Crypto News: $5 Million FEE sender revealed!!

Boxmining avatar Boxmining
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Crypto News Time: Identity of the send of the mysterious $5 Million fee transactions has finally been revealed to be Korean Exchange Good Cycle. Feds are seriously looking at CBDC - issuing out new di...

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Hey friend, let's talk about the latest crypto buzz! This video dives into some major happenings, like the mysterious $5 million Ethereum transaction fee sender finally being revealed, the latest market swings for Bitcoin and altcoins, and why governments are seriously eyeing digital currencies. There's also some interesting takes on Akon's crypto city and the never-ending XRP security debate.

Here's a breakdown of the hot topics:

* The Mystery of the $5 Million Ethereum Fee is Solved!
* Last week, everyone was scratching their heads trying to figure out who sent a massive Ethereum transaction with a whopping $5 million in fees. People were wondering if it was some genius trying to boost the Ethereum ecosystem or just a major screw-up.
* Turns out, it was a major screw-up by a Korean exchange called Good Cycle.
* They were hacked, but luckily, they had a whitelist on their wallet, meaning funds could only be sent to pre-approved addresses. This meant the hackers couldn't just steal the money directly.
* In a fit of rage, the hackers decided to "piss off the exchange" or threaten them by sending the funds to a whitelisted address but with ridiculously high fees. This was a bizarre move, almost like a digital tantrum.
* Good Cycle, feeling pretty embarrassed, is now trying to get some of those fees back from the mining pools (Spark Pool and E4Mine) that received them. It's a huge lesson in keeping funds secure, as exchanges seem to mess up constantly in crypto.

* Keeping Your Crypto Safe with Ngrave Wallet
* Following the whole Good Cycle fiasco, a really important point is made about securing your funds.
* There's a new hardware wallet called Engrave (Ngrave) that's being touted as the "coldest" (most secure, offline) wallet out there.
* It's designed to be completely offline, with no USB, Wi-Fi, or Bluetooth connections, which makes it incredibly difficult for hackers to breach. It also has a super secure EAL7 certified chip.
* They're running a Kickstarter, and while the price is a bit premium, like 308 Euros for the combo pack with a stainless steel backup, the combo is already sold out! It shows how much people are willing to pay for top-tier security.

* Market Recap: Bitcoin's Boring, Altcoins are Wild!
* Bitcoin and Ethereum have been pretty boring lately, with almost no price movement hour-to-hour or day-to-day. It’s a stark contrast to the volatility we often see.
* Bitcoin recently had a scare, dipping almost below $9,000, but the "Bulls" quickly rejected that, pushing the price back up. It looked like a "reverse Bart Simpson" pattern – a quick dip and then back to the previous level.
* Bitcoin is currently in a tight channel, reaching an "apex" point where a big decision is expected. It could either break out above $10K, potentially pushing towards $11K, $12K, or even $14K, or it could dip significantly, offering a "massive discount." We're just in a waiting game right now.
* On the flip side, the altcoin market is going "wild"! Coins like Swiss Borg, Verge, Sela, ZiaCoin, Ren, Nexo, and FTX token have seen significant gains in the past few weeks and even 24 hours. Social media is buzzing with talk about various altcoin projects.
* It's emphasized that while this is a great time to explore altcoins, it's crucial to be strategic with your decisions and exercise caution. Always do your own research!

* Podcast Update: Bitcoin Out of the Box
* If you're looking for more crypto insights, the "Bitcoin Out of the Box" podcast has a new Season 3 out.
* The latest episode features Sash Gopital, co-founder of Altcoin Buzz, who's been super successful with altcoin investments this year. They discuss investment strategies and the "100x mentality" often seen in the crypto space.

* Akon's $6 Billion USD Blockchain City
* In a move that sounds like something out of a sci-fi movie, Akon's "Crypto City" project is moving forward with a massive $6 billion construction contract.
* It's seen as a "bizarre" concept, with the question raised about why we need a new crypto city instead of just using crypto in existing cities. It might just be a unique way to raise money for new urban development.

* The Race for Central Bank Digital Currencies (CBDCs)
* This is a super hot topic, especially with governments globally printing massive amounts of money.
* The core idea behind CBDCs is that printing physical cash is expensive (think paper, ink, manpower). Digital currencies allow governments to "Thanos snap" money into existence, much more efficiently.
* Jerome Powell, Chairman of the Federal Reserve, stated that they "owe it to the public" to understand CBDCs, especially if it's good for the US economy and the dollar's status as a world reserve currency. They're currently in the "understanding phase."
* However, other countries like Canada, South Korea, and Ghana are moving ahead seriously. China's "Digital Currency Electronic Payment" (DCEP) is almost ready to launch.
* The takeaway is clear: physical cash is likely to disappear in the near future, replaced by digital cash, and we need to be aware of these global shifts.

* Is XRP a Security? The Never-Ending Debate
* This has been a persistent "thorn" for Ripple holders since 2017, as classifying XRP as a security could cause its price to drop significantly.
* Recently, a former CFTC chairman stated that "XRP is not a security," which is good news for Ripple holders.
However, it's pointed out that this debate will likely "go on and on and on." In the US, it's notoriously difficult to prove something isn't a security, even if it's easier to prove something is*. So, don't expect a definitive answer anytime soon – this conversation could drag on for years, possibly even until 2025.

Transcript

All right, guys, it's time for some crypto news. Yay! Woo! And I like to say, man, finally, crypto news is way less depressing than regular news. Because that stuff, sometimes, man, when you read it, 2020, I want a refund for this year, honestly. But anyways, we're going to cover the latest crypto-related news topics from million-dollar transactions. We finally found out who the Ethereum center is, Akon's new city, and all that jazz. We're also going to talk about market updates as well. Like, ...