Cryptocom accidentally credits more than 7mn to a customer: Heres what happened next

Due to an unfortunate typo, cryptocurrency exchange Crypto.com mistakenly issued a customer A$10.5 million ($7.2 million) rather than the expected A$100 ($68), media reports say. Seven months later, when the exchange finally discovered the error, but till then some of the money had already gone, The Verge reported citing the Australian news outlet 7News as saying. The initial transfer occurred in May 2021. However, the exchange only realised the mistake when conducting an audit in December that year, the report said. Thevamanogari Manivel, the customer in question, reportedly transferred the money to a joint account and spent $890,526 on a lavish, five-bedroom mansion for her sister instead of reporting the inaccurate return to the exchange. Now the company's fighting to get its cash back with a lawsuit filed in the Victoria Supreme Court. The court has also ordered Manivel to sell the home and return the money (with interest) to the exchange. The case will resume in court this October.

(Except for the headline and cover image, the rest of this IANS article is un-edited)

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Bitcoin Slowly Moves Up Above The Psychological Threshold Of 20,000

The price of bitcoin inches above USD 20,000 on Sunday after the broader crypto selloff dragged it below the significant psychological threshold on Saturday. The world’s most popular cryptocurrency was priced at $20,129.70 on June 19th afternoon. Bitcoin had plunged as much as 9.7% to less than USD 18,600 by late afternoon on June 18 on the East Coast, as per the cryptocurrency news site CoinDesk. At some points during that time, it was below $18,000. 

Despite cryptocurrency climbing up higher, it is still more than 70% below its November 202 all-time high which is nearly $69,000. Many from the industry had believed that it would not fall under $20,000 again.

What does this mean for Bitcoin?

Another widely followed cryptocurrency Ethereum which has been sliding in recent weeks took a similar dip on Saturday to well below $1,000 but soon regained ground around Sunday, adding up to 11 % to $1,101, 81.

Amid wider turbulence, the cryptocurrency industry has seen major turmoil in the financial markets. The past week is being said as the worst week for Wall Street since 2020 (the early days of the coronavirus pandemic).

Riskier assets are being sold by the investors because central banks are raising interest rates to combat quickening inflation. Higher rates can even help in bringing the inflation down but they also raise the chances of recession by increasing the borrowing costs for consumers and businesses and pushing down the prices for stocks, as well as other investments, like cryptocurrencies. 

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Google Announce Ads On YouTube Shorts A Year After Experimentation

Google has announced updates across ads and commerce at the India edition of the Google Marketing Live event. With the introduction of ads in YouTube shorts, Google believes that the increased video watch time and growth in online shopping can be the leeway for advertisers to connect their product feed to their campaign to make the video ads more shoppable on YouTube Shorts. 

Google said in a press release about the increase in consumption of Shorts, “Video action campaigns and App campaigns will automatically scale to YouTube Shorts. YouTube Shorts now averages over 30 billion daily views — four times as many as a year ago — and Google wants to help marketers reach people immersed in this short-form content,” 

Google has been experimenting with ads since 2021 and is finally rolling them out this year.  Shoppable video ads are already present on Tik Tok, one of the competitors to YouTube Shorts, where users can view the product without leaving the app. The introduction of ads will also be an important step in developing long-term YouTube Shorts monetization for creators. 

Updates to Performance Max Tool and more

Google also announced updates for Performance Max, which is a tool for meeting customers when they are on Google channels. With six new updates to be rolled out, Performance Max is undergoing some major changes. Google claims that advertisers who use performance max see a 13% increase in incremental revenue. It has also improved campaign management capabilities in Search Ads 360 and the Google Ads mobile app. 

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El Salvador plans worlds first Bitcoin city, to be powered by a Volcano and funded by Bitcoin bonds

Bitcoin fever is picking up, as El Salvador has announced plans to build the world's first "Bitcoin City". Interestingly, this city will also be funded initially by bitcoin-backed bonds. The announcement was made by the country's President, Nayib Bukele, at an event to promote cryptocurrencies in El Salvador, reports Reuters. 

As per the report, the city is planned in the eastern region of La Union and would be powered by geothermal energy from a nearby volcano. Speaking to the media, he said: "Invest here and make all the money you want... This is a fully ecological city that works and is energized by a volcano." 

The world's first Bitcoin city!

Further, he announced that the city will also not see any taxes, except for value-added tax (VAT) and the estimated cost of the public infrastructure of the city has been announced to be around 300,000 bitcoins. Bukele has claimed the city will be like those built by Alexander the Great, with the Bitcoin City designed to be circular in shape and feature an airport, residential and commercial areas, along with a central plaza designed to look like a bitcoin symbol from the air.

All of this will be funded by the VAT collected in the city, as the VAT would be used to build the city and also keep it functioning. This is because half of the VAT collected would be used to fund the bonds issued to build the city, while the other half would be used to pay for services such as garbage collection. 

Interestingly, this is not the first time the country is putting its weight behind Bitcoin and other cryptocurrencies. Earlier in September, El Salvador became the first country in the world to adopt bitcoin as legal tender.

Also Read: 10 basic crypto terms that all investors should know

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High Volatility in the cryptocurrency market: Bitcoin falls to 54,000

Bitcoin's volatility continues to remain high

Bitcoin (CRYPTO: BTC) was created by Satoshi Nakamoto and its ledger started on January 3, 2009. Since its inception, it has become the most valuable and popular digital asset in the world. 

2021 has been a roller coaster ride for the cryptocurrency market. Crypto leader Bitcoin touched an all-time high of $ 65,000 (roughly ₹ 47.7 lakhs) in April 2021. After touching its all-time high, Bitcoin prices corrected by more than 50 percent in May 2021.

Bitcoin prices on Thursday re-claimed the $ 55,000-levels (roughly ₹ 41.3 lakhs). The next day it dropped to $ 54,000 (roughly ₹ 40.6 lakhs). Bitcoin prices are just $ 10,000 (roughly ₹ 7.51 lakhs) away from their all-time high.

Bitcoin's bull run is driven by Instituional Investors ?

Analysts do not have a definite answer behind the bull run of Bitcoin prices. Several media reports highlight that the US Securities and Exchange Commission (SEC) might approve bitcoin exchange-traded products (ETF) in the next few weeks. Some analysts believe that this move will further ignite the demand for cryptocurrency.

US Bank, the fifth-largest bank in the USA announced it launched cryptocurrency custody services for institutional investors. The bank has appointed New York Digital Investment Group (NYDIG) as a sub-custodian to manage the private keys.

“Our fund and institutional custody clients have accelerated their plans to offer cryptocurrency and, in response, we made it a priority to accelerate our ability to offer custody services,” Gunjan Kedia, vice-chair of U.S. Bank Wealth Management and Investment Services, said in a press statement.

Cryptocurrencies are being recognised globally

In September 2021, we reported that El Salvador became the first country to declare Bitcoin as a legal tender. While speaking at the Bitcoin event “The B Word", Tesla CEO Elon Musk said that he owns Bitcoin, Dogecoin and Ethereum. 'Outside of Tesla and SpaceX stock, it's my largest holding,' Tesla CEO said.

A Bloomberg report predicts that the Bitcoin prices can scale upto $ 100,000 by the end of 2021 (roughly ₹ 75.1 lakhs).

At the time of writing this article, Bitcoin prices were trading at $ 55,100 (roughly ₹ 41.4 lakhs).

 

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Delete these three malicious apps from your smartphone as per Google

A recent review undertaken by Google led to the tech giant banning as many as 150 apps from the PlayStore recently. Now, Google has identified three additional apps that steal vital data from consumers by tricking them. These three apps are "Magic Photo Lab - Photo Editor”, "Blender Photo Editor-Easy Photo Background Editor", and "Pix Photo Motion Edit 2021". 

What do malicious apps on Google PlayStore do?

Google categorises apps that steal data from consumers as malicious. These apps can trick you into sharing log-in credentials, thereby stealing other information through the same. Some apps also trick you into sharing your bank account details so that the creators can siphon off money from time to time. 

If you have happened to download any of the three apps mentioned above, then you should delete them from your smartphone immediately. This is because even though Google has banned them from the PlayStore, they still function normally on your smartphone and can steal your data.

A great way to protect yourself and minimise the chances of downloading such apps is by sticking to only those apps that are well-known. For instance, you can have a look at these top 10 photo editing apps that are known not just for offering good results, but also for being safe. 

When considering a new app to download, have a look at the number of downloads and the kinds of comments that are there in the review section. Both can help you gauge the safety of the app before you end up housing it in your phone. 

Also Read: Google will auto-enroll users in two-step verification by end of 2021

Video Source: Android 

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Airtel Xstream, JioFiber, BSNL offer a range of Monthly broadband plans under Rs 1500, check details

JioFiber Rs399 Vs BSNL Bharat Fibre Rs449 Vs AirtelXstream Rs499 

JioFiber broadband plan starts for as low as Rs399. This offers unlimited internet usage at speeds of 30Mbps with free voice calls. BSNL Bharat Fiber and AirtelXstream both have termed their plans as Fibre Basic and Basic respectively. BSNL Bharat Fibre offers data usage at a speed of 30Mbps but it is capped at 3300GB’s usage, post that the speeds will come down to 2Mbps and free voice calls to all networks. AirtelXstream here along with unlimited calls offers a better proposal of a slightly high-speed data rate of 40Mbps, also subscriptions for Wynk Music and Shaw academy.

AirtelXstream Rs799 Vs JioFiber Rs699 Vs BSNL Bharat Fibre Rs799

AirtelXstream Standard Plan offers up to 100Mbps internet speeds with unlimited data and calls along with subscriptions to Wynk music and Shaw Academy. The JioFiber Rs699 plan offers true 100Mbps internet speeds and unlimited calls. BSNL Bharat Fibre Value plan offers 3300GB of data at up to 100Mbps speed post which the data speed will be reduced to 2Mbps. Additionally, BSNL has an option cheaper than JioFiber Rs699, BSNL Bharat Fibre Basic Plus plan at Rs599 which offers speeds of up to 60Mbps up to 3300GB and then capping down to 2Mbps.

AirtelXstream Rs999 Vs JioFiber Rs999 Vs BSNL Bharat Fibre Rs999

AirtelXstream Entertainment Plan offers up to 200Mbps internet speeds with unlimited data and calls. The name of the plan is so as along with Wynk Music they offer Amazon Prime and Disney+Hotstar Super subscriptions. The JioFiber Rs999 plan offers true 150Mbps internet speeds and unlimited calls. Along with Jio Saavn also on offer are subscriptions to 14 OTT platforms like Amazon Prime, Disney+Hotstar, Voot Select to name a few except Netflix. BSNL Bharat Fibre Premium plan offers 3300GB of data at up to 200Mbps speed post which the data speed will be reduced to 2Mbps. However, BSNL offers just 1 OTT subscription of Disney+Hotstar Premium.

JioFiber Rs1499 Vs AirtelXstream Rs1499 Vs BSNL Bharat Fibre Rs1499

The best offering in this price bracket is the JioFiber Rs1499 plan; it offers true 300Mbps internet speeds and unlimited calls. Along with Jio Saavn also on offer are subscriptions for 15 OTT platforms like Netflix Basic, Amazon Prime, Disney+Hotstar, SunNext to name a few. AirtelXstream Professional Plan offers up to 300Mbps internet speeds with unlimited data and calls. Along with Wynk Music, the plan offers Amazon Prime and Disney+Hotstar Super subscriptions. BSNL Bharat Fibre Ultra plan offers 4000GB of data at up to 300Mbps speed post which the data speed will be reduced to 4Mbps. BSNL still offers just 1 OTT subscription of Disney+Hotstar Premium. However, It needs to be mentioned that BSNL has one extra offering under Rs.1500 the Bharat Fibre Premium Plus Rs1247 Plan which does not offer OTT subscription but offers 3300 GB of data at up to 200Mbps speed post which the data speed will be reduced to 15Mbps.  

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Google Chat will now prevent data leaks with its new features

With many employees using Google Chat and other Google products to carry out their work, Google is now trying to ensure that it can prevent data leaks by introducing new features through Google Chat. To this effect, Google is working on new Data Loss Prevention (DLP) rules and policies for Admins in Google Chat. At the moment, these new features are in the Beta stage, and you can sign up to be a part of the Beta pool if you want to check it out. 

How will the new Data Loss Prevention (DLP) rules help users?

These new Data Loss Prevention (DLP) rules being tested by Google should be quite valuable for people who share sensitive content on the platform with peers. The features should help prevent data leaks, ensuring that confidential organisational data remains safe at all times. 

Once the features are rolled out, the admin will be given access to a set of rules and settings. These can then be enabled or even customised to fit the specific requirements of the group. After the settings are enabled, Google will scan all messages and content shared in the group to understand whether the information being shared is sensitive. Based on that, it will protect the information being shared. 

How does Google’s new DLP work?

What’s interesting is that these rules won’t just be applied to Google Chat, but also to Google Drive and Chrome. If someone tries to share a sensitive file on Google Drive, the file itself will be blocked and the admin will be notified of the same. 

Also Read: Google will auto-enrol users in two-step verification by end of 2021

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Bitcoin Law: El Salvador declares Bitcoin as legal tender

Bitcoin is the most valuable digital asset but volatile

Bitcoin is a decentralized digital currency that uses peer-to-peer technology to operate with no central authority or banks. It was created by Satoshi Nakamoto and its ledger started on January 3, 2009. Since its inception, it has become the most valuable and popular igital asset in the world. 

Tesla & Bitcoin pic.twitter.com/YSswJmVZhP

— Elon Musk (@elonmusk) May 12, 2021

2021 has been a highly volatile year for Bitcoin. In April 2021, it touched an all-time high of $ 65,000 (roughly ₹ 47.7 lakhs). On May 13, Tesla CEO Elon Musk announced that his company would no longer accept Bitcoin as a payment mode. In the same month, Bitcoin prices corrected by more than 50 percent from the all-time high. After a few months of consolidation, it reclaimed the $ 50,000 level (roughly ₹ 36.8 lakhs).

Bitcoin declared legal tender in El Salvador

September 7, 2021, marked the “beginning of a new dawn,” as El Salvador, officially the Republic of El Salvador, a country in Central America, became the first country in the world to declare Bitcoin (Code: BTC) as legal tender. Backed by President Nayib Bukele, the legislative assembly of El Salvador passed the Bitcoin law on June 8, 2021. The law took effect on September 7, 2021. With this move, Bitcoin has become an official currency for El Salvador, alongside the US Dollars (Code: USD).

Ahead of the launch, El Salvador president Nayib Bukele tweeted that the country had bought 400 Bitcoins. As per the price at the time of the tweets, the price of 400 Bitcoins totalled roughly $ 21 million (roughly ₹ 155 crores). On Tuesday morning, Bitcoin prices were close to hitting the $ 53,000 mark. However, it corrected by nearly 10 percent in the next few hours. The downtrend was visible in other cryptocurrencies as well.

It appears the discount is ending

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