Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. $230M Crypto Scam: Two young men, Malone Lam and Jeandiel Serrano, were arrested for stealing $230 million in Bitcoin from a Washington D.C. resident using social engineering techniques, including impersonating Google and Gemini support.

2. BingX Confirms Losses: Crypto exchange BingX experienced a "minor asset loss" following a hot wallet hack, leading to a suspension of withdrawals. Estimates of the loss range between $13.5 million and $26 million.

3. 📈Technical Analysis Masterclass - Bitcoin is reaching a crucial level: the 200-day moving average (MA). Will it soar to new highs, or are we headed for a short-term correction? Watch UseTheBitcoin’s latest Youtube video “Will Bitcoin Survive?” to know your next move or join our Official Telegram Channel for more alpha!

4. Decentraland Hacked: Decentraland’s official X account was hacked, and attackers promoted a fake MANA airdrop to steal crypto via phishing.

5. 💡Feature of the Day - Ex-FTX Exec Pleads Not Guilty: Michelle Bond, partner of ex-FTX executive Ryan Salame, pleaded not guilty to charges related to campaign finance violations during her 2022 Congressional run.

   
   All this and more in today’s headlines!

📰 News Highlights:

$230M Crypto Scam [Source][Source][Source]

Two men, Malone Lam (20) and Jeandiel Serrano (21), have been arrested and indicted for their involvement in a $230 million Bitcoin theft from a Washington, D.C. resident, believed to be a creditor of Genesis.

The U.S. Attorney's Office reported that the two used social engineering techniques to access the victim’s crypto accounts and launder the stolen funds across multiple exchanges.

Blockchain investigator ZachXBT revealed that they employed complex methods, including posing as Google and Gemini support to compromise the victim’s accounts.

The duo spent their illicit gains on luxury cars, jewelry, designer goods, and lavish lifestyles in Miami and Los Angeles.

ZachXBT, along with crypto forensic experts and law enforcement, managed to freeze over $9 million of the stolen funds and return $500,000 to the victim. The investigation is still ongoing, with federal agencies like the FBI and IRS involved.

A third suspect, known by the alias "Wiz," has also been identified as a participant in the heist.

BingX Confirms ‘Minor’ Losses [Source][Source][Source][Source][Source][Source]

Crypto exchange BingX has confirmed that it suffered a “minor asset loss” following suspicious activity involving one of its hot wallets.

The exchange’s chief product officer, Vivien Lin, stated on Sept. 20 that a hacker attack had occurred, prompting BingX to suspend withdrawals and transfer assets to protect user funds.

The exact amount of the loss is still being calculated, but Lin reassured users that the impact on business operations would be minimal.

Blockchain security firms PeckShield and Lookonchain reported different figures for the losses, ranging from $13.5 million to $26 million.

Despite this, BingX maintains that user assets are safe while temporarily pausing withdrawals and that the exchange will fully compensate for any losses.

Critics, including Harrison Leggio, co-founder of g8keep, questioned BingX’s transparency, accusing the exchange of downplaying the severity of the situation.

 📈Technical Analysis Masterclass:

Will Bitcoin Survive?

Bitcoin Hits the 200MA

• Key Resistance: Bitcoin has hit the 200-day MA, a critical level that many traders are watching. Red candles are forming, signaling that Bitcoin is respecting this as resistance.

• Possible Correction: After recent gains, this could suggest a short-term pullback before the next move. Don’t panic—this could offer buying opportunities.

Key Buy Zones

• Support Levels: If Bitcoin pulls back, watch the $62,000 and $61,000 levels, which could act as strong support for buyers looking to enter.

• Volatility Ahead: Keep in mind, crypto markets are unpredictable, and the next few days could bring volatility.

The Bullish Scenario

• Breaking the 200MA: If Bitcoin breaks above the 200MA, a strong rally could push prices to $68,000 or even $70,000.

• Market Optimism: A break above this resistance would signal renewed bullish momentum, especially with potential market events, like the upcoming election, on the horizon.

Whale Activity Below $60K

• Caution from Whales: While retail investors remain optimistic, whales and institutions are quietly taking short positions below $60,000.

• Market Impact: This tension between retail optimism and whale caution could influence the market in the coming weeks, so watch both price action and institutional moves closely.

Decentraland Hacked [Source][Source]

Decentraland’s official X account was hacked on Sept. 19, with attackers promoting a fake MANA airdrop as part of a phishing scam.

Blockchain security firm PeckShield warned users not to interact with the fraudulent link, which redirected victims to a site designed to steal crypto by tricking them into connecting their wallets.

Decentraland has yet to regain control of its X account, but PeckShield advises users to stay vigilant and avoid interacting with the compromised content until the issue is resolved.

💡 Feature of the Day: 

Ex-FTX Exec Pleads Not Guilty [Source][Source][Source][Source]

Michelle Bond, partner of former FTX executive Ryan Salame, has pleaded not guilty to campaign finance charges related to her 2022 Congressional run.

Bond, who ran as a Republican for New York’s 1st District, faces four counts, including conspiracy and making unlawful campaign contributions. Prosecutors allege that her campaign was financed by a $400,000 payment from FTX, arranged by Salame.

Bond’s case is tied to the larger FTX scandal, which led to Salame’s guilty plea and 90-month prison sentence for his role in FTX’s fraudulent activities.

Bond, however, remains free on a $1-million bond, with a pretrial conference scheduled for January 2025.

Salame’s legal team has petitioned to vacate his plea, arguing that it was based on an agreement with prosecutors not to pursue Bond.

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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