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A trader converts 4.3 ETH into $1 million following Elon Musk's appointment as CTO.
As per Lookonchain data, a trader withdrew 4.3 ETH from Binance following Elon Musk's alteration of his Twitter bio to "(CTO) Chief Troll Officer." The trader then utilized the ETH to acquire 19.37 trillion TROLL coins.
Post Musk's bio update on January 8, the TROLL token experienced an extraordinary 57,000% surge over the past week, currently priced at $0.0000001256. The token's market capitalization soared to $120 million, accompanied by a daily trading volume of approximately $38 million.
The remarkable upward trajectory of TROLL resulted in the trader's initial 4.3 ETH, valued at around $10,000, transforming into $1.14 million within a week. Subsequently, the trader withdrew 5.3 ETH, equivalent to $12,467, to recoup the initial investment.
On-chain data indicates that the wallet still holds 10 trillion TROLL coins, valued at $1.03 million.
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Bitcoin Achieves First Weekly 'Golden Cross'
In the realm of market analysis, the appearance of a "golden cross" on Bitcoin's weekly price chart is being hailed as a positive indicator for asset prices. This occurrence marks the 50-week simple moving average (SMA) crossing above the 200-week SMA for the first time in recorded history, confirming the golden cross.
While the golden cross is generally interpreted as a bullish sign, seasoned traders caution that averages, being rooted in historical data, tend to lag behind current prices. In simpler terms, averages reflect past events, and the recent golden cross on the weekly chart is a result of Bitcoin's impressive 70% rally to $42,700 over the past four months.
Experienced traders often view crossovers as lagging indicators, which may coincide with trend exhaustion. For example, the confirmation of the weekly death cross in early 2023 marked the bottom of the bear market. The historical track record of Bitcoin's daily chart golden and death crossovers in predicting bullish and bearish trends is mixed.
Despite the recent golden cross, Bitcoin's upward momentum has encountered resistance, with the cryptocurrency currently trading 10% lower from its highs near $49,000 recorded after the introduction of 11 spot exchange-traded funds (ETFs) in the U.S. last Thursday.
Despite previous shutdown efforts, the Inferno Drainer crypto scam remains an ongoing threat.
Singaporean cybersecurity firm Group-IB has released a report revealing that the 'scam-as-a-service' known as Inferno Drainer utilized 16,000 domains for phishing activities, leading to the theft of $80 million from cryptocurrency users since late March 2023.
Although Inferno Drainer was officially shut down in November 2023 when its developers declared the cessation of operations, the threat persists as former users of this malware may have transitioned to alternative schemes. In essence, there remains a potential risk that Inferno Drainer has not been completely eradicated, according to analysts at Group-IB.
The report underscores that the 16,000 unique domains were instrumental in an extensive phishing operation, mimicking over 100 cryptocurrency brands. Cybercriminals employed various tactics, including enticing users with exclusive airdrops and compensation for business disruptions, ultimately persuading them to link their wallets to the attacker's infrastructure.
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