Hello Crypto Enthusiasts!

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

With all of the recent hacks taking place, remember to protect your crypto assets with today’s sponsor Trezor hardware wallets.

1. Rapper 50 Cent Promotes Memecoin: Rapper 50 Cent's X account was hacked and used to promote a fraudulent memecoin called "GUNIT."

2. Michael Saylor: BTC Will Reach $10M: Michael Saylor, co-founder of MicroStrategy, predicted that Bitcoin's price would eventually reach $10 million per coin during a podcast interview.

3. 📈Technical Analysis Masterclass - Patience during a "boring" market phase is crucial, as it is an integral part of the trading cycle. To know the keys for successful trades during market conditions shift like now, watch UseTheBitcoin’s latest Youtube video “Navigating the Current Bitcoin Market: Consolidation and Opportunities”

4. BtcTurk $54 Million Hack: Turkish cryptocurrency exchange BtcTurk experienced a cyberattack compromising ten hot wallets, leading to significant losses estimated at $54 million. Binance froze over $5.3 million of the stolen funds to assist in the investigation.

5. 💡Feature of the Day - MakerDAO Tokens Stolen In A Phishing Scam: A MakerDAO governance delegate lost $11 million worth of tokens in a phishing scam. The delegate was tricked into signing fraudulent transactions, leading to the theft of Aave Ethereum Maker and Pendle USDe tokens.

   
   All this and more in today’s headlines!

📰 News Highlights:

Rapper “50 Cent” Promotes Memecoin [Source]

Rapper 50 Cent revealed to his 32.8 million Instagram followers that his X account was hacked and used to promote a fraudulent memecoin.

Hackers created a new crypto token named "GUNIT" and exploited 50 Cent's significant following on X to inflate the token's price before executing a classic "rug pull" scam.

On June 21, 50 Cent announced the hack on Instagram, stating that Twitter acted quickly to secure his account. He claimed the hackers made $300 million in a short span, although trading data indicated a total volume of $19.4 million for GUNIT tokens.

📈Technical Analysis Masterclass:

Consolidation and Opportunities

The cryptocurrency market is currently stagnant, with Bitcoin experiencing a period of consolidation amid persistent selling pressure. Despite some fluctuations, the market continues to show signs of cautious trading behavior, leaving many investors pondering their next moves.

Recent Price Movements

• Brief Rally: Bitcoin saw a brief rally today, reaching around $66,000.

• Quick Drop: Sellers quickly drove the price back down to $64,000, highlighting the prevailing uncertainty and cautious sentiment in the market.

Technical Analysis: Moving Averages and Support Levels

• 100-day EMA: Bitcoin is hovering near the 100-day Exponential Moving Average (EMA), a historical support level.

• Conservative Strategy: Wait for a clear breakout from the downtrend. A breakout with new support levels signals a potential market sentiment shift and provides a stable entry point.

Trading Strategies in a Consolidating Market

• Conservative Approach:

  • Patience: Wait for a definitive breakout and new support levels.

  • Reduced Risk: Minimizes exposure to potential downward movements and provides a clearer signal of a market reversal.

• Risk-Taking Approach:

  • Buying Opportunity: Current levels near the 100 EMA might present a buying opportunity for those with higher risk tolerance.

  • Caution: Acknowledge ongoing selling pressure and trade cautiously.

  • Risk Management: Set stop-loss orders and manage position sizes to mitigate potential losses.

Characterized by consolidation and significant selling pressure. Strategic and patient traders can find opportunities despite the daunting market. Trading in a volatile market comes with risks, so it's imperative to trade at your own risk and stay vigilant.

Michael Saylor: BTC Will Reach $10M Per Coin [Source][Source]

Michael Saylor, executive chairman and co-founder of MicroStrategy, made bold claims about Bitcoin's future during a podcast interview with Robin Seyr. Saylor predicted that Bitcoin's price would eventually reach $10 million per coin, emphasizing Bitcoin's potential to offer "economic immortality."

He argued that Bitcoin could transform companies by providing a lasting economic foundation, unlike traditional financial systems. Saylor described Bitcoin as the "perfect money," capable of outlasting the average corporation's lifespan of around 10 years.

Saylor's vision includes the idea that Bitcoin's immutable and decentralized nature provides a form of economic continuity previously unattainable.

BtcTurk $54 Million Hack [Source][Source][Source]

Turkish cryptocurrency exchange BtcTurk experienced a cyberattack that compromised ten of its hot wallets, leading to significant losses. Binance CEO Richard Teng announced that Binance had frozen over $5.3 million in stolen funds as part of their efforts to assist BtcTurk in investigating the hack. Blockchain analyst ZachXBT estimated the total losses at $54 million, primarily in Avalanche (AVAX) tokens.

BtcTurk assured users that the majority of its assets, stored in cold wallets, remained secure.

However, the timing analysis by ZachXBT showed that the stolen funds were transferred through THORChain to exchanges like Binance and Coinbase before being converted to Bitcoin and distributed to two separate wallets. Additionally, the hacker was linked to a $3.5 million theft from online casino Sportsbet just hours before the BtcTurk attack.

💡 Feature of the Day: 

MakerDAO Tokens Stolen In A Phishing Scam [Source][Source]

A MakerDAO governance delegate lost $11 million worth of tokens in a sophisticated phishing scam. The delegate unknowingly signed multiple fraudulent transactions, resulting in the theft of Aave Ethereum Maker (aEthMKR) and Pendle USDe tokens. The incident was detected by Scam Sniffer early on June 23.

The stolen tokens were quickly transferred to another address and confirmed within seconds. The delegate, who plays a crucial role in MakerDAO’s decision-making processes, fell victim to what is known as "approval phishing." This type of scam tricks users into signing permissions that allow attackers to drain their wallets.

Phishing scams have become increasingly prevalent, with a Scam Sniffer report noting that such attacks drained $300 million from 320,000 users in 2023 alone.

😂 Crypto Meme of the Day: 

And that’s it for this today.

With all of the recent hacks taking place, remember to protect your crypto assets with today’s sponsor Trezor hardware wallets.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com