Fanáticos Cash

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Amid controversy surrounding major supporter Roger Ver, the Bitcoin hard fork plumbs new depths in BTC terms.

cointelegraph.com

No flexing for Bitcoin Cash users as BCH loses 98% against Bitcoin

Today, Mark Lamb, CEO of the crypto exchange CoinFLEX said on his official Twitter account that Roger “Bitcoin Jesus” Ver had defaulted on a $47 million USDC margin call.
According to Lamb’s statement, rumors that the exchange was facing economic problems are plain wrong. Instead, the exchange’s treasury is low because of Ver’s debt, and they are looking for ways to raise money and be able to restart withdrawals. A special contract between Ver and CoinFLEX prevented the exchange from liquidating Ver’s positions.

Roger Ver owes CoinFLEX $47 Million USDC. We have a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly. He has been in default of this agreement and we have served a notice of default.
— Mark Lamb  (@MarkDavidLamb) June 28, 2022

“We have a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly. He has been in default of this agreement and we have served a notice of default.”
Roger Ver Refuses To Pay
According to Lamb, the company repeatedly contacted Ver to resolve this situation; however, the Bitcoin Cash evangelist maintained his attitude, denying that he owed them any money. As a result, Lamb took to social media to prove that “the debt is 100% related to his account”.
In addition, the CoinFLEX CEO said that his exchange has no debt with Ver, as he wanted to “shamelessly” disclose through his social networks.
“CoinFLEX also categorically denies that we have any debts owing to him. His statement is blatantly false. It is unfortunate that Roger Ver needs to resort to such tactics in order to deflect from his liabilities and responsibilities.”
Coinflex Needs to Raise $47 Million to Resume Withdrawals
As CryptoPotato recently reported, CoinFLEX had become the latest cryptocurrency exchange to withhold money from its clients, diplomatically announcing that the lack of liquidity to allow withdrawals was due to “external market conditions” without ever mentioning Ver.
Recently, however, CoinFLEX announced its plans to launch a liability token called Recovery Value USD (“rvUSD”) to cover Ver’s debt.
“During the recent market volatility, a long-time customer of CoinFLEX’s account went into negative equity, meaning the Individual’s account currently holds a negative balance. In response, CoinFLEX made the decision to halt user withdrawals starting from June 23rd, 2022.”
In the same statement, CoinFLEX indicated that the cause of these problems was a single individual facing temporary liquidity issues due to the recent crypto market downturn, assuring that none of the other accounts operating on CoinFLEX have negative equity.
For now, the community is still waiting for a solid explanation as to why CoinFLEX decided to harm hundreds of users instead of liquidating a trading position that, despite being very large, would have only influenced a single person.
BCHUSD_2022-06-28_20-29-56. Image: Tradingview
So far, Bitcoin Cash is on a heavy bearish trend, near the $100 support and over 90% below its ATH. So, if CoinFLEX is telling the truth, the future does not seem so nice for Roger Ver and his long Bitcoin Cash bet.


Roger Ver, the prominent Bitcoin Cash evangelist, is being accused by CoinFLEX of not paying his debts.  Instead, he says the exchange owes him money.

cryptopotato.com

CoinFLEX CEO Accuses ‘Bitcoin Jesus’ Roger Ver Of Defaulting On $47 Million Debt

Bitcoin mining has been seeing a decline in profitability in recent times. This comes as no surprise given the drop in the value of the token and since profitability largely depends on what price BTC is trading at, it has led to a decline in cash flow. As the ripple effects of the market crash become apparent, the first victims of the decline in profitability have begun to emerge as a bitcoin mining facility has been shut down.
Compass Mining Loses Facility
Compass Mining is one of the leading bitcoin miners in the space and has been operating to great success until the crash of last month. This crash had left a lot of miners scrambling to sell their holdings in order to continue their activities and some have been forecasted to go bankrupt in the coming months if the low prices persist. However, it seems it is starting early for Compass Mining which has now lost one of its facilities.
Related Reading | Canadian Purpose Bitcoin ETF Suffers Massive Outflows, But Others Are Picking Up The Slack
On Monday, Dynamics Mining took to Twitter to announce that it was terminating its hosting contract with one of the miners. In the tweet, it named Compass Mining and alleged that the mining company had failed to pay the agreed-upon power consumption charges for the facility.
Interestingly though, it would seem this was not a recent problem for Compass Mining as Dynamics Mining has alleged that it had received six late payments and three non-payments so far. It is also said to have failed to pay the monthly fee and has not made payments since February 1st, 2022 which was before the latest market crash. 

BTC trading above $21,000 | Source: BTCUSD on TradingView.com
The hosting company stated that Compass Mining has used a total of $1.2 million in power consumption costs but had only paid $415,000 and $250,000 in initial power deposits. Additionally, Compass had claimed that they had paid Dynamics but the hosting companies say that they had instead used the money to build out their facilities.

For clarity @compass_mining power consumption @Dynamics2k totaled $1.2 million and they only paid $415k and $250k initial power deposits. Compass claims that they gave money to @Dynamics2k but the money was used to build out their facilities. #truth pic.twitter.com/9esvuCFulO
— DynamicsMining (@DynamicsMining) June 27, 2022

Bitcoin Miners Not Doing Well
Along with the decline in bitcoin mining profitability, the mining company stocks have been taking a hit due to their close ties to the price of bitcoin. Last week would prove to be a bloody market for them as most mining companies had recorded losses in their stock prices.
The largest of these companies such as Marathon Digital Holdings and Riot Blockchain had seen some of the highest declines with -5.78% and -7.68% respectively. It has also dragged down its market cap and has received less attention from investors.
Related Reading | Ethereum Energy Consumption Sees Sharp Decline As Mining Profitability Drops
Others such as BiT Mining and Iris Energy had however gone against the grain in this regard. They were among the only few mining stocks to see positive returns for last week and went as high as double-digit green figures for the seven-day period. It came out to 11.82% for BiT Mining and 12.13% for Iris Energy.
The largest drop for the week was seen in Core Scientific which lost 12.92% of its value and is now sitting at a market cap of $592.237 million. The fall in stock prices also followed the decline in bitcoin’s price which had fallen below $21,000 during the weekend.
Featured image from SectigoStore.com, chart from TradingView.com
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Bitcoin mining has been seeing a decline in profitability in recent times. This comes as no surprise given the drop in the value of the token and since profitability largely depends on what price BTC is trading at, it has led to a decline in cash flow. As the ripple effects of the market crash [&...

bitcoinist.com

Bitcoin Mining Facility Shut Down Following Sharp Decline In Miner Profitability

According to a PeckShield report, The Harmony attacker has already mixed more than $12 million through the protocol, and they’re sending 100 ETH to Tornado Cash every six minutes.
On Thursday morning, the proof of stake blockchain “Harmony” disclosed that $100 million worth of cryptocurrency had been stolen from its Horizon bridge.
Related reading | Breaking: FTX Exploring Ways To Purchase Robinhood
Harmony posted a tweet on June 23 stating that:
The Harmony team has identified a theft occurring this morning on the Horizon bridge amounting to approx. $100MM.
Later, they blogged about the incidents. Harmony said that their Horizon Ethereum Bridge was a victim of a “malicious attack.”
According to the blog post, the attacker was able to access and decrypt some of the keys used in fraudulent transactions and seizures of assets in the form of BUSB, USDC, ETH, and WBTC. The attacker then converted all assets to ETH.
The Horizon bridge was used to steal over $100 million in different tokens, including FRAX, FXS, wETH, WBTC, AAVE, SUSHI, USDT, and BUSD. These tokens were exchanged for ETH on Uniswap.
Bitcoin is currently trading at $20,565  on one day chart | BTC/USD price chart from Tradingview.com
Stephen Tse, CEO of Harmony, tweeted on June 25 that:
No evidence of smart contract code breach. No evidence of any vulnerability on the Horizon platform was found. Our consensus layer of the Harmony blockchain remains secure.
 Use Of Tornado Cash To Transmit The Harmony’s Amount
According to data from Etherscan, the hacker’s wallet used in the attack transferred around 18,000 ETH ($21 million) to a secondary wallet. And then, the hacker sent around 6,000 ETH ($7 million) to three different addresses using this secondary wallet. 
Two of these wallets transferred ETH to a Tornado Cash router. Harmony offered a $1 million bounty two days ago to get the stolen funds back, but it doesn’t seem like that was enough. The transfer still happened. Adding that, Harmony said they won’t support criminal charges if the people who stole the funds help get them back.
Crypto hackers prefer to cash out using Tornado Cash because this protocol makes it hard to trace wallet-to-wallet transfers. However, users can employ zero-knowledge technology to remove the linkages tying together their on-chain transactions with the aid of the Ethereum protocol Tornado Cash.
Related reading | The Metric That Says A Further 50% Drawdown For Ethereum Is Possible
In one of the biggest cryptocurrency attacks in history, North Korean government hackers stole more than $600 million in Ethereum from the popular play-to-earn game Axie Infinity in March. They sent a portion of the proceeds to an account on Tornado Cash.
After that, Tornado Cash became incredibly more popular among cryptocurrency stealers. The Meter, Wormhole, Ronin, and now Horizon token bridges have been exploited for more than $1 billion in 2022 through illicit methods.
                Featured image from Flickr and Chart from TradingView.com


According to a PeckShield report, The Harmony attacker has already mixed more than $12 million through the protocol, and they&#8217;re sending 100 ETH to Tornado Cash every six minutes. On Thursday morning, the proof of stake blockchain &#8220;Harmony&#8221; disclosed that $100 million worth of c...

Harmony Hacker Is Using Tornado Cash To Launder Stolen $100 Million

The exploiter seems to have rejected the Harmony team’s bounty offer of $1 million to return the $100 million stolen from the Horizon Bridge token bridge.

Fanáticos Cash price	$0.00022
Low - High 24H	N/A - N/A
Market cap	N/A
Volume 24H	N/A
All time high	$0.277384 -99.92% July 30th 2020
All time low	$0.000211 4.27% June 14th 2022
Genesis date	N/A

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