The top five news of the week in the world of cryptocurrencies.
This has been a very active week in the world of cryptocurrencies.
- Changpeng Zhao, offered his forecast for the next Bitcoin bull run.
- He hacked Twitter accounts and was sentenced to 5 years in jail.
- Patrick Hillmann announces his retirement from Binance.
- John Reed Stark warns about the risks of crypto platforms and recommends withdrawing from them immediately.
- Gemini takes legal action for alleged fraud against DCG and its CEO.
Changpeng Zhao Shared His Forecast for The Next Bitcoin Bull Run
In an “ask me anything” session on Twitter, CZ gave his thoughts on the next cryptocurrency bull run. He explained that the price of Bitcoin has historically moved in four-year bullish cycles and that his best bet was that this would continue to occur.
Zhao emphasized Bitcoin’s next halving in 2024. He stated that 2025 was the most likely year for the next bull market, claiming that “The year after the Bitcoin halving is usually the bull year.”
Hacker Attacked Twitter Accounts and Was Sentenced to Five Years in Prison
In the US, Joseph James O’Connor, a young man who had hacked several Twitter accounts of different personalities, celebrities and celebrities as part of a crypto scam with Bitcoin, was sentenced to five years in prison. The hack was part of a large Bitcoin scam that spawned tweets asking followers to send BTC to an account, promising to double the investment.
According to prosecutors, O’Connor used telephone social engineering techniques to trick Twitter employees into gaining access to the network. That way, he was able to hack into an internal administration tool to hijack and take control of the platform’s accounts.
Patrick Hillmann Announces His Retirement from Binance: “I am leaving Binance, but I am doing so on good terms.”
Binance chief strategy officer Patrick Hillmann has confirmed via Twitter that he is leaving the crypto exchange amid reports that other top United States executives have left as a result of a Department of Justice (DOJ) investigation.
The tweet comes after Fortune reported that several Binance executives, including Hillmann, have left the exchange over CEO Changpeng Zhao’s response to the DOJ investigation.
John Reed Stark Warns About the Risks of Crypto Platforms and Recommends Getting Away from Them Immediately
Former SEC compliance attorney John Reed Stark has issued a warning to cryptocurrency investors in the United States, suggesting they abandon digital asset exchanges as soon as possible due to regulatory and enforcement crackdowns of the current law.
Stark stated that the situation is “scary for any client” and that he “couldn’t be clearer” in his advice to withdraw from cryptocurrency platforms. He further added that “anyone holding cryptocurrency on any exchange should withdraw it…immediately. Full stop.”
Gemini Takes Legal Action Against DCG and its CEO for Alleged Fraud
The Winklevosses’ crypto exchange Gemini has filed a lawsuit against Digital Currency Group (DCG) and its CEO, Barry Silbert, for alleged fraud through lending subsidiary Genesis.
The lawsuit seeks to recover funds from exchange clients that they owe to Gemini. In January, Cameron Winklevoss threatened to sue DCG and its CEO on similar grounds, while this week he issued an ultimatum to pay off a $640 million debt. The lawsuit accuses Silbert of being “the architect and mastermind of DCG and Genesis’s fraud against creditors.”
By Audy Castaneda
