U.Today is supported by its audience. When you buy through referral links, we may earn a commission.

Qatari Billionaire Becomes Victim of Crypto Scam, Takes Facebook to Court

News
Mon, 02/24/2020 - 07:19
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Janet Jackson's ex-husband Wissam Al Mana takes legal action against Facebook after becoming embroiled in a cryptocurrency scam

Cover image via en.wikipedia.org
Contents

Qatari business magnate Wissam Al Mana has sued Facebook for defamation after it failed to crack down on a cryptocurrency scam that used his photo for advertisement purposes. 

Al Mana filed an injunction against the social media behemoth at Dublin's High Court, according to a report by The Times  

Must Read
Crypto Land Is Scam, - Says Nouriel Roubini - READ MORE

Al Mana's secretive life 

Al Mana, whose net worth exceeds $1 bln, is considered to be one of the most influential people in the Middle East. He is at the helm of Qatar-based Al Mana Group that was founded by this father. 

Despite being an ex-husband of pop star Janet Jackson, Al Mana leads a rather enigmatic lifestyle. The businessman rarely interacts with the press and has no official social media accounts. 

This makes him a vulnerable target for crypto scammers since he cannot use his Facebook or Twitter page to address fake endorsements, which is exactly what legendary Slovakian cyclist Peter Sagan did last week

Must Read
Good Morning Britain's Hosts Used By Scammers For Fake Crypto Ads - READ MORE

Billionaires take on Facebook 

Al Mana is not the first billionaire who took Facebook to court over fake crypto ads. As reported by U.Today, Dutch TV mogul John de Mol actually scored a victory against the $600 bln company. 

Martin Lewis of MoneySavingExpert.com also was at loggerheads with Facebook after his name was used by fraudsters in bogus social media posts. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with 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.

Recommended articles
More Bitcoin Miners Expected to Capitulate Before BTC Halving. Here's Why

More Bitcoin Miners Expected to Capitulate Before BTC Halving. Here's Why

This Bitcoin (BTC) Price Indicator Doesn't Work Anymore: Analyst PlanB

This Bitcoin (BTC) Price Indicator Doesn't Work Anymore: Analyst PlanB

Vitalik Buterin Wants to Rid Humanity of Aging, David Sønstebø and Justin Sun Join In

Vitalik Buterin Wants to Rid Humanity of Aging, David Sønstebø and Justin Sun Join In

More Bitcoin Miners Expected to Capitulate Before BTC Halving. Here's Why

News
Tue, 03/31/2020 - 14:22
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • The fact that Bitcoin (BTC) miners are capitulating on the verge of the halving is 'concerning,' according to a new CoinMetrics report

Cover image via stock.adobe.com
Contents

In spite of the second-largest negative difficulty adjustment in Bitcoin's entire history, more Bitcoin miners are likely to call it quits, according to a new State of the Network report released by cryptocurrency research company CoinMetrics.  

Must Read
Bitcoin (BTC) Miners May Start Quitting, Expect Hash Rate to Drop: Crypto Manager - READ MORE

Miners are in a dire predicament 

The 44 percent hashrate plunge signals that plenty of inefficient miners have already been backed into a corner due to the historic price drop that took place on March 12.

The mining industry is currently in a very precarious position, with the third halving expected to happen in just 43 days. Moreover, Bitcoin Cash (BCH) and Bitcoin SV (BSV) are going to have their supply cuts in early April, which means that their miners will flock to BTC to collect higher rewards. This will increase Bitcoin's mining difficulty, thus putting even more pressure on smaller players who are no longer able to break even. 

Bitcoin Cash, Bitcoin SV
image by coinmetrics.substack.com

Must Read
98 Percent of Bitcoin (BTC) Mining Rigs to Become Obsolete - READ MORE

The strongest will survive 

It appears that even major mining firms (not just individual miners) are not immune to the sell-off that was prompted by the COVID-19 pandemic. Shortly after 'Black Thursday,' U.S. company Digital Farms indefinitely stopped its cryptocurrency mining operations due to the sharp Bitcoin price drop. 

CoinMetrics states that only the most efficient miners will survive the ongoing capitulation, benefiting from increasing profit margins. Eventually, this could trigger another crypto rally. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with 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.

Recommended articles
More Bitcoin Miners Expected to Capitulate Before BTC Halving. Here's Why

More Bitcoin Miners Expected to Capitulate Before BTC Halving. Here's Why

This Bitcoin (BTC) Price Indicator Doesn't Work Anymore: Analyst PlanB

This Bitcoin (BTC) Price Indicator Doesn't Work Anymore: Analyst PlanB

Vitalik Buterin Wants to Rid Humanity of Aging, David Sønstebø and Justin Sun Join In

Vitalik Buterin Wants to Rid Humanity of Aging, David Sønstebø and Justin Sun Join In