In the last hours, we saw news all over the world about this FBI hack on the bitcoin network to get back some funds coming from a ransomware attack paid by Colonial. The hack led to massive shortages at U.S. East Coast gas stations.
As you watch the video you probably notice that they don't mention to have hacked the bitcoin network, they just say that they have been able to find and get back the stolen bitcoin. There are a lot of news out there that says that the FBI has been able to find the password to access the bitcoin wallet in which there were the stolen funds.
They don't want to say how they did it because they might use it again in the future.
In my opinion here is what happened, a hack occurred creating major problems for the citizens that were receiving those services. This is unacceptable and for this reason, the government tried as much as they could to find those funds.
Because the blockchain is a public ledger, you could see every single transaction. Sometimes scammers send me messages and I can even look at how much bitcoin they have in their wallet.
The interesting part comes from anonymity, which is what all Bitcoiners and people involved in the crypto space are worried about. Well, your bitcoin can remain anonymous, but you have to be careful because I can follow them and see where they go, and as soon as I find a sweet spot to block or become aware of your identity it will happen. This is especially true if we talk about the FBI, they are super good at following the money and as soon as they touch a regulated exchange they are fucked.
Plus here is a tweet that explains how much it would take to hack a bitcoin private key, which results in an impossible mission.
I don't know if this was something programmed or not, but in the last month lot of things happened.
Right now the market is split up in two, those who believe in it and think the broader crypto space will recover, and those who turned bearish and that sold their position/are shorting bitcoin.
To me this is FUD and there is no better image to describe it than this one:
people don't know if they should go long or short, and at this moment with all these news crypto markets are a mess.
HOW CAN I MAKE MONEY?
But there is still a way to make money. At least, not fiat.
Looking at charts like eth/BTC or Aave/BTC we can still trade our cryptocurrencies and invest in them making more crypto. In this way, we will be able to have more ethereum or more bitcoins once the price goes up again. In fact, if there is something we all agree on is that blockchain will change the world, so will bitcoin.
And while they will change the world, they will keep appreciating.
Don't panic, invest smart and enjoy the ride
Matt
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