A computer hacker that once testified before the U.S. Senate helped a crypto investor recover millions of dollars worth of tokens that were trapped in limbo.
Joe Grand, also known as Kingpin, tells his 39,300 YouTube subscribers how he went about rescuing the altcoin Theta Network (THETA) from a Trezor One hard wallet after the owners forgot their password and PIN.
After 16 failed attempts at entering the seed phrase, the wallet by design resets the private key – meaning that the contents inside were locked.
Starting in early 2021, Theta rose dramatically from under $2 to an all-time high above $15 in April. Electrical engineer Dan Reich and his friend, who had bought their THETA for $0.21 each in 2018, had lucrative reasons to seek a solution to access their tokens.
After months of preparation and testing before meeting with Reich to hack into the actual device, Grand was able to manipulate an older design feature of Trezor wallets where the private key and/or PIN are temporarily transferred to the RAM (random access memory).
Although the successful hack was accomplished in May of last year, Grand only posted a video documenting the experience this month, prompting Trezor to respond to concerns about its products being vulnerable to hacks.
“Hi, this is an outdated exploit that is not a concern for current users and that we fixed in 2017, right after a report we received through our responsible disclosure program.
The attack requires physical access to the device and there is no record of any funds being compromised.”
Back in 1998, Grand and other young hackers testified before the U.S. Senate Committee on Governmental Affairs about internet security.
At time of writing, THETA is off 81.7% from its peak lat April and trading for $2.89.
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A closely followed crypto market trader thinks the Bitcoin (BTC) bull market remains in full swing while predicting an early altseason for one crypto asset in particular.
The pseudonymous trader known as Altcoin Sherpa is bullish on the decentralized streaming platform Theta (THETA). He tells his 145,900 Twitter followers that THETA may be gearing up to rally and precede the rise of many altcoins in the space.
“I think that this one will moon earlier than other altcoins. It’s been in an accumulation range for longer than most and hasn’t pumped really in quite some time.
I expect many alts to look like SNX did back in 2020.V-shaped reversal/accumulation/expansion.”
He adds that THETA tends to move on its own terms, distinct from the rest of the overall crypto market.
“THETA is one that could outperform. It chopped around longer than others AND it also has its own market cycles/does shit on its own usually”
Currently, THETA is trading at $8.06.
Taking a look at Bitcoin (BTC), the pseudonymous trader says that dips may be shallower than those experienced in 2020 as the context surrounding the market is different.
The most recent BTC pullback measured just under 14%, whereas 2020’s pullback before liftoff was 17%.
“BTC: Market structure, context, charts are all different vs. other 20k resistance price action in 2020. With that said, the pullbacks don’t have [to] be that deep when price grinds near ATH [all-time high] levels like this. Up only.”
Sherpa also looks at Algorand (ALGO), noting that it may have trouble outperforming Bitcoin as it struggles to break out of its sideways range.
“ALGO: I think this one continues to chop around a lot. I don’t know if it outperforms BTC, seems unlikely.”
Source: AltcoinSherpa/Twitter
Finally, he takes a look at the blockchain indexing protocol The Graph (GRT). After highlighting that the token is showing signs of accumulation, Sherpa says that GRT might be about to take off.
“GRT: This coin seems to be showing some signs of accumulation. Some nice volume coming in. I wouldn’t mind scaling in here for a passive trade.”
Source: AltcoinSherpa/Twitter
At time of writing, GRT is trading at $1.18.
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Featured Image: Shutterstock/Art Furnace/Sensvector
A crypto-focused YouTube channel with over 1 million followers is predicting an Ethereum (ETH) explosion possibly as soon as this weekend.
In a new video, Altcoin Daily co-host Austin lays out two fundamental factors that he says will drive up the price of the leading smart contract platform even further.
First, Austin notes that major movie studios are getting into the non-fungible token (NFT) market, notably on the Ethereum blockchain.
“Huge green flag if you’re an ETH hodler [long-time holder].
Warner Bros to launch Red Pill NFT avatars for their new movie ‘The Matrix Resurrections.’
Think about this: this is the first time in history that we have major movie studios encouraging their audience to download an Ethereum wallet [and] get a little bit of ETH, all thanks to NFTs.”
Even more pressing than movie-themed NFTs, Austin explains a major reason why Ethereum could spike over the next 24 hours.
“On Friday, over $540 million worth of Ethereum options contracts expire. Now luckily, those contracts do favor traders with ETH targets at $5K.
Generally speaking, when options contracts expire, especially [at] these high amounts, it’s always wise to expect volatility, in either direction.
The good news is, the bulls in this case seem to be winning.”
The host goes on to say,
“What this means is that even though many, many people seemed to have been betting against the Ethereum price, because the price has shown such strength, such a rally in these recent weeks, the bears look like they’re about to get wiped out.”
Ethereum is trading at $4,496 at time of writing, according to CoinGecko.
Next, Altcoin Daily lays out concrete reasons for holders of decentralized video streaming platform Theta Network (THETA) to be excited.
“Theta Network welcomes Fuse.TV as their latest media partner.
How this affects you is that [actress and singer Amara La Negra] now joins the list of other notable celebs choosing Theta.
If you hold Theta, this is a big news day for you.”
At time of writing, THETA is trading at $7.92 per CoinGecko.
Finally, Austin looks at Enjin Coin (ENJ), the cryptocurrency of the Enjin metaverse. Enjin recently announced a fund incentivizing developers to use their metaverse blockchain, which he believes will only help to grow the platform.
“Enjin wants to decentralize its metaverse with their new $100 million fund.
The Efinity Metaverse Fund will focus on seed equity investments for projects building on Efinity.
Efinity in Enjin’s much more scalable, yet much more centralized, blockchain for metaverse/crypto gaming.”
ENJ is trading at $2.98 at time of writing.
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NFTs with celebrity endorsements have been increasingly popular in recent months. Hollywood star Mila Kunis has revealed her involvement in an animated series based on the NFT titled Stoner Cats, while Jay Z is auctioning a tokenized cover from his debut album through Sotheby’s. The latest to step in is Pop music star Katy Perry, who announced this Wednesday that she’s dropping a non-fungible token (NFT) collection.
Katy Perry to Drop NFTs
According to the announcement on Perry’s Twitter profile, She is launching her NFT collection in conjunction with Theta Labs, a blockchain-based startup focused on decentralizing peer-to-peer video streaming. Perry will also buy a minority stake in Theta Labs, alongside her talent agency, Creative Artists Agency (CAA), which was recently named one of Theta’s enterprise validators.
The NFTs will be deployed on Theta Network’s NFT marketplace, ThetaDrop, powered by the Theta protocol which is significantly different from other NFT platforms as it was purposefully built for media and entertainment, backed by big names like Google Cloud and Sony.
Perry’s engagement with Theta Network, according to a press release from Theta Labs, would feature the selling of digital memorabilia developed from her upcoming “Play” residency in Las Vegas this December. Per the platform, the sale of the NFTs is expected to begin in Q4 of this year.
Those interested in obtaining a Katy Perry NFT can begin registering today.
“Coinciding with Theta’s Mainnet 3.0 launch, working with a global icon like Katy Perry over the next year marks an important inflection point in Theta Network’s history and a big step towards global adoption of Theta blockchain,” said Mitch Liu, co-founder and CEO of Theta Labs.
While the carbon footprint of NFTs has been a point of contention due to the energy consumption of Ethereum’s proof-of-work network, the Theta protocol’s blockchain employs a proof-of-stake methodology that tries to reduce energy consumption.
Theta recently deployed the Theta Mainnet 3.0, a hardfork that introduced two significant protocol innovations: Elite Edge Nodes, which enables “Uptime Mining,” the tokenization of Internet bandwidth and availability; as well as a new TFuel burning mechanism, which will introduce a cost for using the Theta Edge Network, namely a “network fee” as a counterbalance to new TFuel supply.
TFuel is the Theta network’s native currency that it utilizes to incentivize users and power the ecosystem.
The totalcrypto market caperased $309 billion from its value for the last seven days and now stands at $1,305billion.Thetop 10coins were all in red for the same time period with all of them posting double-digit losses. Dogecoin (DOGE) and Polkadot (DOT) were the worst performers with 31 and 23 percent of losses respectively. Bitcoin (BTC)iscurrentlytrading at$32,200, ether (ETH) is at $1,940.
BTC/USD
Bitcoin closed the Sunday, June 13 trading at with 9 percent increased after forming a solid green candle to $38,900. The sudden reversal to the upside (which was preceded by a bullish divergence on the RSI) helped the most popular cryptocurrency surpass the important $37,000 line, which recently acted as a local resistance.
What is more, the coin broke above the 21-period EMA on the daily chart, and the downtrend resistance coming as an extension of the diamond pattern from early May. It ended the week 8.8 percent higher compared to the previous 7-day period and 25 percent up from its seven-day period low.
On Monday, the BTC/USD pair continued to move in the upward direction and reached $40,527, closing a daily candle out of the $39,000-$33,500 range for the first time since May 21.
The Tuesday session saw a peak of $41,423, but bulls could not extend the rally to the zone above the January high of $42,000. Instead of that, the coin retraced down to $40,150.
The mid-week day on Wednesday was marked by a significant pullback ahead of the US Federal Reserve meeting. Bitcoin moved down to $38,250 and closed at the 21-period EMA.
On Thursday, June 17, the coin was mainly hovering around the $38,000 zone and even though it touched the $39,400 mark in the early hours of trading, it quickly retraced in the afternoon, eventually closing with a loss.
The Friday session brought the fourth consecutive red candle for the most popular cryptocurrency. It fell further to $35,800 erasing an additional 6.2 percent from its market cap and breaking below the $37,000 horizontal local support line as well as the mentioned extension of the diamond formation, which previously acted as a diagonal resistance.
The weekend of June 19-20 started with a drop to $34,800 during intraday trading on Saturday and partial recovery to $35,400 at the daily candle close.
Then on Sunday bitcoin hit the lower boundary of the old range – $32,300 during intraday, but quickly recovered to close the session at $35,500.
The coin is trading significantly lower, at $32,200 as of the time of writing, severely hit by the continuing pressure from the Chinese government.
ETH/USD
The Ethereum project token ETH jumped 6.2 percent on Sunday, June 13 and moved back into the long-term uptrend corridor, hitting the $2,500 S/R zone. The coin was using the 23.60% Fibonacci line near $2,362 as a support in the last few days keeping the bullish structure intact. It was 7.4 percent down on a weekly basis.
On Monday, the leading altcoin and leading decentralized applications platform climbed further to $2,611, but suffered once more rejection at the 21-period EMA being unable to close above this dynamic line since June 3. The ether moved away from the mentioned support zone, but the overall trading volumes were not that high to support a potential rally in the upward direction.
The second day of the week came with another rejection at the moving average and a pullback down to $2,540.
This was followed by a deeper retrace on the Wednesday, June 16 when the ETH/USD pair erased 6.7 percent of its value and lost both the horizontal and diagonal supports. However, it was able to once again find stability around the first Fibonacci retracement level.
On Thursday, the ether traded flat in the $2,370 zone above the 23.60 Fibonacci retracement level, which was acting as a horizontal support since June 8.
Sellers, however, had other things in mind and on the last working day of the week pushed the price 6 percent down to reach the $2,228 mark. The ETH token even touched $2,128 during intraday – it’s lowest point since May 24.
The first day of the weekend came with a continuation of the downtrend and a fresh new weekly low – $2,166.
On Sunday, the coin formed the exact same candle, but in the opposite direction to close the week at $2,230.
ETH is trading at $1,940 on Monday morning.
Leading Majors
Theta Network (THETA)
Theta is one of the few coins in the Top 20 to remain relatively stable in the last two weeks. The coin was still trading above the 21-period EMA on both daily and weekly timeframes during the last seven days and is still 90 percent up from its May low of $3.7.
Looking at the 1D chart, the THETA/USDT pair on Binance was recently rejected at the $9.5 level where the diagonal downtrend and the horizontal resistance meet. It is also where the most actively traded zone is located (Point of Control, Volume profile indicator).
Theta is currently trading near the $7 zone, which has already proved its stability in the past and is another point of high trading activity. However, the altcoin lost the 21-day EMA during today’s severe correction and moved below the lower boundary of the triangle pattern.
Altcoin of the Week
Our Altcoin of the week is XDC Network (XDC). The XinFin XDC Network is a decentralized hybrid blockchain, which facilitates global finance and trade. This little-known cryptocurrency project aims at creating an ecosystem that improves and increases efficiency and flexibility in the markets. It already powers an exchange service called TradeFinex.
It is unknown what is the reason behind the recent surge in the price of XinFin Digital Contract (XDC) – the native asset of the XinFin Network, but it could easily be the rising demand for hybrid and cross-chain blockchain solutions.
The coin added 37 percent to its value for the last seven days, peaking at $0.08 on June 18. This helped it move up to #86 on the CoinGecko Top 100 list with a total market capitalization of approximately $730 million.
As of the time of writing the XDC is trading at $0.061 against USDT on Bitfinex.
The Theta network was created by Theta Labs. This project aims to use blockchain technology to provide decentralized peer-to-peer video delivery for online video streaming and allow users to share any type of content and data and computing resources on a global scale.
The Theta mainnet operates as a decentralized network in which users share bandwidth and computing resources on a peer-to-peer (P2P) basis. For a project that was launched in the first quarter of 2019, the journey to the elite range has shown how sustainable the network’s offering has been and its adoption by investors around the world.
The difference between the Theta network and traditional streaming
At present, the traditional streaming media industry mainly relies on Content Delivery Network (CDN) to transmit and deliver content. In order to allow global subscribers to access content in a timely manner, most of the web traffic on the market such as Facebook, Netflix, and Amazon have set up multiple CDN server base stations around the world.
However, the expensive construction cost of building server base stations and the very high cost of using CDN make CDN become one of the main pain points of streaming media transmission today.
The Theta network was created to solve this pain point in the traditional audio-visual market. The Theta network can reduce the load on the content distribution network by placing certain content on Theta’s blockchain network, thereby reducing the bandwidth cost of content distribution.
Dual Token mechanism
In order to pay for data transmission, the Theta network uses an operating pass called Theta Fuel (TFUEL). This has a similar function to the gas fee on Ethereum. Streaming media platforms will encourage users to share video content in the form of rewarding TFUEL tokens.
The Theta Fuel (TFUEL) currently has a circulation of 5,270,590,400 TFUEL, with a market value of up to $1,990,333,036.
Another native token of Theta Network is THETA. This is a governance token that lets users participate in THETA operations and obtain benefits. It aims to help the community manage the Theta blockchain and control its future development direction.
The total supply of THETA Token is fixed at 100 billion, and the current market capitalization is as high as $12,677,420,955.
Operating mechanism
By encouraging users to share their computer memory and broadband resources, the Theta network will reward THETA tokens to user for assisting in attracting viewers, increasing revenue, and providing different content and viewing experiences.
Thus, providers become the cache node of the streaming media platform, effectively solving the problem of low performance that can sometimes be observed in the traditional media streaming industry.
In exchange for sharing excess bandwidth and resources and participating in the Theta network, viewers earn rewards under the form of Theta Fuel.
Future outlook
Theta’s Mainnet 3.0 launch, which was previously anticipated for this April, has been pushed back to June 30, 2021.
This network upgrade will provide some benefits which will feature Elite Edge Nodes and TFUEL staking and burning.
The totalcrypto market capadded $29 billion to its value for the last seven-daysand now stands at $1,814billion.Thetop 10coins are all in green for the same time period with Theta Network (THETA) leading the pack with a 42 percent of price increase. Bitcoin (BTC)iscurrentlytrading at$57,950, ether (ETH) is at $1,762.
BTC/USD
Bitcoin continued to be unstable, hovering around the $57,500 horizontal S/R line during the intraday trading on Sunday, March 21. It briefly touched the 21-day EMA at $55,400 then moved up to $57,300 in the evening part of the session, but still closed in red. This resulted in an accumulated loss of 2.7 percent for the seven-day period.
On Monday, the biggest cryptocurrency fell further to $54,000 in its biggest single-day loss since February 23. It moved below the mentioned short-term exponential average and erased 5.7 percent of its value.
The Tuesday session was not that volatile in terms of a trading range and the BTC/USD pair was moving in the zone between $55,800 and $53,000 before closing with a short green candle to $54,286 in an obvious effort to consolidate and avoid further decline.
On Wednesday, March 24, however, it nosedived to $51,600 but managed to compensate for some of the losses later in the day eventually closing at the support zone near $52,200.
It is good to mention that in the first part of the trading day, bitcoin made a breakout attempt by hitting the weekly open at $57,500. The rapid surge in its price was caused by the news that Elon Musk’s Tesla started accepting BTC as a payment method for their products. Not only that, but the founder of the company himself confirmed that all bitcoins received will not be sold but accumulated instead. The rally was short-lived and all buy orders were quickly absorbed by bears.
On Thursday, March 25, the BTC/USD pair fell below the 50-day EMA on the daily chart and touched its lowest point for the current correction – $50,175.
The last day of the workweek was when the market finally started to bounce on the options expiry event. BTC formed a huge bullish engulfment candle and closed at $55,000 or 8 percent higher.
The weekend of March 27-28 started with another trend reversal confirmation session on Saturday as bitcoin progressed to $55,900. Then on Sunday it approached the $57,000 level, but could not extend its winning streak and closed flat.
What we are seeing in the early hours of trading on Monday morning is a break above the $57,400 resistance (last week’s open).
ETH/USD
The ETH/USD pair dropped down to $1,747 on Sunday, March 21 in a short-lived pullback during the Asia session then went back up to its preferred zone around $1,790. The coin, however, was spending too much time in the weekly resistance range between $1,890 and $1,780 without being able to surpass it, which was putting it at a risk of trend reversal given the fact the relative strength index exhaustion. It ended the seven-day period with a 3.5 percent loss
On Monday, the price of ether finally broke below the horizontal support and the triangle pattern and corrected its price down to $1,683 – a level last visited on March 7. Additionally, it lost all major short-term EMAs on the daily timeframe at once.
The upcoming options expiry on Friday, March 26 was the most probable reason for the sudden market selloff with a total of $1.15 billion of put and call options expected to expire by the end of the workweek. This, according to the majority of the veteran traders might cause a general lack of consistency in the price behavior.
On Tuesday and Wednesday, the coin continued to register new lows in its 4th and 5th consecutive days in red. It hit $1,516 on March 24 marking the lowest point of its pullback.
On Thursday, the ETH/USD pair skyrocketed all the way up to $1,679 during intraday, completely erasing the losses from the previous session. Bears, however, once again were quick in absorbing the buy orders, pushing the price down to $1,585.
On Friday, we finally saw a breakout. The biggest altcoin started to move upwards and formed a solid candle to $1,700, which resulted in a 7.2 percent of increase.
The first day of the weekend served as confirmation of the reversal and the ether closed at $1,713, right at the 21-day EMA.
On Sunday, it was rejected at the above-mentioned area and closed at $1,691.
The coin is trading significantly higher on Monday morning reaching $1,760 by the time of writing this article.
Top 10 Movers
The Ripple company token XRP remains among the biggest cryptocurrency projects in terms of market capitalization. The coin was one of the very few in the Top 10 list to register price increase during last week’s pullback that impacted the entire market.
The XRP/USD pair added approximately 9 percent for the period and peaked at $0.6 on March 22. It is worth noting that the coin is more than 50 percent up since its February low of $0.36.
Next for bulls is to attempt a break out of the $0.57-$0.60 range and beat the year-to-date high of $0.74. Down, bears will try to push the price below $0.5, the next potential support level.
Altcoin of the Week
Our Altcoin of the week is Theta Network (THETA). The popular blockchain-based video streaming platform, which enables users to share bandwidth and computing resources in a decentralized manner, grew by 42 percent for the last seven-day period. It increased by 345 percent on a monthly basis and stormed into the Top 10 list on CoinGecko successfully replacing Chainlink (LINK).
The THETA/USDT pair peaked at $14.97 on March 24 and is now ranked #9 with a market capitalization of $13.6 billion.
The recent surge in price is most probably related to the news that Theta Labs has been granted a 2nd U.S. patent for decentralized blockchain-based video design and data delivery. The patent will help the company focus on the design of a new trusted payment system on blockchain technology.
THETA is currently trading at $13.6 against USDT on Binance:
One digital asset just became the world’s ninth-largest cryptocurrency after its meteoric and unexpected rise in the last 12 months.
Theta Network (THETA) burst into the top 10 after surging more than 37,000% in one year from a low of $0.04 in March 2020 to its all-time high of $14.87 today, according to data from CoinGecko. The digital asset’s gains have pushed its market cap to $14.3 billion, overtaking Litecoin’s $12.9 billion valuation.
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Theta Network, launched in 2016 by computer scientists Mitch Liu and Jieyi Long, aims to deliver higher quality video streaming services without buffering through a shared blockchain-powered network.
THETA’s network allows for vertical decentralized applications (DApps) to be built on top of the platform to enable the streaming of e-sports, TV/movies, music, conferencing, and more.
Chinese journalist Wu Blockchain says the digital asset’s popularity in South Korea may be behind THETA’s astronomic ascent.
“Through data analysis, the (THETA) team has money to control the market and is sought after by Koreans, which may be the core reasons… According to CMC data, the trading volume of Theta/KRW (Korean won) on Bithumb, the leading exchange in South Korea, ranks fourth… The new version of Theta will be launched in the near future [to] keep up with the NFT boom.”
At the time of writing, THETA is trading at $14.45, up 1.5% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Khakimullin Aleksandr/REDPIXEL.PL
Theta Network, a blockchain-based media sharing platform, has added Sony’s European research branch as a network validator.
Sony to Run a Theta Network Node
Sony Europe’s R&D Center in Brussels houses the company’s blockchain expertise and will look “to further enhance the global experience for users of the Theta Network.”
In 2016, Sony’s corporate venture capital participated in the seed funding round of Theta Labs, the team behind the blockchain project, to kickstart the online platform’s designing.
THETA, the native token, powers the micro-payments on the platform, which can scale to millions of viewers at a time using the multi-level BFT consensus mechanism.
Magdalena Wasowska, Head of Sony Europe R&D Center Europe Brussels Laboratory, claims that the blockchain network can provide effective “tools for license and rights management.” She noted in the press release:
“At R&D Center we share Theta Network’s passion towards decentralized technologies, and are excited about the possibilities which Blockchain technologies can offer to creators.”
Besides Sony,Google, Samsung, Binance, Blockchain Ventures, and gumi are also Theta Governance Council members.
The network’s staking token THETA was trading 14.4% higher on a daily scale at press time. According to a blockchain explorer, the network has2,740 nodeswith 58% of the token’s supply staked.
Disclosure: The author held Bitcoin at the time of press.
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Decentralized video streaming outfit Theta (THETA) has announced the release of the beta version of the Edgecast platform. The company is also partnering with the World Poker Tour to allow its users to watch games from the competition on the Edgecast service. Theta Edgecast Moves into Beta In a press release issued on Wednesday (Dec.
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Decentralized video streaming outfit Theta (THETA) has announced the release of the beta version of the Edgecast platform. The company is also partnering with the World Poker Tour to allow its users to watch games from the competition on the Edgecast service. Theta Edgecast Moves into Beta In a press release issued on Wednesday (Dec.