Cryptocurrency News Roundup for August 19, 2020

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In yet another cyberattack that could potentially result in bad PR for crypto, unknown hackers have demanded bitcoin ransom from researchers working on a possible COVID-19 cure.

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The attack took place in June when a group of University of California San Francisco (UCSF) researchers found their biostatistics data inaccessible. The latest transcripts reveal some intense negotiations that took place with the hackers.

The compromised data included important research work on COVID-19. The hackers demanded $3 million in bitcoin after which researchers would regain control of their compromised servers. With billions of dollars at stake, the university was hard-pressed to broker a deal.

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More on that and other big stories from the day in BeInCrypto’s daily news roundup for August 19, 2020.

Hackers Demand Massive Bitcoin Ransom for Uni COVID-19 Vaccine Data

On June 5, researchers at the University of California San Francisco (UCSF) suddenly found their biostatistics data inaccessible. This included COVID-19 research, Bloomberg reported. The hackers had shut down their servers and demanded they visit a site on the dark web to begin negotiations.

The hacker seemed to have an almost jovial tone. Though any security team is embarrassed by a breach, the Operator, as the hacker called himself, explained that the lab was just in the wrong place, at the wrong time.

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Bitcoin Drops After Failed Breakout Above $12,000

On August 17, the bitcoin price broke out from the $12,000 area, which had been acting as resistance since the August 2 high. While the breakout initially seemed legitimate, the price decreased the next day and has already fallen below the breakout level.

The August 18 close was marginally higher than that of August 17, so it’s possible that the current candlestick will create a long lower-wick and climb back to reclaim the $12,000 area. This possibility seems rather unlikely though when we consider other signals.

  • Bitcoin has generated considerable bearish divergence.
  • There is support and resistance at $11,100 and $12,000.
  • The price has possibly begun sub-wave C, the final step in its current correction.

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Citibank Mistakenly Sends $175 Million to Hedge Fund

In a multi-million-dollar mistake that could cost it dearly, Citibank reportedly transferred $175 million to an unintended recipient. Apparently, the hedge fund that received the money is now refusing to send it back.

For Citibank, legal action against the hedge fund is probably the only way out of this mess. A few observers from the cryptocurrency industry picked up on the story and drew some painful comparisons to dealing with digital assets.

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Ethereum Attempts Final Push Towards $500

The Ethereum price has almost reached the 0.5 Fib level of the entire decline which began in April 2019, found at $460. The level also marked the acceleration of the fall from that high and is likely to act as resistance in the future.

Technical indicators are still bullish. Both the RSI & MACD are still increasing, even though the former is overbought. There is no bearish divergence yet. If the price were to break out above the current resistance level, the next one would be found at $550.

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Chainlink (LINK) May Have Finally Run Out of Steam

During Aug 15 – 17, the Chainlink (LINK) price created an evening star pattern, which is normally considered a bearish reversal pattern. If the price continues decreasing, the closest support levels are found at $13 and $10.50.

Technical indicators are bearish, though they do not confirm a definite reversal. While the RSI has not generated any bearish divergence, it was overbought for a full 14 days and has fallen since.

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U.S. Authorities Charge AirBit Club for Running Crypto Investment Scam

Launched in 2015, the AirBit Club offered guaranteed profits in exchange for cash investments in club “memberships.” These profits were supposed to be completely passive and accrue on a daily basis. In truth, this was a fantasy spun by the alleged scammers.

While the online investment portal did show some evidence of these “profits,” no cryptocurrency mining or trading was actually taking place to support them.

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Shilpa is a freelance tech writer and journalist who is deeply passionate about artificial intelligence and pro-freedom technologies such as distributed ledgers and cryptocurrencies. Her expertise lies in turning complicated technical concepts into easy-to-read, informative articles without distorting or diluting facts. She is a jack-of-many-trades with hands-on experience in network engineering, front-end web development, copywriting, and digital marketing. She is also a full-time foodie, semi-skilled musician, and wannabe horror writer.

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