This Week’s Top Stories
Hyperbitcoinization is coming, says Bitcoin OG as ‘wholecoiners’ hit 1 million
Bitcoin crossed a significant threshold this month – there are more than 1 million addresses with at least 1 BTC. Data from Glassnode shows a growing pattern regarding the number of so-called Bitcoin “wholecoiners.” If the trend continues, the rise in the price of Bitcoin will soon make its purchase not only a luxury but something that may not be completely attainable, according to Adam Back, co-founder and CEO of Bitcoin firm Blockstream. . This hyperbitcoinization refers to the moment when the benefits of Bitcoin for financial transactions will eventually lead to the replacement of established financial institutions by a system run by the public, with Bitcoin becoming the default system. the value of the world.
FTX pursues $244M clawback from ‘wildly inflated’ Embed acquisition deal
FTX management is looking to recover 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, Laurence Beal, was surprised that FTX was paying so much for the company after a brief meeting with its former CEO, Michael Giles. Beal describes FTX’s painstaking process with a cowboy emoji. The lawyers accused FTX insiders of disproportionately paying Embed shareholders, including the $55 million paid to its CEO.
Robert F. Kennedy Jr. to accept Bitcoin campaign donations
Robert F. Kennedy Jr will be the first presidential candidate in United States history to accept Bitcoin campaign donations, he announced during his first appearance as a presidential candidate at the Bitcoin 2023 conference. He praised cryptocurrency as a “symbol of democracy and freedom” during the event. By attending the Bitcoin event, RFK Jr. not only targeting voters but also a potential source of millions of dollars in donations. The democratic candidate is incumbent President Joe Biden.
Voyager bankruptcy plan approved, customers can recover 35.7% of initial claims
Voyager’s bankruptcy plan was approved on May 17 and its customers can expect to receive 35.72% of their initial claims, in crypto 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, of claims of $1.8 billion. If FTX/Alameda Research’s claim for preferential recovery is unsuccessful, the creditors’ preliminary recovery may increase. For that acquisition, Voyager retained $445 million. Voyager may also receive funds 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 pay $4.3 million to its users after allegedly charging “excessive and undisclosed fees” for storing Bitcoin on the platform — which led to several accounts being depleted in full of their funds. One New York investor racked up fees that exceeded $10,000 a month, while another investor was hit with fees totaling $51,000 over a 13-month period, the New York State Attorney General’s office said.
Winners and Losers
At the end of the week, Bitcoin (BTC) is in $26,889Ether (ETH) on $1,813 and XRP on $0.46. The total market cap is at $1.13 trillion, according to CoinMarketCap.
Among the largest 100 cryptocurrencies, the top three altcoin gainers for the week were Render Token (RNDR) at 29%, Conflux (CFX) at 20.52% and SingularityNET (AGIX) at 19.94%.
The top three altcoin losers of the week were Pepe (PEPE) by -11.58%, Klaytn (KLAY) by -5.75% and Bitcoin SV (BSV) by 5.38%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
Australia’s world-leading crypto laws are at a crossroads: The inside story
Wall Street disaster expert Bill Noble: Crypto spring is inevitable
Most Memorable Quotes
“What makes ordinals interesting in Bitcoin, as opposed to any other platform, is that they are building the most secure blockchain in the world.”
David Tse, professor at Stanford University
“We are seeing another wave of interest in Bitcoin, largely driven by business and institutional adoption.”
Alex LeishmanCEO of River
“You did a [virtual] world where you see new experiences, new content, new ideas, and the sum of that is more positive than negative.”
Sebastien Borgetco-founder of The Sandbox
“When the public invests money and expects profit based on the efforts of others, in a common enterprise, that is a security.”
Gary Genslerchair of the United States Securities and Exchange Commission
“For this [BRC-20] to really have the level of integrity that Bitcoin offers, there must be a hard fork that allows these things to be verified and verified and have the integrity of Bitcoin.
Eli Ben-Sassonco-founder of StarkWare
“Whether it’s Bitcoin or digital currency, no one has been able to say what problem it is really solving. […] I can send anyone in the room $5 now using Venmo. […] So what can a central bank digital currency do that Venmo can’t?
Neel Kashkaripresident of the Minneapolis Federal Reserve Bank
Forecast of the Week
Bitcoin price risk? The US debt deal will trigger a $1T liquidity crunch, the analyst warns
Bitcoin is looking at potential losses heading into the third quarter of 2023 as US lawmakers are likely to reach an agreement on raising the debt ceiling.
Raising the debt ceiling means the US Treasury can issue new bonds to raise money to meet its past obligations, draining liquidity from riskier assets like Bitcoin. Such macroeconomic hurdles will prevent Bitcoin from regaining annual highs above $30,000 in the coming months, said the pseudonymous independent market analyst Income Sharks.
“It is likely that we will be between 20k to 30k and even get an altseason,” the analyst said, adding that “new money is not coming in; everything is spinning. […] Unless we get a new narrative or Stocks find a way to rally, it’s more likely that the US election in 2024 will be the next big trigger.
FUD of the Week
SEC warns Filecoin ‘meets definition of a security’ — Grayscale
The US Securities and Exchange Commission (SEC) has asked Grayscale Investments to withdraw its application for the Filecoin Trust, warning that its underlying asset, Filecoin (FIL), could be seen as a security. Grayscale initially filed a Form 10 application with the regulator to launch an updated Filecoin Trust product in April. This week, it received a letter from the SEC warning that FIL “meets the definition of a security” under federal law and asking the company to withdraw its application.
The ‘trusted’ marketplace sells fake Trezor wallets that steal crypto – Kaspersky
Cybersecurity company Kaspersky has reported an issue with fake hardware wallets pretending to be major wallet company Trezor. According to the Kaspersky team, the attackers were able to access users’ crypto assets by changing the internal firmware. The fake Trezor wallet allows fraudsters to steal Bitcoin through a replaced microcontroller, which enables attackers to control the user’s private keys. A standard set of wallet functions are provided in the fake wallet, which is similar to a real Trezor Model T wallet.
‘Inferno Drainer’ scam as a service has stolen $5.9M since March
A new scam as a service called “Inferno Drainer” has reportedly stolen nearly $6 million from unsuspecting crypto users, according to Web3 scam-detecting firm Scam Sniffer. Inferno Drainer advertises that it provides ready-to-use code to scammers, allowing them to steal crypto in exchange for a 20% cut of the scammer’s crypto “loot”. The identified address was linked to more than 689 phishing websites created since March 27 and drained millions from victims on various networks, including Ethereum, Arbitrum, Polygon and BNB Chain.
Best Cointelegraph Features
Ordinals turned Bitcoin into a worse version of Ethereum: Can we fix it?
Flooded with NFTs and memecoins, Bitcoin has suddenly become a worse version of Ethereum. There are conflicting ideas about how to fix it.
Make 500% from ChatGPT stock tips? Bard leans left, $100M AI memecoin: AI Eye
The man who used ChatGPT to create a $100 million meme coin, AI stock market tips returned 500%, and why AIs lean.
‘Moral responsibility’: Can blockchain improve trust in AI?
Decentralized ledger technology can be everything non-AI is not: transparent, traceable, reliable and tamper-proof. Can it offset the opaqueness of AI black-box solutions?
The most compelling blockchain reads. Delivered once a week.