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Top news stories of this week
Hyperbitcoinization is coming, bitcoin OG says ‘wholecoiners’ reach 1 million
Bitcoin passed a significant threshold this month – there are over 1 million addresses holding at least 1 BTC. Data from Glassnode shows an increasing pattern with respect to the volume of so-called bitcoin “holecoiners”. If the trend continues, bitcoin’s price rise could soon make buying it not only a luxury, but completely unaffordable, according to Adam Back, co-founder and CEO of bitcoin firm Blockstream. This hyperbitcoinization refers to the moment when bitcoin’s benefits for financial transactions will eventually lead to the replacement of established financial institutions by a publicly operated system, with bitcoin becoming the world’s default value system.
FTX chases $244M clawback from ‘wildly inflated’ Embed acquisition deal
FTX’s leadership is trying to withhold more than $240 million from insiders and executives who benefited from FTX’s “wildly inflated” acquisition of stock-clearing platform Embed in September. According to court filings, Embed’s own chief technology officer, Lawrence Beal, was stunned to pay so much for the company after a short meeting with its then-CEO Michael Giles. Biel described FTX’s due diligence process with a cowboy emoji. The lawyers accused FTX insiders of making disproportionate payments to Embed shareholders, including $55 million paid to its CEO.
Robert F. Kennedy Jr. to accept campaign donations in bitcoin
Robert F. Kennedy Jr. will be the first presidential candidate in United States history to accept campaign donations in bitcoin, he announced during his first appearance as a presidential candidate at the Bitcoin 2023 conference. He praised the cryptocurrency as a “symbol of democracy and freedom” during the event. By participating in the bitcoin program, RFK Jr. is not only targeting voters but also a potential source of millions of dollars in donations. The Democratic nominee is the current President Joe Biden.
Voyager bankruptcy plan approved, customers can initially recover 35.7% of claims
Voyager’s bankruptcy plan was approved on May 17 and its customers can now initially expect to receive 35.72% of their claims, either through the Voyager app or in cash, after 30 days. According to Voyager, it had $1.33 billion in assets for recovery as of May 8, of which $629.8 million was available for initial recovery on $1.8 billion in claims. If FTX/Alameda Research’s preferential recovery claim is unsuccessful, the initial recovery of creditors may increase. For that claim, Voyager is withholding $445 million. Voyager may also be able to recover money from bankrupt crypto hedge fund Three Arrows Capital.
Coin Cafe ordered to pay $4.3M in fees that ‘wiped’ investors’ bitcoin accounts
Cryptocurrency trading platform Coin Cafe has been ordered to repay $4.3 million to its users after allegedly charging “exorbitant and undisclosed fees” to store bitcoin on the platform – causing some accounts to be completely stripped of their funds. being taken out. One New York investor was charged more than $10,000 in fees in one month, while another investor faced $51,000 in fees over a 13-month period, the New York State Attorney General’s Office said.
winners and losers
bitcoin at the end of the week ,B T c, is on $26,889ether ,ETH, But $1,813 And XRP But $0.46, stands at total market cap $1.13 trillion, According For Coinmarketcap.
Among the largest 100 cryptocurrencies, the top three altcoin gainers for the week are Render Token (RNDR) at 29%, Conflux (CFX) at 20.52%, and SingularityNet (AGIX) at 19.94%.
The top three altcoin losers of the week are Pepe (PEPE) at -11.58%, Klaytn (KLAY) at -5.75% and Bitcoin SV (BSV) at 5.38%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
read this also
features
Australia’s world-leading crypto laws are at a crossroads: the inside story
column
Wall Street Disaster Expert Bill Noble: Crypto Spring Is Inevitable
most memorable quotes
“What makes Ordinals on Bitcoin interesting, unlike any other platform, is that they are building on the most secure blockchain in the world.”
David Tse, Professor at Stanford University
“We are seeing another wave of bitcoin interest, driven largely by business and institutional adoption.”
Alex LeishmanRiver CEO
“You create a (virtual) world where you see new experiences, new content, new ideas, and the sum of it is always more positive than negative.”
sebastien borgetco-founder of The Sandbox
“If the public is investing money and expecting profits based on the efforts of others, then it is a security.”
Gary GenslerChairman of the United States Securities and Exchange Commission
“For this (BRC-20) to really have the level of integrity that bitcoin offers, there has to be a hard fork that allows these things to be verified and validated and keep the integrity of bitcoin.”
Eli Ben-Sassonco-founder of StarkWare
“Whether it’s bitcoin or a digital currency, no one has been able to articulate exactly what problem it’s solving. (…) I can send $5 to anyone in this room right now using Venmo.” (…) So what is it that a central bank digital currency can do that Venmo can’t?
Neel KashkariPresident of the Minneapolis Federal Reserve Bank
week forecast
Bitcoin Price Risk? Analyst warns US debt deal will trigger $1T liquidity shortfall
Bitcoin is minimizing potential losses in the third quarter of 2023 as US lawmakers are likely to reach an agreement on raising the debt ceiling.
Raising the debt limit means the US Treasury could issue new bonds to raise cash to meet its past obligations, draining liquidity from riskier assets like bitcoin. The pseudonymous independent market analyst Income Shark said such macroeconomic headwinds could prevent bitcoin from reclaiming its yearly highs above $30,000 in the coming months.
“We most likely keep between 20k to 30k and even get an alt season,” the analyst said, adding, “New money is not coming in; It’s all just spinning. (…) Unless we find a new narrative or stocks find a way to rally, it is more likely that the US elections in 2024 will be the next big catalyst.
FUD of the week
SEC Warns Filecoin ‘Meets the Definition of a Security’ – Grayscale
‘Trustworthy’ marketplace selling fake Trezor wallets stealing crypto – Kaspersky
Cyber security firm Kaspersky has reported a problem with fake hardware wallets impersonating major wallet firm Trezor. According to the Kaspersky team, the attackers managed to access users’ crypto assets by altering the internal firmware. The fake Trezor wallet allowed fraudsters to steal bitcoins via altered microcontrollers, which enabled attackers to control users’ private keys. A standard set of wallet functions was provided by the fake wallet, which closely resembled a genuine Trezor Model T wallet.
‘Inferno Drainer as a Service’ scam has stolen $5.9M since March
A new scam as a service called “Inferno Drainer” has stolen nearly $6 million from unsuspecting crypto users, according to Web3 scam-detecting firm Scam Sniffer. Inferno Drainer advertised that it provided scammers with ready-to-go code, allowing them to steal crypto in exchange for a 20% cut of the scammers’ crypto “loot”. The identified address was linked to more than 689 phishing websites created since March 27 and extorted millions from victims on various networks, including Ethereum, Arbitrum, Polygon and the BNB chain.
Best Cointelegraph Features
The Ordinals Turned Bitcoin Into a Bad Version of Ethereum: Can We Fix It?
Bitcoin has suddenly become a poor version of Ethereum, influenced by NFTs and Memecoin. There are conflicting views on how to fix it.
Earn 500% from ChatGPT Stock Tips? Bard Left Left, $100M AI Memecoin: AI Eye
The guy who used ChatGPT to generate $100 million in meme coins, AI stock market tips that deliver 500% returns, and why AI gets left behind.
‘Moral Responsibility’: Can Blockchain Really Increase Trust in AI?
Decentralized ledger technology is arguably everything AI is not: transparent, traceable, trustless, and free from tampering. Can it overcome the opacity of black-box solutions to AI?
subscribe
The hottest reads in blockchain. Offered once a week.
[ad_1]
Top news stories of this week
Hyperbitcoinization is coming, bitcoin OG says ‘wholecoiners’ reach 1 million
Bitcoin passed a significant threshold this month – there are over 1 million addresses holding at least 1 BTC. Data from Glassnode shows an increasing pattern with respect to the volume of so-called bitcoin “holecoiners”. If the trend continues, bitcoin’s price rise could soon make buying it not only a luxury, but completely unaffordable, according to Adam Back, co-founder and CEO of bitcoin firm Blockstream. This hyperbitcoinization refers to the moment when bitcoin’s benefits for financial transactions will eventually lead to the replacement of established financial institutions by a publicly operated system, with bitcoin becoming the world’s default value system.
FTX chases $244M clawback from ‘wildly inflated’ Embed acquisition deal
FTX’s leadership is trying to withhold more than $240 million from insiders and executives who benefited from FTX’s “wildly inflated” acquisition of stock-clearing platform Embed in September. According to court filings, Embed’s own chief technology officer, Lawrence Beal, was stunned to pay so much for the company after a short meeting with its then-CEO Michael Giles. Biel described FTX’s due diligence process with a cowboy emoji. The lawyers accused FTX insiders of making disproportionate payments to Embed shareholders, including $55 million paid to its CEO.
Robert F. Kennedy Jr. to accept campaign donations in bitcoin
Robert F. Kennedy Jr. will be the first presidential candidate in United States history to accept campaign donations in bitcoin, he announced during his first appearance as a presidential candidate at the Bitcoin 2023 conference. He praised the cryptocurrency as a “symbol of democracy and freedom” during the event. By participating in the bitcoin program, RFK Jr. is not only targeting voters but also a potential source of millions of dollars in donations. The Democratic nominee is the current President Joe Biden.
Voyager bankruptcy plan approved, customers can initially recover 35.7% of claims
Voyager’s bankruptcy plan was approved on May 17 and its customers can now initially expect to receive 35.72% of their claims, either through the Voyager app or in cash, after 30 days. According to Voyager, it had $1.33 billion in assets for recovery as of May 8, of which $629.8 million was available for initial recovery on $1.8 billion in claims. If FTX/Alameda Research’s preferential recovery claim is unsuccessful, the initial recovery of creditors may increase. For that claim, Voyager is withholding $445 million. Voyager may also be able to recover money from bankrupt crypto hedge fund Three Arrows Capital.
Coin Cafe ordered to pay $4.3M in fees that ‘wiped’ investors’ bitcoin accounts
Cryptocurrency trading platform Coin Cafe has been ordered to repay $4.3 million to its users after allegedly charging “exorbitant and undisclosed fees” to store bitcoin on the platform – causing some accounts to be completely stripped of their funds. being taken out. One New York investor was charged more than $10,000 in fees in one month, while another investor faced $51,000 in fees over a 13-month period, the New York State Attorney General’s Office said.
winners and losers
bitcoin at the end of the week ,B T c, is on $26,889ether ,ETH, But $1,813 And XRP But $0.46, stands at total market cap $1.13 trillion, According For Coinmarketcap.
Among the largest 100 cryptocurrencies, the top three altcoin gainers for the week are Render Token (RNDR) at 29%, Conflux (CFX) at 20.52%, and SingularityNet (AGIX) at 19.94%.
The top three altcoin losers of the week are Pepe (PEPE) at -11.58%, Klaytn (KLAY) at -5.75% and Bitcoin SV (BSV) at 5.38%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
read this also
features
Australia’s world-leading crypto laws are at a crossroads: the inside story
column
Wall Street Disaster Expert Bill Noble: Crypto Spring Is Inevitable
most memorable quotes
“What makes Ordinals on Bitcoin interesting, unlike any other platform, is that they are building on the most secure blockchain in the world.”
David Tse, Professor at Stanford University
“We are seeing another wave of bitcoin interest, driven largely by business and institutional adoption.”
Alex LeishmanRiver CEO
“You create a (virtual) world where you see new experiences, new content, new ideas, and the sum of it is always more positive than negative.”
sebastien borgetco-founder of The Sandbox
“If the public is investing money and expecting profits based on the efforts of others, then it is a security.”
Gary GenslerChairman of the United States Securities and Exchange Commission
“For this (BRC-20) to really have the level of integrity that bitcoin offers, there has to be a hard fork that allows these things to be verified and validated and keep the integrity of bitcoin.”
Eli Ben-Sassonco-founder of StarkWare
“Whether it’s bitcoin or a digital currency, no one has been able to articulate exactly what problem it’s solving. (…) I can send $5 to anyone in this room right now using Venmo.” (…) So what is it that a central bank digital currency can do that Venmo can’t?
Neel KashkariPresident of the Minneapolis Federal Reserve Bank
week forecast
Bitcoin Price Risk? Analyst warns US debt deal will trigger $1T liquidity shortfall
Bitcoin is minimizing potential losses in the third quarter of 2023 as US lawmakers are likely to reach an agreement on raising the debt ceiling.
Raising the debt limit means the US Treasury could issue new bonds to raise cash to meet its past obligations, draining liquidity from riskier assets like bitcoin. The pseudonymous independent market analyst Income Shark said such macroeconomic headwinds could prevent bitcoin from reclaiming its yearly highs above $30,000 in the coming months.
“We most likely keep between 20k to 30k and even get an alt season,” the analyst said, adding, “New money is not coming in; It’s all just spinning. (…) Unless we find a new narrative or stocks find a way to rally, it is more likely that the US elections in 2024 will be the next big catalyst.
FUD of the week
SEC Warns Filecoin ‘Meets the Definition of a Security’ – Grayscale
‘Trustworthy’ marketplace selling fake Trezor wallets stealing crypto – Kaspersky
Cyber security firm Kaspersky has reported a problem with fake hardware wallets impersonating major wallet firm Trezor. According to the Kaspersky team, the attackers managed to access users’ crypto assets by altering the internal firmware. The fake Trezor wallet allowed fraudsters to steal bitcoins via altered microcontrollers, which enabled attackers to control users’ private keys. A standard set of wallet functions was provided by the fake wallet, which closely resembled a genuine Trezor Model T wallet.
‘Inferno Drainer as a Service’ scam has stolen $5.9M since March
A new scam as a service called “Inferno Drainer” has stolen nearly $6 million from unsuspecting crypto users, according to Web3 scam-detecting firm Scam Sniffer. Inferno Drainer advertised that it provided scammers with ready-to-go code, allowing them to steal crypto in exchange for a 20% cut of the scammers’ crypto “loot”. The identified address was linked to more than 689 phishing websites created since March 27 and extorted millions from victims on various networks, including Ethereum, Arbitrum, Polygon and the BNB chain.
Best Cointelegraph Features
The Ordinals Turned Bitcoin Into a Bad Version of Ethereum: Can We Fix It?
Bitcoin has suddenly become a poor version of Ethereum, influenced by NFTs and Memecoin. There are conflicting views on how to fix it.
Earn 500% from ChatGPT Stock Tips? Bard Left Left, $100M AI Memecoin: AI Eye
The guy who used ChatGPT to generate $100 million in meme coins, AI stock market tips that deliver 500% returns, and why AI gets left behind.
‘Moral Responsibility’: Can Blockchain Really Increase Trust in AI?
Decentralized ledger technology is arguably everything AI is not: transparent, traceable, trustless, and free from tampering. Can it overcome the opacity of black-box solutions to AI?
subscribe
The hottest reads in blockchain. Offered once a week.
