Bitcoin This Week: Bitcoin Gold Wallet Scam, IRS Going After Coinbase, And More


Bitcoin Gold Wallet Scam Nets Over $3 Million

In a sophisticated scam, a website called has targeted BitCoin users for over $ 3 million of cryptocurrency so far. The fraud involved the website offering services for BitCoin owners seeking to claim their  Bit Coin Gold.

However on entering confidential details, their own existing wallets were drained and sent to other accounts.  Previously the official BitCoin Gold team had endorsed the wallet as safe before discovering the scam, and are now working on ways to rectify the situation.

PWC Take First Bitcoin Payment via HongKong Office

The Wall Street Journal reported this week that one of the big four global accountancy firms had accepted its first ever BitCoin payment for its services through its Hong Kong office.

PwC Asia-Pacific chairman Raymund Chao said: “It is also an indication that bitcoin and other established cryptocurrencies have now developed into more broadly accepted forms of settlement.”

Coinbase Surrenders Details of Customers to IRS

As part of a ongoing legal battle with the IRS in the USA, digital asset broker Coinbase is being forced to hand over details of American Bitcoin owners who have been transacting more than $ 20,000 in a two year period from 2013-2015.

Originally the IRS had attempted via court orders to get the detailed data for all American Bitcoin owners within Coinbase but after a years legal battle it was diluted to the current order.

In March, the IRS was reported as stating that fewer than 1000  American citizens were declaring their BitCoin earnings every year.

Bitcoin Record High on a Rollercoaster Ride

Its official, Bitcoin is everywhere. As Bitcoin smashed through the 10 000 dollar mark recently, it would seem the world and his wife are now talking crypto currency, either wanting to invest in it or decrying tales of the bubble that is about to burst.

Add to this a rollercoaster ride as the currency pushed ahead even  reaching $ 11395, but only for 30 mins before crashing with swings of up to 20% within a matter of hours, and it soon became clear despite its volatility, Bitcoin is experience a massive interest and upsurge. Crypto- currency stories are all across the mainstream media and it seems the topic is on lips, with a growing list of pundits issuing either doom or eternal growth forecasts…

Joseph Stiglitz, 2001 recipient of the Nobel Memorial Prize in Economic Sciences, stated to Bloomberg that  “bitcoin should be outlawed, It doesn’t serve any socially useful function”

John McAfee was opening declaring that Bitcoin would reach $ 500,000 within 3 years and then buoyed by the news of the new highs, changed this declaration to 1 million usd declaring he would eat his own manhood on national tv  if wrong.

What exactly comes next on the menu is anybody’s bet, but it is certain everyone’s attention is turning to world of crypto at all levels of society.