BitForex Suspends Withdrawals, MicroStrategy's Account Hacked, and 3AC Deadline Looms; Trump Warms to Bitcoin
Summary:
Crypto exchange BitForex suspends withdrawals and ceases communication with users, stirring concerns. MicroStrategy's account falls victim to a hack, resulting in a scam involving a fake airdrop of an Ethereum-based token. Moreover, creditors of the defunct crypto hedge fund Three Arrows Capital (3AC) have a March deadline to file dividend claims. Lastly, former U.S. President Donald Trump expresses a more positive stance towards Bitcoin.
BitForex, a cryptocurrency exchange, has recently sparked concerns as it suspended withdrawals and refrained from communicating with its customers. At the same time, cybercriminals were able to hack MicroStrategy's account, which holds Bitcoin, and issued a bogus airdrop, prompting individuals to a phishing site. Additionally, creditors of the bankrupt crypto hedge fund Three Arrows Capital (3AC) have until March to submit their dividend claims.
Hong Kong's BitForex crippled customers' withdrawal capabilities for three days without any explanation. Prior to the disruption, approximately $56 million worth of crypto was withdrawn from the exchange's wallets. Cybersecurity analyst ZachXBT noted that prior to the stoppage, roughly $56.5 million in cryptocurrencies were moved out of three BitForex wallets. The lack of updates from the exchange’s account since May 2023 and a slew of users reporting issues with accounts have further raised red flags.
In concurrent news, the account of MicroStrategy, a business intelligence firm holding Bitcoin, was hacked, leading to the posting of deceptive links related to a non-existent Ethereum-based MSTR token airdrop. After accepting several permissions on the duplicate MicroStrategy site via their Web3 wallet, users were conned out of their tokens. Investigations by ZachXBT and Scam Sniffer reveal losses from the scam have already topped $440,000.
Creditors of 3AC have until March 14 to file their claims to be eligible for an upcoming dividend distribution, as announced by Teneo, the company responsible for liquidating the defunct hedge fund’s assets. The exact dividend amounts are undisclosed at this time. 3AC's founders, Su Zhu and Kyle Davies, have since launched new ventures and dealt with subsequent legal challenges since the company's downfall.
In a separate development, former U.S. President Donald Trump has expressed a change of heart towards Bitcoin (BTC), indicating he could "live with it" despite previously expressing negative views and considering it a scam while he was in office. Although he still considers the U.S. dollar the superior currency, he acknowledged Bitcoin's growing popularity and said he could tolerate the digital currency.
This content does not provide financial advice or recommendations. Investments, including those involving cryptocurrencies, come with risks, and individuals should conduct their own inquiry before making a decision. Report by Geraint Price, Sam Bourgi, and Felix Ng.
Published At
2/26/2024 4:03:38 PM
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