### Unraveling the SEC Hack
An **Athens man** has been arrested for his alleged involvement in a **cyberattack** that targeted the **Securities and Exchange Commission (SEC)** in January. This incident has raised significant concerns about the security of online financial institutions and the implications for investors.

### Details of the Incident
The suspect reportedly gained unauthorized access to the SEC's **X account**, compromising sensitive information and potentially impacting regulatory operations. Authorities have yet to disclose the full extent of the breach and the information that may have been accessed.

### Legal Consequences
As investigations continue, the arrested individual faces serious charges that could lead to substantial legal repercussions if found guilty. This case highlights the ongoing battle against **cybercrime** in the financial sector and the need for enhanced security measures.

### Implications for Investors
This incident serves as a reminder of the vulnerabilities that exist within digital platforms. Investors must remain vigilant and informed about the security practices of the institutions they engage with, especially as **cryptocurrency** markets continue to grow and evolve.

Shocking Arrest: Athens Man Charged in SEC Account Hack!

### SEC Account Hacked by 25-Year-Old

A **25-year-old** from Alabama, **Eric Council Jr.**, was arrested for hacking the **SEC’s X account** in January, which caused a **$1,000 spike** in Bitcoin's value, as reported by the Justice Department. This incident occurred on **January 9**, just before the SEC's anticipated approval of **spot Bitcoin exchange-traded funds**.

### The Hack and Its Consequences

The hackers used the compromised account to **falsely announce** that the SEC had approved the trading of Bitcoin ETFs. SEC Chair **Gary Gensler** quickly refuted the claim, stating that the SEC had not approved such listings. The **phony post** was deleted 25 minutes later, but it was enough to prompt investors to rush in, causing Bitcoin's price to rise by **$1,000** before correcting and falling by **$2,000**.

### Charges Against Council

Council, known online as **“Ronin,” “AGiantSchnauzer,”** and **@Easymunny**, faces charges of **aggravated identity theft** and **access device fraud**. The indictment claims he manipulated Bitcoin prices through this hack. The method used was a **“SIM swap”**, allowing criminals to bypass multi-factor authentication and take control of the account.

### The SIM Swap Attack

A **SIM swap attack** involves fraudulently convincing a carrier to reassign a phone number to a different SIM card controlled by the hacker. Council allegedly impersonated an individual with access to the SEC account by creating a **fake ID**, enabling him to access the account linked to the victim's phone number.

### Payment in Bitcoin

For his involvement in the hack, Council received payment in **Bitcoin**. During the investigation, it was found that he searched terms like **“SECGOV hack”** and **“federal identity theft statute”** on his personal computer.

### FBI's Statement

FBI Acting Special Agent in Charge **Geist** stated that the unauthorized actions of Council manipulated the **global financial market**. The FBI is committed to bringing those who violate U.S. laws to justice.

### Potential Penalties

If convicted, Council faces up to **five years in prison** for his actions.

Eric Council Jr. was charged with conspiracy to commit aggravated identity theft and access device fraud.

Young Hacker Arrested for SEC X Account Breach That Manipulated Bitcoin Prices

## Understanding Bitcoin Mining and Floor Hashprice

Bitcoin mining is a complex yet fascinating process that involves solving intricate mathematical problems to validate transactions on the Bitcoin network. One crucial concept in this realm is the **floor hashprice**, which determines the minimum revenue a miner can expect based on the current market conditions and mining difficulty.

### What is Floor Hashprice?

The **floor hashprice** is a metric that reflects the profitability of mining Bitcoin. It is calculated by taking into account the **current Bitcoin price**, the **cost of electricity**, and the **network hash rate**. Understanding this metric is essential for miners as it helps them to gauge whether their mining operations are financially viable.

### Why is it Important?

1. **Profitability Assessment**: By analyzing the floor hashprice, miners can make informed decisions about whether to continue mining or shut down their operations.
2. **Market Dynamics**: The floor hashprice can fluctuate based on changes in Bitcoin's price and mining difficulty. Keeping an eye on these changes can help miners strategize effectively.
3. **Investment Decisions**: Investors looking to enter the mining space should consider the floor hashprice as a key factor in their investment analysis.

### Conclusion

In conclusion, understanding the floor hashprice is vital for anyone involved in Bitcoin mining. It not only helps miners assess their operations but also provides insights into the broader **cryptocurrency market dynamics**. As the landscape of Bitcoin continues to evolve, staying informed about such metrics will be crucial for success in this exciting field.

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Unlocking the Secrets of Bitcoin Mining: What You Need to Know About Floor Hashprice

### Worldcoin Transforms into World

**Worldcoin**, co-founded by Sam Altman, has officially dropped the **'coin'** from its name, now simply known as **World**. This shift was announced during a live event in San Francisco, where the company also revealed its next-generation **iris-scanning Orb**.

### A New Identity Beyond Cryptocurrency

**Alex Blania**, co-founder and CEO of World, stated that the previous name was no longer fitting, indicating a desire to expand the startup's identity beyond its initial focus on cryptocurrency. The iris-scanning technology was initially intended to facilitate access to Worldcoins, but the founders clarify that this was never implemented.

### Sam Altman’s Involvement

Sam Altman, the CEO of OpenAI, remains deeply involved in World, participating in significant decisions. However, Blania emphasized that World and OpenAI operate independently, with distinct missions. Despite this, there's potential for future integration of World’s cryptocurrency with platforms like ChatGPT.

### The Vision Behind World

World aims to address the challenges posed by advanced AI systems, which may blur the lines between humans and machines online. Their solution revolves around **human verification services** built on blockchain technology. They also aspire to redistribute AI-generated wealth through Worldcoins, making AI benefits accessible to all.

### Privacy Concerns and Global Scrutiny

Worldcoin has faced scrutiny from governments, including investigations in **Kenya** and the **EU**, regarding privacy and security issues. These concerns could impact the startup's future operations.

### Roadmap and Future Plans

During the event, World outlined a **four-step roadmap**: 
1. **Development of the Orb** 
2. **Building a distributed ownership network** 
3. **Scaling operations** 
4. **Redistributing AI benefits**  

With the first two steps completed, the focus now is on scaling from **7 million verified users** to a much larger base. The new Orb is designed for easier mass production, operates three times faster, and will allow verification in various public settings, including partnerships with major delivery services.

### New Innovations: Deep Face and World ID

World introduced **Deep Face**, a service aimed at combating online impersonation and deepfakes, and announced a beta version of **World ID**, an alternative to traditional government IDs for online identity verification without compromising personal information.

### Trust Issues Ahead

Despite the innovative concepts, World may face challenges in gaining public trust. The event required guests to verify their identities with government-issued IDs, raising concerns about trusting a cryptocurrency startup with personal data, especially with Altman’s controversial history.

![World executives, who would like to scan your eyeball, during a press conference.](https://techcrunch.com/wp-content/uploads/2024/10/Screenshot-2024-10-17-at-12.21.14PM.png?w=680)

![The new Orb. (Image credit: Maxwell Zeff)](https://techcrunch.com/wp-content/uploads/2024/10/Screenshot-2024-10-17-at-12.53.19PM-1.png?w=680)

Worldcoin, the Sam Altman co-founded "proof of personhood" crypto startup that scans people's eyeballs, announced on Thursday that it dropped the "coin"

Worldcoin Rebrands to World: A New Era of Iris-Scanning Technology and AI Integration

## A Brazen Crime Spree

Two young men have been accused of orchestrating **one of the largest cryptocurrency thefts** in U.S. history, stealing **$230 million** in Bitcoin from a Washington, D.C., resident. Court records reveal their extravagant spending spree, which included **exotic cars**, a **$2 million wristwatch**, and **nightclub tabs** totaling hundreds of thousands of dollars.

![Bitcoin Heist](https://image.cnbcfm.com/api/v1/image/106930253-1629367715182-gettyimages-1234739851-porzycki-internet210817_npTeY.jpeg?v=1729092875&w=1858&h=1045&vtcrop=y)
*Jakub Porzycki | NurPhoto via Getty Images*

On **August 18**, the cyber heist left the victim's Bitcoin holdings significantly compromised, with at least **$100 million** still missing. Authorities are now investigating a **kidnapping** that occurred a week later, suspecting it may be linked to the crypto theft.

## The Kidnapping Connection

On **August 25**, a Connecticut couple was kidnapped while house hunting, leading investigators to explore a possible ransom plot involving their son, who is under scrutiny for potential involvement in the crypto heist. Detective Sgt. Steven Castrovinci described the case as unprecedented in his 20 years of experience.

## Arrests Made

On **September 19**, the FBI arrested **Malone Lam** and **Jeandiel Serrano** on conspiracy charges related to the theft and laundering of the stolen Bitcoin. Serrano, known online as **“VersaceGod,”** was found wearing a **$500,000 watch** at his arrest. Both men have confessed to their roles in the heist.

## The Cyber Heist Explained

The scheme involved sophisticated social engineering tactics, where the conspirators manipulated the victim into revealing sensitive information. They posed as Google security personnel to gain access to the victim's financial data and ultimately stole over **4,100 Bitcoin**.

## Lavish Spending in Los Angeles

After the theft, Serrano and Lam indulged in a **lavish lifestyle** in Los Angeles, with Lam reportedly spending **$400,000-$500,000 per night** at clubs. He purchased **31 luxury cars**, but many remain unaccounted for, including a **$3.8 million Pagani Huayra**.

## A Shocking Kidnapping Incident

The kidnapping incident involved a violent abduction where the victims were threatened and bound before being left behind in a crashed van. Authorities arrested six suspects linked to the kidnapping, but the investigation into the son’s potential involvement in the crypto heist continues.

This case highlights the dangerous intersection of **cryptocurrency crime** and violent crime, raising questions about the safety and security of digital assets in the hands of individuals.

## Current Status

As of now, about **$70 million** has been recovered or frozen, but over **$100 million** remains unaccounted for. Serrano has agreed to return **$20 million** of the stolen Bitcoin, but the investigation is ongoing as authorities seek to uncover the full extent of the crime and any remaining assets.


The kidnapping of a Connecticut couple has been linked to one of the biggest thefts of cryptocurrency from an individual in United States history.

Inside the Shocking $230 Million Bitcoin Heist: Kidnapping, Lavish Spending, and Exotic Cars

### Understanding Security Measures in Cryptocurrency Transactions

In the world of **cryptocurrency**, ensuring a secure connection is paramount. Websites like **Axios** emphasize the importance of verifying user connections to prevent unauthorized access and potential fraud.

![Security Icon](https://www.axios.com/favicon.ico)

When you encounter messages like "**Verifying you are human. This may take a few seconds**," it is a reminder that security protocols are in place to protect both the user and the platform. **Cybersecurity** is critical, especially in the realm of digital currencies where **scams** and **fraud** are prevalent.

### Why Security Matters

A secure connection helps in:
- Protecting sensitive information
- Preventing hacking attempts
- Ensuring a safe trading environment

As the cryptocurrency market continues to grow, maintaining robust security measures will be vital for the future of digital transactions.

www.axios.com needs to review the security of your connection before proceeding.

Is Your Connection Safe? Understanding Security Measures in Cryptocurrency Transactions

As **Bitcoin's price** edges closer to **$68,000**, on-chain indicators reveal some promising fundamentals at play. Notably, **Bitcoin reserves on exchanges** have hit an all-time low of under **2.7 million BTC**, a significant drop from over **3.3 million BTC** nearly three years ago, according to data from [CryptoQuant](https://cryptoquant.com/asset/btc/chart/exchange-flows/exchange-reserve?exchange=all_exchange&window=DAY&ema=0&priceScale=log&metricScale=linear&chartStyle=line).

However, there are a few caveats regarding this data. The records only date back to mid-October 2021, making it unclear how long reserves have been at this low level. Additionally, the latest metrics are from mid-September. **CoinMarketCap's** research lead, **Alice Liu**, explained that this delay in data sharing is intentional, instituted following the **collapse of the FTX exchange**.

Several factors may influence the current level of **Bitcoin** on exchanges. The **Mt. Gox** trustee has announced yet another delay in distributing remaining funds to creditors, postponing the deadline to **October 31, 2025**. Despite some creditors being repaid, wallets linked to the estate still hold **44,905 BTC**, valued at approximately **$3 billion**, according to **Arkham Intelligence**.

Another influential factor is **Babylon**, a Bitcoin staking protocol that recently reopened for additional BTC deposits, successfully attracting around **$1.4 billion** in coins. Babylon aims to enhance Bitcoin's utility by launching a **proof-of-stake marketplace** that allows third-party protocols to leverage it for security.

Alice Liu noted that a decline in Bitcoin reserves on exchanges typically signifies a **shift in investor sentiment**. She explained, "Fewer coins available on exchanges creates **scarcity**, leading to **upward pressure on prices**." This situation may also result in a lower supply of coins for trading, potentially increasing market **volatility**.

Historically, falling exchange reserves have been correlated with **retail investors** adopting a long-term holding strategy. Moving assets off-exchange to **cold storage** reduces impulsive selling, reinforcing the notion that investors are committed to long-term holding.

Notably, while this trend was previously driven by retail participants, institutional investors are increasingly influencing this cycle. Liu stated, "Investors are once again pulling Bitcoin off exchanges, which could indicate the **start of an accumulation phase** in the current market cycle."

**Shubh Varma**, co-founder and CEO of **Hyblock Capital**, emphasized that while Bitcoin exchange reserves are reaching historic lows, the common interpretation of this trend requires a more nuanced approach. He pointed out a noticeable increase in buying pressure, particularly in the **derivatives market**, indicating that traders might be leveraging rather than merely shifting BTC to cold storage. This implies that much of the recent Bitcoin price action has been driven by **leveraged trading**, raising concerns about market health.

Varma concluded that the increased leverage could lead to heightened **volatility**, especially with upcoming events such as the **U.S. elections** looming.

Low Bitcoin exchange reserves is good, right? "The common interpretation of this trend needs a more nuanced approach," a Hyblock exec said.

Bitcoin Exchange Reserves Plummet to Historic Lows: What It Means for Investors

### The Incredible Story of James Howells

For the past decade, **James Howells**, a 39-year-old resident of Newport, Wales, has been on a desperate quest to recover a hard drive that he accidentally tossed into the trash in **2013**. This was no ordinary hard drive; it contained **7,500 Bitcoin**, which, due to the cryptocurrency's astronomical rise, is now valued at over **$500 million**.

### The City Council's Reluctance

Despite Howells' persistent requests, the **Newport City Council** has repeatedly denied him permission to search the local landfill. Officials argue that digging through the dump would breach environmental regulations and could harm the surrounding ecosystem.

### A Legal Battle Unfolds

In a bid to compel the council to allow him to search the landfill, Howells has taken legal action, suing for **£495,314,800** in damages—an amount roughly equivalent to the value of his lost Bitcoin. Interestingly, Howells claims he doesn’t want the money; he simply wants to retrieve his hard drive.

### A Costly Pursuit

Over the past ten years, Howells has invested significant time and resources into this pursuit, even quitting his IT job and assembling a team of investors. If successful, they plan to share the profits, with Howells retaining about **30%** of the value.

### The Community Impact

Howells asserts that, should he recover the hard drive, he intends to share a portion of the profits with the local community. He has made humorous claims about the potential transformation of Newport, suggesting that if he had received assistance back in **2013**, the city could resemble **Las Vegas** or **Dubai** today.

### The Council's Stance

In response to Howells' claims, the Newport City Council reiterated that excavation is not permissible under their environmental permit and emphasized that they are the only authorized body to conduct operations at the site.

### The Risks of His Quest

It’s crucial to consider the risks involved in this endeavor. The hard drive may very well be **lost forever** or **corrupted**, rendering it unusable. If that’s the case, Howells may have wasted years and substantial funds on a seemingly futile quest. However, if he succeeds, he could reclaim his wealth and never have to work again, explaining his unwavering determination.

### A Glimpse into the Future

This story is a fascinating intersection of **cryptocurrency**, **law**, and the lengths to which individuals will go to reclaim their fortunes. As Howells continues his battle against the council, the outcome remains uncertain, but it certainly captivates the imagination of many in the crypto community.

What do you do when you've thrown half a billion dollars worth of crypto in the trash?

Shocking Arrest: Athens Man Charged in SEC Account Hack!

Summary:

Unraveling the SEC Hack

Details of the Incident

Legal Consequences

Implications for Investors

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Other Latest News

Young Hacker Arrested for SEC X Account Breach That Manipulated Bitcoin Prices

Unlocking the Secrets of Bitcoin Mining: What You Need to Know About Floor Hashprice

Worldcoin Rebrands to World: A New Era of Iris-Scanning Technology and AI Integration

Inside the Shocking $230 Million Bitcoin Heist: Kidnapping, Lavish Spending, and Exotic Cars

Is Your Connection Safe? Understanding Security Measures in Cryptocurrency Transactions

Bitcoin Exchange Reserves Plummet to Historic Lows: What It Means for Investors

The Man Who Might Have Thrown Away $500 Million in Bitcoin: His Legal Battle for a Lost Treasure

Other Latest News

Young Hacker Arrested for SEC X Account Breach That Manipulated Bitcoin Prices

Unlocking the Secrets of Bitcoin Mining: What You Need to Know About Floor Hashprice

Worldcoin Rebrands to World: A New Era of Iris-Scanning Technology and AI Integration

Inside the Shocking $230 Million Bitcoin Heist: Kidnapping, Lavish Spending, and Exotic Cars

Is Your Connection Safe? Understanding Security Measures in Cryptocurrency Transactions

Bitcoin Exchange Reserves Plummet to Historic Lows: What It Means for Investors

The Man Who Might Have Thrown Away $500 Million in Bitcoin: His Legal Battle for a Lost Treasure