Bitcoin price surge prediction, Lightning Network warning, Inferno Drainer shuts down

Bitm co-founder predicts a bitcoin price Surge as a result of USD liquidity and a Banana nearly costs a byc member his Bor Ape good morning you're listening to the Ryen crypto podcast by coin Telegraph With me Robert bags steering you through The crypto Cosmos with daily dispatches From the digital Frontier if you want to Stay ahead of the curb in crypto make Sure you click that follow button right Grab yourself a coffee and let's get Into It I hope you all had a great weekend there Is a lot to talk about and it's all over The crypto map so let's do a quick Rundown first up we have the bitmex Co-founder who's predicting we may see a Bitcoin price surge as a result of USD Liquidity cz's Lo lawyers contest us Prosecutors over not being considered Safe to fly scam software Inferno Drainer shuts down after stealing more Than $70 million an exd developer of the Bitcoin lightning network issues several Warnings and BC member nearly loses his Board ape to fake Journalists the co-founder of the crypto Exchange and trading platform bitmax has Predicted a surge in the Bitcoin price For one clear reason a rise in dollar Liquidity Arthur hay one of the three Co-founders of The Exchange way back in 2014 took to X to highlight some

Positive indicators for Bitcoin in the Immediate future this is a finance heavy Story but I'll do my best to lighten it So I'm going to read you Hay's tweet but First two things number one bad girl Yellen I can't believe I'm going to have To say that twice in this episode refers To US Treasury secretary and Bitcoin Skeptic Janet Yellen and number two I Will explain what RRP and TGA are after Okay the Tweet getting my feet did and Observing how bad girl Yellen is busy Pumping Financial assets don't get Distracted dollar liquidity is Increasing and BTC will go up as well This is the chart of net RRP and TGA Balance changes that first sentence is Is the worst thing I've ever had to read Aloud and it took about five takes Because I kept breaking after saying Getting my feet did anyway the chart That you can't see because this is a Podcast points to an improved RRP TGA And dollar liquidity so let's try and Explain those RRP stands for net reverse Repurchase agreement essentially it's a Short-term loan against a security so a Major bank or financial institution Might give money to the Federal Reserve Overnight in exchange for a security as A guarantee then the next day they swap Back why is this a positive indicator For bitcoin's Price well when RPS Increase it typically means there's more

Money floating around and thus more to Invest in and the best performing asset For the last decade is Bitcoin so TGA Stands for treasury general account the TGA is for all intents and purposes the Bank account of the US government where Money collected from taxes and so on Goes in and from where spending on Infrastructure and so on comes out Hayes Appears to be referencing the TJ balance Going down which suggests the government Is spending more with which can increase Liquidity the long and short of it is This there's more US Dollars around as Shown by the net liquidity of USD the Author of this article Amicon W Cota Supports this with research by ex user Dharma fire whose chart shows a net Liquidity surge of $16 billion since November 2021 as I said this is all a Bit heavy on the financial analysis and That is not my academic background but The takeaway according to the bitm Co-founder is that the more dollars Around will mean more pumped into Bitcoin and thus the price goes up and We like it when the line goes Up right let's get back to a good old Fashioned legal Saga the binance Settlement and cz's guilty plea is Something we're following closely and if You listen to last week's episodes You'll know how important these events Are on Wednesday last week I wondered if

CZ would be allowed to fly back to Dubai To his family pending sentencing in February 2024 on Thursday and remember Correlation is not causation I covered The story that the US prosecutors Believe CZ presents an unacceptable risk A flight and non-appearance if he is Allowed to leave the United States Pending sentencing they added that they Would not be able to secure his return And this is due to the lack of an Extradition agreement with the UAE well Kieran Lions covered an update on this Tale over the weekend as you may Remember from last week CZ has Voluntarily put money in a bond for if He didn't attend the sentencing as well As paying an enormous release Bond of 175 million already which he would Forfeit so he may have felt confident That he could go home the US prosecutors Have poured cold water on that and CZ is Contesting his lawyers said and I quote As judge susha found all the facts and Circumstances amply demonstrate that Mr Z poses no risk of flight and should be Permitted to reside at home with his Family in the UAE pending sentencing the Government's motion should be denied They added his intent is to resolve the Case and it would be illogical to take All of these material steps without the Intent to appear for sentencing it's Hard to call which way this might go and

I'll only be echoing what I said in last Week's episodes that is I don't believe CZ would hold up in the UAE and refuse To return to the US but the fact that he Can and the US may not be able to do Anything about it suggest to me that They may not want to risk that unless of Course they fancy a near quarter of a Billion dollar payday I guess ultimately This won't affect crypto all that much I Shouldn't think but if CZ was to refuse To come back for sentencing and the US And UAE fought over extradition it would Be yet another tremendously bad look for Crypto in the eyes of those who see it As a SD and scam ridden industry Okay speaking of CD and scam ridden Inferno drainer is shutting down what is It well Inferno drainer is a type of Software that comes under many banners That play on the software as a service Business model it's sometimes called Scam as a Service fraud as a service Malware as a service and so on it is a Digital business model that isn't Exclusive to crypto but I don't think I've ever seen one as Brash as in crypto Inferno drainer isn't unique per se There are several other similar services But Inferno has helped steal at least $70 million though they claim the true Number is around 80 million okay so how Does it work well this is how it Typically goes someone who looks as if

They're from a major brand or a big Player in crypto will reach out to you Offering something or other they send You a link you click it and it takes you To a convincing website that asks for Your wallet's private key in order to Get whatever is offered and that's that Your nfts and crypto are gone if you've Been in crypto long enough you'll Probably scoff at giving out your Private key but don't be arrogant crypto Can be confusing and even some of the Most experienced people in the space Have fallen victim to scams early this Year monkey drainer a similar tool shut Down and Inferno drainer took the helm Inferno's software offered everything You need to drain people's wallets in Exchange for a 20% cut the blockchain Security firm certic told the author of This article Jesse coflin that Inferno Drainer was one of the most damaging Fishing kits to the community we've ever Seen Inferno drainer took to telegram Yesterday to announce the end of the Craziest Journey Inferno drainer is Shutting down unfortunately nothing Lasts forever the post goes on to say That their files and servers will not be Destroyed but users should find a new Service with no hint of irony despite The irony being visible from space the Post adds that the official telegram Account is being deleted and to not

Trust anyone and that imitators are Trying to scam you the announcement Signs off with we hope you can remember Us as the best drainer that ever existed The web 3 anti-cam platform scam sniffer Estimates over 104,000 victims and over $71 million taken just this year with The record day coming as recently as the 12th of November which saw over $3.9 million stolen while it's Definitely good to see the back of Inferno drainer it is far from the end Of scams a service software in the Crypto space so never click links from People you can't 100% Verify next up let's take a look at Braden Andrea's piece where he discusses The Bitcoin lightning network with a Developer who left antoan Riad Riad left The ecosystem due to concerns over a new Attack Vector that he said put lightning In a perilous position the lightning Network is a second layer built over Bitcoin to improve the scalability and Efficiency of Bitcoin the lightning Network allows users to create multiple Transactions offchain and then settle The result onchain for example Riyad Spoke to Braden about the situation with The lightning Network and he did not Hold back he said the lightning Developers need to wake up stop the Sleepwalking and go to the whiteboard to Design a robust and sustainable fix in

Hand with other developers at the base Layer preserving the long-term Decentralization and openness of Lightning Riad went on to claim that Many of the lightning Centric firms are Trying to please Venture capitalists Rather than focusing on the Network's Mission and security which he says is at The long-term detriment of end users Riad is also concerned that one of the Trade-offs the VC funded firms are Willing to make is decentralization he Told bradden centralized systems are Great in the scale of efficiency however They come with a downside of systemic Single pointer failure and lower cost of User censorship fundamental risks that One might wish to hedge against as a Bitcoiner the lightning network has Nearly $200 million of BTC locked in it According to defi llama and warnings Like this from an ex developer for the Ecosystem should have significant weight Put in Them finally I have to discuss this scam Attempt on a board ape holder written up By Martin Young I know been a bit of a Scam heavy episode but this one is so Absurd and came so close to working you Just have to hear it on Sunday ex-user Crumbs a board apeh holder alerted the Community about an elaborate scam I'll Link Crums thread in the show notes but Here is what happened Crums was

Contacted by someone pretending to be The editor of Forbes and looking at both The fake profile and the real profile of The editor of Forbes the fake one looked More real to me the scammer claimed that Forbes is writing an article about the Board ape Yacht Club and they wanted Apes to to discuss their experience Within the club naturally Crums was Excited by the chance of interviewing With Forbes the zoom call was with the Fake editor but also a fake version of Forbes crypto journalist Steven Erick Neither of the not Forbes people had Their cameras on and Crum said he Thought that the nonpremium zoom and Wanting to record the screen with a Separate recorder were red flags but he Went with it crumbs had to press a Button to allow recording which he says He didn't think much of however he was Then asked to get an item along the Theme of apes which in this case was a Banana crumbs naturally didn't have a Banana to hand so he muted paused his Video and went to go grab one but he had The foresight to stop and wait by the Screen for a moment the scammers Immediately took control of his PC and Navigated to delegate. before crumb Stopped them and shut down his PC other Board ape holders have also reported Being contacted by fake Forbes Journalists and in fact earlier this

Month the blockchain security firm slow Mist highlighted just how many victims Losing crypto assets to fake journalists Martin also recording this article Another case from October where a Friend. tech user clicked a link to a Consent form for an interview with a Fake Bloomberg journalist and that Resulted in their wallet being drained Fortunately crumbs was Vigilant enough That this was just a close call but Imagine losing your board ape while you Go to grab a Banana wow that was a bizarre episode Crypto is never dull but that is it for Today consider yourself informed thank You for listening to the rising crypto Podcast by coin Telegraph if you're Enjoying these daily updates please make Sure you let us know by following Subscribing and leaving a review I see Some of you have already done that and It really does help have a great Monday Let's do this again Tomorrow


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