Weekend Recap: OTCPro Mistakenly Sends Over $650k to a User, Microstrategy Hacked, Satoshi Email and More
Tags: news, cryptocurrency
Published: 2024-02-28 13:01:46

Another eventful week has passed. Although looking at the news in some publications, it seems that the only thing that happened was another statement by Robert Kiyosaki about Bitcoin.

So, if you’re tired of the same news, I suggest you take a look at the most interesting news that has happened recently.

**A Costly Mistake For The Exchange**

According to ABC News, the Australian exchange OTCPro is trying to [refund](https://www.abc.net.au/news/2024-02-25/mildura-man-vanishes-after-half-a-million-dollar-crypto-typo/103500432) almost $328,000 to one of its users after a huge mistake during the crediting of funds to the account. The company mistakenly credited a user with $653,000 instead of $65,000.

The cryptocurrency platform Rhino Trading Pty Ltd, which operates the OTCPro website, applied to the Supreme Court of Victoria to freeze the man’s assets and issue a restraining order against his departure from the country, as their requests for a refund were ignored.

By the time the error was discovered, the user had managed to use part of the funds to buy the Tether cryptocurrency and withdraw the funds in several daily payments of $100,000. In total, the man managed to withdraw about $628,000 in 10 days.

The court documents show that a 37-year-old resident of Mildura, Kow Seng Chai, opened an account in the name of Lotte Enterprise Pty Ltd. The exchange claims that after realizing their mistake, they tried to contact the man by phone and email.

However, when they called the number associated with Chai’s account, the person who answered the phone said it was not Kow Seng Chai’s number. In addition, Chai also failed to appear in court, which led to the subsequent trial.

As you can see, this mistake cost the exchange a huge amount of money.

**MicroStrategy Account Hacking**

MicroStrategy, a software development company, has experienced a hack of its account on the social network X. As a result, a fraudulent post was published from the account, advertising the $MSTR cryptocurrency.

The post was deleted as soon as possible, but a user named [Spreek](https://twitter.com/spreekaway/status/1761914062609248287?s=20) managed to take a screenshot. The post stated that $MSTR is a token based on the Ethereum blockchain that has low gas fees and is supplied from Bitcoin reserves. It also called on users to connect their crypto wallets via a fraudulent link contained in the post to receive free $MSTR tokens.


![Image description](https://dev-to-uploads.s3.amazonaws.com/uploads/articles/3v8tsenabupb17mw7v80.png)
_Source: Spreek X_

In response to this publication, ZachXBT, a popular blockchain investigator, noted that $440,000 was stolen from users who connected their wallets and fell victim to phishing.

Recently, hackers have been trying to gain access to trusted individuals and companies in the crypto industry to manipulate the trust of their followers and steal their funds.

Cryptocurrency wallets are one of the main targets of hackers. Security measures play an important role in keeping your digital assets safe. None of us would like to lose our money. Therefore, do not forget to apply all the recommendations for the safe storage of cryptocurrencies, and you can use the [crypto security guide](https://36crypto.com/crypto-security-guide-everything-you-need-to-know-to-protect-your-crypto/) to remind yourself.

**New Satoshi Emails Revealed**

On 23 February, the emails of the Bitcoin creator, which he wrote between 2009 and 2011, were made public. Several emails were [published](https://twitter.com/marttimalmi/status/1760886692469162491?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1760886692469162491%7Ctwgr%5Efb16d47a99798b0beeeb6f4126441e5d1279b038%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fnewly-released-satoshi-nakamoto-emails-treasure-trove-early-bitcoin-lore) by one of the first participants in the development of Bitcoin, Martti Malmi.

He explained that he was uncomfortable sharing personal correspondence with Satoshi, but decided to do so after he testified in a British court against the self-proclaimed creator of Bitcoin, Craig Wright.

Nakamoto’s true identity is still a major topic of discussion in the crypto community. However, when studying the emails, one cannot find clear revelations that would immediately shed light on Satoshi’s true identity. However, they contain many quotes and the general atmosphere of the cryptocurrency creator.

Although it is believed that Satoshi Nakamoto coined the term “cryptocurrency” himself, one of the letters shows that this is not the case.

> “Someone came up with the word ‘cryptocurrency.’ […] Maybe it’s a word we should use when describing Bitcoin, do you like it?”

Malmi replied _“It sounds good and more interesting than ‘P2P digital money’._

Of course, it cannot be said that this situation was the reason why Bitcoin broke through the $59,000 mark. However, it cannot be ruled out that this has caused some speculation. At the time of writing, Bitcoin is trading at $59,118.


![Image description](https://dev-to-uploads.s3.amazonaws.com/uploads/articles/2x2oku8xhjv7x4ze56ob.png)
_Source: WhiteBIT BTC Chart on Feb. 28_

**Google signs AI training deal with Reddit**

Google and the social network Reddit have entered into a cooperation agreement under which Reddit will provide materials for training the search engine’s artificial intelligence models.

In a [statement](https://www.redditinc.com/blog/reddit-and-google-expand-partnership), Reddit said that Google will be able to use an application programming interface to work with their data, which provides content from the platform in real-time. This will provide access to Reddit content and allow it to be displayed in Google products.

Additionally, the platform will have access to Vertex AI, Google’s artificial intelligence-based service designed to improve search results for businesses. Reddit explains that this update does not affect the terms of their data API and maintains restrictions on commercial access without the consent of developers or companies.

**Manta Network Partnership with Alchemy Pay**

On 26 February, the modular blockchain Manta Network [announced](https://twitter.com/AlchemyPay/status/1762119112418071001) a partnership with cryptocurrency payment provider Alchemy Pay. This partnership will provide an effective solution for On-Ramp and Off-Ramp services in the Manta Network ecosystem.

It will also allow users around the world to buy and sell cryptocurrency using their favorite payment methods and local fiat currencies. Another important aspect of this cooperation is the ability to buy $MANTA tokens for fiat currency directly on the Alchemy Pay page.

Alchemy Pay has already received numerous licenses to provide payment services in various countries around the world. Among them are the United States, Canada, Indonesia, and Lithuania, and additional licenses are currently being considered.

**Summary**

It was a tough week. Some people were more fortunate, while others, unfortunately, lost money. But what to expect this week is exciting. New collaborations? Launch of new projects? Will Bitcoin break through $60,000 in the coming days? It’s quite curious.