Crypto Millionaires Go All Out on Spending Their Newfound Wealth

Despite market turbulence in 2018, cryptocurrency millionaires are still out in force spending their money on everything from fancy clothes, fast cars, exquisite houses, and lots of flashy jewelry. And many of them have no qualms about showing off their wealth on social media.

As the cryptocurrency market started to explode in 2017, and then experienced some rough dips in 2018 so far, lots of people have been questioning what people are actually doing with all of their money.

Some have just chosen to sell all of their cryptocurrency holdings, while others are buying when they can and are just crossing their fingers for better markets in the future.

But there are some people who, after becoming quite wealthy thanks to cryptocurrencies, are enjoying spending their money on a wide swath of worldly possessions.

Riding in Style

Lots of people love to flaunt their new riches by buying a brand-new car.

But crypto millionaires tend to skip the affordable hatchback or the reliable sedan. Instead, they choose to spend their money on gleaming luxury vehicles.

35-year old Peter Saddington was able to drive off in a 2015 Lamborgini Huracan last year after paying it for it with 45 Bitcoins, which were purchased back in 2011. He said that the purchase was “proof” that Bitcoin can be used for legitimate transactions, and not just “by criminals.”

The so-called ‘Wolf of Crypto Street,’ 18-year old Eddy Zillan, now zooms around in three luxury cars, purchased through a combination of cryptocurrency, early-stage investments, and a few dollars from his rich parents. With a portfolio worth well over $1 million dollars, Zillan now works on giving investment advice to businesses and new investors.

Status Symbols for The Rich

A mansion, (or more than one), is often the status symbol of the rich and famous. It’s no different for cryptocurrency millionaires. Back in October 2017, a Notting Hill mansion went on the market in London for £17 million (approximately, $22 million) in Bitcoin. The seller said the new occupant of the fancy crib would probably be an Asian technology entrepreneur who was familiar with the cryptocurrency.  

In April of this year, a wealthy New Yorker was open to watching his $29.95 million dollar Upper East Side townhouse be sold for either fiat, or cryptocurrencies like Bitcoin, Ether, or XRP. But those paying with crypto would have to pay $45 million due to the price volatility of cryptocurrencies.

Those with a lot of cryptocurrency to burn still have the perfect opportunity to bid on 16th century Italian Renaissance mansion with their money.  Located right in the heart of Rome, the residence was built by Renaissance architects Girolamo Rainaldi and Giacomo Della Porta.

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P2P Token Trading Platform AirSwap Discloses ‘Critical Vulnerability’

  • Peer-to-peer trading platform AirSwap claims to have identified a "critical vulnerability" in one of its smart contracts. 
  • Ten addresses have been identified so far as being at risk of exploitation. 

Peer-to-peer token trading network AirSwap has disclosed a “critical vulnerability” in a newly released smart contract. 

AirSwap's Critical Vulnerability

According to the disclosure, which was published on Sept. 13, AirSwap’s internal security team identified a potential exploit in a newly released mainnet smart contract. The vulnerability would allow an attacker to “perform a swap without requiring a signature from a counterparty.” 

AirSwap claims that the offending code was only present for twenty-four hours on the network before being identified and removed. However, users of AirSwap Instant between Sept. 11 and Sept. 12 may have been affected by the vulnerability, with the report claiming that 10 accounts have been recognized so far as being at risk. 

AirSwap has published the addresses to the vulnerable accounts, telling all other users that no further action is required. The report also outlines the step-by-step actions taken by the exchange in the aftermath of discovering the vulnerability, including an apology to its client base, 

We would like to deeply apologize to our affected users for any inconvenience these vulnerabilities may have caused, and hope that the important lessons we continue to learn throughout these processes form the basis for a more open, secure, and efficient trading environment.

Featured Image Credit: Photo via Pixabay.com