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Not Even a Ripple: Coinbase News Fails to Rescue XRP from Bearish Trend

Not even a ripple: coinbase news fails to rescue xrp from bearish trend

Not Even a Ripple: Coinbase News Fails to Rescue XRP from Bearish Trend


Bitcoin price flat tire ripple xrp
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It was the announcement that ripple (XRP) investors had been anticipating for more than a year, but the news that crypto exchange giant Coinbase was “exploring” support for the second-largest cryptocurrency failed to elicit even a microcosm of the sort of rally that even the mere rumor of a Coinbase listing frequently catalyzed during the 2017 bull run.

Ripple Price (XRP) Fails to Capitalize on Coinbase Announcement

As seen in the chart below, the ripple price failed to secure any sustained momentum following the Dec. 7 announcement, as a brief spike quickly gave way to the downward pressure that has plagued the crypto markets throughout 2018.

Indeed, XRP not only failed to rally against the US dollar in the days following the news but also declined against bitcoin (BTC), succumbing to a recent trend that has seen altcoins shed market share and BTC cement its position as the dominant cryptocurrency. Over the past five days, the bitcoin price is down 12.33 percent, while XRP has declined by a full 15 percent, with most of that divergence occurring over the past 24 hours.

Bitcoin price ripple price xrp
Btc (blue) vs. Xrp (red)

A year ago, such performance would have been unheard of, as XRP saw multiple rallies based on mere rumors that Coinbase would list the token. Now that there is hard evidence that this will finally occur, the news has — pardon the pun — failed to make even a ripple.

Granted, Coinbase did not outright state that it would support ripple on its platforms and services, stressing that XRP and the other listed cryptocurrency assets are being “evaluated” for listing. However, four Ethereum tokens named in the Friday announcement have already been added to Coinbase Pro, signaling that the addition of XRP could occur sooner rather than later.

The End of the Coinbase Bounce?

The collective yawn that met the announcement may have less to do with XRP and more to do with Coinbase, which was once one of the most exclusive trading and investing platforms in the cryptocurrency industry. However, the firm has shifted course in 2018, unveiling a new set of listing guidelines that it says will allow it to provide support for more cryptocurrencies than it previously would have.

As one prominent personality on Crypto Twitter put it, “Coinbase went from the most conservative company in crypto to YOLO in like 6 months.”

With last week’s addition of four more ERC-20 tokens, Coinbase Pro has already listed more cryptocurrencies in 2018 than the firm did in all previous years combined, and the announcement that revealed the firm was exploring support for ripple also named 30 other cryptocurrencies that may one day find themselves listed on the platform.

Consequently, while small-cap cryptocurrencies will always experience strong economic support from initial listings on large crypto exchanges, we may be close to seeing the end of the “Coinbase Bounce,” a phenomenon that has seen even major cryptocurrencies surge following their addition to the prominent brokerage and trading platform.

Featured Image from Shutterstock. Charts from TradingView.

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Published at Mon, 10 Dec 2018 21:37:56 +0000

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How a Bitcoin Whitehat Hacker Helped the FBI Catch a Murderer

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An ethical hacker breached the database of a phony darknet website offering hitman services and leaked the data. The information from the data dump helped the FBI in their investigation of a man who murdered his wife.

In November 2016, Stephen Carl Allwine, 47, of Cottage Grove, Minnesota, killed his wife in “one of the most bizarre cases ever seen,” police officers reported. The husband tried to mask the murder as a suicide, including putting a 9 mm pistol next to Amy Allwine’s elbow. However, detectives arriving on the scene identified the case as murder and collected evidence — mostly electronic devices, such as computers — belonging to Mr. Allwine. Later on, in January, investigators arrested and charged Mr. Allwine with second-degree murder based on the forensic evaluation of the confiscated electronic equipment.

In May 2016, a hacker called “bRpsd” breached the database of a controversial hitman service offered on a darknet website. The service, “Besa Mafia,” offered a link between customers and hitmen, who could register on the site anonymously. The price for a murder ranged between $5,000 and $200,000, but clients seeking to avoid fatalities could also hire a contractor to beat up a victim for $500 or set somebody’s car on fire for $1,000.

The hacker uploaded the data dump to a public internet website. The leaked files contained user accounts, email addresses, personal messages between the Besa Mafia admin and its customers, “hit” orders and a folder named “victims,” providing additional information on the targets.

The breach highlighted the fake nature of the website, which operated only to collect money from the customers. Chris Monteiro, an independent researcher who also hacked into the site, stated the owner or owners of Besa Mafia had made at least 50 bitcoins ($127,500 based on the current value of the cryptocurrency) from the scam operation.

According to a message posted by a Besa Mafia administrator and uncovered in the dump, “[T]his website is to scam criminals of their money. We report them for 2 reasons: to stop murder, this is moral and right; to avoid being charged with conspiracy to murder or association to murder, if we get caught.”

The leak of the Besa Mafia database helped the police investigating the murder of Mrs. Allwine. As the officers analyzed her husband’s devices, they discovered the suspect had accessed the dark web as early as 2014. Furthermore, investigators identified the pseudonym Mr. Allwine used on the darknet, “dogdaygod,” which was also linked to his email, “dogdaygod@hmamail.com,” in some cases. Detectives found bitcoin addresses in the conversations between Besa Mafia and Mr. Allwine, which linked the husband directly to the “dogdaygod” pseudonym, providing authorities with necessary evidence for the case.

Eventually, law enforcement agents analyzed the data dump bRpsd leaked and discovered Mr. Allwine’s email in the list. In addition, investigators found messages between the suspect and the Besa Mafia admin. According to a criminal complaint, Mr. Allwine paid between $10,000 to $15,000 to the supposed hitman service to kill his wife. The complaint detailed how Mr. Allwine had decided to have the hitman shoot Mrs. Allwine at close range and burn down the house afterward.

However, once the funds were transferred, the Besa Mafia communicator told Mr. Allwine that “local police [have] stopped the hitman [from] driving a stolen vehicle and taken [him] to jail prior to the hit,” thus rendering him unable to complete his “service.” The complaint cited Sergeant McAlister who reported that during that time, “no one was apprehended in Minnesota and western Wisconsin in a stolen vehicle and possession of a gun.”

It is likely that the ethical hacker’s data breach had an impact on Mr. Allwine’s case; on March 24, 2017, the Washington County District Court charged him with first-degree murder. In addition, officers have gathered more evidence in the case — a drug called scopolamine was discovered at 45 times higher than the recommended level in Mrs. Allwine’s body. Investigators subsequently discovered that her husband had also ordered the substance on the dark web.

The post How a Bitcoin Whitehat Hacker Helped the FBI Catch a Murderer appeared first on Bitcoin Magazine.