Thousands of accounts hacked, leading to prominent users tweeting about bitcoin giveaway
| | | This week’s top headlines:
Thousands hacked in the massive Twitter breach$18 Billion in fees processing COVID stimulus loans For banksPaypal developing cryptocurrency capabilitiesNASCAR driver "Bubba" Wallace will have a bitcoin logo on his car60% will die with their BTC if price stays below $10,000 |
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| | | | Jack Dorsey tweeted out that it was a "Tough day for us at Twitter..." a massive understatement as the major attack led to thousands of accounts being hacked on Wednesday.
Apple, Uber, Joe Biden, Elon Musk, Bill Gates, Jeff Bezos, and others tweeted: "I have decided to give back to my community. All bitcoin sent to my address below will be sent back doubled. I am only doing a maximum of $50,000,000."
Most of these tweets were quickly deleted by the account owners, but not in time to stop some people from sending BTC to the addresses. It’s being reported the scammers raked in approximately $115,000.
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$18 Billion in fees to process COVID stimulus loans
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| The banks will collect $18 Billion in fees simply by processing Paycheck Protection Program loans in the United States.
In a recent report from the WCEG (Washington Center for Equitable Growth), it was noted that financial institutions will gather close to 3% of the $640 billion in PPP relief loans.
Commenting on the report, Amanda Fischer from the WCEG, stated as the banks have been allowed to reap $18 billion from relief programs it means that central planners have no reliable infrastructure for people looking for quick access to money during times of crisis.
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| | Paypal developing cryptocurrency capabilities
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| In a letter sent to the European Commission regarding the framework for cryptocurrency markets, Paypal has confirmed they are developing crypto capabilities.
"The crypto-asset industry has experienced substantial growth over the past few years," Paypal told the European Commission. "As such, Paypal is continuously monitoring and evaluating global developments in the crypto and blockchain/distributed ledger space." In the letter, Paypal claims to have more than 300 million active accounts across the globe, with millions of new users being added every year.
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| | Bubba Wallace sporting bitcoin logo in new deal
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| NASCAR driver Bubba Wallace is making headlines again, this time in the cryptocurrency space.
A sponsorship that would see a Bitcoin logo on his car was revealed in a tweet displaying the bitcoin symbol and Cash App logo by Jack Dorsey.
This was approximately 6 hours prior to the twitter support team posting on the colossal hack of their platform.
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| | | Peter Schiff was once again talking about Bitcoin, this time in a twitter poll directed at "Bitcoin HODLers" asking, "How much longer does the price of #Bitcoin have to stay below $10,000 before you will throw in the towel and sell?"
Well the results are in, and about 60% of bitcoin investors are willing to hold their coins until they die if the price fails to go above $10,000.
Cryptocurrency markets have seen a period of decreased volatility over the past several months which has analysts and holders questioning if this proceeds a potential breakout or is some form of new normalcy.
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