Retired artist Ed Suman fell victim to a sophisticated Coinbase impersonation scam, losing over $2 million in cryptocurrency. Suman, who previously worked as a fabricator for high-profile art pieces like Jeff Koons’ Balloon Dog sculptures, had accumulated a significant crypto portfolio, including 17.5 Bitcoin and 225 Ether, stored in a Trezor hardware wallet.
The scam unfolded when Suman received a text message and subsequent calls from someone posing as a Coinbase security representative, leading him to disclose his wallet’s seed phrase through a fraudulent website. The incident underscores the growing threat of crypto scams targeting inexperienced investors.
Moody’s Downgrades US Credit Rating
Moody’s Investors Service downgraded the US government’s credit rating from Aaa to Aa1, citing mounting deficits and rising national debt. According to the report, the agency expects higher interest expenses on the debt and limited cost-cutting measures, predicting a decline in fiscal performance relative to other highly rated sovereigns. The US national debt, now surpassing $36 trillion, continues to exert pressure on economic stability, with Moody’s forecasting larger deficits over the next decade as entitlement spending increases.
Bitcoin to Hit $250K by 2025, Says Scott Melker
Crypto analyst Scott Melker, also known as The Wolf of All Streets, believes Bitcoin could surge to $250,000 by the end of 2025. In a recent interview, Melker highlighted growing institutional interest and reduced volatility as key drivers for the potential rally. He noted that Bitcoin’s volatility has decreased significantly, now less than twice that of the S&P 500, indicating a more stable and mature market environment.
Also Read: $90K or $105K? Bitcoin’s Bull Flag Pattern Sets the Stage for Next Major Move
Melker’s optimistic outlook comes amid increased participation from institutional investors, including pension funds and ETF issuers, potentially paving the way for Bitcoin’s next explosive move.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
