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IT Analyst Admits He Blackmailed Apple for Bitcoin 101
Source: iStock/pressureUA

22-year old Kerem Albayrak, a London-based IT analyst, has admitted to blackmailing tech giant Apple in March 2017 after releasing a YouTube video of himself hacking into iCloud accounts, the Daily Mail reported.

By paying the ransom, Apple was to prevent Albayrak from selling the personal data of the service’s 319 million users. Prior to this, the IT analyst had already pled guilty to two charges of unauthorized access to computer material at Southwark Crown Court where he was put on trial. Albayrak had initially demanded USD 75,000 worth of bitcoin (BTC) in ransom, before deciding to increase the amount to a total of USD 150,000 along with iTunes vouchers. At the time, it was worth c. BTC 136, when bitcoin traded at c. USD 1,100 per coin before skyrocketing to almost USD 20,000 by the end of the year.

“I am not going to sentence you today. I am not going to say anything else about the sentence I have in mind,” Judge Christopher Hehir told the defendant, adding that his guilty plea was a “very wise step”. “I need the pre-sentence report before I indicate what sentence I impose.”

The court is scheduled to issue its sentence on 20 December.

It’s not the only blackmailing case that involves bitcoin. In August this year, major cryptocurrency exchange Binance said that an unidentified individual threatened and harassed the exchange, “demanding BTC 300 in exchange for withholding 10,000 photos that bear similarity to Binance KYC data.” Meanwhile, in November, a ransomware outbreak hit a Wisconsin-based IT company Virtual Care Provider Inc. (VCPI), which provides cloud data hosting, security and access management to more than 100 nursing homes across the United States. Unknown attackers encrypted all data the company hosts and is demanding a USD 14 million ransom in bitcoin in exchange for a digital key needed to access the files.

While in October, the FBI issued a new “high-impact” warning regarding ransomware attacks claiming they are an ongoing cyber threat facing U.S. businesses and organizations.

Cryptocurrency intelligence and blockchain security company CipherTrace, in its report for the third quarter of this year, stated that 76% of dark market transactions and ransomware use bitcoin for payments. However, they added that “after two years of large, high-profile exchange hacks and exit scams, Q3 2019 witnessed a significant reduction in total cryptocurrency crimes from previous quarters. In fact, Q3 witnessed the lowest quarterly thefts and scams in two years.”

Jarosław Adamowski , 2019-12-03 17:48:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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