Bitcoin Struggles To Regain $20k As Hackers Turn Belarusian President Lukashenko’s Passport Into NFT

Bitcoin is currently trading at around $19.78k at the time of writing. The largest cryptocurrency by market capitalization is once again under pressure from the bears, making it difficult to stay above key support levels. Altcoins, on the other hand, were largely stable, with few exceptions. More on that later.

In other news, Mt.Gox trustee Nobuaki Kobayashi has confirmed earlier rumors that those affected were nearing a payout. We’ve covered these rumors in detail before. Mt.Gox was a Japanese crypto exchange and it was hacked for a staggering 700,000 BTC in 2014. Even though there is only 174,000 BTC left to use for the victims, it is still a massive multi-billion dollar amount. More on that later.

Troubled cryptocurrency lender Celsius has attempted to allow withdrawals for a certain number of users. The company reportedly has a deficit of more than $1 billion and is in serious trouble. However, the company has shown some willingness to return funds to some users recently. $50 million has been earmarked for this purpose, which isn’t much, but users should keep that in mind as they may get a much-coveted opportunity to get a refund from a bankrupt company.

Hackers have infiltrated the Ministry of the Interior of the Belarusian government and obtained the passport of President Alexander Lukashenko himself. The infamous dictator is also something of a meme man on the internet, and now the hackers are trying to sell as an NFT. While a head of state usually receives respect for this title, Lukashenko has ruled Belarus for the past 25 years with a relatively poor human rights record and a strong anti-American stance. NFT can now be issued as usual, much to Lukashenko’s anger.

American comedian Bill Murray’s wallet was recently hacked by cyber attackers and they managed to escape with $186 million worth of Ethereum. Murray was recently part of a charity auction and probably got loose with his account and the attackers were able to infiltrate it. Only a small amount of $556 was left in the wallet. Murray has teamed up with blockchain firm Chainalysis to track down the stolen crypto, which is believed to have ended up on a crypto exchange.

Bitcoin struggles just below $20k

Bitcoin price is back below $20,000, if only slightly. The cryptocurrency is under increasing pressure from the bears, as both the investment scene and bearish news keep the already vulnerable bulls at bay.

In the last 36 hours, BTC started around $19.9k. It traded sideways for a while before it started falling at 9:30. However, the “drop” itself was very small, only resulting in a price drop to $19.8k. BTC is now trading sideways around $19.6ki at the time of writing with less than $400 in total price change, which is really as low volatility as it gets.

Bitcoin is now under increased pressure from the bears. Yesterday, the price was barely able to touch $20,000, let alone make a recovery above it. So while Bitcoin is technically still trading sideways around this level, the bears are clearly making sustained attacks and are likely to gain in the near future.

Bitcoin’s total market capitalization was around $380 billion and its share of the total crypto market was 39.8%.

Bitcoin price

Altcoins remain stable

Other cryptocurrencies, also known as altcoins, have been largely stable over the past 24 hours, with a few exceptions. The biggest movers were Cardano (ADA, 6.4%) and UNU SED (LEO, -3%).

Cardano price chart

In other news….

Mount Gox refunds on the way

Mt.Gox exchange manager Nobuaki Kobayashi has stated that refunds are currently being prepared for victims of the company’s hack. The Mount Gox incident is to this day the largest exchange hack in crypto history with a massive 700,000 BTC stolen from it in 2014.

But the admin only has access to 171,000 BTC and that is also expected to take time and effort. The actual hack was 8 years ago and since then BTC has increased by at least 60-100X. The installments can thus be expected by the creditors. However, it remains to be seen what they actually do with it. At this value, the payout is around $3.8 billion in crypto. Dumping all of this brings almost 2-3% more BTC into the system. That could bring the Bitcoin price down a bit, but some users are holding on to HODL and await even better prices during the next bull run expected in 2024-2025.

Bitvavo banner 1

Leave a Comment