Bitcoin Dominates Headlines Amid Singapore Ransomware Threat and Huge ETF Purchases

• Singapore has recently emerged as a significant target for the Akira ransomware.
• The U.S. Bitcoin ETFs purchased eight times more Bitcoin last week than was mined.
• Bitcoin’s priority fees temporarily surged above $50 on June 7th.

Discover the latest developments in the crypto world as Singapore faces new ransomware threats, Bitcoin ETFs make substantial purchases, and transaction fees skyrocket.

Singapore Businesses Warned of New Bitcoin Software Risks

In the past year, Akira ransomware has stolen $42 million from more than 250 organizations across North America, Europe, and Australia, and is now actively targeting businesses in Singapore. The Singaporean authorities issued a joint alert to local businesses warning them about the growing threat of the Akira ransomware variant.

This warning comes after the Singapore Cyber Security Agency, the Singapore Police Force, and the Personal Data Protection Commission received numerous complaints from victims of recent cyber attacks.

Previously conducted investigations by the U.S. Federal Bureau of Investigation revealed that Akira ransomware has frequently targeted businesses and critical infrastructure entities.

Bitcoin ETFs Drive Unexpected Mining Data Shifts

According to HODL15Capital, the U.S. Bitcoin exchange-traded funds (ETFs) acquired 25,729 BTC last week, amounting to nearly eight times the amount of BTC mined during the same period. This also marked the largest Bitcoin purchase week since mid-March when Bitcoin reached its all-time high of $73,679.

ETFs reported a net inflow of approximately $1.83 billion last week, driving the total net inflows to $15.69 billion. According to Farside Investors, this includes a net outflow of $17.93 billion from Grayscale funds.

However, the co-founder of the cryptocurrency exchange “Radar Bear” commented to Cointelegraph last week that the current Bitcoin price struggles to surpass its high due to macroeconomic factors and geopolitical events.

Temporary Surge in Bitcoin Network Transaction Fees

On June 7th, the Bitcoin network experienced a sharp rise in transaction fees, mainly due to a backlog of 332,000 unconfirmed transactions. Blockchain analyst Colin Wu attributed the transaction congestion to the crypto exchange OKX, which was aggregating and sorting wallets. However, this claim had not been independently verified at the time of publication.

At its peak, the cost of high-priority transactions climbed to 514 satoshis, while low-priority transactions cost 513 satoshis. Transaction fees in U.S. dollars ranged between $50 to $52.

In April, the Bitcoin network underwent its fourth halving event, reducing the block reward from 6.25 BTC to 3.125 BTC. This halving event appears to have exerted downward pressure on miners, with companies like Bitfarms reporting significant drops in revenue in May.

Conclusion

The Akira ransomware poses a significant threat to Singapore businesses, Bitcoin ETFs are making substantial market moves, and the Bitcoin network faces temporary transaction fee spikes. These developments underscore the dynamic and often unpredictable nature of the cryptocurrency landscape, reinforcing the need for continuous vigilance and proactive measures.