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Now You See Me... But Not Your Crypto

07/02/2021
|
  • China
  • mining
  • Africrypt
  • hedgefund
News list

American hedge funds stake on crypto; brothers from RSA disappeared with 69 thousand bitcoins; China doesn't mine anymore - read in the freshest cryptonews.

American Hedge Funds Stake On Crypto

According to the research by Intertrust fund, North American hedge funds are expecting to increase the proportion of cryptocurrencies in their assets to 10% by 2026 already. They questioned 100 financial executive officers of the largest hedge funds around the world. Funds from the Old Continent are a bit more modest in their forecast and expect the proportion of cryptocurrencies in their portfolio will not exceed 7% in 5 years.

Throughout the survey, all the funds with no exceptions claimed that at least 1% of all of their investment will be crypto assets. While 17% of the surveyed expressed willingness to invest in cryptocurrencies more than 10%. Overall, the average rate for the whole world would amount to 7,6%, which is more or less equal to 310 bln USD in crypto.

However, currently, hedge funds leaders undoubtedly avoid investing in crypto assets. This is very well seen in the fall of futures for Bitcoin and ETH at Chicago Mercantile Exchange.

American Hedge Funds Stake On Crypto

Brothers From RSA Disappeared With 69 Thousand Bitcoins

Raees and Ameer Cajee, the founders of Africrypt are suspected of one of the largest frauds in the crypto market. Back in April, the brothers told their clients that the platform had been hacked and that the hackers had stolen 69'000 Bitcoins. Also, the brothers asked investors not to address law enforcement.

But investors did hire a private law company to investigate. As a result, they found out that Africrypt employees had lost access to the platform about a week before the announcement of the hacker attack. Now the case is already under the control of the police of the Republic of South Africa, but there are still no traces of Bitcoins.

The Cajee brothers launched Africrypt project in 2019. They managed to gather around 3,6 bln USD in crypto and... disappeared with the money. The investors, to whom Raees and Ameer promised the Moon, will be left with nothing, while the case itself may become the biggest fraud in the crypto world.

Brothers From RSA Disappeared With 69 Thousand Bitcoins

China Doesn't Mine Anymore

Looks like the much harsher policies to mining in China will exclude the country from the list of leaders in mining cryptocurrencies. Miners are forced to leave the country in a search of more comfortable conditions for work.

The USA, Canada and Kazakhstan are the three most inviting countries for mining today. The latter is the most attractive to Chinese miners, as it has a land border with China and is famous for its low prices for electricity, and overall level of prices compared to Western countries.

Due to these events and the massive migration of miners from China, the Bitcoin hash rate has dived down to the level back from 2 years ago. Yunnan, Qinghai, Xinjiang, Sichuan, and Inner Mongolia are among the provinces in China where the authorities banned miners. And the proportion of the cut-off power in China amounts to 90% and is certainly growing.

China Doesn't Mine Anymore

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