Bitcoin
FBI accuses crypto exec of paying LA cops to extort victim’s digital assets
Published
5 hours agoon
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adminThe founder of a cryptocurrency trading platform has been accused of paying Los Angeles police officers to help him extort a victim for their digital assets.
A complaint filed by the Federal Bureau of Investigation accuses Adam Iza of bribing three Los Angeles Sheriff’s Department deputies to solicit police data and file dubious search warrants against a business associate, identified only as E.Z., in a bid to extort cryptocurrency.
Iza, who founded the crypto trading platform Zort Inc., allegedly paid the deputies up to $280,000 per month and used the information he acquired to threaten E.Z. after a failed kidnapping attempt in Riverside County in November 2021.
According to a Riverside County Sheriff’s Department report reviewed by the FBI, E.Z., who had known Iza for over two years, claimed that Iza arranged for two men, including a former sheriff’s deputy, to force him into an SUV at gunpoint. E.Z. managed to escape and contacted law enforcement.
Iza, however, told police that he had feared for his own safety and had called the men as bodyguards.
The FBI report added that Iza hired a private investigator to track E.Z. and sent him images of sensitive law enforcement data, including a “GPS search warrant” for a phone number that belonged to the victim.
After the failed abduction, E.Z. claimed to have received messages from unknown numbers containing pictures of his personal details pulled from police databases.
The messages also showed images of his family, heightening the intimidation efforts, according to the complaint. The harassment continued, and E.Z. claimed he was pressured by Iza to hand over a laptop that allegedly contained cryptocurrency.
Further, Iza has also been accused of extorting another victim by masquerading as an FBI officer and stealing a laptop containing crypto while holding the victim at gunpoint for the password.
Iza is also accused of evading taxes by hiding millions of dollars in income, some of which came from cryptocurrency transactions. Between 2020 and 2022, Iza and his associates allegedly amassed more than $30 million, funneled the money through shell companies, and used the funds to purchase luxury items such as cars and to cover the rent for a mansion in Bel Air.
Prosecutors have charged Iza with conspiracy against rights and tax evasion. He is scheduled to appear in court on Oct. 8.
Crypto demand fueling crime spree
Sadly, cases like this aren’t rare in the crypto world, with the sector seeing its share of extortion and kidnappings. As the value of cryptocurrencies like Bitcoin continues to rise, they’ve become prime targets for criminals.
As previously reported by crypto.news, in August, the Malaysian police were looking for four kidnappers who demanded and received a $1.2 million crypto ransom from the relatives of a victim.
In a separate case, authorities in Hong Kong arrested two Kidnappers who demanded $66,000 USDT in ransom payment.
Last year, a cryptocurrency portfolio manager for a Dubai-based company was abducted in Spain, and the culprits demanded 1 million euros as ransom in cash and cryptocurrencies.
Meanwhile, in July, a foreigner in the Solomianskyi district in Kyiv, Ukraine, was robbed and murdered for 3 Bitcoin.
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Bitcoin Price Hits $65K Since August, Will BTC Reach $80K in Uptober?
Published
6 hours agoon
September 27, 2024By
adminThe Bitcoin price has hit $65,000 for the first time since early August, thanks to several recent developments that provide a bullish outlook for the flagship crypto. These developments are also why there is the belief that this BTC rally can extend, with its price rising to $80,000 in Uptober, a term used to describe Bitcoin’s bullish nature in October.
Bitcoin Price Can Reach $80,000 In Uptober
Several factors support the Bitcoin price reaching $80,000 in October. One is the macro side, which has provided a major boost for the crypto market, with investors again allocating a significant amount of their capital to risk assets. These macro developments began with the US Fed rate cuts last week when the Federal Reserve cut interest rates by 50 basis points (bps).
This week, the People’s Bank of China (PBoC) also announced interest rate cuts and stimulus policies to improve the country’s economy. CoinGape reported that that move was bullish for BTC, noting that the Bitcoin price targets $100,000 following China’s stimulus package and its crypto trade with Russia.
Meanwhile, the latest US GDP data and jobless claims showed that the US economy is healthy, supporting the Fed’s move to cut interest rates by two more 25 bps this year. These world governments will continue adopting monetary easing policies to boost their economies.
In line with this, more liquidity will flow into the BTC ecosystem in October. A Coingape report states that this market liquidity will aid Bitcoin’s surge, which is one of the reasons why its price is likely to keep rallying in October.
From A Historical And Technical Perspective
From a historical and technical perspective, the Bitcoin price also looks poised to rally to $80,000. Coinglass data shows that October has been one of the most profitable months for BTC in the last eight years.
For context, the flagship crypto has only recorded monthly losses once in October over this period. Moreover, Bitcoin’s gains in October have been double digits. The only time the crypto recorded a single-digit gain was in 2022 when it closed the month with a 5% gain.
In his recent analysis, crypto analyst Jelle suggested that Bitcoin can reach $80,000 in October. The analyst noted that the market structure is now bullish, considering that BTC has breached the $65,000 resistance level. The analyst’s accompanying chart showed that $80,000 was the price target as the flagship crypto continues its uptrend.
Market Volatility Ahead Of October
A lot could still happen between now and Uptober, with the Bitcoin price gearing up for heavy market volatility. CoinGape reported that 89,027 Bitcoin options will expire today, with a notional value of $5.8 billion. The put-call ratio is $0.64, which suggests a bullish sentiment ahead.
The US Core PCE inflation data is also set to be released today by 1:30 p.m. UTC. This could also spark a lot of volatility for the BTC price. The current forecast is that the PCE price index rose by 0.2% in August.
For now, $65,000 remains the key level that Bitcoin bulls must defend if the BTC rally is to extend. Crypto analyst Ali Martinez revealed that 57.77% of Binance users with open positions are currently shorting BTC. This is also something to watch out for, although Bitcoin is currently on course to record its most profitable September ever, having surged by over 10% this month.
At the time of writing, the BTC price is at around $65,400, up over 2% in the last 24 hours. Trading volume is up over 57%, with $39 billion traded during this period.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitcoin
Arthur Hayes-Backed Maelstrom Funds BIPs Editor Atack, BOB Launches Uniswap V3
Published
1 day agoon
September 26, 2024By
adminMaelstrom, a decentralization-focused venture firm managed by the family office of BitMEX co-founder Arthur Hayes, announced in a press release Thursday that Jon Atack (GitHub profile) is the second recipient of its Bitcoin Grant Program, to continue his research and development work. According to a bio, Atack started contributing to Bitcoin Core in 2019 and recently was made a maintainer and editor of the Bitcoin Improvement Proposals (BIPs) repository. “Bitcoin isn’t perfect,” Atack said in the press release. “Among other things, it needs further decentralization, continued vigilance, review, bug-fixing, updates, maintenance and improved robustness, performance, privacy, scaling, documentation and user experience.” Maestrom awarded its first developer grant earlier this month, after unveiling the program in July. The goal is to fund open-source Bitcoin developers, since unlike many newer crypto projects, Bitcoin has no single company or foundation driving the strategy or providing top-down funding.
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Bitcoin
PayPal Enables Business Accounts to Buy, Hold, and Sell Bitcoin And Crypto
Published
2 days agoon
September 25, 2024By
adminPayPal Holdings, Inc. (NASDAQ: PYPL) has enabled its U.S. business account holders to buy, hold, and sell cryptocurrency supported on its platform, such as Bitcoin, directly from their PayPal accounts. While this service is available nationwide, it will not be available in New York State at launch, PayPal stated.
JUST IN: PayPal now enables business accounts to buy, hold and sell #Bitcoin and crypto. pic.twitter.com/mIujzhrtiF
— Bitcoin Magazine (@BitcoinMagazine) September 25, 2024
“Since we launched the ability for PayPal and Venmo consumers to buy, sell, and hold cryptocurrency in their wallets, we have learned a lot about how they want to use their cryptocurrency,” said Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal. “Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers. We’re excited to meet that demand by delivering this new offering, empowering them to engage with digital currencies effortlessly.”
In addition to buying and selling, U.S. merchants can now externally transfer cryptocurrency to third-party wallets. This new functionality further increases the flexibility of crypto transactions for businesses.
PayPal’s expansion into offering businesses the ability to buy and hold Bitcoin and crypto on its platform builds on its growing digital currency initiatives. This includes the launch of consumer crypto services in 2020 and the introduction of its U.S. dollar-backed stablecoin, PayPal USD (PYUSD), in 2023.
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