Welcome to the February 26, 2024 edition of the Genfinity News Recap! As you navigate through your busy workday, staying informed about the latest developments in the realms of Web3 and finance can be a challenge. However, we are here to provide you with an overview of the crypto news you might have overlooked today.
February 26, 2024 Genfinity News Recap
MicroStrategy & BitForex Exchange
On Monday, a security breach compromised the X account belonging to software company MicroStrategy, leading to a phishing scam targeting its followers, according to blockchain investigator ZachXBT. The hacked account, associated with the firm led by Bitcoin advocate Michael Saylor, posted about a fictitious MSTR token and included a link for claiming it. MSTR happens to be MicroStrategy’s stock symbol.
The phishing attempt resulted in the theft of over $440,000 worth of cryptocurrency, ZachXBT further stated. The fraudulent post has since been removed. Per CoinDesk’s report, MicroStrategy has not yet issued a response to inquiries for comment.
The news outlet also reported on concerning developments surrounding the BitForex exchange today. An astounding, estimated $57 million exodus from its hot wallets on Feb. 23 has everyone confused. Blockchain investigator ZachXBT raised concerns about halted withdrawals and the exchange’s lack of response to user inquiries. Visitors attempting to access the BitForex website encounter a “blocked” message, further adding to the confusion.
Questions surround the cause: Was this a malicious hack or a deliberate action by the BitForex team? Notably, the exchange has remained silent on the matter. Additionally, BitForex’s former CEO recently stepped down, and the platform faced scrutiny in the past for potentially inflated trading volume and unlicensed operations.
As of today, the official BitForex social media account has not provided any updates since February 21st, leaving users in the dark about the situation’s nature and potential consequences.
The rally continues
Bitcoin (BTC) soared past its recent trading range, reaching its highest price since November 2021. On Monday, the leading cryptocurrency surpassed the crucial resistance level of $53,000, which had previously stalled rallies for two weeks. Similarly, Ethereum (ETH), the second-largest cryptocurrency, climbed nearly 4%, reaching a new 22-month high of $3,200.
Coindesk explains that the recent surge was also accompanied by an increase in the price premium for Bitcoin on Coinbase compared to other exchanges, suggesting a potential rise in demand from U.S. investors. Is retail joining the party?
Amongst the speculation, there are key events upcoming this week that could affect the trading momentum.
We hope you enjoyed our February 26, 2024 Genfinity News Recap! Come back tomorrow evening for another news summary, and please leave a comment below.
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