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Man Loses 17.1 Bitcoins (Now Worth $1 Million) Because of Fake Wallet App (April 1, 2021)

Photo for the Article - Man Loses 17.1 Bitcoins (Now Worth $1 Million) Because of Fake Wallet App (April 1, 2021)

Good morning. Welcome to Thursday Thoughts, part of our new series: BitPinas Daily. We will look at the price of Bitcoin, Ethereum and the major cryptocurrencies. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad.    

Market Price as of April 1, 2021:


Bitcoin closed March 31, 2021, at $58,817 per BTC. We’re up 12% in the last 7 days and up 103% since the year began. This is also 4.69% below the all-time high of $61,711, which was hit on March 13, 2021.

Bitcoin’s market capitalization stands today at $1,104,097,906,859 which is 57% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,926,036,323,570  (+1.3%).

On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.

Goldman Sachs to Offer Bitcoin Investment Vehicles

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Goldman Sachs is planning to offer crypto investment vehicles to its wealthy clients this Q2 2021. This was revealed by Mary Rich, the bank’s global head of digital assets. 

“There’s a contingent of clients who are looking to this asset as a hedge against inflation, and the macro backdrop over the past year has certainly played into that. There are also a large contingent of clients who feel like we’re sitting at the dawn of a new Internet in some ways and are looking for ways to participate in this space.”

Note that Morgan Stanley is planning to do the same this new quarter.

Fake Trezor iPhone App Scams User Out of $600,000 in Bitcoin

The user lost 17.1 Bitcoin, worth around $600,000 at the time, and worth more than $1 million today, to a fake Trezor app on the App Store. 

Philipe Christodoulou had stored his Bitcoin on a Trezor wallet. At some point he wanted to check his balance and found a “Trezor App” on the App Store. After installing and putting in his credentials, his wallet address was swept off his BTC.

Apple said all apps went to a rigorous review process but acknowledged that some were able to get through. This particular fake Trezor app was on the App Store from jan. 22 to Feb.3 and was downloaded 1,000 times, Decrypt reported. Apple said it had removed 6,500 apps with “hidden and undocumented features” last year.

Early this year, Trezor also warned users of another fake app, this time, on the Google Play Store.

We have written this article sometime in 2018 and although slightly outdated, the advice still rings true today: List of Bitcoin Scams, Cryptocurrency Scams, and How to Avoid Them

BIS: CBDCs Could Resolve Long Standing Payment Issues

For context, BIS stands for the Bank of International Settlements, the central bank of all central banks. According to its general manager Agustín Carstens, “payments between users in separate countries depend on transfers between their respective central banks, which, in turn, have to collateralize their own transactions heavily with their respective currencies and central bank money. The underlying settlement process is not that much faster than it was 40 years ago, despite various faster payments solutions (FPS) emerging.”

“From the user perspective, these solutions may look very similar. What distinguishes a retail FPS from a retail CBDC is that the latter is a central bank liability offering the unique features of central bank money, and this could be a key difference.”

“In contrast (to inter-bank payments), the same transaction in a CBDC-based payment system would be much simpler, as a payment only involves transferring direct claims on the central bank from one user to another. There is no credit risk: funds are not on the balance sheet of an intermediary, and transactions are settled directly in central bank money, on the central bank’s balance sheet, in real time.”

Read more from The Block.

NFT Livestream For Filipinos

Yesterday, Luis Buenaventura II held a livestream about NFT. He explained what NFTs are, how to start “minting”, and how to make money from it. Contents of the livestream will become an article here in BitPinas soon. For now, check out the video:

What else is happening

  • Crypto Hype Cycles and You
  • Andreessen Horowitz Leads $4.4M Round in DeFi’s Element Finance
  • Ethereum Improvement Proposal 1559: Is the squeeze worth the juice?
  • This is how to make — and lose — a fortune with NFTs

This article is published on BitPinas: Man Loses 17.1 Bitcoins (Now Worth $1 Million) Because of Fake Wallet App (April 1, 2021)

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