Blockchain technology has been the buzzword for a few years now, and its impact has been felt in various industries ranging from finance, healthcare, supply chain management, to voting systems. It is the backbone of cryptocurrencies such as #bitcoin and #Ethereum and its potential applications are limitless. With the growth of the blockchain industry and the increasing number of blockchain-based startups, investing in blockchain technology has become a hot topic. However, before investing in blockchain, it is essential to understand the technology behind it and how it works. In this article, we will discuss why it is important to think smart and learn blockchain before investing in it.

What is #blockchain technology?

Blockchain technology is a decentralized, digital ledger that records transactions in a secure and transparent manner. It is a distributed ledger that is maintained by a network of computers rather than a central authority. Each block in the blockchain contains a set of transactions, and once added to the blockchain, it cannot be altered or deleted. This makes the blockchain tamper-proof and secure.

Why is it important to learn blockchain before investing in it?

Understanding the technology

Blockchain technology is complex, and it is essential to understand how it works before investing in it. Learning blockchain technology will help you understand how transactions are recorded, verified, and validated on the blockchain. You will also understand the difference between public and private blockchains, smart contracts, and consensus mechanisms. With this knowledge, you will be able to make informed decisions on the blockchain projects you choose to invest in.

Identifying potential use cases

Blockchain technology has the potential to disrupt several industries, and understanding the technology will help you identify potential use cases. With this knowledge, you can invest in blockchain-based startups that are solving real-world problems, creating new business models, and driving innovation.

Risk management

Investing in blockchain technology comes with risks, just like any other investment. Learning blockchain technology will help you understand the risks associated with investing in blockchain-based projects. You will understand the risks associated with cryptocurrencies, such as volatility and regulatory risks. You will also be able to identify potential #scams and fraudulent projects and avoid them.

Keeping up with the market

The blockchain industry is fast-moving, and new projects are launched every day. #LearningIsImportant blockchain technology will help you keep up with the market trends and understand the latest developments in the industry. You will be able to identify promising projects and invest in them before they become mainstream.

Conclusion

Investing in blockchain technology can be a rewarding experience, but it is important to think smart and learn blockchain before investing in it. Understanding the technology behind blockchain will help you make informed decisions, identify potential use cases, manage risks, and keep up with the market trends. With this knowledge, you will be able to invest in blockchain-based projects that have the potential to disrupt industries, create new business models, and drive innovation.

The FTX Group announced on Monday, March 6th, that it is suing Michael Sonnenshein, the CEO of Grayscale Investments, as well as Barry Silbert and his Digital Currency Group. The release states that FTX's Alameda Research is attempting to recover at least $9 billion that Grayscale has locked up.

Grayscale has violated the Trust agreements by collecting over $1.3 billion in extortionate management fees alone in the last two years.

For years, Grayscale has sheltered behind fabricated justifications to thwart shareholders' attempts to redeem their shares.

The Trusts' shares are currently selling at about a 50% discount to Net Asset Value as a result of Grayscale's activities.

The FTX Debtors' shares would be worth at least $550 million, or almost 90% more than their present value, if Grayscale cut its costs and stopped unjustly impeding redemptions.

FTX debtors are asserting that Grayscale is in violation of Trust Agreements and Fiduciary Responsibility. Also, they want the outrageous fees that, according to a press release, have already made Grayscale $1.3 billion over the last two years reduced. Moreover, John J. Ray's team asserts that the Grayscale Bitcoin Trust's substantial trading disadvantage is the result of the DCG Subsidiary's actions.

Grayscale has allegedly been hiding for years behind fabricated justifications to stop stockholders from redeeming their shares, according to the complaint. Read from the announcement, the current CEO of FTX, John J. Ray III, said that his team;

"continues to use every tool we can to maximize recoveries for FTX customers and creditors, goal is to unlock value that we believe is currently being suppressed by Grayscale's self-dealing and improper redemption ban."

He said that the decision will benefit Grayscale's investors as well as FTX's debtors.

#ftxcollapse #sbf #alamedaresearch #crypto2023 #scams

In a major development on March 15, 2023, Ho Wan Kwok, also known as “Miles Guo,” was arrested in New York City for his alleged involvement in a $1 billion fraud conspiracy.

The United States Attorney for the Southern District of New York, Damian Williams, and Michael J. Driscoll, the Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (FBI), announced the unsealing of a twelve-count indictment charging Ho Wan Kwok and Kin Ming Je, also known as William Je, with various charges such as wire fraud, securities fraud, bank fraud, and money laundering.

According to the charges in the indictment, Ho Wan Kwok, along with Kin Ming Je, solicited investments in various entities and programs through false statements and representations to hundreds of thousands of Kwok’s online followers. The indictment claims that Kwok and Je misappropriated hundreds of millions of dollars in fraudulently obtained funds during the course of their conspiracy.

The charges also allege that Kwok lied to his victims and promised them outsized returns if they invested or provided money to GTV, his so-called Himalaya Farm Alliance, G|CLUBS, and the Himalaya Exchange. Kwok is further charged with laundering hundreds of millions of stolen funds to conceal the conspiracy’s illegal activities and continue the fraud’s operations.

Kwok and his accomplices are accused of obtaining over $262 million in victim funds through the Himalaya Exchange, which claimed to be a cryptocurrency “ecosystem.” The exchange featured a stablecoin called the Himalaya Dollar (HDO) and a trading coin called Himalaya Coin (HCN). Kwok touted the exchange’s prospects and valuation through social media, falsely stating that HCN was backed by 20% gold and promising to compensate anyone who lost money.

The initial coin offering of HCN and HDO occurred on or about November 1, 2021. HCN’s value skyrocketed by 26,900% in two weeks, reaching a total value of approximately $27 billion. Kwok’s associate, JE, falsely claimed to media outlets that a €3.5 million Ferrari was purchased through the Himalaya Exchange, but in truth, a Himalaya Exchange employee sent the Ferrari broker an international bank wire to cover the cost, while creating the false appearance that the purchase was made using HDO to promote the exchange.

Mr. Williams announced that the U.S. government seized approximately $634 million from 21 different bank accounts between September 2022 and March 2023. The $634 million constitutes proceeds of Kwok’s alleged fraud, which the government will seek to forfeit. Today, law enforcement also seized assets that were purchased with proceeds of Kwok’s alleged fraud, including a Lamborghini Aventador SVJ Roads.

Kwok was arrested on March 15, 2023, and will be presented in court. On the other hand, Kin Ming Je, who is Kwok’s financier, is currently at large.

#Kwok #Milesguo #scams

This article was republished from azcoinnews.com

A Redditor with the handle @jbtravel84 shared a devastating story on Reddit, as reported on March 16th, 2023. In his first post, he expressed his regret for storing passwords and seed phrases for his accounts in Evernote. According to him, three of his wallets got hacked, resulting in a total loss of over 300k.

@jbtravel84 identified himself as a big fan of MOONs and revealed that he had over 80k MOONs in his Metamask wallet, which the hacker swapped for ETH and moved to another wallet address. In addition, his Rocketpool Node was compromised, and the hacker changed the withdrawal address. @jbtravel84 acknowledged his biggest loss was with the Rocketpool Node, where he had about 250k staked.

The Deadalus wallet had approximately 8k in ADA, which the hacker also transferred to his wallet address. He mentioned that the hacker’s IP address logs suggested they could be from Germany, although he acknowledged that the login could be through a VPN.

@jbtravel84 appeared devastated and unsure of what to do. He asked for advice from the Reddit community on whether he should contact the FBI. In response, a Redditor advised him to report the case to his local police office.

However, another Redditor mentioned that both IP addresses used by the hacker were Tor exit nodes, which made it difficult to track them through just IP data. The wallets used by the hacker showed no transaction history with any exchanges, making it difficult to trace them.

The community advised @jbtravel84 to monitor the wallets used by the hacker for any movement, hoping that the hacker would transact with a KYC exchange, which would enable authorities to request his details.

In conclusion, this story is a cautionary tale for cryptocurrency holders who may have become complacent with their security measures. It is important to avoid storing passwords and seed phrases in easily accessible locations like Evernote. Additionally, this story highlights the need for better security measures and increased awareness among cryptocurrency enthusiasts.

#hack #scams #azcoinnews #redditor #cryptohacks

This article was republished from azcoinnews.com