulation, though he was ultimately acquitted of embezzlement in 2019.
The case raised major concerns about the security of cryptocurrency exchanges and led to increased regulatory scrutiny.
Although some of the lost Bitcoin has been recovered, the legal process surrounding creditor compensation has been long and complex, with creditors still seeking reimbursement based on the value of Bitcoin at the time of the hack
#BTC
🚀 **Crypto Prediction Markets: Trump vs. Harris Showdown!**
- Former President Trump holds a 20-point lead over VP Kamala Harris on Polymarket, sparking manipulation concerns.
- Tarek Mansour, founder of Kalshi, claims the results are legit, showing similar trends on his platform.
- Mansour debunks whale manipulation theories, noting Harris's median bet size is $85 vs. Trump's $58.
- More users on Kalshi are betting on Trump, mirroring Polymarket's 20-point lead.
- Kalshi, an American-only market, counters claims of foreign meddling.
- Elon Musk supports prediction markets over polls, but critics question Polymarket's validity due to U.S. user restrictions.
🔮 Prediction markets: the new crystal ball?