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Bitcoin Scammers Are Trying to Capitalize on Controversial Arrest of El Chapo’s Son

  • Alex Dovbnya
    📰 News

    Even though cartel members are no longer burning down the city, its residents are still threatened by extortionists who demand payments in Bitcoin

Bitcoin Scammers Are Trying to Capitalize on Controversial Arrest of El Chapo’s Son
Cover image via www.123rf.com

The residents of Culiacán are coming to their senses after the arrest of El Chapo’s son Ovidio Guzman Lopez turned the city into a war zone between police personnel and cartel members. 

Scammers decided to take advantage of this drama (eight people died during the confrontation) by sending multiple emails that contain violent threats and demanding payments in Bitcoin, New York Post reports.    

On Oct. 18, the son of the notorious drug kingpins was briefly captured as a part of the U.S.-Mexican joint effort to extradite him to the US after his dad. The operation failed miserably, and Guzmán López was swiftly released. Mexican president Andrés Manuel López Obrador said that in his statement that the release of the notorious offspring was necessary to make sure that that the locals are safe. 

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The aforementioned emails claim that the residents would be safe if they deposited a certain amount of BTC to the extortionists' accounts. 

“This is an attempt to extort people or groups to take advantage of events in the city of Culiacan. Residents are asked to ignore these emails,” Mexican authorities claim. 

Crypto crime is still rife in this slowly maturing industry. As U.Today reported back in September, a 21-year-old Australian woman was found guilty of taking part in a multi-million money laundering scheme that was pulled off with the help of cryptocurrencies. 

Back in August, Blockchain sleuth CipherTrace projected that crypto scams could amount to a whopping $4.3 bln in 2019. 
 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester

  • Alex Dovbnya
    📰 News

    Tuur Demeester wants you to buy the dip as Bitcoin touches the support of its parabolic uptrend for the first time since March

Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Tuur Demeester of Adamant Capital has just taken to Twitter to calm down Bitcoin enthusiasts who might have been swayed by incredibly bearish sentiment on crypto Twitter. 

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Bitcoin recently dropped to $6,800, its lowest level since early May. However, Demeester apparently sees this as yet another opportunity to buy the dip. He states that top coin's parabolic uptrend that started at the beginning of 2015 hasn't been violated. However, Bitcoin has tapped support for the first time since March when Bitcoin was trading well below $4,000. 

Shortly after printing a huge red candle on the logarithmic chart, the Bitcoin price spiked by 20 percent on Apr. 2, which started the coin's massive run to $13,700. 

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As of now, BTC is down by nearly 50 percent from its yearly high, but this might not be the end of the nightmare for Bitcoin bulls. According to trading exert Josh Rager, the crypto king could plunge below the $7,000 level again after a fakeout to the $7,500 range. 

Gold bug Peter Schiff recently predicted that BTC could collapse to $10,000 level after competing the head-and-shoulders pattern.  

At the time of writing, BTC is sitting $7,313, CoinStats data shows. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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