Blockchain and cryptocurrency news and analysis by David Gerard
You can’t cash in billions of dollars of bitcoins instantly — but sanctioned Russians are trying.
This is the cyberpunk future we deserved — the first NFT rugpull by a nation-state.
The reason is simple and obvious: the actual dollars don’t exist in the crypto trading system.
“Oh! Sweet mother of baby Jesus!” — a quote from one Salvadoran on seeing that Twitter video of the NFT casino.
El Salvador adopting Bitcoin wasn’t the particular Tether scam I originally thought — but it’s turning out to be a different, and bigger, one.
“Please, God, I don’t ask for much from You. But give me this. A video of a sad cryptobro, trying to get a beat cop to make a police report about his stolen ape jpeg.”
I did a talk for William Quinn’s final year fintech class at Queen’s University Belfast. 1 hour talk, 1 hour questions.
“Does Anyone else working in a crypto company feel this is all a scam?”
The hack reeks of social engineering for insider information, not sophisticated computer science brilliance.
Affinity fraud is where you pitch to a defined group, saying “I’m one of you. Would I scam you?”