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⚡Eth X Account Hacked!🪓

Croxroad

13 Sep 2023 — 6 min read

☕️ GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

🪝 Ethereum Co-Founder's X Account Attacked

So, you know Vitalik Buterin, one of the co-founders of Ethereum, right? Well, it turns out that his Twitter account got hacked recently. How? Through something called a SIM-swap attack.

Vitalik was chatting about it on this social media platform called Farcaster on September 12th. He basically said that he finally got back control of his T-Mobile account, which the hacker had taken over using this SIM-swap trick.

In simpler terms, the hacker somehow convinced T-Mobile to switch the control of Vitalik's phone number to their own device, and that's how they got into his Twitter account. It's a bit of a digital security mess, but Vitalik managed to sort it out. Folks if the Dude’s Mobile is not safe How come Ethereum be safe! Always Go for Bitcoin , Safe and Secure.

“Yes, it was a SIM swap, meaning that someone socially-engineered T-mobile itself to take over my phone number.” He gave this clarification on X.

So, on September 9th, something pretty annoying happened to Vitalik Buterin's X Twitter account. Scammers somehow got hold of it. What did they do? Well, they pulled off this sneaky move where they posted a fake NFT giveaway. They were basically saying, "Hey, we're giving away cool digital stuff for free!" But here's the catch: they included a link in their post, and if you clicked on it, bad things happened.

People who fell for the scam and clicked on that link ended up losing a lot of money. How much, you ask? Well, in total, all the victims lost more than $691,000. It's a real bummer when scammers pull off stuff like this online.

On September 10th, this Ethereum developer named Tim Beiko had some smart advice. He basically said that if you've got an X account it's a really good idea to remove your phone number from it and turn on something called 2FA.

Now, 2FA stands for two-factor authentication, and it's like an extra layer of security for your account. Tim was saying it's kind of a no-brainer to have this extra protection. He even suggested that Twitter's big boss, Elon Musk, should make it the default setting for accounts, especially when they have more than 10,000 followers.

There's this sneaky technique called a SIM-swap or simjacking attack that hackers use. What they do is somehow take control of someone's mobile phone number. Once they've got that, they can do some pretty shady stuff. They can use it to get into things like social media, bank accounts, and even cryptocurrency accounts.

Now, here's the kicker: T-Mobile, the big telecom company, has had a bit of a history with these kinds of attacks. Back in 2020, they got sued for allegedly allowing hackers to steal a whopping $8.7 million worth of cryptocurrency using SIM-swap attacks.

Here’s a link to an interesting article that tells about How to keep your BTC safe?

https://www.croxroad.co/p/keeping-your-bitcoin-safe

And guess what? They got sued again in February 2021 when one of their customers lost $450,000 in Bitcoin due to another SIM-swap attack. So, it's safe to say that T-Mobile has had its share of trouble with these kinds of attacks.

🔊 Arthur Hayes Predicts Bitcoin (BTC) to $70,000

Arthur Hayes, the ex-CEO of BitMex. He just dropped this interesting essay called "Are We There Yet?" In this essay, he's basically exploring whether Bitcoin's price could hit a whopping $70,000, even if the big shot Federal Reserve doesn't hurry up and lower interest rates.

What's cool about this essay is that it's kind of like Arthur going against the usual way of thinking about money and stuff. He's saying, "Hey, forget what everyone else is saying. Bitcoin can still do really well in today's economy, even if interest rates don't change.

So, it's like he's shaking things up and making a strong case for why Bitcoin could be a big deal in our financial world.

Arthur Hayes questions the idea that Bitcoin's value falls when interest rates rise. He focuses on real rates, which account for economic growth, and notes that government bond yields are now negative due to government spending and a strong GDP. This makes Bitcoin more appealing to investors.

Here’s a link to an interesting article that tells about What’s stopping BTC from Soaring?

https://www.croxroad.co/p/keeping-bitcoin-price-from-soaring

Arthur Hayes points out that Bitcoin has been on a bull run since March, with a nearly 29% increase in value. He highlights how it stayed above $20,000, even after several attempts to break the $30,000 barrier. According to him, this stability shows that the market thinks real rates could get even more negative if the Federal Reserve keeps raising interest rates.

In the end, the author, Arthur Hayes, remains confident in Bitcoin's strength, even if the Federal Reserve continues to raise interest rates. He believes Bitcoin's behavior is tied to the unusual levels of debt compared to the GDP, which have shaken up the usual economic rules. In a world where old economic ideas are being questioned, Hayes suggests that Bitcoin hitting new highs might not be so unlikely after all, giving us a new way to think about its potential in today's complex economy.

🕯️ Candlestick Chart

Candlestick charts might look complex, but they're not once you grasp the basics. Imagine a graph with time on the bottom (x-axis) and price on the side (y-axis), similar to a regular line chart. But the special thing about candlestick charts is they use rectangles that look like candles. These rectangles can be red or green and have lines sticking out, like a candle's wick. The size, wick, and color of these candlesticks give you lots of useful info about the price trends. It's like a visual tool to understand how prices are changing.

The rectangle in a candlestick chart shows the difference between a cryptocurrency's opening and closing prices during a specific time period.

- Green candlesticks mean the crypto's price went up. The bottom of the rectangle represents the opening price, and the top is the closing price.

- Red (or pink) candlesticks mean the crypto's price dropped. In this case, the opening price is at the top, and the closing price is at the bottom of the rectangle.

Sometimes, you might spot a symbol that looks like a cross or a plus sign instead of a rectangle; that's called a doji. It means the opening and closing prices were the same for that time period.

Think of the "wicks" as lines sticking out from the rectangle, like a candle's wick. They tell you the highest and lowest prices the cryptocurrency reached in a day.

For example, imagine a coin that opened at $100, closed at $2000, but at some point dropped to $500 and went as high as $3000 during the day. This tells you that the market had some big ups and downs that day, which means it's pretty volatile.

People who use technical analysis believe that if the market is very volatile, there's a better chance that the cryptocurrency's price trend from one day will continue or be corrected the next day. It's like seeing which way the market is leaning, whether it's going up or down.