Top stories of the week
Hyperbitcoinization is Coming, Bitcoin OG Says “Wholecoinizers” Reached 1 Million
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Bitcoin crossed a critical threshold this month. There are over 1 million addresses holding at least 1 BTC. Data from Glassnode shows an increasing trend in terms of the amount of so-called Bitcoin “whole coiners”. According to Adam Buck, co-founder and CEO of bitcoin company Blockstream, if this trend continues, the rising price of bitcoin will make buying bitcoin not just a luxury item. , It is said that there is a possibility that it will not be available at all. This hyperbitcoinization refers to the moment when Bitcoin’s advantages in financial transactions will eventually replace existing financial institutions with public-led systems, making Bitcoin the world’s default value system.
FTX Seeks $244 Million Back From ‘Massively Inflated’ Embed Acquisition Deal
FTX management is seeking to recoup more than $240 million from insiders and executives who benefited from an acquisition in September that saw FTX “massively inflate” its equity-clearing platform Embed. According to court filings, Embed’s chief technology officer, Lawrence Beale, said after a brief meeting with then-CEO Michael Giles that FTX paid the company a large sum of money. It is said that he was astonished at this. Beal explained FTX’s due diligence process using the cowboy emoji. Lawyers accused FTX insiders of improper payments to Embed shareholders, including $55 million paid to the CEO.
Robert F. Kennedy Jr. Accepts Bitcoin for Campaign Donations
Robert F. Kennedy Jr. will become the first presidential candidate in U.S. history to receive campaign funding in Bitcoin, he announced during his first appearance as a presidential candidate at the Bitcoin 2023 conference. During the event, he praised cryptocurrencies as “symbols of democracy and freedom.” RFK Jr.’s participation in the Bitcoin event has not only targeted voters, but has also become a potential source of millions of dollars in donations. The Democratic nominee is incumbent President Joe Biden.
Voyager Bankruptcy Plan Approved, Customers May Recover 35.7% of Original Bills
Voyager’s bankruptcy plan was approved on May 17, allowing customers to expect to receive 35.72% of their original bill in cryptocurrency or cash via the Voyager app after 30 days. As of May 8, Voyager said it had $1.33 billion in assets under collection, of which $629.8 million was available for initial collection, and claims were $1.8 billion. Failure of FTX/Alameda Research’s expedited recovery claim could increase initial collections for creditors. Voyager has withheld $445 million against this claim. Voyager could also recover funds from bankrupt crypto hedge fund Three Arrows Capital.
Coincafe Ordered to Pay Back $4.3 Million in Fees That ‘Destroyed’ Investors’ Bitcoin Accounts
Cryptocurrency trading platform Coincafe has handed over $4.3 million to its users for allegedly charging “exorbitant undisclosed fees” to store bitcoins on its platform, causing some accounts to lose all their funds. ordered to repay. One New York investor was charged more than $10,000 in fees in one month, and another was charged as much as $51,000 in fees in 13 months, according to the New York State Attorney General’s Office. It is said that
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winner and loser
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Bitcoin over the weekend (BTC) is in $26,889,ether (ethereum) and $1,813 and XRP and $0.46.The total market capitalization is $1.13 trillion, according to Go to Coin Market Cap.
Among the top 100 cryptocurrencies, the top three altcoins gaining this week are Lender Token (RNDR) at 29%, Conflux (CFX) at 20.52% and SingularityNET (AGIX) at 19.94%.
The top three altcoins losers this week are Pepe (PEPE) at -11.58%, Clayton (KLAY) at -5.75% and Bitcoin SV (BSV) at -5.38%.
For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.
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most memorable quotes
“What’s interesting about Bitcoin’s ordinals, in contrast to other platforms, is that it’s built on the most secure blockchain in the world.”
David Tse, Professor, Stanford University
“We are seeing a resurgence of interest in Bitcoin, largely due to adoption by businesses and institutions.”
Alex LeishmanRiver CEO
“you [virtual] A world where new experiences, new content, new ideas, and the sum of them always outweighs the negatives. ”
Sebastian BorgeSandbox co-founder
“In ordinary business, if the public invests money and expects profits based on the efforts of others, it is security.”
Gary GenslerChairman of the U.S. Securities and Exchange Commission
“for it [BRC-20] To really achieve the level of integrity that Bitcoin offers, we need a hard fork that can verify and validate these and achieve Bitcoin integrity. ”
Eli Ben Sassonco-founder of StarkWare
“Nobody has been able to articulate exactly what problem Bitcoin or digital currency is actually solving. […] You can use Venmo to send $5 to anyone in this room right now. […] So what can a central bank digital currency do that Venmo cannot?”
Neil KashkariPresident of the Federal Reserve Bank of Minneapolis
Forecast for the week
Bitcoin price risk?Analysts warn of $1 trillion liquidity squeeze in Treasury trading
Bitcoin faces potential losses heading into the third quarter of 2023 as the US Congress likely reaches a deal to raise the debt ceiling.
Raising the debt ceiling could force the U.S. Treasury to raise cash by issuing new bonds to meet previous obligations, draining liquidity from riskier assets such as bitcoin. means. Independent market analyst Income Sharks (pseudonym) said these macroeconomic hurdles could prevent bitcoin from recapturing its annual high of $30,000 in the coming months. said.
“It will probably hover in the 20,000 to 30,000 range and even have an alt season,” said the analyst, adding that “no new money is coming in.” Everything just spins. […] Unless we get a new narrative or find a way to drive stocks higher, the 2024 US election will likely be the next big thing. ”
FUD of the week
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SEC Warns Filecoin ‘Meets Security Definition’ – Grayscale
“Trusted” Marketplace Sells Fake Trezor Wallets That Steal Crypto — Kaspersky
Cybersecurity firm Kaspersky has reported a fake hardware wallet masquerading as wallet giant Trezor. According to Kaspersky’s team, the attackers were able to gain access to users’ crypto assets by replacing the internal firmware. The fake her Trezor wallet allowed the crooks to steal bitcoin via the swapped microcontroller, giving the attacker control over the user’s private keys. A standard set of wallet features was provided by a fake wallet similar to his real Trezor Model T wallet.
‘Inferno Drainer’ as a Service scam stole $5.9 million since March
According to Web3 fraud detection firm Scam Sniffer, a new as-a-service scam called “Inferno Drainer” has reportedly stolen nearly $6 million from unsuspecting cryptocurrency users. Inferno Drainer advertises that it provides a scammer with a ready-to-use code that allows him to steal cryptocurrency in exchange for his 20% share of the scammer’s cryptocurrency “loot.” The identified addresses have been associated with over 689 phishing websites created since March 27, extorting millions of dollars from victims on various networks including Ethereum, Arbitrum, Polygon, and BNB chains. I had it leaked.
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