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Linus Tech Tips hacked in order to promote Bitcoin giveaway scam with Elon Musk

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The most popular technology-related YouTube channel, Linus Tech Tips, has been hacked to promote a cryptocurrencygiveaway scam with Tesla CEOElon Musk.

The channel, which has over 15million subscribers, was streaming two live "BTC" scam videos, according to cybersecurity firm SOS Intelligence.

Scammers typically hack YouTube channels to show live streams with fake celebrities like Elon Musk, asking viewers to send cryptocurrency in exchange for a chance to win a bigger prize.

This type of scam has become increasingly prevalent in the crypto community, with scammers leveraging the popularity of high-profile figures to trick viewers into sending them money.

The channel has built a loyal following over the years and has been a go-to source for many tech enthusiastslooking to learn about bleeding-edgetech products.

Upon discovering the hack, Linus Tech Tips immediately addressed the incident, stating that they are "on top of it" with the Google team and are hoping to "harden their security around YouTube accounts and prevent this sort of thing from happening to anyone in the future."

The incident highlights the importance of online security, particularly in the crypto space, where hackers are always looking for new ways to exploit vulnerabilities.

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Linus Tech Tips Gets Hacked: Elon Musk Bitcoin Scam Promoted by Most-Watched Tech Channel on YouTube - U.Today

Eoneren

It is time to start paying attention to Bitcoin (BTC-USD).

There is an indicator in the crypto world called the MVRV Ratio, which is the market value of a given token divided by the realized value of the token. Lets break down the components:

Market value is simple, it is the market capitalization of a token, which is the total tokens outstanding multiplied by the current price of the token.

Realized value, in this context, is unique to crypto (as opposed to traditional equity markets) since it is only available because of public, on-chain data. Realized value is the aggregation of the price paid for each token when it was acquired multiplied by the supply of the token. Essentially, realized value provides the tokens aggregate cost basis for all token holders.

Below are varying levels of the MVRV ratio and what they indicate, using Bitcoin as an example:

The highest MVRV ratio for Bitcoin ever recorded was 8.08 on June 4, 2011.

The MVRV ratio can be used as a reliable long-term signal to determine when Bitcoin (and the broader crypto market) is overbought or oversold. Below is the chart of Bitcoin price and the Bitcoin MVRV ratio:

Bitcoin Price and the Bitcoin MVRV Ratio (Woobull Charts)

There have been four previous periods in Bitcoins history where the MVRV ratio has broken above 1 and maintained that support level for more than 60 days, similar to the period we are in now. See the orange arrows below:

Instances where Bitcoin broke through the MVRV threshold of 1 and sustained it for more than 60 days (Woobull Charts, OneJournal Research)

For each of these instances, as well as the current time period (in blue), the below chart summarizes Bitcoin's return over the subsequent 30 days, 60 days, 90 days, 1-year, and 3-year time periods:

Bitcoin return for each instance of MVRV>1 and sustaining that level for over 60 days (DQYDJ, Chart created by OneJournal Research)

The returns speak for themselves. On average, the 90-day return is 84%, 1-year return is 797%, and 3-year return is 2044%.

Now is the point in the article where I have an obligation to state that past performance is no indication of future returns. The upside of Bitcoin today is also lower than it was when Bitcoin was in its infancy, a natural tendency for any maturing technology.

We believe the only technical analysis that is worth paying attention to is long-term focused, and even then it is just a tool. If you're presented with technical analysis that is on a time scale of days and not months or years, run. Technical analysis can be as much art as it is science, and certain technical analysis trends hold true until they don't (see the Bitcoin Stock-to-Flow model).

Technical analysis can't account for the fact that the Federal Reserve continues to raise interest rates by 0.25% even when the global banking system is showing signs of weakness, including two significant crypto banks in Silvergate (SI) and Signature Bank (SBNY). It can't account for Fed Chairman Jerome Powell noting in his press conference today that it is "the most likely case" that the Federal Reserve would not cut interest rates 2023, sending risk assets into a late afternoon selloff.

However, with something like Bitcoin that has no balance sheet to conduct fundamental analysis, and on-chain data providing new lenses to analyze an investment's behavior such as the MVRV ratio, technical analysis can help provide signals when Bitcoin stock is overbought, oversold, or in a long-term trend reversal.

With all the disclaimers aside, the recent banking sector turmoil appears to have built upon Bitcoins price momentum from earlier in 2023, and the long-term upside of Bitcoin is still significant. The MVRV ratio would indicate that the foundation for the next Bitcoin bull cycle may be forming as we speak.

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It Is Time To Start Paying Attention To Bitcoin (Technical Analysis ... - Seeking Alpha

In the latest episode of BitTalk, hosts Nick, James, and Akiba discussed the recent market activity, central bank policies, and the potential for Bitcoin to reach $1 million in 90 days. The conversation was insightful and informative, with each host offering their unique perspective on the current state of the cryptocurrency industry.

James began by highlighting the recent credit swiss fiasco and UBS buying them out, explicitly referencing AT1 bonds valued at zero, leading to shareholders receiving over $3 billion while debt holders received nothing. This event further highlighted the importance of holding an asset like Bitcoin that one has complete control of, especially in extraordinary circumstances where central banks may come into play.

Nick expressed cautious optimism about Bitcoins growth and progress, citing increased on-chain transactions and activity on the Lightning network. However, he noted that non-custodial wallets still have a long way to go before widespread adoption.

The conversation then turned to the recent prediction by former Coinbase CTO Balaji Srinivasan that Bitcoin could reach a million dollars within 90 days. While the hosts acknowledged it as a good PR stunt, they agreed that the likelihood of such a prediction coming true was low.

Akiba raised whether recent actions by newly acquired banks to remove digital deposits could be considered an attack on crypto on-ramps. However, Nick dismissed this as a conspiracy theory, instead pointing to the crushing cost of compliance and outdated regulation systems as the main reasons for traditional financial institutions slow adoption of cryptocurrencies.

The hosts also discussed the recent liquidity programs and stealth quantitative easing by central banks, with James sharing a fascinating breakdown of the issues at play. He pointed to a game of confidence in the banking system, where once one thing breaks, it could lead to a house of cards situation. Nick echoed this sentiment, stating that the compliance and regulation systems in the financial industry are outdated and not fit for purpose.

Overall, BitTalk 11 provided an insightful and informative discussion on the current state of the cryptocurrency industry. The hosts offered their unique perspectives on recent market activity, central bank policies, and the potential for Bitcoins growth. While cautious optimism was expressed, the hosts agreed that there is still a long way to go before widespread adoption is achieved.

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Bitcoin is not going to $1M, yet - BitTalk #11 - CryptoSlate

US Congress has introduced a bill proposing proof-of-work (PoW) Bitcoin mining as a potential aid to the US energy goals and economic growth. Moreover, Republican official Pete Sessions introduced legislation that could be vital to mining in the mainstream.

The bill regards minings importance to the United States. Specifically aiding the United States ability to achieve its energy goals and grow its economy. Conversely, the resolution lays out the ways in which the House of Representatives should approach the practice of Bitcoin mining in the US economic state.

JUST IN: Congress introduces bill proposing #Bitcoin mining can help achieve energy goals and grow the US economy.

Since its inception, the practice of Bitcoin mining has dominated the discourse within the mainstream adoption of digital assets. US Congress has introduced a bill proposing PoW Bitcoin minings aid to the US energy goals and economic growth.

Pete Sessions introduced the resolution that speaks on the practice in specific terms, stating that PoW mining is an essential process that allows for a blockchain network to remain trusted, open, and decentralized, within the legislation.

Additionally, the resolution states that many worries about the practice are unfounded. Reading, PoW does require energy consumption for this validation process, many of the concerns are unwarranted, because PoW minings energy usage is transparent and verifiable.

Moreover, the practice, uses .14 percent of the global energy supply, within the bill. While also noting crypto mining improves the overall economic viability of renewable energy projects, through its ability to utilize excess supply.

Whereas PoW mining economics are notably responsive to electricity prices, the bill reads. Additionally, miners can curtail operations when electric supply is low or prices are high, providing more energy to households and the grid during times of heavy demand.

Conclusively, the bill notes PoW minings efforts in being environmentally conscious. Noting it can work to reduce methane emissions by using stranded or wasted methane as a fuel source, within the legislation.

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US Congress Introduces Bill Proposing Bitcoin Mining's Aid to ... - Watcher Guru

Russia-linked cryptocurrency exchange Bitzlato has partially restored access to user funds despite being officially seized by European authorities.

Bitzlato has enabled its users to withdraw up to 50% of assets stuck on the platform due to enforcement from the United States and Europol, the firm announced on its Telegram channel on March 20.

According to the statement, Bitzlato users can now restore half of their assets using the Telegram bot bz_phoenix_bot which allows users to move assets from the web Bitzlato account to an external wallet or exchange.

All withdrawals from Bitzlato are processed in Bitcoin (BTC), as the platform converted all altcoin holdings by users into BTC when the service was halted on Jan. 18. According to the firm, Bitzlato had to convert user balances to Bitcoin due to technical difficulties associated with servicing multiple altcoins after Bitzlato was seized.

In a public Bitzlato chat, several alleged Bitzlato users saidthey were able to move their Bitcoin to exchanges like ByBit and Binance. Some alleged Bitzlato clients also reportedly used software wallets like Trust Wallet and ViaBtc, and hardware wallets like Ledger, to withdraw their Bitcoin.

Bitzlatos 50% withdrawal option follows its previously announced roadmap on restoring users access to the platform and resuming operations. According to the plan, Bitzlato will continue its work to restore the platform and aims to provide a service for peer-to-peer (P2P) cryptocurrency trading by early April 2023.

A number of users have preferred not to withdraw 50% of their assets from Bitzlato this time, opting to wait until the exchange restores P2P trading. Once the P2P platform is restored, users will be able to access all previously available functions, a spokesperson for Bitzlato told Cointelegraph.

Bitzlato users should not expect to recover the remaining 50% of their assets once the P2P exchange is launched, the representative said.

There will be no second half once the P2P is opened since these are two unrelated questions and processes, the Bitzlato spokesperson added.

Related: Binances response to U.S. Senators lacks financial information: Report

According to the representative, the issue with client funds has not yet been resolved, but Bitzlato plans to return the money either by restoring access to seized funds by Europol or from the companys funds. The spokesperson said:

As previously reported, the United States Department of Justice announced a major international crypto enforcement action against Bitzlato in mid-January. Europol subsequently said that European authorities seized more than $19 million in crypto from Bitzlato as part of the enforcement actions.

Magazine: Crypto winter can take a toll on hodlers mental health

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Seized exchange Bitzlato allows users to withdraw 50% of Bitcoin - Cointelegraph