May 18, 2019

Binance hack: Scammers luring people into buying ‘discounted stolen Bitcoins [BTC]’

The world’s largest cryptocurrency exchange, Binance, was attacked on May 7, and hackers stole 7,000 Bitcoins [BTC] worth $40 million. The Chief Executive Officer of Binance, Changpeng Zhao or CZ, proactively took care of the situation and shut deposits and withdrawals on the exchange, which were later resumed on May 16.

Even though the funds have not been recovered yet, another scam seems to be brewing in the shadow of these funds. A Reddit user suggested on the r/Cryptocurrency subreddit that the ‘team’ that hacked Binance was selling the stolen 7,000 BTCs, with a 70% discount.

Source: Rentry

The site claimed to provide 3 BTCs for 20 ETH and 0.2BTC for 2 ETH. This page led users to another page which informed them that the process would be completed after they add their bitcoin address and ETH sessions.

Source: Rentry

Most users suggested that this is a scam, warning others to not buy into this scheme. One of the users commented,

“Beware of any “offer” that requires you to send large amounts of money to a stranger to get some favor in return. “

As for Binance’s stolen funds, many prominent figures from the crypto-space had offered their services to the exchange to help it in its efforts to trace the funds and retrieve them. John McAfee said,

“If I can help at all please let me know. Underneath my clown suit is still one of the most experienced cybersecurity experts on the planet. I’ve been doing it for 51 years. I am at your service.”

Tron’s Justin Sun also pledged to donate USDT worth the stolen BTCs. However, CZ refused his help. Whale Alert, a Twitter handle that keeps an eye on the movement of tokens and coins from various wallets and exchanges, also offered to lend a hand to help Binance out. The Twitter handle tweeted,

“

We have added special warnings for the Binance Hack! If anyone tries to move the stolen #BTC, you’ll be the first to know!”

The post Binance hack: Scammers luring people into buying ‘discounted stolen Bitcoins [BTC]’ appeared first on AMBCrypto.

Published at Sat, 18 May 2019 21:52:28 +0000

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Jim Rickards: Debt, The Death of Money and Gold

wallstreetexaminer.com / by Craig Wilson via The Daily Reckoning / April 3, 2017

Jim Rickards joined Greg Hunter of USAWatchdog to discuss his book The Death of Money and the debt ceiling issues facing Trump and Congress. During the interview the two discuss everything from what to expect from Federal Reserve policy to gold prices in the coming months and years.

To start out the interview Jim Rickards was asked on the national debt where he contends, “The debt ceiling is very important. The United States runs budget deficits year after year. In the last 50 years we have only had minimal surplus years under Nixon and Clinton. We currently have $20 trillion of debt. The Treasury cannot just borrow however much they want. The U.S Congress limits the Department of the Treasury’s ability to borrow, what is called the debt ceiling. When the Treasury wants to borrow more, you have to raise the ceiling ceiling by the legislative process – an act of Congress.”

“Officially the existing debt ceiling ran out on March 15 and the Treasury cannot borrow any more money. Right now the Treasury is within tax season so it has positive cash flow. They have more in than going out and will not need to borrow at the exact moment. That is strictly temporary and a function of tax season in. Once we get through April, the shoe is on the other foot.”

“They’re going to hit a “hard ceiling” probably by August, if not sooner. Then the issue becomes whether Congress gives the Treasury the authority to borrow more money. The problem is when passing a debt ceiling bill, the “strings attached” deals that come with them. You gain some members in doing deals and lose others. We saw that with the health fiasco and the repeal of Obamacare failed not because of Democrats but because of Republicans who could not agree amongst themselves.”