Tag: Bitcoin News

Chandrahar SR allegedly siphoned bitcoins worth approximately $216,000 and destroyed evidence of the transactions.

Chandrahar SR, a former inspector with the Central Crime Branch (CCB), is accused of illegally accessing a Bitcoin wallet belonging to a hacker, which was evidence in an investigation. The crypto scam, dating back to 2017, involved hackers Srikrishna Ramesh and Robin Khandelwal, who targeted exchanges like Bitfinex and Unocoin, making about INR 5.5 crore ($660,000). Ramesh attempted to launder the stolen funds through Khandelwal using Bitcoin but was arrested in 2020.

Initially, the Crime Branch reported that the bitcoins could not be recovered, prompting a Special Investigation Team (SIT) to investigate. Investigators accused Ramesh of manipulating the Bitcoin core application to mislead them. Now, Chandrahar, one of the officers in the case, is accused of stealing Bitcoin from the hacker’s wallet. The SIT alleges he sought technical assistance from Santosh Kumar, who allegedly accessed Khandelwal’s wallet, siphoning off Bitcoins worth ₹1.8 crore (approximately $216,000) and destroying evidence of the transactions. 

An FIR filed by the SIT claims that Chandrahar, along with two other CCB officers and a private cyber expert named Santosh Kumar, accessed the wallet at Kumar’s Bengaluru office between December 30, 2020, and January 6, 2021. They are charged with illegal confinement, breach of trust by a public servant, and destruction of evidence. Chandrahar had been evading authorities but was arrested at his home in North Bengaluru. Two other police officers have also been arrested.

Increase in Scam Activity in India

In a separate case, India’s Enforcement Directorate (ED) announced the seizure of INR 90 crores ($10.7 million) worth of cryptocurrencies related to the ‘E-Nugget’ scam. Aamir Khan and Romen Agarwal were arrested and charged. The scam involved a gaming platform that promised high returns, but once investments were made, the app went offline, and investors lost access to their funds. The ED found the scheme used 2,500 dummy bank accounts, with some funds invested in cryptocurrencies.

ED, Kolkata led a successful operation against a major “online gaming app scam” known as “E-Nugget”. The E-Nugget app, masqueraded as a gaming platform, promised users high returns on their investments. Crypto assets which were taken into possession of ED are transferred into…

— ED (@dir_ed) April 30, 2024

Due to the rise in scams and fraud, Indian regulators are tightening their oversight of the crypto sector.

BlackRock’s $20 billion Bitcoin ETF saw inflows exceeding $102 million, while Grayscale’s ETF experienced another round of outflows. 

In recent events in the crypto space, BlackRock’s spot Bitcoin exchange-traded fund has surpassed Grayscale’s Bitcoin Trust (GBTC) to become the world’s largest Bitcoin exchange-traded fund (ETF).  

By the close of trading on May 28, BlackRock’s iShares Bitcoin Trust (IBIT) reported $102.5 million in inflows, while Grayscale’s Bitcoin Trust (GBTC) experienced a $105 million outflow.  

According to data from HODL15Capital and the Apollo Bitcoin Tracker, the recent inflows have increased BlackRock’s spot ETF to 288,670 BTC. In contrast, Grayscale now holds 287,450 BTC, a significant decrease from the 620,000 BTC it held at the time of its conversion in January.

BlackRock’s Holdings

A Bloomberg report on May 29 noted that BlackRock’s ETF held $19.68 billion worth of BTC as of Tuesday, while Grayscale’s holdings were valued at $19.65 billion. Fidelity’s Bitcoin ETF, on the other hand, held $11.1 billion.   

All 11 spot Bitcoin ETFs were launched on the same day in January 2024. Since then, BlackRock’s ETF has dominated, capturing the majority of inflows.  

Commenting on the feat, Twitter user @HODL15Capital said; “There is a new king in the land of Bitcoin ETFs & its BlackRock.”

Recent regulatory filings indicate that BlackRock’s income and bond-focused funds acquired its spot Bitcoin ETF shares during the first quarter.

According to filings with the Securities and Exchange Commission (SEC) on May 28, BlackRock’s Strategic Income Opportunities Fund (BSIIX) acquired $3.56 million worth of the iShares Bitcoin Trust (IBIT), while its Strategic Global Bond Fund (MAWIX) purchased $485,000 worth of IBIT.   

Ether ETFs Approval 

Recent buying activity for IBIT has surged amid growing bullish sentiment for Bitcoin and the broader crypto market. The optimism was fueled by the approval of Ether (ETH) ETFs and renewed support for digital assets among U.S. political parties.

Spot Bitcoin ETFs currently possess over one million BTC, valued at over $68 billion, which represents approximately 5.10% of the crypto asset’s total circulating supply.   

Last week, Bitcoin ETFs listed in the U.S. hit a new milestone. Over 850,000 BTC are under custody, exceeding the previous high of 845,000 BTC set in early April. 

Meanwhile, there’s widespread anticipation surrounding the possible launch of spot Ether ETFs, with analysts suggesting they could hit the market as soon as mid-June.  

Semler Scientific announced that Bitcoin would become its principal treasury reserve asset, with a recent acquisition of 581 BTC worth $40 million

Healthcare technology company Semler Scientific has announced the acquisition of 581 BTC, valued at approximately $40 million. As a part of the strategy, the firm also announced that Bitcoin will be its primary treasury reserve asset.   

Semler Scientific, Inc. develops, manufactures, and markets innovative products and services supporting early detection and treatment of chronic diseases. It also provides technology devices and software for healthcare providers.   

Semler Adopts Bitcoin 

The acquisition was revealed in the company’s recent financial report, where Semler explained its reasoning for adopting Bitcoin as a store of value and a potential growth asset.

“Our bitcoin treasury strategy and purchase of Bitcoin underscore our belief that bitcoin is a reliable store of value and a compelling investment,” Eric Semler, the company’s chairman, said.

Semler noted that Bitcoin possesses distinct qualities that can be seen as a haven during global instability.  

According to a recent report, Semler Scientific generated over $15.9 million in revenue during the first quarter of 2024, a 13% decrease from last year. However, net income rose by 22%, hitting $6.1 million. At the end of March, the company’s balance sheet reflected $83.86 million in assets.  

BTC and Gold 

According to the statement, the firm’s board of directors and senior management reportedly spent considerable time exploring potential uses of its cash reserves, including assessing acquisition opportunities.   

“After studying various alternatives, we decided that holding Bitcoin would be the best use of our excess cash,” Semler added. 

The executive noted that Bitcoin’s structural resilience makes it superior to gold. They also stated that considering the value disparity between gold and Bitcoin, the crypto asset can deliver substantial returns as it increasingly gains recognition and acceptance over digital gold.   

Meanwhile, business software development company Microstrategy (MRST holds 214, 400 BTC, valued at $13.5 billion, making it the largest corporate holder of Bitcon. 

Mt. Gox is preparing to return its BTC holdings to creditors before the October 31 repayment deadline.  

Bitcoin, the world’s largest cryptocurrency by market capitalization, has experienced a notable decline, falling 4% as Mt. Gox distributions start with big BTC moves.  

Mt. Gox was once a leading crypto exchange based in Shibuya, Tokyo, Japan. Launched in 2010, the platform handled over 70% of all bitcoin transactions globally. Mt. Gox was hacked in 2011, and in February 2014, it went bankrupt. In April 2014, the company initiated liquidation proceedings, although 200,000 bitcoins were subsequently found due to theft, fraud, and mismanagement.  

In April 2015, new evidence presented by Tokyo security company WizSec led to the conclusion that “most or all of the missing bitcoins were gradually stolen directly from the Mt. Gox hot crypto wallet, starting in late 2011.” 

Mt. Gox Starts Compensating Users

Mt. Gox became bankrupt following the catastrophic hack that resulted in the theft of 850,000 BTC, valued at $460 million at the time.  

In February 2023, the largest creditors of the insolvent crypto exchange opted for a payment method enabling them to receive a chunk sum of their recovery payout in BTC instead of fiat currency.  

According to Lookonchain, Mt. Gox still holds roughly 95,061 BTC, valued at approximately $6.53 billion.

Crypto Crib also posted an update on the X platform, stating that around $5 billion worth of BTC was on the moved.  The Big Bitcoin move is perceived as Mt. Gox preparing to return its BTC holdings to creditors before the October 31 repayment deadline, over nine years after the exchange collapsed.   

Experts had earlier cautioned against moving the Mt. Gox-era Bitcoin. It might unsettle the market and exert downward pressure on BTC prices.  However,  analyst James Check stated that the Mt. Gox event is going to be “a fantastic case study for why on-chain data works so well for Bitcoin.”   

BTC Drops 4% 

Bitcoin prices dropped by significantly from a high of $70,600, reaching a low of $67,555 about 12 hours later during the Tuesday morning Asian trading session.  

At the time of writing, the price had slightly recovered to $68,334 and remained within its multi-month range-bound channel.  

Popular trader Bleeding Crypto mentioned that he was monitoring technical support levels at $65,000 and $61,450.

Argentina’s minister of foreign affairs legalized the use of Bitcoin in settling legally binding contracts and making payments within the country.   

Argentina has announced its intention to partner with El Salvador to advance the adoption of Bitcoin.  

According to an official report from the Argentinian National Securities Commission (CNV), the agency’s president, Roberto Silva, and vice president, Patricia Boedo, met with Juan Reyes, the president of El Salvador’s National Digital Assets Commission (CNAD), last week to discuss El Salvador’s experience in adopting Bitcoin.   

Argentina And El Salvador on BTC Adoption Strategy  

The report disclosed that Silva and Boedo discussed the increasing use of digital assets in global economies, exchanging ideas with Reyes about El Salvador’s progress in this area.  

“El Salvador has emerged as one of the leading countries, not only in the use of bitcoin, but has also stood out in the world of crypto assets…We want to strengthen ties with the Republic of El Salvador, and therefore, we are going to explore the possibility of signing collaboration agreements with them,” Silver said.  

The Central American country made headlines in 2021 when it became the first to widely adopt Bitcoin as its legal tender under President Nayib Bukele’s administration. Over the years, the country has introduced various Bitcoin-related initiatives, such as Bitcoin bonds, volcano-powered Bitcoin mining, and a citizenship-by-Bitcoin-investment program, adopting a strategy that enables it to accumulate and retain the asset. By mid-May, El Salvador had mined 474 BTC using volcanic energy and held approximately 5 750 BTC.  

Also, El Salvador established the CNAD particularly to manage and enhance its crypto operations, and Argentina is seeking to follow a similar path.  

“I had the opportunity to exchange experiences during the visit to that country, and it seems essential to me to continue strengthening ties with a Republic that is a pioneer in the subject and has vast experience in the subject,” Vice President Boedo said.  

Progressively Accepting Bitcoin 

Argentina is progressively becoming more Bitcoin-friendly. Bitcoin advocate and politician Jaivier Milei won Argentina’s presidential run-off in November. Milei’s victory brought hope to the country struggling with economic meltdown and hyperinflation. The Argentine peso has been in a state of continuous decline.   

A month later, Argentina’s minister of foreign affairs approved and legalized the use of Bitcoin to settle legally binding contracts and make payments within the country.  

Argentina recently introduced the Registry of Virtual Asset Service Providers, a regulatory body dedicated to the local crypto sector.

Solv Protocol has surpassed $1 billion in total value locked (TVL) and is now the 32nd largest decentralized finance (DeFi) protocol.

Solv Protocol, a leading platform providing a unified yield and liquidity layer for major digital assets, has achieved a significant milestone by surpassing $1 billion in Total Value Locked (TVL). Solv Protocol is now the 32nd largest decentralized finance (DeFi) protocol, according to DeFiLlama rankings.

In a news report from Markets Insider, Solv Protocol’s founder, Ryan Chow, expressed his enthusiasm about this accomplishment. “Reaching this significant milestone is a testament to the strong demand for Solv’s suite of products and the growing adoption of our flagship SolvBTC offering,” said Chow.

Boosting the Bitcoin DeFi Space

In recent years, the Bitcoin community has made significant strides in expanding Bitcoin’s functionality beyond its traditional roles as a payment method and a store of value. A key development in this effort was the introduction of Taproot, which was implemented in November 2021. Taproot enhanced Bitcoin’s capabilities by enabling more complex scripting and smart contracts—self-executing agreements that activate when specific conditions are met. These smart contracts are essential for decentralized finance (DeFi), and their integration into Bitcoin paves the way for many new applications and opportunities within the ecosystem.

Bitcoin’s DeFi ecosystem is still in its early stages, but several projects have already gained notable traction. Ryan Chow believes that Solv Protocol will continue to drive innovation and unlock opportunities for Bitcoin holders and DeFi participants, solidifying its position as the largest protocol in the Bitcoin DeFi space by Total Value Locked (TVL).

Solv Protocol has developed SolvBTC, a liquid yield token that allows BTC holders to earn competitive interest on their holdings. SolvBTC has been launched on Arbitrum, BNB Chain, and Merlin Chain. The protocol’s multi-chain integration enhances liquidity in emerging BTCFi ecosystems across both Layer 1 and Layer 2 networks.

Solv Protocol is building an ecosystem where users can bridge SolvBTC to earn rewards in new chain point programs, such as a 1.5x multiplier in zkLinkNova’s Aggregation Parade. Furthermore, the protocol has launched the Solv Point System, which allows users to swap points for SOLV token airdrops, rewarding engagement and participation.

El Salvador currently possesses 5,750 BTC valued at approximately $354 million, gathered in roughly three years.  

El Salvador, a country in Central America, has mined roughly 474 BTC, valued at approximately $29 million, using volcanic geothermal energy since 2021.  

According to Reuters, the country has allocated 1,5 megawatts (MW) for crypto mining out of the 103 MV produced by the state-owned power plant. Also, the Bitcoin was mined using power from El Salvador’s Tecapa volcano, using 300 mining processors.     

Amid increasing concerns about BTC mining’s energy consumption and environmental impact, El Salvador stands out as leading renewable energy-driven mining.    

The country’s innovative geothermal-powered Bitcoin mining marks a crucial advancement in the crypto space. Its success demonstrate the potential of renewable energy sources in crypto mining.

El Salvador Adopts Bitcoin As Legal Tender 

In 2021, El Salvador made history by becoming the first country to adopt Bitcoin alongside the United States dollar as a legal tender. Since then, the government has adopted several Bitcoin-focused policies, including establishing a geothermal plant to mine BTC.   

El Salvador currently possesses 5,750 BTC valued at approximately $354 million. Also, global organizations like the World Bank and others have strongly criticized El Salvador for its Bitcoin adoption since 2021.  

One Bitcoin Daily

During the crypto winter between 2022 and 2023, speculators questioned President Nayib Bukele’s decisions about Bitcoin. However, he reaffirmed his commitment to the leading cryptocurrency by announcing that the nation would purchase one BTC daily. The president’s primary focus is to continue the practice until it becomes unaffordable with fiat currencies.

The announcement shows the country’s ongoing dedication and commitment to the initiative. The country’s daily purchase of Bitcoin also sends a clear signal to investors and businesses that El Salvador is committed to promoting an environment conducive to crypto adoption and innovation.

In November 2022, President Bukele unveiled a dollar-cost averaging (DCA) plan for El Salvador and committed to purchasing one BTC as part of the country’s pro-crypto scheme.

Despite initial criticism from several international financial organizations amid the crypto market’s bearish performance, the decision has proven strategically sound. The president’s administration has continued to champion and foster crypto adoption.

As the Japanese Yen faces volatility and the government deals with fiscal crises, Metaplanet has adopted bitcoin as its primary reserve asset.

Metaplanet, a Tokyo-traded public corporation, has demonstrated strategic foresight by officially turning to Bitcoin as its major reserve asset. In the face of Japan’s major economic and financial crisis, marked by the highly volatile Japanese Yen, the company is proactively acquiring more bitcoins, confident that it will play a crucial role in stabilizing its economy. 

Metaplanet Announces Switch to Bitcoin

In a meticulously planned and executed strategic move, Metaplanet announced a shift in its treasury management plan on Monday, adopting bitcoin as its primary reserve asset. The report stated, “Recognizing both the challenges and opportunities within the current global financial landscape, Metaplanet has adopted bitcoin as its strategic treasury reserve asset.” 

Notably, the Japanese government debt level has increased significantly, affecting interest rates and weakening the Yen. Therefore, the release explains that Metaplanet sees this move as a “direct response to sustained economic pressures in Japan.”

Japan’s debt-to-GDP (Gross Domestic Product) ratio, used to review a country’s ability to repay debts, has jumped above the average 250% to 261% as the country’s debts rise above those of many developed countries. The Japanese Yen has depreciated over 50% within the last decade.

Believing in bitcoin as a safeguard against financial and economic crisis, Metaplanet has adopted a Bitcoin-first, Bitcoin-only strategy for the company instead of retaining the weakening Yen. It sees bitcoin as a scarce digital commodity “superior to any and all other forms of political currency, traditional stores of value and investment.”

The release expresses further conviction that bitcoin offers a non-sovereign store of value that may continue to appreciate against fiat currencies.

Metaplanet Adds More BTC to Its Reserve

Before the official announcement on Monday, Metaplanet has shown firm conviction in Bitcoin. Like MicroStrategy, the company continues to acquire more bitcoins.

As shown by Bitcoin Treasuries, Metaplanet invested ¥200 Million ($1.25 million) into its bitcoin acquisition on Friday and now holds about 117.7 bitcoins acquired at an average price of ¥10,193,536 ($65.4 million) per bitcoin.  

Bitcoin has proven to withstand the test of time, as it has continued to appreciate since its invention in 2009. Currently, the cryptocurrency trades above $63,000 per BTC, as market analysts and popular figures predict a massive jump in its value. 

Dorsey foresees a beautiful future for bitcoin and sees the cryptocurrency at a minimum of $1 million six years from now.

Jack Dorsey, the co-founder and former CEO of Twitter, has made a significant prediction. He believes that bitcoin’s price could skyrocket to at least $1 million in 2030, and this is just the beginning of its upward trajectory. 

Bitcoin Above $1 Million

In an interview with Pirate Wires CEO Mike Solana, Dorsey expressed his opinion on the price of Bitcoin in 2030. he said, “I don’t know, over at least a million. I do think it hits that number and goes beyond. But I think the price is only interesting.”

With unwavering conviction, Dorsey underscores the transformative power of Bitcoin technology. He expresses, “The most amazing thing about Bitcoin, apart from the founding story, is anyone who works on it, or gets paid in it, or buys it for themselves — everyone who puts any effort in to make it better — is making the entire ecosystem better, which makes the price go up.”

Dorsey’s optimistic view of Bitcoin extends beyond its potential value. He admires its collaborative and transparent nature, which fosters an environment where anyone can contribute to its growth and potentially increase its price.

To conclude his expression about bitcoin, he said, “It’s a fascinating ecosystem and movement, more than anything else. It taught me a lot.” 

As part of the interview, Dorsey stated that he will be leaving the board of his new social media company, Bluesky. Bluesky was built to replace Twitter, which he sold to Elon Musk. He said that Bluesky is repeating the same mistake as Twitter.

Bitcoin Price Movement Within The Last Six Years

With two successful Bitcoin Halving events and bitcoin block rewards currently at 3.125 BTC per block, bitcoin has increased by 2433%, moving from $3,000 to above $73,000. 

At press time, bitcoin trades between $62,500 and $63,000 and needs to jump by about 1600%, 800% lower than its movement in the past six years, to reach Dorsey’s predicted price of $1 million.   

Bitcoin has seen an average of 178,475 daily transactions during its 5,603-day lifespan.

According to SolanaFloor, Bitcoin processed its one billionth transaction since its launch 15 years ago, marking a significant milestone. This exceeds the previous peak, which was reached on April 23 at 927,000.

According to information from Clark Moody’s Bitcoin dashboard, the transaction was mined into block 842,241 on May 5 at 9:34 p.m. UTC. Excluding transactions via the Lightning Network, Bitcoin has experienced an average of 178,475 daily transactions throughout its 5,603-day lifetime.

Data from River indicates that in August 2023, the Lightning Network alone processed at least 6.6 million transactions. This shows that since its inception in January 2018, the network has enabled hundreds of millions of transactions.

Recent Surge in Bitcoin’s Daily Transactions

The crypto industry has been abuzz with talks about Bitcoin transactions and their associated fees lately. This is primarily due to the recent introduction of Bitcoin Ordinals and Runes. The introduction of Bitcoin Ordinals has paved the way for a new breed of tokenized assets to exist on the network by embedding data onto satoshis, the smallest unit of Bitcoin. This has opened up new possibilities for the network, including the ability to create unique NFTs that can live on the blockchain.

Similarly, fungible tokens can open up new options for the network with the introduction of Runes, including more decentralized finance applications. Furthermore, the introduction of Bitcoin ETFs may have played a role in the spike in transactions.

A recent news report from CrpytocurrenciesToWatch (CTW), has shown that Grayscale’s ETF (GBTC) saw a $63 million inflow on Friday. “After a challenging period of 80 days with billion-dollar outflows, Grayscale’s Bitcoin Trust (GBTC) has shown resilience. It has stopped the bleeding and ended the day on a positive note,” CTW reported. The report also noted that the Bitcoin ETF market had a total inflow of $378.3 million, which is its highest since the past 28 market days.

Bitcoin is currently trading at $63,750, up more than 12% from a two-month low of $56,800 on May 2, according to CoinGecko. However, it is still 13.6% down from its all-time high of $73,740, set on March 13.