Bitcoin
Celsius Customers Beg Bankruptcy Court to Release Crypto, One client desires Funds to ‘Put Food on the Table
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2 years agoon
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After the crypto lender Celsius filed for bankruptcy protection on July 13, the corporate recently contacted customers and explained that an employee from one in all the firm’s vendors accessed a listing of uranologist consumer emails, and also the email addresses were “transferred to a 3rd party.” What is more, uranologist customers have written to the court mendicancy to urge their crypto assets back mutually consumer aforesaid he had but $1K within the bank and his scenario was a dire emergency so as to “keep a roof over my family and food on their table.”
Celsius Customers Informed About Email Breach, Retail Investors Say They Were ‘Severely Impacted’ by Crypto Lender’s Fallout
It looks like Celsius has been contacting customers by email, and explaining that a listing of consumer emails were reportedly transferred to a third-party. That email says it absolutely was when an Employeefrom one of Celsius’s vendors had accessed the list. The story became a topical voice communication on social media, despite the fact that the crypto loaner uranologist says “we don’t take into account the incident to gift any high risks to our shoppers whose email addresses might are affected.” in fact, several crypto community members shared the news way and wide across Twitter, Facebook, and Reddit.
This is not the First time information stemming from Celsius customers has been broken. Celsius reported on an “unidentified source has contacted some Celsius customers via unofficial channels” in Apr 2021. Sources at the time said Celsius customers were being invited with phishing scams. The most recent news concerning the uranologist email leak follows the company’s bankruptcy registration once it “filed voluntary petitions for reorganization below Chapter 11 of the U.S. Bankruptcy Code within the U.S. Bankruptcy Court for the Southern District of York” on July 13.
The bankruptcy filing followed the company’s withdrawal and operations pause on June 12, at 10:10 p.m. (ET). At that point, uranologist proclaimed that it paused “all withdrawals, swaps, and transfers between accounts.” Because the bankruptcy proceedings are involved, uranologist shoppers have written letters to the court asking to urge their crypto assets back in a very faster manner than the normal Chapter eleven bankruptcy creditors’ method. One client, a mother of 2 daughters, affirmed that her family’s life was compact and an excellent deal.
“My family and I are severely impacted each in money and psychological state by the bankruptcy and bolted up cryptos. I continually check the app if my cryptos are still there. I can’t target my job or sleep,” the girl wrote in her letter to the bankruptcy court. Before Celsius went bankrupt, Celsius claimed that it had roughly 1.7 million customers. Another Celsius client aforesaid that he had but $1K in his Wells urban center checking account, and also the crypto lender’s bankruptcy hurt him an excellent deal financially. The client stressed:
“This is an EMERGENCY scenario, merely to stay a roof over my family and food on their table.”
One Celsius client Says He Still Has ‘Full Faith in Crypto’
The client and lots of different shoppers UN agency wrote letters to the bankruptcy court wishing the authorities to unharness the funds and disperse the crypto among retail shoppers. Besides the bankruptcy and also the customer’s letters, the crypto loaner additionally faces proceedings from a former associate mythical being Stone, the founding father of Keyfi.
While the client letters pleaded with the court to unharness funds, some uranologist investors noted that whereas the crypto loaner itself was unreliable, they still trust the crypto scheme. “I still have full faith in crypto, however I don’t have religion within the management of the Celsius with the present team,” another uranologist consumer wrote to the court.
Most of them square measure in all probability aware that awaiting soul distribution from a bankruptcy case are often long and cumbersome, and oftentimes are often poor. What is more, creditors even have to prove themselves with a document known as a “proof of claim.” Celsius has provided customers with info on wherever they will file a creditor’s claim.
The post Celsius Customers Beg Bankruptcy Court to Release Crypto, One client desires Funds to ‘Put Food on the Table first appeared on BTC Wires.
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Republican National Committee Endorses Pro-Bitcoin Platform in Party Draft
Published
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Today, a Republican National Committee panel approved a draft of its 2024 party platform, that strongly supports Bitcoin.
On page nine, the draft explicitly states, “We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their digital assets, and transact free from Government Surveillance and Control.”
JUST IN: 🇺🇸 Republican National Committee panel passes draft of party platform, pledging to "defend the right to mine #Bitcoin" and protect self custody. pic.twitter.com/CnH8nMOuUO
— Bitcoin Magazine (@BitcoinMagazine) July 8, 2024
Additionally, it promises to end what it calls the Democrats’ “unlawful and unAmerican Crypto crackdown” and opposes the creation of a Central Bank Digital Currency (CBDC). According to The Hill, the platform committee overwhelmingly approved the new draft and it will face a final vote on Tuesday.
This decision further marks a clear stance by the Republican party in favor of Bitcoin and cryptocurrency innovation, positioning itself against the current unwelcoming stance by the Biden Administration and Democrats.
The draft reflects the growing interest and advocacy for protecting and supporting Bitcoin within the party, aligning with broader trends of Bitcoin adoption and support among various Republican politicians. In May, Donald Trump said he “will ensure that the future of crypto and Bitcoin will be made in the USA.”
The full approved draft can be read here:
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Bitcoin
Bitcoin Mining Difficulty Crashes 5% To Lowest Level In 3 Months, What Happens Next?
Published
5 hours agoon
July 8, 2024By
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Recent data shows that the Bitcoin mining difficulty is on the decline and has hit its lowest since May. This is significant considering what this could mean for the Bitcoin ecosystem, specifically Bitcoin’s price.
Bitcoin Mining Difficulty Drops To 79.5 T
Data from CoinWarz shows that Bitcoin mining difficulty has dropped to 79.5 T at block 851,204 and hasn’t changed in the last 24 hours. This mining difficulty has continued to fall for a while, with further data from CoinWarz showing that it is down 5% in the last seven and 30 days.
Bitcoin mining difficulty refers to how hard it is for miners to mine a new block on the Bitcoin network. The difficulty usually reduces when there is less computational power on the power and increases when miners are mining faster than the block average time of ten minutes. The recent drop in mining difficulty suggests that more miners are leaving the Bitcoin network.
This is most likely due to the effects of the Bitcoin halving, which cut miners’ rewards in half. This has reduced the revenue from their mining operations, with many miners struggling to stay afloat, especially with increased competition. Bitcoin’s price action since the halving has also not helped, as the drop in the flagship crypto’s price has also affected their income.
Bitcoin miner f2pool recently highlighted the profitability of various categories of miners at Bitcoin’s current price. The mining firm noted that only ASICs with a Unit Power of 26 W/T or less can make a profit at Bitcoin’s current price range.
Crypto analyst James Van Straten also recently highlighted how “weak and inefficient miners” continue to be purged from the Bitcoin network. He claimed that the recent drop in mining difficulty shows that miner capitulation is closer to ending. Due to the low profitability that miners have faced since the halving, some have had to offload a significant amount of their Bitcoin reserves to meet operational costs, and others have had to exit the Bitcoin ecosystem entirely.
What This Means For Bitcoin’s Price
The decline in mining difficulty suggests that miner capitulation might be ending soon, which is a positive for Bitcoin’s price considering the selling pressure these miners have put on it. Bitcoinist reported that Bitcoin miners sold over 30,000 BTC ($2 billion) last month, which ultimately caused the flagship crypto to experience significant price crashes.
Crypto expert Willy Woo also attributed Bitcoin’s tepid price action to these miners and mentioned that the flagship crypto will only recover when the “weak miners die and hash rate recovers.” He stated that Bitcoin would have to shed weak hands for this to happen, with inefficient miners going into bankruptcy while other mines are forced to buy more efficient hardware.
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