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US Feds Say Over 7000 People Reported Crypto Scams Since October Last Year - A Relatively SMALL Portion Of Total Annual Scams...

There’s been a massive spike in scams linked to digital currency. Since October, nearly 7,000 people have reported losses of more than $80 million.

Global Crypto Press Editors Note:  If this sounds like a lot, it isn't.  Over 3 million scams are reported each year, costing over $3 billion.  Phone and postal mail scams still outweigh online scams. Most common for years has been 'imposter scams' where someone pretends to be calling from the government or a well-known business, a romantic interest, or a family member with an emergency.  Crypto is an extremely small portion of annual scams. 

Video courtesy of NBC News

Earn Passive Income With Nhash Cloud Mining...

Start cloud mining Bitcoin from as low as $70 a day with the most profitable Bitcoin cloud mining service, NHash. 

A few weeks ago, the hash rate of Bitcoin dropped about 20% leaving many analysts skeptical of the long-term sustainability of the largest cryptocurrency. Despite the drop, the enthusiasm around the mining of Bitcoin remains as strong as ever with a rising mining difficulty and more miners coming into the fray. 

Despite growing into the strongest computational network, Bitcoin has slowly turned into an activity only suitable for the rich. Bitcoin mining requires technical knowledge, expensive equipment, and high electricity costs, which makes it difficult for the common man to make a profit from mining the crypto. 

This has forced miners to look for alternative cryptocurrencies to mine and formulate new ways of mining.

At the top of the solutions is Bitcoin cloud mining. In the next sections, we elaborate on how you can start mining Bitcoin for as little as $70 using NHash, one of the most profitable crypto cloud mining services.

“Cloud Mining is the process of cryptocurrency mining utilizing a remote datacenter with shared processing power.”
NHash, a Bitcoin cloud mining service, aims to give everybody a chance to start mining Bitcoin without the need for expensive equipment or high technical knowledge. The Bitcoin mining rigs are housed and maintained in a facility owned by a mining company and you as the customer only need to register and purchase mining products to receive mining rewards in your account.

“NHash's team has always put the task of making mining accessible not only for crypto-enthusiasts but also for common users,” the NHash website reads. 

The cloud mining service allows users to purchase multiple proof-of-work crypto mining contracts. The platforms allow cloud mining of SHA-256, Scrypt, and ETHASH coins including Bitcoin, Litecoin, Ethereum, and Bitcoin Cash among other cryptocurrencies. The service pays out daily rewards to miners and direct withdrawals to your external crypto wallet. NHash’s goals revolve around making crypto mining easy, smart, rewarding, and affordable for all.

To see this goal through, the NHash team is comprised of highly skilled engineers, developers, and mining specialists that ensure mining run smoothly and investors are offered the best rates and rewards possible via their cloud mining service.

The cheapest-most profitable cloud mining service

NHash offers users some of the best cloud mining rates in the crypto scene to ensure anyone with some capital can start earning rewards from the service. The cloud mining service currently offers five BTC mining price plans – curated from as low as $70 for a 1-day mining contract. The 1-day BTC mining contract ears users a 3% daily reward with no extra maintenance fees charged.

Other contracts include the 7-day mining contract that users can purchase for as low as $200 giving users a fixed income reward of up to 6%, and the 14-day mining contract costs $600 with an expected return of 10% during the period.

NHash offers multiple mining contracts for clients (Image: NHash)

NHash also offers “mega contracts” to users including the 30-day mining contract that costs $2,000 and gives the miner an expected return of 25% during the period and the 45-day mining contract, a $5,000 contract offering miners a 40% return during the period.

Finally, Nhash launched a new campaign that rewards all users with a sign-up bonus of $5, also has a referral program that rewards you for inviting friends to the platforms. At the starter tier, miners get 2% of the quantity of hash power purchased (money invested into NHash) by your referral. This can be a great way to start earning passively! To learn more about NHash and purchase cloud mining plans, visit its website at Nhash.io

Information Provided via Press Release
Distributed by Global Crypto Press Association
Press Release Distribution for industry.

US Examines How To Regulate Crypto, And Top Companies In The Industry Are Making Sure Their Voice Is Heard...

A battle is brewing in Washington over how to regulate the cryptocurrency industry, and industry leaders want to make sure they have a say.

The top currency companies have hired lobbyists, lawyers and consultants in an effort to gain greater influence over how much, or how little the industry is regulated.

Eric Lipton, a reporter with the NY Times says the Biden administration knows they'll have to address the issue. 

Video courtesy of CBS News

Announcing the Launch of TestaMint: The Invite-Only, Environmentally-Friendly NFT Artist Collective...

TestaMint disrupts the digital art World with its brilliant NFT debut by artists, Jim TAZ Evans, Kelly RISK Graval, Dave Navarro, and Billy Morrison

Los Angeles, Calif. (MAY 12, 2021) – Today, TestaMint, an invite-only NFT artist collective, marketplace, and platform for artists by artists has announced its launch. As the digital art world continues to flourish, TestaMint is creating a whole new dimension in the space by launching one of the first-ever NFT artist collectives that gives world-renowned talent the chance to showcase their creativity while taking their artwork to new depths.  

Powered by patent-pending technology, TestaMint is an exclusive invite-only network focused on bringing integrity and emotional connection back into the digital world. Offering a streamlined and user-friendly marketplace where artists are invited to effectively buy, sell, and promote their art, the turn-key platform gives artists access to unique tools and templates that allow them to incorporate unlockable experiences and digital layers into their original pieces. Unlike other major NFT companies, TestaMint is written on top of EOS, an environmentally responsible blockchain, making it 66,000 times more eco-friendly than Bitcoin and 17,000 times more eco-friendly than Ethereum."I look forward to rewriting the NFT narrative by injecting eco-friendly, creative, and innovative strategies into an industry that has limitless growth potential." says Frank Agnone, CEO of TestaMint.

(Photo by: John Troxell | Picture TestaMint Team: Kylie Sullivan, Nico Agnone, Frank Agnone, Jaron Hinds, and Kerrie Geary) 

TestaMint was created by artists and exists for artists and the company is on a mission to prioritize the creative control of creators, facilitate high-quality releases, and maintain the eco-friendliness on which their platform operates. NFTs have generated over $1 billion in 2021 alone, TestaMint is dedicated to giving the power back to the artists and helping them push the boundaries of NFT innovation and capabilities. NFTs will resuscitate not only the media sector but also serve as a medium in which all industries will modernize, says Jaron Hinds President and CTO of TestaMint.

TestaMint will make its entry into the NFT world this Wednesday, May 12th with the "Godfather" of the West Coast Graffiti movement, Kelly “RISK” Graval, and Billy Idol guitarist, Billy Morrison, Jane's Addiction guitarist, Dave Navarro, and Jim ‘TAZ’ Evans. The initial NFT offering will include Future Jane. Future Jane is the result of a collaboration between Dave Navarro and Jim “TAZ” Evans, that began in 1997 when TAZ was commissioned to create a show poster for Jane’s Addiction’s concert at the Aladdin Hotel in Las Vegas. Attempting to come up with a new angle on the metaphorical Jane, TAZ chose a futuristic design and featured Jane as a melancholy cyborg, restrained by techno-bondage information feeder tubes, and leashed by BDSM straps. In 2016, TAZ was commissioned to create a show poster for a Queens Of The Stone Age show at the Teragram Ballroom in Los Angeles. Since the original Jane had not been finished to his liking because of deadline constraints, Jane 2.0 was created. In late 2020, TAZ and Dave decided to collaborate after being reintroduced by legendary graffiti art dealer and curator Eddie Dolandson, founder of GuerillaOne and member of The Seventh Letter and chose to use the Jane image as the basis of it. The birth of NFT art took that collaboration to another level, as the two artists began exchanging ideas about how to tell a bigger story. Future Jane represents the result of that collaboration. For the entire story about Future Jane NFT, click here. 

Kelly "RISK" Graval's NFT incorporates some of his most important imagery.  The centerpiece of the NFT is Risk's "WTF Icon".  As one of LA's most prolific graffiti artists, the LA Police were on the hunt for Graval because of his graffiti tag name “RISK”, so instead, Graval switched to his now-famous "WFT Icon".  The "Icon" was his interpretation of Elvis Presley's "TCB Symbol" (taking care of business). Risk's "Icon" is made up of a stylized Lightning Bolt, Question Mark and Exclamation Point.   The NFT incorporates an actual Risk "WTF Icon" piece made out of his "Metallic Tissue" panels. The panel is made of recycled spray cans (from Risk's graffiti and studio work), license plates (which are a metaphor for humanity) like people, license plates come in all shapes, sizes, colors, and come from many different places. The NFT also incorporates Risk's now-famous "Monarch Butterfly" imagery.  The Butterflies signify Risk going from Anarchy, living in Venice beach, being into the early LA punk rock scene, and illegal graffiti art all over the world. He now lives with his four daughters in Southern California and is in a "Celebratory Stage of Life" and ignited his latest series of "Anarch to Monarch" artwork. The NFT was produced by taking the actual "WTF Icon" piece to the beach in Malibu, placing it on the beach so the waves could wash over the piece.  Each wave activates the Butterflies and also Risk's signature color wash.  Risk's "Color Wash" is used as a background on all his murals and studio work. The color palette used in all his murals and paintings is based on the "California Colors" line of spray paint produced by Krylon Spray paint in the late 1980's and early 1990's. Very few graffiti artists used the "California Color" palette because they did not think it was suitable for graffiti. Risk turned the bright fluorescent color palette into one of the most recognized graffiti styles in the world. 

 Billy Morrison’s NFT art was inspired by a strong and imposing male figure such as Darth Vadar, and suggesting that underneath all of that posturing is a sensual, fragile human being, that is struggling with his or her sexuality. “Now, more than ever, it is imperative that we ‘embrace our inner selves’ and encourage those around us to come from a place of compassion and love, says Morrison. “This piece stems from observing the racial and sexual unrest that pervades our society, and my desire to spread the message that ‘we are all the same, no matter what color or sexual orientation’ - and more importantly to inspire people to accept and embrace who they really are without fear of reprisal.” In addition, Morrison took the opportunity with the NFT Technology to add an exclusive track, recorded in his studio specifically to coincide with the image and shot video content in his studio and with some of his personal art collection to add unlocks to some of the editions being released.

To see the artwork and NFT by this collective of TestaMint artists, please visit https://testamint.net/


TestaMint and Artist’s Collective EPK Here

About TestaMint: TestaMint is an invite-only, eco-friendly NFT platform and collective made for artists, by artists. We have an exclusive network powered by patent-pending technology, that gives the artists unique tools to create their art with new-found depth and expression.  TestaMint is the world’s first NFT collective. Not just a marketplace, but rather a limitless platform for creative discovery, exploration, and growth. Social Media: @TestaMintApp 

About Frank Agnone: Frank Agnone has worked in the entertainment industry for the past thirty-six years. Frank is currently an Executive Producer for the legendary TV show, South Park. Frank has been with the show since it premiered in 1997. South Park is in its twenty-fourth season and is one of the longest-running shows in television history. Frank is a five-time Emmy Award winner for Outstanding Animated Series and also received the prestigious Peabody Award back in 2005. Frank has produced two feature films, "South Park: Bigger, Longer & Uncut" as well as "Team America World Police". Prior to beginning his tenure at South Park, Frank worked with Hollywood icons Bob Hope and Norman Lear. Now Frank has his sights set on a new venture in the NFT sector. He is looking to rewrite the NFT narrative by injecting innovative strategies into an industry that has limitless growth potential.

About Jaron Ray Hinds: Jaron Ray Hinds is the President and CEO of Elevated Games and the co-founder of TestaMint LLC. A full-stack game developer at heart, he has brought his skills into the foundation of the cryptocurrency and NFT sectors. Known for his innovative and thought-provoking thinking in bleeding-edge sectors. No noobie to the NFT sector, Hinds has been writing code on the EOS blockchain for two-plus years and deploying commits to NFT standards daily. Deeply integrated into the Wyoming blockchain sector, Jaron has sponsored and won NFT challenges for the last three years. For the sake of sanity, you can find Jaron either bombing blacks diamonds on Mammoth mountain or dinking on local Playa Vista pickleball carts.

About Dave Navarro: Dave Navarro's interest in art stems from his childhood when he was surrounded by drafting tables and art supplies from his father’s creative work in advertising. He’s been a collector since the 80’s and his collection includes everything from original Picasso to street installations. His art is inspired by his own experiences with trauma and depression… his focus is bridging the divide that’s occurred in our society’s mental health system. His desire for lifting the stigma around mental health issues and an attempt to help those in trauma comes through in his thought-provoking stencil and spray-painted art. Dave enjoys many collaborations as “remaining teachable” is something he desires, not only in his art but in terms of spreading the same message within our humanity. He is currently bi-coastal and hitting the streets of NYC and LA.

About Jim TAZ Evans: Artist Jim Evans aka TAZ, began his career in the San Francisco underground rock scene. He has illustrated comics, album covers, rock and film posters, appeared in numerous books and has expanded his work into fine art and limited editions. Evans is the founder of the TAZ collective, which is responsible for hundreds of gig posters, album covers, and rock ephemera. TAZ has turned out numerous posters for bands like Foo Fighters, U2, Oasis, Janes Addiction, Green Day, Pearl Jam, Beastie Boys, Ramones, and Metallica, as well as doing several high-profile album jackets for Beastie Boys, Beck, Aerosmith, House of Pain, and Neil Young. Evans / TAZ art has been exhibited in galleries worldwide and featured in books, articles, and interviews. TAZ has appeared in gallery shows with RISK, Defer, Slick, Saber, and Estevan Oriol. TAZ was recently commissioned by Sony Pictures to do a large-scale street art activation for the release of Venom. 

About Kelly “Risk” Graval: Heralded as “one of the most important multidimensional contemporary artists of our time”, RISK was the first graffiti artist to paint train cars, freeway overpasses, and billboards. His desire to put his work on dangerous, highly visible spots was called “Going to the Heavens”. Over the past two decades, RISK has become a force in the international art scene as his work has been exhibited in major galleries and museums throughout New York, Toronto, London, Paris, Miami, and San Francisco. He has collaborated with some of the most iconic names in the music industry including Aerosmith, Bernie Taupin, Michael Jackson, Ice Cube, Red Hot Chili Peppers, and Bad Religion. 

About Billy Morrison: From playing guitar in multiple celebrity super-bands to joining historic bands like The Cult and Billy Idol, to releasing his own art, Billy is truly an artistic genius. Billy has shared the stage with some of the top names in music, including Ozzy Osbourne, Steven Tyler, Slash, and Dave Navarro. Morrison has been a long-time collector of contemporary art, and now he is taking that and bringing it into the NFT world. His provocative and thought-inspiring statements embrace concepts of duality and mixed metaphors, and his use of color and mixed media has been embraced by both the music and art worlds. He considers himself fortunate to be able to express himself creatively on canvas, as well as through his music. His provocative and thought-inspiring statements embrace concepts of duality and mixed metaphors, and his use of color and mixed media has been embraced by both the music and art worlds, and pieces are owned by Shepard Fairey, Sharon Osbourne, and other influential collectors. Morrison is excited to unleash his NFT universe on the world and explore new mediums and depths with his art.

Press Contact:
30 Miles North PR
Priscilla Vento

Information Provided via Press Release
Distributed by Global Crypto Press Association
Press Release Distribution for industry.

Ethereum Is Seriously DAMAGING Crypto, As Fees Hit New High - How The Once Impressive Platform Became Our Biggest EMBARRASSMENT...

First, let me say I write this as someone who first bought Ethereum when it was still under $100, and in the years since both ETH and countless ERC20 tokens held a majority share of my crypto portfolio.

I wasn't someone who 'had some' - I was a true supporter, someone who believed the things I was witnessing with smart contracts and the ability for anyone to create a coin on the Ethereum blockchain would be what sends crypto into the mainstream.

For awhile that vision is exactly what seemed to be playing out, but the time has come for everyone who cares about this crypto thing to stop downplaying the disaster that is Ethereum.

Seems I have just discovered how long nostalgia and sentimental value will allow me to pretend everything is okay, because suddenly I cannot avoid seeing just how bad things have become. 

Think Of How You Explained Crypto To Your Friends and Family - Ethereum Has Made Liars Of Us All...

When explaining your crypto obsession to friends or family you probably used words like 'fast' and 'low fees' - two things that have not applied to Ethereum in quite some time. Since November 2020 every transaction has been over $1, and for all of 2021 it's been over $10.

Today try to do a trade on Uniswap, and (at the time of publishing) you will see the Ethereum network attempt to charge you a trading fee of $150+ for s simple trade, that's after a  $60+ fee just to authorize a coin you hold to be traded in the first place.

If you were to sell $200 worth of Ethereum on a DEX (decentralized exchange) right now - you would receive $0 for it - the entire transaction swallowed up by fees.  Yes the exchange's fees are a part of the problem - but the price of using it for trading is absolutely relevant.

Today A New Record Was Set - $69 Average Transaction Fee! 

That's simply sending from one wallet to another, a standard person to person payment. If you wanted to send a friend $50, your total cost would be $119.  

The #2 cryptocurrency in the world right now is indeed a total disaster.

Eth gas costs
Transaction costs today according to Ethercan

How foolish do we look when it comes down to the basic primary function - sending money from one place to another - tech from the 1970's would outperform Ethereum on both speed and costs.

It's even worse when we consider this is many people's first impression. Crypto is exploding and the first coin someone owns is typically BTC or ETH, often because Bitcoin's already high price intimidates a lot of people.

When I hear that a friend is one of these people making their first crypto purchase I find myself saying 'congrats!' but thinking 'dear god please never let him seriously try to use this for anything more than trading it on the same exchange he bought it on'.

Spending $50 To Send $100 - Which Takes 15 Minutes To Arrive - That's The OPPOSITE Of What Crypto Is Supposed To Be...

There's no valid reason this needs to be happening.  I'm going to avoid specifically naming any alternative blockchains because the Ethereum devs at fault will point to that and claim this piece was just 'shilling' for whatever coins I mention - I won't give them that opportunity, Ethereum is the only coin we're discussing here.

Just be aware there's no debate - Ethereum's success is purely based on timing, not performance.  There's a fairly long list of alternatives that could easily handle Ethereum's transaction load and keep fees at a price point in 'cents' not dollars.  But Ethereum took it's place next to Bitcoin on every chart at a time when it was able to handle the much smaller amount of transactions - and that's some extremely powerful marketing.

Imagine a coin with these specs attempting to launch today, it would attract 0 investors, 0 users, and no one would want their name associated with it. 

Ask yourself - how would Ethereum market itself if it was brand new, but had the fees it has today.  The images in my mind are hilarious. 

People buy it because it's the #2 cryptocurrency - and that helps to keep it the #2 cryptocurrency...

They tell us a solution coming with Ethereum 2.0, and that's true... once it actually happens. Instead, as fees got higher the process of upgrading to 2.0 shifted from something exciting right around the corner, to a sluggish process where things that were 'just around the corner' are now coming 'someday, eventually'.

They say it's because they want to make sure it's safe and secure, which we all want - but that excuse is complete bullsh*t.  Qualified developers would be finished with the goals laid out in 2017 by now - and I'm not saying they're unqualified. Knowing what Ethereum's developers are capable of is actually how I arrive at these conclusions. At best they're slacking off, at worst, it's deliberate.

Also worth mentioning - scaling is an issue that if a project is managed correctly, has no effect on the users.  If your users are feeling negative effects of your growth, the project is mismanaged.  The growth means the project has the resources (money) to solve the scaling. 

There's HUNDREDS of coins running on proof-of-stake validation algorithms (a method of processing transactions, aka mining) but Ethereum devs are pretending they are inventing this already existing technology. How likely is it that while they drag their feet they're also mining and grabbing as much of these disgustingly inflated fees as they can for themselves?

Look at this video we posted in 2019 of Ethereum founder Vitalik talking about Ethereum 2.0 and tell me if you're left with the impression that he's talking about things that still won't be here by mid 2021. Does he come across like he is speaking about an abstract 'rough draft' concept that will take years to become a reality?

We can go back even further and the reality of what's happening becomes crystal clear when you look at the Ethereum.org page for Eth 2.0 - it now says sharding (which will dramatically increase the amount of transactions processed) has a vague release date of sometime in 2022.

Yet all the way back in 2018 Vitalik was tweeting 'sharding is coming' and this Reddit post, also 3+ years old, once again does NOT leave the reader with the impression that we're looking at concepts that still won't be a reality in the middle of 2021. 

Another 2018 post made by a developer with the role of 'Building Ethereum 2.0' states "As the number of transactions on Ethereum keeps going up and up, we have no time to lose. Let’s get started." so we can rule out the possibility that Ethereum's success caught it's developers off guard and they've been scrambling to catch up. Fees were 0.74 cents when this post emphasizing the urgency of providing a solution was made. 

There's No Way To Measure The Damage This Is Causing...

The crypto world looks like a joke as long as something considered one of the 'top coins' fails on both price and performance. Bitcoin seems to have fully made the transition to being branded a 'store of value' thus competing with gold - on that note Bitcoin is easier to buy, store, and sell.  So an argument can be made that it is the superior choice to gold.

No such argument exists when it comes to Ethereum.  It holds a position it no longer deserves.

I explained why I can't name specifics, but alternatives are starting to grow at a surprising rate. One is regularly now passing Ethereum's daily volume, which even shocked me.

After seeing that, my opinion shifted a bit - I was under the impression so much had been built on Ethereum that their position was locked in and it this all amounted to 'tough luck' and the crypto world would just have to ride it out. But we're starting to see tokens deciding to have both an ERC20 version, and one on another faster, lower fee blockchain.

Currently, having an ERC20 token provides easy instant exposure to a huge number of traders, but projects worry the fees may cause someone to wait on buying a coin longer than they typically would.

But with traders a shift is happening fast - those who were once completely focused on coins they could find on Etherdelta/Forkdelta, then Uniswap, no longer limit themselves to the Ethereum blockchain - after doing so for years.

The numbers don't lie - Ethereum's top competitor had 393K wallets created yesterday, beating Etherum by over 100,000 wallets.  While some would respond by pointing out many people already have an Ethereum wallet, that doesn't explain how they also did 9X as many transactions.

In Closing...

I believe the current situation is the result of a 'we're untouchable' mindset within Ethereum's core developers - the lack of urgency comes from feeling like theirs no consequences for lagging.  I believe if they maintain this mindset for much longer it'll be the mistake that haunts them for the rest of their lives.

It takes a couple high profile projects with ERC20 tokens to officially switch to another blockchain, and receive praise from their users for doing so - and the smaller coins will follow as being on Ethereum officially becomes a 'downside' to more and more people.

A coin switching blockchains could now be seen as freeing their supporters from fees they found slightly annoying at $1-$10, and downright insulting at over $50.

You would be surprised at how much a new project relies on having a high number of people buy small amounts of $500 or less worth of tokens. At Ethereum's current rates I suspect they will lose most purchases of $200 or less, and all purchases from people who would have spent $100 or less.

As someone who one supported Ethereum, I'd love to once again.  I strongly suggest those in a position to do so, change anything in their timeline that says 2022 to 2021 and shift your mindset to that of a software company losing customers until your new version is released, once again making your product competitive. 

Author: Ross Davis 
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco Newsroom / Breaking Crypto News

Saturday Night Live: Elon Musk Explains Dogecoin...

This weekend's SNL featured guest host Elon Musk, and dogecoin fans had high expectations.  A tweet from Musk simply saying "The Dogefather" had some assuming this would be an entire skit, with a mafia godfather theme, but revolving around Dogecoin.

While that didn't happen, in the monologue with his mom he said she was getting DOGE as a mothers day gift.  Then the segment above during the newscast spoof  'Weekend Update'.

Video courtesy of NBC

The HYPER-BULLISH Effect: Huge Increase In Long-Term HODLing, Coins Moving To Secure Offline Storage - Leaves SHRINKING Available Supply On Exchanges...

Cryptocurrency holding study chart

When looking at the amount of Bitcoin or Ethereum that has been held for more than 6 months by the same person/entity, we immediately can conclude one clear fact - crypto investors believe the market is nowhere near the top.

When investors believe the top is approaching, we will see more short-term trading activity as well coins moving back on to exchanges, so they'll be ready to trade.

Instead, we're seeing the complete opposite - investors holding coins longer, and investors unconcerned with being able to sell their Bitcoin or Ethereum quickly.

Investors main concern:  security storing their crypto....

Which is why huge quantities have been taken off exchanges and placed into offline cold storage.

The study of how long coins were being held by the same investor was conducted by Glassnode, who says their long-term holding charts indicate "a strong HODL conviction" in the current market.

The Hyper-Bullish Effect...

We're talking about the most basic fundamentals behind supply and demand - and what we're seeing is a supply being accumulated and removed from the open market, while demand continues to grow. 

This is a combination of factors that sends prices (of anything) upwards fast, as new buyers entering the market are left in bidding wars over a dwindling supply. 

Until recently, crypto investors have overwhelmingly had one thing in common - thinking they may have to sell it all in a moments notice.  That's why this strong trend in the opposite direction is a true indicator of a new, different market, made up of investors confident in their investments. 

Author: Ross Davis 
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco Newsroom / Breaking Crypto News

China's Role In Crypto Mining 'Blood Coins' A Growing Problem, Says Shark Tank's Kevin O'Leary...

Shark Tank Investor and Chairman of O'Shares ETF Kevin O'Leary believes China's role in mining Bitcoin is an issue that will continue to grow.  Citing the country's poor human rights record, he cites estimated if 60% of mined bitcoins coming from China and labels them 'Blood coins' (similar to African 'Blood Diamonds' mined in the middle of violent conflict).

O'Leary says China's dominance in the Bitcoin mining space must be overthrown, and easily could be...

Video courtesy of Yahoo Finance

Hotbit Exchange HACKED: Funds Are Safe, Network Vandalized - How Long Will It Be Offline?

Hotbit exchange hacked

[ UPDATE May 2nd - Information Provided By Hotbit ]
- CEO says they've passed a 3rd party security audit, and are now restoring trading servers.

- The restoration and deployment of system environment are still in progress, with approximately 40% of restoration finished 

- Hotbit has also provided their cold storage wallet addresses for people to verify hackers did not gain access...

Cold wallet 1 0x2478332FE393BA40dDC9cAf8353a333fA64FDD3f
Cold wallet 2 0x2AcDb44596E2b6FFBBF62614C9aaD9CD04980248
Cold wallet 3 0x4e29B63A980C6e76F9f56EF123DA896f9F16ACe8
Cold wallet 4 0x8533a0bd9310eb63e7cc8e1116c18a3d67b1976a

Original article explaining what happened is below...

Crypto exchange Hotbit was one of the exchanges that found themselves growing fast in users and daily volume as a result of this 2021 bull crypto market. But today all that has come to a halt. 

The exchange announced hackers attempted to steal funds and failed, but they still decided to destroy their network.

The Good News: No Coins Stolen... 

Hotbit says when the hackers attempted to break into their wallets "the attempt was identified and stopped by our risk control system" their statement continued "In this case, Hotbit team has shut down all services for inspection and restoration immediately".

But it seems these hackers were also... well...assh*les. 

Upon seeing access to wallets had been completely cut off, the hackers threw a tantrum - seeking revenge they decided to destroy Hotbit's network. "Hotbit is about to exceed 2 million registered users and has a huge service system architecture of more than 200 servers online" says the exchange.

Hotbit says the ordeal ended with all users coin's safe and secure.

The Bad News: Users Could Be Locked Out For WEEKS...

While the hackers didn't get to their wallets, they did have full access to the database. 

So, the concern is: how long were the hackers in the database? Has data before today's date possibly been tampered with?

In severe cases, hackers will leave themselves a backdoor into the database several days before the main hacking event. When a company restores what they believe is a clean copy of their database from a previous day, they're actually opening the door to them once again. 

"According to HotbitThe attacker maliciously deleted the user database after failing to obtain assets. Although the database is routinely backed up , we are still uncertain whether the attacker has polluted data or not before the attack. Therefore, we also need to conduct a comprehensive inspection of the overall data."

Hotbit is brining in outside cyber security firms for the process, which they say will take a minimum of 7 days, and possibly up to 3 weeks. 

Users Response...

Surprisingly, most user tweets were wishing them good luck, and praising the company's response thus far.

Of course, there's a few accusations of this being an exit scam, and some generally angry users. One tweet to the exchange says this process shouldn't take more than a couple days, and to 'fire the person' in charge of their severs if they're saying it will take weeks.  Most of the angry tweets are about the duration they expect to be offline. 

Hotbit says updates will be posted to their support page.

Author: Adam Lee
Asia News Desk Breaking Crypto News