US President Biden Pushes for More Stimulus, One Million ‘Plus-up’ Payments Go out This Week

U.S. politicians are talking about stimulus again in order to bolster American jobs and President Joe Biden’s infrastructure plan. At the end of last week, White House press secretary Jen Psaki explained that Biden would meet with bipartisan members of Congress on Monday in order to push his proposal. According to reports, Biden’s proposed plan could be a touch smaller than the estimated $2.25 trillion.

Biden Suggests Scaling Back the $2.25 Trillion ‘Build Back a Better America’ Infrastructure Proposal

The U.S. government is talking about creating more stimulus in order to provide jobs and “build back a better” America. Last Friday, the press was told that Joe Biden would be meeting with bipartisan members of Congress in order to sell his infrastructure proposal. It was noted that Congress would be heading back to D.C. and Biden would tell them all about his plan to fix roads, public housing, transportation, and communications.

During the meeting with bipartisan colleagues, Biden explained that he was “prepared to negotiate” and even noted that the estimated $2.25 trillion could be less. “I think everyone acknowledges we need a significant increase in infrastructure; it’s going to get down to what we call infrastructure,” Biden said at the time. Additionally, Biden explained that the White House was publishing “state-by-state fact sheets” which explain all the infrastructure that could be fixed with this new stimulus.

White House Press Secretary Jen Psaki explained that the data shown is “laying out the critical necessity” in regard to the President’s proposal. Meanwhile, Americans have begun spending their latest $1,400 Covid stimulus checks to pay for necessities, according to a recently published Bankrate.com study. According to the survey, 45% of U.S. citizens have been using the funds to pay monthly expenses. 28% of the respondents said they would save the stimulus and 32% intended to pay down debt.

Bitcoin.com News recently reported on Mizuho Bank and Harris Poll data showing the number of Americans willing to spend their stimulus payments on bitcoin and other crypto-assets.

Goldman Sachs Expects Biden to Push $3.3 Trillion Into the US Economy

Moreover, some people are getting “plus-up” payments, which means stimulus funding is being sent to people who didn’t get stimulus payments prior to the last payments. Two types of Americans can make the cut for the “plus-up” payments, people who lost major amounts of income from 2019 to 2020 and citizens who added a new dependent in 2020. Meanwhile, American banks like Goldman Sachs expect the latest stimulus proposal Biden is now proposing and even more stimulus plans to exceed $2.25 trillion.

According to a note from Goldman Sachs Group Inc. analysts, the team believes Biden will get congress to pass around $3.3 trillion in total. “We expect Congress to pass most of this spending later this year, including nearly all of the ‘hard infrastructure’ spending that President Biden proposes, as well as most of the research, manufacturing, and ‘green’ incentives,” Alec Phillips, a Goldman analyst, wrote in a note Sunday.

However, not all of corporate America is pleased with Biden’s stimulus idea and many see the infrastructure plan’s tax hikes crushing U.S. businesses. The Business Roundtable recently initiated a multimillion-dollar campaign against President Biden’s tax increases mentioned in the $2.25 trillion stimulus draft for jobs and infrastructure.

What do you think about the latest discussions concerning the proposed $2.25 trillion stimulus plan for infrastructure? Let us know what you think about this subject in the comments section below.

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Investors File Class Action Lawsuit Before the National Court of Spain Over an Alleged $298M Crypto Scam

Investors File Class Action Lawsuit Before the National Court of Spain on an Alleged $298M Crypto Scam

A group of Spaniards filed the first crypto-related class-action lawsuit before the National Court of Spain on an alleged million-dollar scam. The lawsuit targets an individual accused of allegedly scammed over 300 small crypto investors across Spain.

Money Stolen Could Amount Up to $3.58 Billion

Per El País, the class-action lawsuit claims that an individual named Javier Biosca Rodríguez allegedly scammed over 250 million euros ($298 million) in cryptocurrencies from the investors.

The profile of the victims is mixed, starting from domestic employees, retirees, unemployed, even notaries, a judge, lawyers, tax inspectors, and owners of small businesses who tried to recover from the coronavirus-driven economic crisis.

Although it’s not the first class-action suit filed before the National Court of Spain, it’s the first-of-its-kind that involves a crypto-related case, said the local media outlet.

The lawyer representing the victims is Emilia Zaballos, who clarified that despite the class-action lawsuit was filed on March 17, 2021, it wasn’t disclosed to the public “until the deadline for submitting contracts and other documents provided by small investors, in general, has ended.”

Moreover, Zaballos – who also is the president of the Association of People Affected by Cryptocurrency Investors (AAIC) – says that the number of victims “keeps rising each day.”

Specifically, the lawsuit states the damages sum up to around 250 million euros ($298 million), but the lawyer is concerned that the amount could cross the 3 billion euros ($3.58 billion) barrier.

Alleged Ponzi Scheme Collapsed in November 2020

According to the court documents, Biosca built a scheme based on offering its clients weekly returns on their crypto investments between 20 and 25%. Mainly, he focused on acquiring bitcoin (BTC), ethereum (ETH), and litecoin (LTC) with the collected money.

Clients indeed initially started to receive the profits from their investments. Due to the trust gained by Biosca, its initial small amount of customer base spread the voice and attracted even more investors onto the scheme.

However, Biosca reduced the returns promised to 10% or even 8% weekly starting January 2020.

He told his customers that he owned a brokerage firm named Algorithms Group, but the company wasn’t in the Spanish National Securities Markets Commission (CNMV). Later in November 2020, Biosca stopped paying his customers.

Zaballos says that lawsuit is extended to Biosca’s wife and his older son, accusing them of scam and other crimes such as “as misappropriation, receipt and money laundering, illicit association, crimes against the public treasury, bribery, corporate crimes, concealment and falsification in a public document.”

What do you think about this alleged millionaire crypto scam case in Spain? Let us know in the comments section below.

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Over $750 Million in Bitcoin from the 2016 Bitfinex Hack Moved Today

Over $750 Million in Bitcoin from the 2016 Bitfinex Hack Moved Today

On Wednesday, after bitcoin prices touched a new all-time high, thousands of bitcoins from the August 2, 2016, Bitfinex hack were transferred to unknown wallets. The exact count of BTC moved from the hack is not entirely clear, but one blockchain parser shows that over 12,208 BTC from the 2016 Bitfinex breach worth $754 million today was moved to various addresses.

  • On August 2, 2016, the exchange Bitfinex was hacked for approximately 119,756 BTC, which is worth $7.5 billion using today’s exchange rates. That day, the price per bitcoin (BTC) slid 22% but the exchange managed to pay customers back using another token.
  • During the last year, a number of stolen bitcoins from the Bitfinex hack have been moved. As BTC’s price grew higher, Bitfinex hacker coins have moved more regularly.
  • Leveraging a blockchain parser, Btcparser.com, Bitcoin.com News discovered 11,799 BTC from the 2016 Bitfinex hack transferred at block heights 679,205 all the way until 679,214.
  • The number of BTC moved from the hackers’ stash today could be much larger. And there could be more movements today, as BTC from the Bitfinex 2016 hack was transferred while this report was written.
Over $750 Million in Bitcoin from the 2016 Bitfinex Hack Moved Today
Some of the 12,208 bitcoins from the 2016 Bitfinex hack caught by Btcparser.com. On Wednesday, at 4:25 p.m. (EST), this article was updated to reflect the movements in transactions between block heights 679,205 to 679,214.
  • Using today’s exchange rates, the 11,799 BTC is worth more than $742 million today. These transfers of more than 30 transactions, is one of the largest moves the Bitfinex hackers have done to date. The blockchain parser Whale Alert also caught the transactions that started after 1:00 p.m. EST.
  • Members of the Telegram channel Goldfoundinsh*t believe “this awakening was done in purpose to dump the price a little bit. Since Coinbase has been listed and many people want to go long with it.”
  • “We assume the hackers may try to manipulate the price, thus it’s not an ordinary hacker,” a member of the Telegram channel Goldfoundinsh*t said.
  • Following the 11,799 BTC cleared between block heights 679,205 to 679,212, another 409 BTC from the Bitfinex hack moved. This brought the estimated total to 12,208 BTC worth over $754 million.
  • “Our Btcparser has just signed several bitcoin movements from the Bitfinex exchange hack. Just in time, I would say,” Taisia, the leader of the Goldfoundinsh*t told Bitcoin.com News. “Traditionally, such news causes a dump, and, holding in mind the current euphoria about the Coinbase direct listing on the Nasdaq, it was a great temptation to clip the wings of the ‘longs.’”
  • Coinbase shares (Nasdaq: COIN) are currently trading for $332 at the time of publication.

What do you think about the 12,208 bitcoin that moved from the Bitfinex hackers’ wallets to unknown wallets? Let us know what you think about this subject in the comments section below.

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