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  • Michael Saylor urges Microsoft to adopt Bitcoin, says it represents digital capital

    Michael Saylor urges Microsoft to adopt Bitcoin, says it represents digital capital

    • Michael Saylor said Bitcoin represents the “greatest digital transformation of the 21st century”
    • Saylor believes it “makes sense” for Microsoft to buy and hold Bitcoin rather than buy stock back or hold bonds
    • Over the past five years, Saylor said that Microsoft has surrendered hundreds of billions of dollars of capital

    Michael Saylor has told Microsoft that Bitcoin is the best asset a company should own, claiming it represents the “greatest digital transformation of the 21st century.”

    Taking to X, Saylor, CEO of MicroStrategy, posted a three-minute video tagging Satya Nadella, Microsoft’s chair and CEO, and its board of directors. In the video, Saylor said:

    “Microsoft can’t afford to miss the next technology wave, and Bitcoin is the next wave. Bitcoin represents the greatest digital transformation of the 21st century; it represents digital capital.”

    Talking about long-term capital, Saylor noted that risk – including general taxes, politics, recession, regulation, war, and the weather – is destroying over $10 trillion in capital each year.

    Because of this, investors are turning their attention to digital capital, such as Bitcoin, to avoid these risks. In Saylor’s view, “it makes sense” for Microsoft to buy and hold Bitcoin rather than buy back stock or hold bonds.

    “If you’re going to outperform, you’re going to need Bitcoin,” Saylor said. “You’ve surrendered hundreds of billions of dollars of capital over the past five years, and you’ve just amplified the risks that your own shareholders face. If you want to escape that vicious cycle, you’re going to need an asset without counterparty risk.”

    In Saylor’s opinion, that lies with Bitcoin.

    MicroStrategy is fully behind Bitcoin

    Since August 2020, MicroStrategy has been buying Bitcoin. Since then, the company now holds 402,100 Bitcoin, valued at more than $38.4 billion, according to MSTR-Tracker.

    Earlier this month, MicroStrategy purchased an extra 51,780 Bitcoin, valued at $4.6 billion. In a post on X yesterday, Saylor posted that the company had bought an extra 15,400 Bitcoin at $95,976 per Bitcoin.

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  • Ordswap loses control of its website, urges users to recover keys

    Ordswap loses control of its website, urges users to recover keys

    • Ordswap has experienced a security breach that has led to phishing risks for users’ private keys and assets.
    • An online tool has been introduced for MetaMask users to recover private keys.
    • The incident underscores security concerns in crypto.

    In a recent crypto hack incident, Ordswap, a prominent marketplace for Bitcoin Ordinals, has fallen victim to a significant security breach that has made it lose control of its website. The platform’s website was compromised leading to potential risks for users.

    Ordswap users were met with a distressing situation as the compromised website directed them to a phishing link. This deceptive link aimed to trick users into revealing their private keys and other sensitive information, posing a severe threat to their cryptocurrency assets.

    Recovery tool introduced amid the chaos

    In response to the security breach, Ordswap acted swiftly by providing an online tool designed to assist users who had logged into the platform through MetaMask.

    This tool is meant to aid affected users in recovering their Ordswap private keys, allowing them to securely migrate their assets to other service providers.

    Ordswap blames Netlify for the glitch

    Ordswap placed the blame for the security incident on Netlify, a company specializing in website development and hosting services.

    While the exact nature of the breach and its connection to Netlify remains under investigation, it highlights the vulnerabilities associated with relying on third-party service providers in the digital landscape.

    Attempts to drain users’ crypto wallets

    Users reported encountering a button on the compromised Ordswap website that attempted to drain their crypto wallets.

    This tactic, known as a wallet-draining scam, is increasingly employed by crypto scammers to illicitly siphon off digital assets. It serves as a stark reminder of the risks associated with interacting with cryptocurrency platforms.

    Ordswap affirms user assets unaffected

    Despite the security breach, an Ordswap team member on Discord claimed that user’s private keys and assets remained unaffected. However, users were cautioned that their security could be compromised if they continued to engage with the compromised website.

    This incident underscores the critical importance of user security in the cryptocurrency space. Vigilance and caution are paramount, as phishing attempts and scams continue to target crypto enthusiasts. At the moment, the Ordswap team is actively working to regain control of its website and restore user confidence in the platform.

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