The crypto market is slowly recovering from its slow performance in the last few weeks, especially after Bitcoin (BTC) passed the $7,000 price mark.
Currently, the biggest cryptocurrency is struggling to keep this position and continues to trade near the $7,000 price point, with occasional price fluctuations.
The coins were all in the green for a few days, and in slow but steady growth, the total market cap has reached a more stable figure.
When it comes to Bitcoin’s dominance of the crypto market, not much has changed over the past week, and the coin still retains more than half of the total market share.
Bitcoin Is a Dark Market, Warns the Real ‘Wolf of Wall Street’
In the CNBC documentary Bitcoin: Boom or Bust, former stockbroker and famed “Wolf of Wall Street” Jordan Belfort shares his take on cryptocurrencies and their unstable nature.
According to him, Bitcoin itself is not a scam, but its structure allows for this to easily happen. He continues by correlating the digital asset to a “dark market,” one that forbids you to see what is happening behind the scenes.
Belfort, whose story was portrayed by the Oscar-winning Leonardo DiCaprio in Martin Scorsese’s 2013 film Wolf of Wall Street, said that the anonymous structure of this cryptocurrency is a cause for concern. As a former scammer who spent two years in prison for tricking investors into buying worthless stocks, Belfort now warns others to be cautious. He claims that this is precisely what is happening with Bitcoin.
Other corporate leaders and investors, such as Bill Gates or Warren Buffet, support the same claims. Buffet even went on by saying that Bitcoin was “rat poison squared.”
Man Busted for Drug Trafficking Through the Dark Web Using Bitcoins
Nikhil Tiwari, a 32-year-old MSc graduate from India, was recently arrested for smuggling illicit drugs bought from the dark web. According to The Times of India, the accused paid for the drugs in Bitcoins.
The police seized MDMA, ecstasy tablets and stamps of LSD—all party drugs sold to wealthy youngsters, college students, as well as young professionals.
The illegal narcotics were found hidden in clothes and books. Authorities believe that Tiwari is a part of a much broader network that buys illicit drugs from dark web vendors and then smuggles them into the country.
The transfer is usually done via India Post, a state-owned postal authority, because of the difficulty to detect these drugs through shipments. For now, Tiwari remains in custody.
In 2017, a similar case occurred in Mumbai, when the Anti-Narcotics Cell intercepted an illicit drug shipment worth more than $100,000. The drugs were smuggled from the United States, while the purchase was conducted using Bitcoins.
Personal Information of 130 Million People Listed on the Dark Web After a Hotel Data Breach
The personal information, including bank account details, of almost 130 million people were compromised following one of the largest data leaks ever, revealed in China this week.
Clients of Huazhu Hotels Group had their information listed on a dark web forum for sale. Media reports claim that the hack happened in early August after programmers working for Huazhu uploaded sensitive information on GitHub.
Around 500 million pieces of information were posted on the forum. This personal information included data on the hotel’s customers, their booking records, as well as all registration information.
Huazhu reported the breach after discovering a post on the dark web that has been selling this information for the price of 8 Bitcoin, or around $56,000. It’s among the largest ever to hit a hotel chain. The Huazhu Group operates with 18 brands in China and more than 3,800 hotels.
Darknet Crowdsourcing Platform Used for Funding Jihadi Activities
News coverage of a Jihadi crowdfunding site called SadaquaCoins also entered the headlines this week. According to a mission statement sourced from an archived mirror of the onion site, SadaquaCoins is a secure crowdsourcing platform on the dark web that allows individuals to “support the Jihad financially” with anonymous investments.
A mix of activities and projects are listed on the platform. One called “Project We Hunt” calls for funding to be allocated toward sniper rifles, silencers, ammunition, as well as other weapons and equipment. Other projects solicit donations that can be used to improve the services of the platform and expand their Tor onion site.
SadaquaCoins is reportedly the first of its kind on the dark web.
That’s it for our summary of this week’s major crypto news headlines. This is the 10th post in our new crypto news series. See previous installments here: