Curious about today’s crypto news? Here’s the latest on trends and events affecting Bitcoin price, blockchain, DeFi, NFTs, Web3, and regulations.
Litecoin’s X social media page was briefly hacked to promote a fake token today in crypto news.
Heritage Distilling, a Washington-based company that makes craft spirits, will now accept Bitcoin as payment, and Wolf Capital’s co-founder pleaded guilty to one count of conspiracy to commit wire fraud.
Someone Broke Into Litecoin X Account To Promote Fake Token
The Litecoin X social media account was hacked on January 11 by a con artist who was using it to sell a fake Litecoin token on the Solana network.
The scammer put up posts with a link to a pump.fun token and an address for a token contract. The Litecoin team has since taken down the posts after taking back control of the social media account.
They said in an update, “We’re still investigating the issue,” and they said that the account was hacked because of a hacked delegated account that has since been taken down.
This was just the latest account breach on X that targeted crypto projects, workers in the crypto industry, and influential people in the crypto space in the last few months.
US Brewery Starts Using Bitcoin For Its Funds
Heritage Distilling, a craft spirits company in Washington state, said it will start taking Bitcoin as payment and keep it as a bank asset.
The business added a Bitcoin reserve policy on January 10 so that customers could pay for goods and services through its online store.
Heritage is the first openly traded liquor company to use Bitcoin as part of its business plan.
In its new policy, the business says it is ready to “sell its goods and services in exchange for Bitcoin as a form of payment, even if the price of Bitcoin falls at any time.”
The new rule says, “The benefits of attracting a new set of buyers, consumers, and fans, along with the margin cushion the Company can create, and the potential for Bitcoin to rise in value, more than offsets the risk of loss.”
At the moment, Heritage Distilling’s website says that Bitcoin will be accepted for online sales “soon.”
After setting up its Technology and Cryptocurrency Committee, which is led by Matt Swann, a former chief technology officer at Nubank, the company decided to accept Bitcoin.
Heritage said that Matt Swann would be joining its Board of Directors on January 6.
Wolf Capital’s Co-Founder Admitted To running $9.4 million Scam That Claimed Returns Of 547%
A co-founder and head trader of a cryptocurrency investment company pleaded guilty to wire fraud conspiracy charges for his part in getting investors to give over $9 million by making false claims about very high returns.
As of January 10, 2023, the US Department of Justice (DOJ) said that Travis Ford, co-founder and head trader of Wolf Capital, got about 2,800 clients to put in about $9.4 million between January and August 2023.
According to the DOJ, Ford posed as a “sophisticated investor” who could make “1-2%” daily gains, which is an average of about 547% a year.
The Department of Justice (DOJ) said Ford got investors through Wolf Capital’s website, social media, and other online ads.
Instead of being used for what they were supposed to be used for, the money was used to help Ford and others involved in the plan make more money.
Along with that, the DOJ said Ford “admitted” that those returns were not possible to “achieve consistently.”
Ford pleaded guilty to one count of conspiracy to commit wire fraud, which carries a potential sentence of five years. A sentencing date has not been set yet.
