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Today's Top Crypto Headlines:
China Counter Tariffs | Coinbase Security Failures Exposed | THORChain Debt Restructuring and more...
King Fatrick Gil Añasco
February 05, 2025
Good Morning Crypto Enthusiasts!
Glad to have you back for another edition of the UseTheBitcoin.com newsletter.
Bitcoin Drops Amid China Tariffs: Bitcoin remains under $100K after China announced tariffs on U.S. imports, escalating trade tensions.
📈Technical Analysis Masterclass - Loopring (LRC) has fallen dramatically from its all-time high of $3 to just $0.12. Watch UseTheBitcoin’s latest Youtube video “Is Loopring (LRC) A DEAD Coin? Here’s What the Charts Say” to know if LRC can recover or join our Official Telegram Channel for more alpha!
Coinbase Security Failures Exposed: Investigators claim Coinbase’s security failures have led to over $300M in user losses annually.
💡Feature of the Day - THORChain Debt Restructuring: THORChain’s node operators approved a $200M debt-to-equity conversion, issuing 200M TCY tokens tied to network revenue.
All this and more in today’s headlines!
📰 News Highlights:
Bitcoin remains below $100,000 after China's new tariffs on U.S. imports rattled global markets.
China puts tariffs on US energy as trade war heats up via @FT
on.ft.com/4gpOaJN— Demetri (@Dimi)
5:48 AM • Feb 4, 2025
The Chinese finance ministry announced an additional 15% tariff on coal and liquefied natural gas and a 10% tariff on crude oil, agricultural machinery, and certain vehicles, effective Feb. 10.
China imposes 15% tariffs on U.S. coal and LNG as trade war with Trump heats up
— Axios (@axios)
6:27 AM • Feb 4, 2025
The news follows recent U.S. tariffs on Chinese goods, escalating trade tensions.
There is no winner in trade or tariff war: Chinese Foreign Ministry news.cgtn.com/news/2025-02-0…
— CGTN (@CGTNOfficial)
6:30 AM • Feb 2, 2025
Experts predict continued volatility, with some noting that trade war escalations could push investors toward alternative assets, including crypto.
📈Technical Analysis Masterclass:
Technical Indicators & Market Structure
🔻 Overall Trend: LRC remains in a clear downtrend, with no signs of a breakout.
📊 Moving Averages: The short-term averages are still below the long-term ones, signaling continued bearish pressure.
📉 MACD (Momentum Indicator):
Still in negative territory, confirming bearish dominance.
Histogram bars remain below the zero line, meaning buyers have yet to show significant strength.
⚠️ RSI (Relative Strength Index):
Approaching the oversold zone, which could indicate selling exhaustion.
However, oversold conditions do not guarantee a reversal—prices can stay oversold for a long time.
Key Support & Resistance Levels
🔹 Support Zone: LRC is currently trading near previous support levels, where buying interest was seen before.
🔹 Resistance Levels: Without bullish catalysts (news, volume surge, or market recovery), price may struggle to break out of its current range.
Investigators ZachXBT and tanuki42 claim Coinbase’s security lapses have cost users over $300 million annually.
1/4 >$65M stolen in less than two months is unacceptable and will continue to increase until effective changes are made.
To victims: If you recognise yourself as a victim of a social engineering scam, reach out to @zeroshadow_io or SEAL911 and we will help you respond.
— tanuki42 (@tanuki42_)
3:19 PM • Feb 3, 2025
They reported that more than $65 million was lost in December 2024 and January 2025 alone due to scams and hacks.
8/ The other month a Coinbase employee told people on X to stop using VPNs to avoid being flagged as suspicious meanwhile threat actors will explicitly block VPNs from phishing sites and not use them.
This shows Coinbase’s failure to diagnose the actual problem.
— ZachXBT (@zachxbt)
1:50 PM • Feb 3, 2025
According to their findings, many of these scams originate from threat actors in India and exploit Coinbase’s insufficient reporting of theft addresses and limited customer support outside U.S. hours.
13/ Coinbase needs to urgently make changes as more and more users are being scammed for tens of millions every month.
Other major exchanges do not have similar panels created by scammers for fraud.
While the victims are partially responsible it’s unreasonable to expect… x.com/i/web/status/1…
— ZachXBT (@zachxbt)
1:50 PM • Feb 3, 2025
The duo also criticized Coinbase for failing to address vulnerabilities, including outdated API keys and verification bugs, which have enabled widespread phishing attacks.
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💡 Feature of the Day:
THORChain Debt Restructuring [Source]
THORChain’s node operators approved a plan to convert $200 million in debt into equity tokens.
THORChain Community Update
Thank you to the community members, Node Operators, and builders who have remained committed throughout this critical moment for the network. Your dedication and contributions have been invaluable in shaping the path forward and ensuring THORChain’s… x.com/i/web/status/1…— THORChain (@THORChain)
5:53 PM • Feb 2, 2025
The decentralized liquidity protocol had suspended its lending and savings programs in January to prevent insolvency.
“THORChain will convert ~$200M of debt into equity through a new token that will receive 10% of network revenue in perpetuity.”
*perpetuity means until we change our mind about the protocol again.
— lightning eric (@EricChennells)
6:16 PM • Feb 2, 2025
The restructuring plan includes issuing 200 million TCY tokens, which will receive 10% of THORChain’s network revenue in perpetuity.
Borrowers and Savers completely screwed, you steal their money and then and you issue a brand new unregistered security token. You and all your integration partners are going to get canceled by lawsuits
— Rowdy Node (@lluozeheblyn)
8:48 PM • Feb 2, 2025
These tokens will be airdropped to affected users, allowing them to recover losses through long-term revenue sharing.
This sounds:
1. complicated
2. like it requires the investment of additional money and trust into a network with a history of mismanaging money and trust
3. costly; any new capital entering is permanently taxedGood luck to everyone rolling the dice
— Subject #2 (@Subjectnumber2)
10:22 PM • Feb 2, 2025
While the plan aims to stabilize THORChain, some community members remain skeptical.
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And that’s it for this today.
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See you all tomorrow’s edition!
Jonathan Gibson
UseTheBitcoin.com