Qatar Central Bank begins Digital Currency Trials amid GameStop Surge and Binance Hacking Scandal
Summary:
The Central Bank of Qatar initiates trials for its digital currency project targeting large-scale bank settlements. A Chinese trader loses $1 million through a hacking scam involving a Google Chrome plugin, Aggr, which bypassed security measures on his Binance account. The trader behind the 2021 GameStop meme stock frenzy resurfaces, confirming his hold on $181.4 million in GME stock and call options, leading to a 19% surge in GameStop's value in overnight trading.
In the initial stage of its digital currency project, the Central Bank of Qatar (QCB) has begun running trials. Utilizing a Google Chrome plugin, hackers were able to bypass security protocols and steal cookies from a Binance account. Additionally, the influential trader responsible for catalyzing the GameStop meme stock frenzy of 2021 has resurfaced, declaring that he holds GME stock and call options valued at $181.4 million.
The QCB has completed the foundational infrastructure for its anticipated digital currency project which is primarily aimed at facilitating large-scale settlements between local and global banks. According to the national news agency, the principles of distributed ledger technology and artificial intelligence will be the focus of this project, aimed at improving securities transactions and liquidity.
This project, set to run for half a year, is a culmination of research that the QCB has been conducting on the potential of a Central Bank Digital Currency (CBDC) since March of 2022. In mid-2022, the QCB announced that it was initiating the project to examine the advantages and challenges associated with a CBDC. Other nearby nations like the United Arab Emirates and Saudi Arabia have already participated in experiments related to CBDC, such as Project Aber which concluded in 2020.
Meanwhile, a Chinese trader suffered a loss of $1 million due to a hacking ploy involving a promotional Google Chrome plugin named Aggr. This plugin steals users' cookies, which hackers can then use to override password and two-factor authentication checks and gain access to the victim's Binance account.
One trader described the devastating experience of unexpectedly losing their life savings to the scam. According to this trader, their Binance account abruptly initiated random trading actions, and they only discovered the suspicious activity after opening the Binance app to check Bitcoin prices. By the time they contacted Binance for assistance, the hackers had already cleaned out all their funds.
In other news, the meme stock GameStop saw a significant surge of over 19% in overnight trading following a Reddit post by Keith Gill, also known as “Roaring Kitty,” who confirmed that he holds $181.4 million in GME stock and call options. Gill, who has been identified as a key figure in causing the GameStop short squeeze of 2021, took to Reddit under his pseudonym “DeepFuckingValue” to make the announcement. This marked his first post since April 2021.
Riding on Gill's revelation, GameStop's stock value catapulted by 19.19% in merely 20 minutes on Robinhood's overnight markets. Many attribute the GameStop drama during the pandemic to Gill's influence, highlighting how Reddit traders upset hedge funds' profits by shorting the struggling GameStop. It's also believed that the GameStop short squeeze laid the foundation for the dramatic price increase of memecoins like Dogecoin and Shiba Inu as retail investors shifted their interest elsewhere.
Published At
6/4/2024 12:12:39 AM
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