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Leading cryptocurrency platform <a href="https://www.businessinsider.in/cryptocurrency/news/matt-damon-endorsed-crypto-com-confirms-400-accounts-hacked-and-funds-stolen/articleshow/89010819.cms" data-type="tilCustomLink">Crypto.com</a> has finally admitted that 483 users on its platform lost almost $34 million in various <keyword id="6195302" type="General" weightage="20" keywordseo="digital-coins" source="Orion">digital coins</keyword> owing to a compromise in two-factor (2FA) authentication. Overall, the unauthorised withdrawals had over $15 million worth of etherum, $19 million worth of Bitcoin and $66,200 in "other currencies". The platform said late on Thursday that on January 17, its risk monitoring systems "detected unauthorised activity on a small number of user accounts where transactions were being approved without the 2FA authentication control being inputted by the user". All withdrawals on the platform were then suspended for the duration of the investigation and any accounts found to be impacted were fully restored. Crypto.com said it revoked all customer 2FA tokens, and added additional security hardening measures, which required all customers to re-login and set up their 2FA token to ensure only authorised activity would occur. "No customers experienced a loss of funds. In the majority of cases we prevented the unauthorised withdrawal, and in all other cases customers were fully reimbursed," the company said. The company said that it introduced an additional layer of security on January 18 to add a mandatory 24-hour delay between registration of a new whitelisted withdrawal address, and first withdrawal. Crypto.com said that it is introducing the worldwide Account Protection Program (APP) that offers additional protection and security for user funds held in the Crypto.com App and the Crypto.com Exchange. Earlier Kris Marszalek, CEO of crypto.com which is endorsed by famous Hollywood actor Matt Damon, had confirmed that hundreds of user accounts were hacked and their funds stolen.

Crypto.com confirms 483 users lost $34 million in hack

The CEO of <keyword id="11118047" type="General" weightage="20" keywordseo="crypto-com" source="Orion">crypto.com</keyword>, a <a href="https://www.businessinsider.in/cryptocurrency/news/cardano-loses-ground-and-terra-gains-as-crypto-market-takes-a-breather/slidelist/88987641.cms" data-type="tilCustomLink">cryptocurrency</a> platform endorsed by famous Hollywood actor Matt Damon, has confirmed that hundreds of user accounts were hacked and their funds stolen. CEO Kris Marszalek told the media that nearly 400 customer accounts had been compromised. During the hack, Crypto.com paused its users' ability to withdraw funds. "We have a small number of users reporting suspicious activity on their accounts. We will be pausing withdrawals shortly, as our team is investigating. All funds are safe," the company said in a tweet. Marszalek also reiterated in a tweet that "no customer funds were lost." Blockchain security and analytics company Peckshield, however, tweeted that Crypto.com lost about $15 million (around 4,600 ethereum). "The @cryptocom loss is about $15M with at least 4.6K ETHs and half of them are currently being washed via @TornadoCash," Peckshield tweeted. Tornado Cash is a platform that obscures cryptocurrency transactions so that these are harder to be tracked. Marszalek claimed that Crypto.com's 200 security professionals had created a "very robust" infrastructure and stated it had defence-in-depth. Damon recently faced backlash for a Crypto.com commercial where he compares investing in crypto to great accomplishments achieved by mankind such as scaling Mount Everest or space exploration. Earlier this month, reports surfaced that victims of a $200 million hack of popular cryptocurrency exchange BitMart were still waiting for their money even after over a month since the exchange was hacked. According to reports, BitMart had promised a full reimbursement to the victims of the platform-wide $200 million hack. Hackers stole various crypto tokens on December 4, after using a stolen privacy key to gain access to one of BitMart's hot wallets.

Matt Damon-endorsed Crypto.com confirms 400 accounts hacked and funds stolen

<ul class="summary-list"><li><keyword id="12551782" type="UNKNOWN" weightage="60" keywordseo="crypto-com" source="Orion">Crypto.com</keyword> officially confirmed about 500 customer accounts had been hacked.</li><li>The Singapore-based <keyword id="12092828" type="UNKNOWN" weightage="60" keywordseo="exchange" source="Orion">exchange</keyword> has fully reimbursed affected users, CEO Kris Marszalek told Bloomberg.</li></ul>Crypto.com has confirmed that about 500 customer accounts were hacked earlier this week.On Monday, the Singapore-based <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> exchange <a href="https://markets.businessinsider.com/news/currencies/cryptocom-resumes-withdrawals-after-investigating-suspicious-activity-2022-1">suspended withdrawals</a> after receiving reports of "suspicious activities" in user accounts, <a href="https://twitter.com/cryptocom/status/1482936866001207296">Crypto.com</a> had said on Twitter.<a href="http://crypto.com/" target="_blank" rel="noopener noreferrer">Crypto.com</a> said on Thursday that the incident affected 483 users. Unauthorized withdrawals totalled 4,836.26 in ether, 443.93 in bitcoin and approximately $66,200 in other currencies, the exchange said in a blogpost. This amounts to over $30 million at current exchange rates."Given the scale of the business, these numbers are not particularly material, and customer funds were not at risk," <a href="https://www.bloomberg.com/news/articles/2022-01-19/crypto-com-ceo-says-regulators-haven-t-reached-out-after-hack">EO Kris Marszalek told Bloomberg</a> on Wednesday. Affected customers have been fully reimbursed, he said.The exchange has not received any communication from regulators about the incident, Marszalek told Bloomberg."Obviously, it's a great lesson, and we are continuously strengthening our infrastructure," he told the media outlet.Last year, Crypto.com launched an aggressive marketing campaign fronted by Hollywood actor <a href="https://markets.businessinsider.com/news/currencies/crypto-com-matt-damon-water-org-global-ad-digital-asset-2021-10">Matt Damon.</a> It now boasts over 10 million users.

Crypto.com admits that about 500 customer accounts were hacked earlier this week, over $30 million stolen

<ul class="summary-list"><li><keyword id="11896045" type="UNKNOWN" weightage="60" keywordseo="binance" source="Orion">Binance</keyword> is building a $1 billion insurance war chest to counter a slew of recent <keyword id="11994582" type="UNKNOWN" weightage="60" keywordseo="crypto-hacks" source="Orion">crypto hacks</keyword>, Bloomberg reported.</li><li>The <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> exchange has been setting aside emergency funds since 2018, and this fund is just a consolidation of those resources. </li><li>Meanwhile, Binance on January 29 restricted 281 personal Nigerian accounts with some at the request of law enforcement. </li></ul>Binance Holdings is building a $1 billion insurance war chest to counter a slew of recent cryptocurrency hacks against its trading platform, <a href="https://www.bloomberg.com/news/articles/2022-01-31/binance-builds-up-1-billion-insurance-fund-amid-crypto-hacks?srnd=markets-vp">Bloomberg</a> first reported Monday, citing an internal memo.The world's largest crypto exchange by trading volume has been setting aside emergency funds since 2018, Bloomberg reported, and this recent fund is just a consolidation of those resources. "At Binance we always said 'funds are safe,' and today the Binance Secure Asset Fund size acts as an effective safeguard as well as protection for users against such unlikely issues," CEO Changpeng "CZ" Zhao said in the internal memo. Trading platforms have recently been targeted by hackers as digital asset investing enters the mainstream.Earlier this month, Singapore-based Crypto.com confirmed that about <a href="https://www.businessinsider.com/crypto-com-400-customer-accounts-hacked-fully-reimbursed?amp">500 of its customer accounts</a> were hacked. Unauthorized withdrawals totaled 4,836.26 in ether, 443.93 in bitcoin, and approximately $66,200 in other currencies, the exchange said in a blog post.The anonymous nature of crypto transactions has been a source of attraction and frustration for various stakeholders. Regulators have said this boosts <a href="https://www.businessinsider.com/legitimate-crypto-use-surpasses-crypto-related-criminal-activity-2022-1">crypto-related crimes</a>, including money laundering and terrorism financing. Meanwhile, Binance <a href="https://www.binance.com/en-NG/blog/all/a-letter-from-our-ceo-to-nigerians--our-commitment-to-user-protection-421499824684903365">announced</a> January 29 that it's restricting 281 personal accounts in Nigeria, with approximately 38% of these at the request of international law enforcement. Users in the African nation continue to use the platform to trade crypto despite the central bank <a href="https://www.bloomberg.com/news/articles/2021-02-05/nigerian-central-bank-orders-closure-of-cryptocurrency-accounts">prohibiting transactions on crypto exchanges</a> last year."Protection mechanisms such as know your customer, anti-money laundering measures, collaboration with law enforcement, and account restrictions are in place to ensure our community remains protected," Binance said in a statement. "This is a global approach applied in every country."

Binance is reportedly building a $1 billion insurance fund to counter crypto hacks

<ul class="summary-list"><li>Cybercriminals laundered $8.6 billion in 2021 up 30% from 2020, <keyword id="11902141" type="UNKNOWN" weightage="60" keywordseo="chainalysis" source="Orion">Chainalysis</keyword> data showed on Wednesday.</li><li>Some $33 billion in <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> has been laundered since 2017, mostly through centralized exchanges, Chainalysis said.</li><li>DeFi platforms accounted for $900 million of the 2021 total, a 1,964% year-over-year increase.</li></ul>As cryptocurrencies reached dizzying new heights in 2021, so did online fraud, as cybercriminals laundered 30% more crypto last year than they had the previous year, according to data on Wednesday from Chainalysis.The Chainalysis Money Laundering <keyword id="8383869" type="UNKNOWN" weightage="60" keywordseo="crypto-crime" source="Orion">Crypto Crime</keyword> <keyword id="11923138" type="UNKNOWN" weightage="60" keywordseo="report" source="Orion">report</keyword> showed $8.6 billion worth of cryptocurrency was laundered in 2021, up 30% from the previous year. Money laundering is the key to cryptocurrency-based crime according to <a href="https://blog.chainalysis.com/reports/cryptocurrency-money-laundering-2021/">Chainalysis</a> and has become a growing method for cybercriminals to obscure the source of their funds. Chainalysis already <a href="https://markets.businessinsider.com/news/currencies/crypto-crimes-2021-defi-scam-stolen-funds-rug-pull-chainalysis-2022-1">told Insider</a> at the beginning of January that crypto-related crime had risen 80% in 2021.However, money laundering accounted for just 0.05% of all cryptocurrency transaction volume last year, the report showed.Cybercriminals have laundered over $33 billion worth of cryptocurrency since 2017, Chainalysis said. Up until now, most of this went through centralized exchanges. But for the first time since 2018, centralized exchanges didn't receive the majority of funds being sent by illicit addresses, according to the report. According to Chainalysis, 47% of laundered crypto went to centralized exchanges, and DeFi platforms accounted for a growing number of destinations in 2021. DeFi platforms accounted for $900 million worth of crypto money laundering last year, which represents a 1,964% year-over-year increase.<div type="image" title="Percentage growth in value received from illicit addresses in 2021" height="999" width="1536" msid="89141347" hostid="261"></div>Chainalysis head of research Kim Grauer has told Insider previously that one reason scams might be so prevalent on DeFi protocols is related to the smart contracts governing these networks."A lot of the code that is writing these protocols is public and open-sourced," she told Insider. "So anyone can go over them and look for bugs in the code that they can then exploit."Chainalysis explored how DeFi protocols for money laundering boomed in 2021 by looking at the Spartan Protocol hack, which resulted in fraudsters exploiting code vulnerability to <a href="https://twitter.com/SpartanProtocol/status/1388669192228929539?s=20">steal over $30 million</a> sparta token. The hackers then converted these into <keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">ethereum</keyword> and <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> composites, anyETH and any BTC, before swapping the anyBTC for actual bitcoin and moving it from the hacked <keyword id="11902216" type="UNKNOWN" weightage="60" keywordseo="blockchain" source="Orion">blockchain</keyword> to the bitcoin blockchain.Using DeFi protocols meant for cross-chain transactions, moving from one blockchain to another, the hacker moved the anyETH to the ethereum blockchain and from here sent those funds to a decentralized exchange before using Tornado Cash to wash the funds.The popularity of these techniques is already persevering in 2022. In the <a href="https://markets.businessinsider.com/news/currencies/cryptocom-resumes-withdrawals-after-investigating-suspicious-activity-2022-1">Crypto.com attack, last week</a> Tornado Cash was used again to obscure the transactions.

Cybercrooks laundered $8.6 billion worth of dirty crypto last year as laundering surged 30%, Chainalysis says.

Hi, all. Apple will finally let you <a href="https://www.businessinsider.com/apple-will-finally-let-you-fix-your-own-iphone-mac-2021-11">fix your own iPhone</a>, and a cyberattack has sent the <a href="https://www.businessinsider.com/cheese-prices-drop-after-cyberattack-interrupted-production-2021-11">price of cheese tumbling.</a>Let's get to it. If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-in-tech">sign up here</a>. Download Insider's app – click <a href="https://apps.apple.com/app/apple-store/id554260576">here for iOS</a> and <a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider">here for Android</a>.<a href="https://www.businessinsider.com/apple-will-finally-let-you-fix-your-own-iphone-mac-2021-11"></a>1. Apple will finally let customers fix their own iPhones. Apple's <a href="https://www.businessinsider.com/apple-will-finally-let-you-fix-your-own-iphone-mac-2021-11">"Self Service Repair" program</a> will begin selling parts for the iPhone 12 and iPhone 13 early next year. Until now, the only way to fix an iPhone has been by visiting an Apple Store, sending it to Apple, or going to an "Authorized Service Provider." <ul><li>The decision comes as a surprise to some, as Apple had for years <a href="https://www.vice.com/en/article/nz85y7/apple-is-lobbying-against-your-right-to-repair-iphones-new-york-state-records-confirm">lobbied against consumers' right to repair</a> their own devices. According to the Verge, the announcement <a href="https://www.theverge.com/2021/11/17/22787336/apple-right-to-repair-self-service-diy-reason-microsoft">follows ongoing pressure</a> from repair activists and regulators.</li><li>The program will start with iPhones' most commonly replaced parts: screens, batteries, and cameras. Eventually, more components for iPhones and parts for Macs will become available. </li></ul><a href="https://www.businessinsider.com/apple-will-finally-let-you-fix-your-own-iphone-mac-2021-11">Here's what you need to know about the new program.</a>In other news:<a href="https://www.businessinsider.com/staples-center-la-being-renamed-crypto-com-arena-2021-11"></a><div type="image" title="The Staples Center exterior" height="1333" width="1778" msid="87781181" hostid="261"></div>2. LA's Staples Center is being renamed Crypto.com Arena. The arena, home to the LA Lakers and LA Kings, will be renamed in a $700 million deal that will make crypto.com the teams' "official cryptocurrency platform partner." <a href="https://www.businessinsider.com/staples-center-la-being-renamed-crypto-com-arena-2021-11">More on the new Crypto.com Arena.</a>3. Nike is ramping up its video-game efforts. As part of its emerging metaverse strategy, the retailer has named a seven-year company veteran as its head of video-game partnerships. <a href="https://www.businessinsider.com/nike-video-games-cryptokicks-metaverse-virtual-digital-2021-11">How its new hire will push Nike further into the video game space.</a>4. Meta just previewed "haptic gloves" that will let people feel objects in the metaverse. The gloves, which Meta said it's been working on for seven years, simulate the feeling of touching an object in virtual reality — but a startup says the gloves look "<a href="https://www.businessinsider.com/haptx-claims-meta-haptic-vr-gloves-copy-its-own-2021-11">substantively identical</a>" to its own patented <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech" source="Orion">tech</keyword>. You can watch Mark Zuckerperg <a href="https://www.businessinsider.com/facebook-meta-mark-zuckerberg-tries-haptic-gloves-metaverse-feel-objects-2021-11">play with the mitts here.</a>5. Facebook gives this document to job candidates to prep them for the technical interview. The six-page guide, created for a senior software-developer role, breaks down the 60-minute process that candidates need to nail before moving on in the hiring process. <a href="https://www.businessinsider.com/facebook-interview-process-doc-technical-interview-prep-2021-11">You can read the internal document here.</a>6. The biggest coding bootcamps may exaggerate their success rates. While competing with other bootcamps for enrollment, some programs may have a financial incentive to overstate their effectiveness. We spoke with industry insiders, who explained <a href="https://www.businessinsider.com/best-coding-bootcamps-2021-11">how to choose one that will actually get you a job.</a>7. An electric vehicle battery shortage could be the auto industry's next chip crisis. Some experts believe that as EV production ramps up, there might not be enough batteries to go around — and it could cut global auto production by around 4% per year between 2025 and 2028. <a href="https://www.businessinsider.com/battery-shortage-shaping-auto-industrys-next-chip-crisis-2021-11">Here's what experts are saying.</a>8. Amazon said it would stop accepting UK-issued Visa credit cards. Citing high fees, the company told customers it would stop accepting credit cards on Jan. 19, but would continue accepting Visa debit cards. Visa responded, saying it would try to fix the problem. <a href="https://markets.businessinsider.com/news/stocks/visa-stock-price-amazon-stop-accept-credit-cards-uk-2021-11">Everything you need to know about the decision.</a>9. SpaceX's Starlink internet could be coming to the Amazon rainforest. Elon Musk met with Brazil's communications minister to discuss providing satellite internet to indigenous communities, remote schools and health centers, as well as how Starlink could help monitor illegal deforestation. <a href="https://www.businessinsider.com/elon-musk-met-brazil-government-spacex-starlink-internet-amazon-rainforest-2021-11">More on that potential partnership here.</a>10. A cyberattack caused cheese prices to tumble. Hackers allegedly targeted one of America's largest cheese producers, interrupting production and causing prices to fall as a result. <a href="https://www.businessinsider.com/cheese-prices-drop-after-cyberattack-interrupted-production-2021-11">Get the latest on the cheese hack.</a>What we're watching today:<ul><li>Intuit, Workday, Alibaba, and others are expected to report their earnings. <a href="https://markets.businessinsider.com/earnings-calendar">Keep up with earnings here. </a></li><li>Justin Bieber is putting on a performance <a href="https://live.wavexr.com/">in the metaverse.</a></li><li>Sotheby's is going to accept live bidding increments in Ether for two Banksy works up for auction. </li><li>Oppenheimer is hosting its annual <a href="https://www.oppenheimer.com/events/2021/blockchain-digital-assets-summit-the-evolution-of-digital-assets.aspx">Blockchain Digital Assets Summit.</a></li></ul>Curated by Jordan Parker Erb in New York. (Feedback or tips? Email <a href="mailto:jerb@insider.com">jerb@insider.com</a> or tweet <a href="https://twitter.com/jordanparkererb?lang=en">@jordanparkererb</a>.) Edited by Michael Cogley in London.

10 things in tech you need to know today

You've made it to the end of another week! Social media giants are <a href="https://markets.businessinsider.com/news/currencies/facebook-instagram-owner-meta-plans-nft-minting-marketplace-users-2022-1">pouncing on the NFT craze</a>, and our writer describes what it's like to go to <a href="https://www.businessinsider.com/i-went-to-a-rave-in-the-metaverse-2022-1">a rave in the metaverse.</a>Let's get to it.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-in-tech">sign up here</a>. Download Insider's app – click <a href="https://apps.apple.com/app/apple-store/id554260576">here for iOS</a> and <a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider">here for Android</a>.<a href="https://markets.businessinsider.com/news/currencies/facebook-instagram-owner-meta-plans-nft-minting-marketplace-users-2022-1"></a>1. Social media companies are jumping on the NFT craze. Twitter, Facebook, and Instagram all have made — or are planning to make — moves into the $40 billion market for non-fungible tokens. Here's the latest:<ul><li>Twitter is the first of the platforms <a href="https://www.theverge.com/2022/1/20/22893502/nft-twitter-profile-picture-crypto-wallet-opensea-coinbase-right-click">to make an official plan</a>. Yesterday it announced that users who opt-in to Twitter Blue, its $2.99-per-month subscription, will be able to make their profile pictures an NFT. <a href="https://help.twitter.com/en/using-twitter/twitter-blue-labs#nft">Twitter has instructions on how to do it.</a></li><li>While a non-fungible profile pic will look much like a regular profile pic, you'll be able to tell if someone has an NFT profile photo if it has a hexagon shape around it. Normal profile pictures are plain-old circles. </li><li>This means, should you feel so inclined, you can make your profile picture a <a href="https://metaverse.sothebys.com/natively-digital/lots/bored-ape-8817">multi-million-dollar Bored Ape Yacht Club NFT</a>. Or maybe you'd prefer something a little less pricey, like <a href="https://www.businessinsider.com/nft-olive-garden-first-turf-battle-dispute-in-metaverse-opensea-2022-1">an NFT of an Olive Garden</a>. </li><li>According <a href="https://www.ft.com/content/2745d50b-36e4-4c0a-abe0-e93f035b0628">to the Financial Times</a>, Meta is working on its own plan to let users create and sell NFTs on Facebook and Instagram. Other features, though not yet released, include an NFT marketplace and NFT profile pictures. </li></ul><a href="https://markets.businessinsider.com/news/currencies/facebook-instagram-owner-meta-plans-nft-minting-marketplace-users-2022-1">What we know about Meta's NFT plans.</a>In other news:<a href="https://www.businessinsider.com/peloton-pauses-bike-treadmill-production-as-demand-drops-report-2022-1"></a><div type="image" title="A man riding a Peloton bike in his living room." height="2912" width="3882" msid="89040690" hostid="261"></div>2. Peloton has reportedly paused production of its bikes and treadmills. Documents obtained by CNBC describe a "significant reduction" in global demand, causing the company to hit the brakes on production of its flagship products. <a href="https://www.businessinsider.com/peloton-pauses-bike-treadmill-production-as-demand-drops-report-2022-1">Here's what else the documents said.</a>3. Compensation changes are frustrating Cisco salespeople — and pushing some to quit. Insiders say their goals rose even as Cisco's growth slowed, making it harder to earn commissions and driving some salespeople to leave the company. <a href="https://www.businessinsider.com/cisco-sales-quotas-goals-compensation-structure-commissions-2022-1">Here's what employees told us.</a>4. The IRS is set to start using facial recognition. Starting this summer, anyone who uses the IRS' online portal will have to create an ID.me account, which requires selfies to make and view payments and access tax records. <a href="https://www.businessinsider.com/irs-online-taxes-facial-recognition-selfies-2022-1">More on selfies for the IRS.</a>5. VC partners collect record bonuses while many junior-level associates are left out. After a blockbuster year for venture capital in 2021, compensation is at an all-time high — but most VCs in junior roles will have to wait years before they see a cut of profits. <a href="https://www.businessinsider.com/vcs-pay-record-bonuses-2021-associates-must-wait-2022-1">What's going on with associate bonuses.</a>6. Crypto.com confirmed that 400 customer accounts have been hacked. On Monday, the cryptocurrency exchange suspended withdrawals after receiving reports of "suspicious activities" in user accounts, and has since reimbursed affected users, the company said. <a href="https://markets.businessinsider.com/news/crypto-com-nbsp-admits-that-about-400-customer-accounts-were-hacked-earlier-this-week-1031115094">Here's what you should know.</a>7. A former Amazon employee shares his experience with its notoriously opaque performance evaluations. Patrick McGah, once a research scientist at Amazon, said the company's performance evaluations were humiliating and predatory — and ultimately drove him to quit. <a href="https://www.businessinsider.com/patrick-mcgah-quit-amazon-opaque-pip-unregretted-attrition-2022-1">He describes navigating the worst weeks of his career.</a>8. Amazon is opening a brick-and-mortar clothing store later this year. Called "Amazon Style," the high-tech store will require customers to use the Amazon app to find the sizes and colors they want, then scan a QR code to have the items added to a fitting room. <a href="https://www.businessinsider.com/amazon-style-high-tech-clothing-store-open-los-angeles-2022-1">Get the details on Amazon Style.</a>9. Our writer went to a rave in the metaverse. Within the browser-based "Decentraland," which is described as a "virtual social world," our writer attended a party — but says it just felt like he was playing a game without anything to do. <a href="https://www.businessinsider.com/i-went-to-a-rave-in-the-metaverse-2022-1">Here's what it's like to rave in the metaverse.</a>10. Winnebago designed an electric camper built on a Ford Transit van. The tiny home on wheels has a bathroom, kitchen, and bed, and sports a modest 125-mile range. <a href="https://www.businessinsider.com/photos-winnebagos-electric-camper-rv-concept-ford-transit-2022-1">See inside the e-RV</a>.The latest people moves in <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech" source="Orion">tech</keyword>:<ul><li>Google exec and DeepMind cofounder Mustafa Suleyman is out after a turbulent few years: <a href="https://www.businessinsider.com/deepmind-cofounder-mustafa-suleyman-leaves-google-i-really-screwed-up-2022-1">"I really screwed up."</a></li><li>Susanne Daniels, YouTube's global head of original programming, <a href="https://variety.com/2022/tv/news/susanne-daniels-exits-global-originals-head-1235156216/">is leaving in March.</a></li><li>Vishal Garg has <a href="https://www.businessinsider.com/better-ceo-vishal-garg-is-back-to-head-company-again-2022-1">returned to his role</a> as Better's CEO.</li><li>Activision's CEO Bobby Kotick is expected <a href="https://www.businessinsider.com/activision-ceo-bobby-kotick-out-after-microsoft-acquisition-closes-report-2022-1">to leave the company</a> after being acquired by Microsoft. He's set to receive a nearly <a href="https://www.businessinsider.com/activision-ceo-bobby-kotick-400-million-payout-microsoft-acquisition-scandal-2022-1">$400 million payout.</a></li></ul>Curated by Jordan Parker Erb in New York. (Feedback or tips? Email <a href="mailto:jerb@insider.com">jerb@insider.com</a> or tweet <a href="https://twitter.com/jordanparkererb?lang=en">@jordanparkererb</a>.) Edited by Michael Cogley in London.

<a href="https://www.businessinsider.com/amazon-aws-names-adam-selipsky-as-its-incoming-cloud-ceo-2021-3"></a>Good morning and welcome to <keyword id="9070519" type="UNKNOWN" weightage="60" keywordseo="10-things-in-tech">10 Things in Tech</keyword>. If this was forwarded to you, <a href="http://newsletter.businessinsider.com/join/4np/10-things-in-tech">sign up here</a>.Join Insider's Meghan Morris, Linette Lopez and Rob Price today at 11 a.m. ET on Clubhouse for a chat about the Microsoft hack, ghost kitchens, NDAs and more. <a href="https://www.joinclubhouse.com/event/M8wpg4AA">Details here</a>. Now, let's get started.1. Amazon has named Adam Selipsky the incoming CEO of its $40 billion cloud business. The former Amazon exec and current Tableau CEO will take charge of Amazon Web Services. Read current AWS head (and soon-to-be Amazon chief)<a href="https://www.businessinsider.com/amazon-aws-names-adam-selipsky-as-its-incoming-cloud-ceo-2021-3"> Andy Jassy's internal email announcing the change</a>.2. WeWork might go public with a SPAC. After losing $3.2 billion last year, the coworking startup is considering a public listing with <a href="https://www.businessinsider.com/wework-lost-3-billion-last-year-public-offering-spac-shaq-2021-3">this celebrity - and famous athlete - as its advisor.</a>3. Clubhouse could finally be available to Android users. Currently only available on iPhones, the buzzy new platform - <a href="https://www.businessinsider.com/who-are-clubhouse-founders-paul-davison-rohan-seth-2021-1">founded after years of failed attempts</a> - might see an Android app launch as early as this summer. It's CEO, Paul Davison, said the app is also expecting <a href="https://www.businessinsider.com/clubhouse-android-app-launch-release-date-invite-only-paul-davison-2021-3">one more fundamental change.</a> 4. Prince Harry is now a <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech">tech</keyword> exec - at the mental health startup BetterUp. The Duke of Sussex joined as the chief impact officer for the career-coaching unicorn, which recently raised $125 million in funding. <a href="https://www.businessinsider.com/prince-harry-startup-betterup-chief-impact-officer-2021-3">Here's what to know about Prince Harry's foray into the tech world.</a>5. Tesla is being investigated for solar panel fires on Walmart stores and Amazon warehouses. The US Consumer Product Safety Commission is looking into the company after seven stores and a number of homes experienced solar panel fires - and some officials are saying <a href="https://www.businessinsider.com/tesla-solar-panel-fires-walmart-amazon-safety-regulator-investigation-foia-2021-3">Tesla has known about fire risks for years.</a>6. Microsoft is considering buying Discord for more than $10 billion. The chat app, which has boomed during the pandemic, is in discussions with Microsoft and other potential buyers, according to reports. <a href="https://www.businessinsider.com/microsoft-discord-acquisition-talks-sale-10-billion-chat-app-gaming-2021-3">Get the full rundown.</a>7. Snoop Dogg and Lionel Richie have joined the NFT craze. The stars are the latest to enter the world of non-fungible tokens, having signed up to produce work for cryptocurrency exchange Crypto.com's new marketplace. <a href="https://markets.businessinsider.com/currencies/news/snoop-dogg-lionel-richie-nfts-non-fungible-token-cryptocom-marketplace-2021-3-1030237655">Here's what you can expect from the artists.</a>8. SpaceX is betting big on its UK Starlink rollout. Elon Musk's company is in talks to become part of the government's $6.9 billion "Project Gigabit" plan to bring internet to rural areas. <a href="https://www.businessinsider.com/spacex-starlink-uk-satellite-internet-government-project-gigabit-elon-musk-2021-3">More on that here.</a>9. Amazon workers describe going up against the tech giant in their push for unionization. In our exclusive report, we spoke with employees who are fighting a company with a history of aggressive union-busting, led by one of the world's richest men. <a href="https://www.businessinsider.com/amazon-union-alabama-workers-describe-anti-union-tactics-bessemer-2021-3">From midnight meetings to an unexpected mailbox, here's what they told us.</a>10. VCs once clamored to invest in YouTube star David Dobrik's startup, Dispo. Now, they're scrambling to get out. After a woman said she was raped by a member of Dobrik's friend group, investors are pulling financing. Most recently, the CEO of Lime <a href="https://www.businessinsider.com/david-dobriks-dispo-loses-another-investor-the-ceo-of-lime-2021-3">pulled all his investments</a>, and the rest of the venture world is <a href="https://www.businessinsider.com/vcs-are-talking-about-dispo-after-insiders-david-dobrik-investigation-2021-3">speaking out about the scandal.</a> Have an Amazon Alexa device? Listen to this update by searching "Business Insider" in your flash briefing settings.Compiled by Jordan Erb. Tips/comments? Email <a href="mailto:jerb@insider.com">jerb@insider.com</a> or tweet <a href="https://twitter.com/jordanparkererb">@JordanParkerErb</a>.Sign up for <a href="https://newsletter.businessinsider.com/join/free">more Insider newsletters here.</a>

Table of Contents: Masthead Sticky<ul class="summary-list"><li><keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> <keyword id="11896289" type="UNKNOWN" weightage="60" keywordseo="investing" source="Orion">investing</keyword> involves choosing an exchange, verifying your identity, and withdrawing to a wallet.</li><li>Investing in bitcoin is risky since it's a volatile and speculative asset.</li><li>Experts recommend using a buy-and-hold strategy when buying bitcoin, in order to average out rises and falls.</li></ul>More than a decade into its existence, Bitcoin doesn't seem to be going away. The <a href="https://www.businessinsider.com/how-to-buy-cryptocurrency" target="_blank" rel="noopener">cryptocurrency</a> has attracted good and bad headlines as it's worked its way through multiple peaks over the years, and despite a reputation for volatility, it continues to attract new investors with its promise of market-beating returns.Here's what to know about investing in Bitcoin.<h2>What to know about Bitcoin </h2><a href="https://www.businessinsider.com/what-is-bitcoin" target="_blank" rel="noopener">Bitcoin</a> is a cryptocurrency. This means it's a form of electronic money that secures and validates transactions via the use of cryptography. In Bitcoin's case, people and organizations known as "miners" use computing hardware to calculate a code - known as a "hash" - that encrypts the data contained in transactions. This data is collected into "blocks," which are linked together in a blockchain that cannot, in theory, be changed once written.On an economic level, Bitcoin's creator - the pseudonymous Satoshi Nakamoto - created it in 2008 as a form of "sound money," akin to digital gold."What makes Bitcoin so special is that it has a finite supply of 21 million coins, with only a couple million left to be mined," explains Edward Moya, chief market strategist at <a href="https://www.oanda.com/us-en/" target="_blank" rel="nofollow noopener sponsored">OANDA's</a> <a href="https://www.marketpulse.com/" target="_blank" rel="nofollow noopener sponsored">MarketPulse</a>. "Simple supply and demand for Bitcoin is the main reason why prices have skyrocketed over the past year."Despite having a fixed maximum supply, Bitcoin has shown remarkable <a href="https://www.businessinsider.com/what-is-volatility" target="_blank" rel="noopener">volatility</a> throughout most of its life with major fluctuations in its price.Such swings make Bitcoin a highly <a href="https://www.businessinsider.com/what-is-speculation" target="_blank" rel="noopener">speculative</a> asset, one that should be considered only by traders willing to stomach a fair amount of risk. That said, at least some analysts suspect that its volatility will gradually decline over time, as its market grows and reduces its destabilizing reliance on leverage.<h2>Step 1: Choose a <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> exchange </h2>For most people, the best place to buy Bitcoin is on a crypto exchange. These are online platforms dedicated to facilitating trades in cryptocurrency, usually by offering trading pairs (e.g., USD to Bitcoin) and usually by matching buyers with sellers.In the US, the leading crypto exchange by volume and customer base is <a href="https://www.businessinsider.com/personal-finance/coinbase-investing-review" target="_blank" rel="noopener">Coinbase</a>. That said, other reputable - and regulated - crypto-exchanges include <a href="https://www.businessinsider.com/personal-finance/kraken-investing-review" target="_blank" rel="noopener">Kraken</a>, <a href="https://www.businessinsider.com/personal-finance/gemini-review" target="_blank" rel="noopener">Gemini</a>, <a href="https://www.businessinsider.com/personal-finance/etoro-investing-review" target="_blank" rel="noopener">eToro</a>, and <a href="https://www.businessinsider.com/personal-finance/cryptocom-review" target="_blank" rel="noopener">Crypto.com</a>.More inexperienced traders may wish to try a more general trading platform such as <a href="https://www.businessinsider.com/is-robinhood-safe" target="_blank" rel="noopener">Robinhood</a>. These have the benefit of being more user-friendly than the average crypto exchange, although their major downside is that many don't let users withdraw their bitcoin.Quick tip: New investors should check the fees charged by exchanges, since these can vary quite widely. They should also check for the minimum account balance required by their chosen platform, since certain exchanges impose a minimum. Others also set minimums for account deposits via bank transfer.<h2>Step 2: Choose a payment method</h2>Exchanges also vary in terms of the payment methods they support. Most major platforms do offer the option of linking your bank account for wire and ACH transfers, as well as the option of linking a debit card. Some also let you pay via PayPal, with Coinbase also supporting Apple Pay.Quick tip: Most bank transfer deposit options incur no fees. Nonetheless, certain special services (e.g., FedWire via Silvergate or Synapse) may require a small charge (e.g., $1 or $5), while using PayPal to deposit money into your exchange incurs a 2.5% charge with Coinbase, for instance.Regardless of the option you choose, you will have to verify your identity when first signing up for an account and registering a payment method. In the US, you're usually required to submit a scan of a state-issued ID, such as a driver's license or identification card.Depending on where you are and on your chosen platform, you may also be required to provide scans of additional documentation (such as your passport), as well as being asked to submit a proof of address.<h2>Step 3: Place your order </h2>Once you're verified and have deposited cash into your account, you can then begin buying Bitcoin. This process varies according to the exchange you use, with some exchanges offering a process that simply involves clicking a Buy or Sell button and then specifying how much Bitcoin you want to buy (or sell).In general, most crypto exchanges offer at least three basic order types:<ul><li><a href="https://www.businessinsider.com/market-order-vs-limit-order" target="_blank" rel="noopener">Market order</a>: the option to choose if you simply want to buy Bitcoin at its current price. This type of order is usually completed in a matter of seconds, depending on the time of day.</li><li><a href="https://www.businessinsider.com/stop-order" target="_blank" rel="noopener">Stop order</a>: an order where you specify the price at which you will buy or sell Bitcoin. This type is good if you want to make sure you sell Bitcoin before it falls too sharply. This type of order can take some time to execute, depending on how quickly the market moves.</li><li><a href="https://www.businessinsider.com/what-is-a-limit-order" target="_blank" rel="noopener">Limit order</a>: instructs the exchange to execute a buy or sell order at a specific price or better. In contrast to stop orders, limit orders are visible to the market and can take longer to fill.</li></ul>Again, executing any one of these options usually involves clicking a Buy, Trade, or New order button on an exchange's home screen. You'll then be able to choose from the above three (and more advanced) options, before clicking a Submit button or something equivalent.Quick tip: All exchanges will let you buy a <a href="https://www.businessinsider.com/fractional-shares" target="_blank" rel="noopener">fraction</a> of a bitcoin (BTC). So while the price of 1 BTC may seem prohibitively expensive right now, you will be able to choose to buy 0.1 BTC, 0.01 BTC or whatever else you type into the exchange's interface.<h3>How to buy Bitcoin with PayPal</h3>PayPal has enabled its US-based customers to buy Bitcoin (and other cryptocurrencies) since October 2020. But before you can purchase Bitcoin, you'll have to agree to their terms and conditions and then set up a PayPal Balance account first.<ol><li>From the home screen, click the button that looks like a bar graph. <div type="image" title="Manu in the Paypal app on iOS" height="183" width="953" msid="86468202" hostid="261"></div></li><li>Click Bitcoin. <div type="image" title="Screenshot of the Bitcoin button in the PayPal app on iOS." height="320" width="920" msid="86468203" hostid="261"></div></li><li>Scroll down and select how much you'd like to purchase. Then click Buy. <div type="image" title="Screenshot of the &quot;Buy&quot; button and dollar amounts to buy Bitcoin in the PayPal app on iOS." height="639" width="948" msid="86468204" hostid="261"></div></li></ol>Quick tip: When you press the Buy button for the first time, you'll have to prove your identity (if you haven't done so on PayPal already). This involves providing your name, physical address, date of birth, and taxpayer identification number, and may also include submitting a copy of your ID and showing proof of address.<h2>Step 4: Store your crypto in a safe place </h2>While bigger exchanges are becoming safer, hacks and fraud <a href="https://markets.businessinsider.com/news/currencies/cryptocurrency-hacks-fraud-cases-record-bitcoin-ethereum-wallets-breaches-defi-2021-8" target="_blank" rel="noopener">remain a big problem</a> for the industry. This is why investors with significant sums in Bitcoin are advised to consider storing their cryptocurrency themselves."Experienced traders that are very good with cybersecurity might prefer to own their wallets, as this gives you the ability to move your cryptocurrencies whenever you want to and not be subject to an exchange. The saying 'Not your keys, not your coins' was popular last year, as many exchanges got hacked or shut down," says Moya.This means transferring your Bitcoin from the exchange you use to your own <a href="https://www.businessinsider.com/bitcoin-wallet" target="_blank" rel="noopener">cryptocurrency wallet</a>. Such wallets come in two forms:<ul><li>Cold wallets: also known as hardware wallets, these are small devices that store your Bitcoin address' private key, which is necessary to transfer Bitcoin out of the address. They do not connect to the internet and are therefore considered safer than online, software-based alternatives.</li><li>Hot wallets: also known as software wallets, these are apps that can be used through your phone, desktop computer, or web browser. They also store the private key of your Bitcoin address, but because they do connect to the internet, they aren't considered quite as safe as hardware/cold wallets.</li></ul>Software wallets aren't quite as secure as hardware wallets, but the leading varieties do still offer a range of security features, such as two-factor authentication and compatibility with hardware wallets.<h2>Selling bitcoin </h2>While many traders turn to Bitcoin in the hope of making big money fast, pretty much every analyst advocates a long-term, <a href="https://www.businessinsider.com/buy-and-hold" target="_blank" rel="noopener">buy-and-hold strategy</a>. This is largely because holding for a longer period of time tends to average out gains and losses, providing a greater probability of a significant positive return by the time you sell your Bitcoin."In my opinion, it is better to buy and hold, perhaps allocating a small portion of your portfolio to cryptocurrencies, focusing on the ones typically held by institutional investors, such as Bitcoin and <a href="https://www.businessinsider.com/what-is-ethereum" target="_blank" rel="noopener">Ethereum</a> at the moment," says Nikolaos Panigirtzoglou, an analyst at JPMorgan Chase &amp; Co.Likewise, many analysts also recommend adopting a <a href="https://www.businessinsider.com/dollar-cost-averaging" target="_blank" rel="noopener">dollar-cost-averaging</a> (DCA) strategy, largely because this is another way of averaging out peaks and troughs."The best strategy for newcomers would be to [trade] Bitcoin on the DCA approach [...] you'll just buy a tiny bit on a monthly or weekly basis, not looking at the price movements at all," says Michaël van de Poppe, the CEO and founder of cryptocurrency consultancy, <a href="https://www.eightglobal.com/" target="_blank" rel="nofollow noopener sponsored">Eight</a>.However, Moya warns that even with a long-term hold strategy, new traders are generally advised to enter the world of <a href="https://www.businessinsider.com/buy-bitcoin-with-credit-card" target="_blank" rel="noopener">Bitcoin investing</a> with the mindset that they could lose most of their money. "A new investor should only apply a very low, single-digit percentage of their trading portfolio to cryptocurrencies. Despite the many <a href="https://www.businessinsider.com/what-is-a-bull-market" target="_blank" rel="noopener">bullish</a> calls for Bitcoin or Ethereum, massive plunges have happened in minutes. New investors may want to consider buying and holding a basket of cryptocurrencies, with an approach of scaling into positions," he says.A longer-term approach is also beneficial from a tax perspective, since Bitcoin is classified as property in the US, and therefore liable to <a href="https://www.businessinsider.com/capital-gains-tax-rates" target="_blank" rel="noopener">capital gains tax</a> when sold. Quick tip: You'll have to pay capital gains tax if you sell bitcoin after holding it for more than one year. But if you hold for less than a year, your gains are taxed as ordinary income. Investors with an annual income of $40,000 or less pay no capital gains tax on Bitcoin profits, whereas those in the next bracket pay 15%.<h2>The financial takeaway</h2>Bitcoin is an interesting and exciting technological innovation, representing a form of decentralized electronic money that doesn't require a central authority (such as the Federal Reserve) to operate. It's also exciting from an investment perspective, with its high annual returns (in most years) making it one of the best-performing assets of the past decade, even if its volatility means it has suffered more than a few dramatic falls.While investing in Bitcoin may seem complicated, starting off is as simple as picking a reputable exchange and setting up an account. Once you've verified your identity and deposited some money, you're then good to go, with most exchanges offering a range of order types in addition to the ability to simply buy Bitcoin.When you've acquired a significant sum of Bitcoin, most experts recommend withdrawing it to your own cold (i.e., hardware) wallet. They also recommend a buy-and-hold strategy, so that you can iron out market dips and also avoid having your profits taxed as ordinary income.<a data-type="600f72e1fdb68e08982d5365">A bitcoin IRA lets you profit from the cryptocurrency's potential gains in a tax-advantaged way</a><a data-type="610ae71ab0b35f330c4d0734">Altcoins are the alternative digital currencies to bitcoin - here's what they are and how they work</a><a data-type="611427ccf8805a4fd1747977">What is Ethereum? What to know before investing</a><a data-type="611446ec37043a480114bb24">What to know about non-fungible tokens (NFTs) - unique digital assets built on blockchain technology</a>

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