BTC Hypothetical Value to be $1.8k, Federal Reserve Says

Author of the report shows historical evidence that suggests bitcoin is in a bubble, without saying firmly whether it is or not
24 May 2018   899

The branch of the Federal Reserve Bank of San Francisco recently published a report on the instability of the bitcoin price, which is determined by the properties of the cryptocurrency, which complicates its classification as a currency or commodity. This is reported by CCN.

Joost van der Burgt, the author of the report and the consultant for the Fintech in the Federal Reserve, notes that bitkoyn is in the historical stage of the bubble.

…the exchange rate between two currencies can be regarded as a broad measure of the prices of one country’s goods and services relative to another country. When looking at the Bitcoin ‘exchange rate,’ this category of determinants seems to be inapplicable – there is no current native Bitcoin economy with native Bitcoin prices for goods and services.

Joost van der Burgt

Federal Reserve

Bitcoin has properties of securities, but does not fully fit into this category - it does not generate interest, dividends or capital gains.

At the same time, bitcoin as a commodity and often referred to as a "value depository" behaves the same way as gold and oil, but bitcoin does not have intrinsic value. Value of mining is only $1800, according to report.

Ryuk Ransomware Team to Get 705 BTC

CrowdStrike and McAfee believes the program was created and supported by Russians
15 January 2019   97

In less than six months, hackers got 705 bitcoins through Ryuk ransomware, reports The Block.

Until recently, the group of hackers GRIM SPIDER behind Ryuk was supposed to be operating from North Korea. However, according to the companies CrowdStrike and McAfee, the program was created and supported by Russian hackers.

Ryuk is distributed via email-phishing, where the TrickBot Trojan is involved. The main objectives of the ransomware program are large companies and government organizations. Ryuk blocks the victims' hard drives until they pay the ransom. The amount of the latter often depends on the size and significance of the organization.

The program is "famous" for the impressive amounts of required buybacks:

To date, the lowest observed ransom was for 1.7 BTC and the highest was for 99 BTC. With 52 known transactions spread across 37 BTC addresses (as of this writing), GRIM SPIDER has made 705.80 BTC, which has a current value of $3.7 million. With the recent decline in BTC to USD value, it is likely GRIM SPIDER has netted more.


705 bitcoins at the current exchange rate is about $ 2.6 million.