Bitcoin Surges As September Slump Ends, XRP Spike And Coinbase Hack

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Bitcoin surges 7%, mostly on the back of the news that El Salvador has found a novel way to mine for the coin, namely through the heat generated by volcanos. Altcoins followed suit, with many seeing double digit winnings as the weekend began.

The spike of course also comes as Bitcoin entered the month of October and Q4 started. Generally the final months of the year have been very good for the world’s biggest cryptocurrency.

#Bitcoin just entered Uptober! 🙌 😂 pic.twitter.com/UmG4ADpcxL

— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) October 1, 2021

Whereas Litecoin surged a few weeks ago because of a fake press release stating that Walmart would soon be allowing the digital currency to be used to pay for goods, this time round it was XRP suffering from a similar fate.

BREAKING: Ripple confirms Yahoo article claiming SEC has dropped Ripple case is fake news. $XRP

“It’s a fake press release. We are working to get it taken down, but totally false and not sent by us.”

— Mr. Whale (@CryptoWhale) October 1, 2021

A Yahoo posted story said that the SEC had finished its case against Ripple Labs, the company behind XRP. Another fake story unfortunately which was quickly removed by Yahoo. It still shows up in the search engine though. Just type: XRP Yahoo SEC and you’ll see the article.

All the leaves are brown

Coinbase admitted to the California state attorney general offices that a vulnerability in their system was responsible for hackers being able to bypass their multi-factor authentication SMS option. More than 6,000 customers, mostly in the California area, have been affected because of the Coinbase hack.

The popular US crypto platform claims that the reason why hackers were able to get the information was through a smart phishing attack and not a fault of their own. Trying to rid themselves of any blame, the Brian Armstrong company stated:

We took immediate action to mitigate the impact of the campaign by working with external partners to remove phishing sites as they were identified, as well as notifying the email providers impacted.

Unfortunately we believe, although cannot conclusively determine, that some Coinbase customers may have fallen victim to the phishing campaign and turned over their Coinbase credentials and the phone numbers verified in their accounts to attackers.

Unfortunately it’s not the first time Coinbase got hacked. Unless CEO Brian Armstrong takes additional measures, won’t be the last.

As local band The Mamas and the Papas already sang, all the leaves are brown, and if you’re an affected Coinbase customer the at this point the sky is grey.