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Crypto Espresso: Your Weekly Crypto News Update

June 26, 2023

Crypto Espresso: Your Weekly Crypto News Update

June 26, 2023

Blog » Posts tagged "crypto news"

Biggest Crypto News Stories Last Week:

Last week in the crypto world we saw Bitcoin’s price boosted by multiple Bitcoin ETF applications, Do Kwon sentenced to four months in a Montenegran prison, and the mismanagement of Bitcoin custodian Prime Trust laid bare.

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Bitcoin Price Boosted by Bitcoin ETF Scramble

Bitcoin price on the rise following ETF Scramble.

Bitcoin enjoyed a $5,000 price jump last week following an unpredicted Bitcoin ETF scramble following BlackRock’s recent application. Bitcoin had been steadily trending downwards in price since hitting $31,000 in April, and with bad news followed by more bad news, it seemed that this pattern was destined to continue.

However, a sudden swathe of good news on the institutional front has galvanized the cryptocurrency, lifting not just the price but the mood around the asset in general.

BlackRock’s Bitcoin ETF application came out of the blue and showed a level of interest in Bitcoin that many had thought had dried up. This was followed on Monday by suggestions that another asset giant with its toes already in the crypto pool, Fidelity, might be about to follow suit, possibly by buying out the Grayscale Bitcoin Trust, which has set its sights on Bitcoin ETF conversion.

This proved to be just the start of the ETF mania, however, as four more firms filed Bitcoin ETF applications last week, all of which have already seen prior applications rejected or pulled in the past: Valkyrie, whose prior Bitcoin ETF was rejected in December 2021; WisdomTree, which saw its application rejected in October 2022; BitWise, which had its application rejected in June 2022; and Invesco, which pulled its application in November 2021, claiming that it would have been too costly for investors.

Now, however, there seems to be a suggestion that BlackRock has somehow found the key to unlock the SEC’s cold heart when it comes to Bitcoin ETFs, prompting this glut of reapplications. 

The positive sentiment around Bitcoin was augmented by comments from Federal Reserve chair Jerome Powell who admitted that crypto appears to have “staying power” as an asset class, all of which helped Bitcoin reverse more than two weeks of downtrend and hit $30,500.


Do Kwon Sentenced for Fake Passport

Do Kwon was sentenced to 4 months in jail for a fake passport.

The co-founder and CEO of Terraform Labs, Do Kwon, has been sentenced to four months in prison in Montenegro for using fake documentation. Kwon, whose reckless operation of the Terra/LUNA ecosystem in 2022 caused the collapse of the $40 billion empire, had claimed that he didn’t realise his passport was fake but the judge wasn’t buying it, sentencing both Kwon and his traveling companion, Han Chang-Joon, to prison time minus time already served.

Kwon and Han were arrested in March while trying to fly from Montenegro’s Podgorica airport to Dubai on fake Costa Rican passports, with officials also finding similarly fake Belgian passports on their persons. The pair were arrested, whereupon US and South Korean authorities immediately began extradition proceedings; Kwon is wanted for violation of financial crimes in South Korea, while the SEC has filed fraud charges against him over the running of Terraform Labs.

Given the time Kwon has already served in detention, he will likely face just weeks in prison before being released, although he may well spend time in “extradition custody” while the Montenegran courts decide where he should go next.

Kwon had tried to claim that he didn’t know his passports were fake and that he couldn’t have used them to travel the world if they were. This suggests that either multiple countries in the world weren’t able to detect the fakes or the fakes included backdated visas for authenticity purposes, which is much more likely.

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BitGo Cancels Prime Trust Acquisition

Crypto custodian BitGo last week pulled out of a deal to buy competitor Prime Trust after the latter was issued with a cease-and-desist order by the Nevada Department of Business and Industry.

Crypto custodian BitGo last week pulled out of a deal to buy competitor Prime Trust after the latter was issued with a cease-and-desist order by the Nevada Department of Business and Industry.

The authority raised the alarm after identifying a “shortfall in customer funds” that led to Prime Trust being unable to fulfil all withdrawal requests in recent months, validating concerns held by many about Prime Trust’s financial position. The order has raised questions regarding how the financial activities of a Bitcoin custodian could have reached such a “critically deficient state”.

BitGo made a public announcement regarding its intention to acquire Prime Trust at the start of the month, following speculation that Prime Trust required $25 million to address unspecified financial challenges. The deal was seen as a potential solution to these concerns and so the matter was considered over, but the cease-and-desist order issued by the Financial Institutions Division of the Nevada Department of Business and Industry has shed light on the situation and emphasized the gravity of the matter:

“On or about June 21, 2023, Respondent [Prime Trust] was unable to honor customer withdrawals due to a shortfall of customer funds caused by a significant liability on the Respondent’s balance sheet owed to customers. Respondent has materially and willfully breached its fiduciary duties to its customers by failing to safeguard assets under its custody and is unable to meet all customer disbursement requests.”

It’s not yet clear exactly how a company whose sole job is to hold bitcoin has managed to get things so badly wrong, but there was almost certainly some kind of mismanagement, criminal or otherwise. Naturally, BitGo pulled the plug on the deal, which is somewhat ironic given that it was almost two years ago this week that  Galaxy Digital pulled out of a deal to buy BitGo itself.

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Trending stories:

  • Crypto firm Ripple has been awarded a provisional license to operate its services in Singapore, marking a new direction for the company.
  • Deutsche Bank last week applied for a digital asset custody license as part of its attempts to branch out into new sectors.
  • Binance has confirmed it is adding Lightning Network capabilities to its Bitcoin deposit and withdrawal mechanisms.


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This Week’s Crypto Espresso – Biggest Crypto News Weekly

June 19, 2023

This Week’s Crypto Espresso – Biggest Crypto News Weekly

June 19, 2023

Blog » Posts tagged "crypto news"

Biggest Crypto News Stories Last Week:

Last week in the crypto world we saw BlackRock file for a Bitcoin ETF, Binance.US succeed in protecting its assets from being frozen, and a UK court date set which will decide the claims of a famous Satoshi Nakamoto candidate.


Satoshi Nakamoto ‘Identity’ to be Ruled on in 2024

Bitcoin founder identity to be decided in UK court.

The identity of Bitcoin founder Satoshi Nakamoto may or may not be decided in a UK court next January after a British judge ruled that a preliminary single-issue trial over the matter will take place following multiple lawsuits by pretender Craig Wright.

Wright currently has more than ten court cases going through various UK courts at the moment, all of which are predicted to some extent on whether he is Satoshi Nakamoto or not, and so the judge in charge of four of them has decided to settle the matter once and for all before they get to trial.

Wright has been claiming to be Bitcoin’s pseudonymous creator since 2014, with his claims made public in 2015. However, accusations of lies and forged documents have dogged his every attempt to convince the crypto world of his claim, to the point where he has resorted to suing critics, developers and cryptocurrency exchanges in the hopes that a UK judge will find in his favor. This would force institutions to adopt his Bitcoin fork, BSV, as the real Bitcoin, confirming his candidacy as Satoshi in the process.

In a London court last week, the judge in four of Wright’s cases called multiple parties together to discuss how the core issue, whether Wright is Satoshi or not, could be decided once rather than ten times. The result will be a mini-trial as part of the lawsuit filed against him by the Crypto Open Patent Alliance (COPA), which contends that he is not Satoshi and intends to prove it, which will take place in January 2014.

The result of this element of the case will, once decided, be binding for all his other UK lawsuits, setting the seal once and for Wright’s desire to be recognised, in a legal sense at least, as Bitcoin’s founder.


BlackRock Files for Bitcoin ETF

BlackRock files for Bitcoin ETF.

Investment giant BlackRock last week filed for a Bitcoin ETF in a move that raised many eyebrows given the treatment meted out to the cryptocurrency market by regulators in recent months. The world’s largest money manager, boasting $9.1 trillion of assets under management, filed a preliminary prospectus for the iShares Bitcoin Trust with the Securities and Exchange Commission (SEC) last Thursday, with Coinbase named as its custodian.

This, too, was a surprise, not because Coinbase had been chosen at all (Coinbase and BlackRock signed such a deal last year) but because the SEC is targeting Coinbase over alleged illegal sales of securities.

The SEC has rejected every Bitcoin ETF application to date, emphasizing concerns about the safety of Bitcoin for retail investors, although it has allowed Bitcoin futures ETFs. These rejections have even come the way of giants like the Chicago Board Options Exchange, with the SEC worried about fraudulent and manipulative practices and participant safety, which it attributes to the lack of transparency in the underlying spot Bitcoin market.

BlackRock is by far the biggest name to apply for a Bitcoin ETF, which it calls the iShares Bitcoin Trust, and it seems that it hopes its name and reputation will be enough to see it through. However, the SEC has been repeating the same concerns in recent rejections that it did when it rejected the first Bitcoin ETF from the Winklevoss twins in 2017, so unless BlackRock can address these core criticisms from the SEC, which has only grown more anti-Bitcoin during that time, its name alone may not be enough.


Binance.US Avoids Asset Freeze

Binance.US avoids asset freeze.

Binance.US, the US wing of the Binance empire, avoided the “death penalty” its lawyers warned against after a Washington judge stated that there was “absolutely no need” to freeze its assets. Instead, Binance, Binance.US and the SEC announced a deal on Friday which will ensure that only Binance.US employees can access customer funds in the short term, with the SEC’s main concern being that Binance would seek to move the assets outside of the US following the agency’s lawsuit last week.

The SEC had sought the freezing of all Binance.US assets following its lawsuit over the sale of unregistered securities, misappropriation of funds and AML/KYC violations, a move which Binance.US said was draconian in nature and would mean that it couldn’t pay its bills or staff salaries.

The judge agreed, suggesting that the two should work out a deal where the funds were kept out of Binance.US’s direct control but which still allowed the company access to pay for essentials. This has now been agreed.

While Binance.US may have saved itself from going under, it has nevertheless adopted some cost-saving measures, with staff reporting job cuts on social media as the entity prepares for a potentially long and costly battle with the SEC; some reports said as many as 50 staff have been laid off in preparation for the fight ahead.

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Trending stories:

  • North Korean hackers are posing as remote engineers in order to infiltrate crypto companies, according to the security analysts.
  • US Representative Warren Davidson last week formally tabled a bill calling for the removal of SEC Chair Gary Gensler.
  • Crypto investment firm a16z Crypto is to open a UK office after praising the approach taken by the UK government to web3 and crypto development.


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Crypto News: Top Stories Last Week Revealed

June 12, 2023

Crypto News: Top Stories Last Week Revealed

June 12, 2023

Blog » Posts tagged "crypto news"

Last Week’s Biggest Crypto News

Last week in the crypto world we saw the 2011 MtGox hackers identified, the Metaverse vs Augmented Reality battle heat up, and Coinbase and Binance face the wrath of the SEC.

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Metaverse vs AR Battle Heats Up With Apple’s Vision Pro Headset

Apple launches new Vision Pro headset.

The launch of Apple’s Vision Pro headset last week took the metaverse vs Augmented Reality (AR) battle into a new (and much more expensive) dimension last week and represented the first gauntlet being thrown down in favor of AR.

The company has previously distanced itself from the generally accepted concept of a metaverse in favor of a combined virtual and augmented reality offering, a vision which puts it in direct competition with Meta, which is banking everything on building its vision of the metaverse.

Apple CEO Tim Cook laid the groundwork for the concept for the Vision Pro last October when he questioned whether the metavserse had the capabilities to dominate AR in the long term. Cook opined that AR is going to have the same impact on people’s lives as the Internet and smartphones, saying that one day it will be impossible to live without it, and the Vision Pro represents the first physical manifestation of this vision. He also revealed at the time that the term ‘metaverse’ isn’t used at Apple because the average person can’t define “what the metaverse is.” 

This, of course, is in stark contrast to Meta, which is sinking billions of dollars into developing, and dominating, the metaverse space, with its Quest headset being the first physical representaion of its own vision. Given that it is priced some four times cheaper than the Vision Pro this could see metaverse trump AR in the initial skirmishes, but if Apple can deliver on its AR promise then the metaverse may indeed be consigned to the ‘hype’ dustbin over time…as long as the price comes down.


MtGox Hackers Identified


MtGox Hackers identified.

The US Department of Justice last week unsealed indictments against two Russians it says hacked the MtGox exchange between 2011 and 2013 in what remains the most famous hack in Bitcoin’s history.

Despite nine years’ worth of investigations in Japan and the US, it was never disclosed who had carried out the theft of 650,000 bitcoins, but the task force set up to investigate the hack and the resultant money laundering efforts revealed that it had in fact identified the two individuals in 2017 but only chose to unseal the indictments last week.

MtGox was based in Tokyo, Japan, and was handling the majority of Bitcoin transactions at the time of its collapse in February 2014. Following months of complaints about delayed bitcoin withdrawals, the exchange suddenly halted all withdrawals on February 25, citing a technical issue.

However, it soon became apparent that the exchange had been hacked, resulting in the theft of approximately 650,000 bitcoins, worth around $450 million at the time. The hack had gone undetected for two and a half years, and the stolen bitcoins were taken from both the exchange’s hot wallets (online storage) and cold wallets (offline storage).

A subsequent investigation revealed significant mismanagement and security flaws within the exchange, with owner Mark Karpelès pinpointed as the potential thief. However, attention soon turned to Russian hackers and launderers, and in December 2017, four months after the arrest of Russian money launderer Alexander Vinnik, a grand jury indicted Russians Aleksandr Verner and Alexey Bilyuchenko in the hack of MtGox and subsequent laundering of the 650,000 bitcoins.

Why the indictments were only unsealed last week after two and a half years is unknown, but the odds of catching the two alleged perpetrators are low: both are Russian nationals living in the country, with Bilyuchenko currently on trial for stealing $400 million worth of cryptocurrencies from an exchange he founded in 2017.


Coinbase and Binance Hit With SEC Charges


Binance and Coinbase hit by charges from the SEC.

Binance and Coinbase both felt the wrath of the Securities and Exchange Commission (SEC) last week as they were hit with charges of selling unregistered securities and operating unlicensed brokerages. Binance was also hit with charges of intentionally circumnavigating KYC/AML reporting requirements, with the regulator seeking to ban Binance and its US wing, Binance.US, from operating in the country. Binance US also faced a freezing order on its assets just two days later. 

In its filings, the SEC pointed to a number of cryptocurrencies it believes are securities that Coinbase in particular was accused of selling, repeating prior actions without giving the operators of the blockchains associated with those coins a chance to respond to the accusation. The moves represented an escalation of the ‘regulation by enforcement’ approach that the SEC has taken to adopting since Gary Genlser joined as chair in April 2021.

Many in the crypto space believed that the charges were inevitable and simply bear out the SEC’s desire to stamp out crypto use in the country rather than safely regulate it, and its decision to tackle the two biggest cryptocurrency exchanges in the world certainly plants a flag in the ground as far as its ambitions go. Both exchanges have said that they are determined to fight the charges, which will make the next few years pivotal ones in the crypto space.

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Trending stories:

  • Crypto custodian BitGo announced the takeover of rival Prime Trust following rumors that it was on the verge of bankruptcy.
  • The Metropolitan Museum of Art has said it will return $550,000 worth of donations it received from FTX last year.
  • Three venture capital firms are suing the founder of DeFi platform Curve over a “brazen, multi-faceted scheme” to defraud them and enrich himself.

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Crypto Espresso – The Top Crypto News Every Week

June 5, 2023

Crypto Espresso – The Top Crypto News Every Week

June 5, 2023

Blog » Posts tagged "crypto news"

Biggest Crypto News Last Week

Last week in the crypto world we saw the launch of the biggest stablecoin on the Bitcoin blockchain (but not the first), EA and Nike signed a groundbreaking NFT agreement, and concerns over the impact of a Grayscale victory over the SEC.

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US Stablecoin Launched on Bitcoin

The first stablecoin has been launched on the Bitcoin network.


The Bitcoin world celebrated the launch of the network’s first stablecoin last week thanks to crypto platform Stably, which has utilized the new BRC-20 format to bring a dollar-backed cryptocurrency to the network.

According to Stably, the USD token will be backed 1-to-1 with actual US dollars held by a US-regulated custodian and will require full KYC/AML verification. However, while Stably is certainly the only stablecoin on Bitcoin right now, its claim to have been the first is disputed.

Stably has been able to launch USD on Bitcoin thanks to an upgrade that took place on the Bitcoin network in 2021 called Taproot. Taproot allowed smart contracts to be deployed on Bitcoin, allowing Bitcoin to be used in the same way as Ethereum, which is used for everything from NFTs to DeFi lending platforms.

It has taken a while for developers to make use of Taproot but this year they have with ‘ordinal inscriptions’, a system which has opened the door for Ethereum-like projects on the ultra-secure Bitcoin blockchain.

The introduction of ordinal subscriptions means that we can expect a development boom on Bitcoin much as we have seen with Ethereum over the years, and stablecoins are a natural part of this.

However, Stably’s claims that its USD coin is the first stablecoin on the Bitcoin blockchain aren’t entirely true; when Tether first launched back in 2014 as Realcoin, it did so on Omni Layer protocol, a platform for creating and trading custom digital assets and currencies on the Bitcoin blockchain. Stably can claim, therefore, to be the first stablecoin to run on the ‘pure’ Bitcoin blockchain, which is an impressive enough accolade in itself.


EA and Nike Sign Groundbreaking Partnership

Nike and EA Sports have signed an NFT agreement.

Sportswear giant Nike and videogame maker Electronic Arts last week announced a groundbreaking deal that will see NFTs from Nike’s .Swoosh collection make their way into future EA Sports releases.

EA said that the partnership will “look to build new immersive experiences and unlock brand new levels of customization” within its ecosystem, with exclusive .Swoosh “virtual creations” made available to players to allow “unique new opportunities for self-expression and creativity through sport and style.” While this deal isn’t the first between videogame makers and NFT creators it is by far the biggest yet and could mark a turning point in the relationship between gamers and NFT fans.

Nike’s exposure to the crypto/blockchain world dates back to April 2019 when it filed a trademark for Cryptokicks, which it turned into a popular NFT collection three years later. This launch presaged a deep dive into the NFT world, with the launch of Nike Virtual Studios coming in 2022 following its acquisition of NFT studio RTFKT in late 2021.

Nike Virtual Studios developed its in-house platform, .Swoosh, throughout 2022 and launched it in November, with its first collection earning the company $1 million in sales last month.

While Nike, EA and NFT fans might be looking forward to the prospect of in-game NFTs, one group that isn’t is gamers themselves. Gamers have threatened boycotts of gaming studios that add NFTs to games ever since the idea was first mooted in 2021, and last week’s announcement was a continuation of the theme, with many criticizing EA for prioritizing profits over customers. However, if the collaboration can prove a success it could end up being the moment when the tensions finally ease.


Grayscale Victory Would Not Guarantee Bitcoin ETF

The Securities and Exchange Commission (SEC) could still reject Grayscale's Bitcoin ETF proposal even if it loses its legal battle with the fund operator.

The Securities and Exchange Commission (SEC) could still reject Grayscale’s Bitcoin ETF proposal even if it loses its legal battle with the fund operator, according to Bloomberg analyst James Seyffart.

Seyffart expressed his concerns during an interview last week where he emphasized that the SEC would search for other grounds on which to deny the conversion from the Grayscale Bitcoin Trust to a fully operational Bitcoin spot ETF were it to lose, thereby nullifying any potential victory on Grayscale’s part.

Grayscale initiated legal proceedings against the SEC in June of last year after the agency rejected its application to convert the Grayscale Bitcoin Fund into a Bitcoin ETF. This conversion is crucial for Grayscale’s customers to access their investments, which currently total some $17 billion worth of bitcoin, although GBTC shares are trading at a 43% discount to this value.

Bloomberg analysts were initially skeptical of Grayscale’s chances of success, but the situation changed in March of this year when oral arguments were presented. Following the hearing, Bloomberg changed its stance and now predicts a 70% probability of a favorable outcome for Grayscale.

Despite the optimistic outlook, Bloomberg analyst Elliott Stein cautioned that the court’s decision might not be conclusive and binding. Stein suggested that the judge could potentially allow room for the SEC to continue opposing a Bitcoin ETF rather than making a definitive ruling, a view Seyffart reiterated, emphasizing that a victory in the legal battle would not guarantee the establishment of a Bitcoin ETF because the SEC could still deny the conversion for other reasons.

Such an outcome would be the worst possible outcome for the struggling GBTC shareholders, as it would eliminate their best opportunity in years to liquidate their investments.

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Trending stories:

  • Hong Kong opened its doors to regulated crypto trading with more than a dozen platforms registered.
  • Crypto exchange Bybit has followed Binance out of Canada after new regulations on crypto platforms.
  • Stablecoin Tether has announced that it will fund a Bitcoin mining operation in Uruguay, the first in the country.


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Crypto Espresso: Get the Latest Crypto News Today

May 29, 2023

Crypto Espresso: Get the Latest Crypto News Today

May 29, 2023

Blog » Posts tagged "crypto news"

Top Crypto News Last Week

Last week in the crypto world we learned that regulations are having a positive effect on crypto hacks, Ledger has delayed the launch of its Ledger Recover service following massive backlash, and a reboot of FTX could arrive sooner than anticipated.

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Crypto Hacks Drop Massively

Crypto hacks dropped 70% in the first quarter of 2023 compared to the same time last year, with hackers frequently opting to collect post-hack bounties due to the increased difficulty in cashing out stolen funds.

The level of blockchain surveillance and the rules imposed on exchanges by regulators have ensured that criminals are finding it harder than ever to swap stolen crypto for cash, leading to hackers accepting lesser rewards from victims rather than trying to run off with more.

News of this change in trend was unearthed by blockchain intel firm TRM Labs, who published a report which found that hackers stole around $400 million from crypto projects in 40 attacks in the first three months of 2023, a 70% decline from the same period last year. 

TRM also found that the average hack size in the first quarter of this year dropped to $10.5 million from $30 million during Q1 of 2022, of which half was returned by the perpetrators.  Such examples include:

  • TenderFi hacker, returned $850,000 of $1.6 million stolen
  • Euler hacker, returned entire $200 million stolen
  • Safemoon hacker, returned $7.1 million of $9 million stolen

The group also cited the experience of Mango Markets manipulator Avraham Eisenberg who carried out a staggering $116 million price manipulation attack against the DeFi platform last year. Many don’t consider what Eisenberg did a crime, and yet he was still identified and charged, and faces decades in prison as a result.

TRM Labs says that incidents such as this, plus the difficulty in converting huge amounts of crypto into cash without giving up their identity, is putting hackers off attacking crypto platforms in the first place, but those that do will happily settle for a smaller payday.


FTX Reboot Underway


A reboot of bankrupt exchange FTX is well underway just six months after it caused catastrophe in the crypto world when it collapsed. Notes from CEO John Ray III show that the subject of a relaunch of FTX is much further along than many had suspected, with Ray referring to an “FTX restart” and the publication of material relating to an “FTX reboot” as far back as April.

In the notes, Ray also refers to the “2.0 bidder list”, a list that may include a $250 million investment from American venture capital firm Tribe Capital, whose interest was revealed by Bloomberg around the time when Ray would have been having discussions over financing FTX 2.0.

Ray has been positive about the future of FTX ever since the “pure hell” of the collapse and its aftermath were behind him, noting that the technical infrastructure behind the exchange was worth salvaging or selling to a third party. Indeed, whatever was going on behind the scenes at the time, FTX almost always operated flawlessly, even in times of stress on the market, something that other exchanges still struggle to cope with.

Ledger Pushes Back Ledger Recover Launch Date


Ledger last week pushed back the launch of its controversial Ledger Recover service following backlash from the crypto community, with even its founder noting how much of a disaster the launch had been. Ledger said the delay will allow it to push ahead with its existing plans to open-source all its code, a move that it says will increase trust through transparency following years of simply asking users to have faith in the company’s methods.

The rollout of Ledger’s Recover service was a PR disaster class, with the company alienating both existing and new customers by not properly explaining the method by which users’ seed phrases would be used. The launch was criticized by Ledger co-founder and former CEO Éric Larchevêque who labeled the launch a “horrible mess” and said that he was brought “to the verge of tears” by seeing the company be built being verbally abused in such a way.

When questioned about one specific aspect of Ledger Recover, Larchevêque said that it was his understanding that governments would be able to subpoena the companies storing the encrypted slices of a user’s wallet seed in order to seize their funds, something that tipped many over the edge and causing further outrage in the community.

The following day, Ledger announced that it was delaying the launch of Ledger Recover until its code was publicly audible so that users could see exactly what was involved. Current CEO Pascal Gauthier acknowledged that the company had made a “communication mistake” over Ledger Recover, and promised that the company had learned from its mistakes, something that was also promised in the wake of the 2020 data breach scandals.

Gauthier said that Ledger’s missteps “took everyone by surprise and affected our customer’s ability to accurately understand Ledger Recover”, although he insisted that the product would launch and that it was needed in the crypto sector.

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Trending stories:

  • Hong Kong will allow retail users to start trading cryptocurrencies on regulated platforms in a major step forward for the crypto sector in Asia.
  • Crypto exchange Hotbit abruptly closed its doors last week, citing a police investigation dating back to 2022 and regulatory uncertainty for the move.
  • Digital Currency Group missed an agreed $630 million payment to its child company Genesis, leading to potential action from Genesis and crypto exchange Gemini.

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Weekly crypto news at Punt.

Check Out Last Week’s Biggest Crypto News!

May 22, 2023

Check Out Last Week’s Biggest Crypto News!

May 22, 2023

Blog » Posts tagged "crypto news"

Last Weeks Biggest Crypto News

Last week in the crypto world we saw Paul Tudor Jones holding onto his bitcoin, two bankrupt crypto firms entering liquidation, and Ledger suffering a PR disaster with its new key recovery service.


Paul Tudor Jones Still Holding his Bitcoin

Paul Tudor Jones and Bitcoin.

Billionaire hedge fund manager Paul Tudor Jones revealed last week that he is still holding the bitcoin he bought in 2020, and will do so for life as an alternative to cash and traditional investments.

Jones came out as a Bitcoin acolyte in 2020 as the US government began its mass money printing program to cope with the coronavirus pandemic, which he dubbed the “great monetary inflation,” stating that Bitcoin was his bet as the “fastest horse” in the race for protection against the decreasing value of the dollar.

While many would have assumed Jones sold at the peak in 2021, it seems he is instead happy to HODL, telling CNBC’s “Squawk Box” that he has not been put off by Bitcoin’s price drop since the last peak:

“From the beginning, I’ve always said I want to have a small allocation to it because it’s the only thing humans can’t adjust the supply in. So I’m sticking with it, and I’m going to always stick with it as a small diversification in my portfolio.”

It’s highly likely that Jones’ holding makes up one of the one million on-chain addresses that hold at least one bitcoin, a benchmark that was crossed last week. The number of addresses holding at least one bitcoin has been steadily increasing since Bitcoin’s launch in 2009, but has seen a surge in the past two years, with more than 90,000 addresses adding a whole bitcoin, or more, since the drop to $15,500 in November.


BlockFi and Voyager Enter Liquidation

BlockFi and Voyager in liquidation.

Two of the crypto platforms hit hardest by last year’s crypto contagion have entered liquidation after plans to resuscitate them expired. BlockFi and Voyager Digital may have taken very different routes, but both have ended up treading the path to dissolution, although this means that creditors can look forward to getting their claims paid out, at least in part… read more

BlockFi was the first to announce a move into liquidation, having failed to attract a buyer in the six months since it fell into bankruptcy. Its creditors got a boost earlier this month when a judge ruled that customers of its vanilla custody service were entitled to a share of $300 million as the funds were still technically theirs, compared to those who had transferred them to interest-earning accounts. BlockFi has 660,000 client accounts, with the top 50 creditors owed $1.3 billion, although BlockFi believes that certain classes of claims could potentially see recoveries “as high as 100%.”

However, this depends in large part on the outcome of a $648 million lawsuit that BlockFi has filed against an investment vehicle owned by FTX founder Sam Bankman-Fried, a victory which is of course far from certain.

Voyager Digital’s route through bankruptcy has been much more complex; FTX was slated to buy it out but this deal collapsed when FTX itself did, leaving the second bidder, Binance.US, to seal the deal. However, Binance.US pulled out following a lawsuit from the CFTC, leaving Voyager Digital with no choice but to enter liquidation.

Voyager Digital has about $630 million to pay off claims of around $1.8 billion, but another FTX-related lawsuit is also in play here; FTX’s trading arm, Alameda Research, has sued Voyager Digital in an attempt to claw back a $445 million loan repayment. Voyager Digital’s creditors will receive an initial payout of around 35% of their claim, but repayments will jump to over 70% of the claim amount if it is is successful.


Ledger Suffers PR Disaster With ‘Recover’ Service

Ledger facing PR blunder.


Crypto hardware wallet maker Ledger endured a PR disaster this week when it announced the launch of Ledger Recover, a subscription service that allows remote storage of a wallet’s seed key in case of loss. 

While the concept itself isn’t terrible, and will in fact appeal to those less well-versed in the importance of seed key storage, the concept of a seed key leaving the device had the crypto community up in arms, and caused a huge backlash. Ledger’s actions in the wake of the criticism brought back memories of how it handled a series of data breaches in 2020, an episode it had only just recovered from.

Ledger is one of the two biggest hardware wallet makers in the crypto space, thanks to its Ledger Nano which allowed it to hoover up customers in the crypto boom years. However, in 2020 it suffered, denied and eventually admitted to a catalogue of data breaches that saw the personal details of hundreds of thousands of customers leaked online. The backlash against the company, in particular its continual denials followed by an inadequate apology when it did finally admit the breaches, led to a persistent PR nightmare; every tweet was bombarded with angry accusations from customers. Eventually, Ledger took to hiding negative replies and then removing the ability to reply to tweets altogether, which merely exacerbated the problem.

Fast forward to 2023. Time has healed the wounds felt by customers, allowing Ledger to launch its Ledger Stax wallet without fear of reprisals. It has even re-enabled replies to its tweets, and looks to be well on the path to recovery. And so to last week. Ledger clearly felt that there was a gap in the market for crypto users who want to hand the responsibility of their seed key (essentially the master key to their Ledger device) to a trusted third party rather than risk losing it themselves. The key will be split into pieces and stored with three separate crypto storage firms, with the user able to request the key if anything happens to their device.

Ledger’s mistake wasn’t in the product, but the message. Since its first wallet hit the shelves in 2015, Ledger has prided itself on the promise that the seed key to a Ledger device will never leave the device, which is the cornerstone of self-custody. And now here it was offering customers the chance to undermine this cornerstone for a monthly fee. Ledger also failed to make clear that the service was an opt-in subscription service, with screenshots flying around Twitter suggesting that the feature was coming in a mandatory upgrade. It wasn’t long before the grievances from 2020 resurfaced, with many asking why they should trust Ledger with their seed key when the company couldn’t even secure their personal data.

In full panic mode, Ledger hastily put together several explanatory tweet threads and even an AMA with its technical team, but they then made another blunder by hiding pages of negative tweets. The company insisted that this was because of an automatic ‘abuse’ filter, but this didn’t wash with the community, who again accused it of whitewashing criticism.

Ledger’s inability to control the narrative over what should have been an exciting moment shows that they somehow didn’t learn the lessons from 2020…but at least they haven’t banned replies. Yet. 

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Trending stories:

  • Bitcoin mining company Marathon and Bitcoin protocol research company Brink last week announced a $1 million fund to aid Bitcoin Core development.
  • Coinbase has criticized the SEC for issuing a “resounding maybe” over whether it plans to regulate the crypto sector independently.
  • The UK Treasury Committee wants the government to treat crypto investing as a form of gambling rather than a form of financial service.

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Crypto Espresso – Top Crypto News Weekly!

May 12, 2023

Crypto Espresso – Top Crypto News Weekly!

May 12, 2023

Blog » Posts tagged "crypto news"

Top Crypto News Stories Last Week

Last week in the crypto world we saw the crypto meme coin frenzy blow up and blow out, the EU present a new crypto tax plan, and Lightning Labs aim to help with congestion caused by Bitcoin’s Ordinals.


Crypto Meme Coin Frenzy Blows Up and Dies Down

Crypto meme coins.

The meme coin frenzy of the past few weeks finally seems to have blown out, with coins such as PEPE, BOB and BEN making headlines and outsize gains. The frenzy, led by whales and influencers, has made millionaires of early investors and has even seen individuals creating vanity coins in their own names, but the practice comes with huge risk. 

According to Lim Yu Qian of CoinGecko, “Meme coins are a very risky type of crypto because they are based on Internet cultural references. The price movement depends on whether the meme coins can stay relevant by driving hype.”

Meme coins typically have no use other than to exist and be temporarily popular, with price surges occurring for one of a number of reasons and typically for a short period of time. For example, the LADYS token, associated with the Miladys NFT collection, rocketed over 12,000% when a Milady meme was tweeted out by Elon Musk.

As the meme coin frenzy cools and prices start collapsing as quickly as they rose, buyers have started complaining of price manipulation by whales, influencers, and pump-and-dump scheme orchestrators.

Such manias usually occur at the end of a bull run as buyers try and eek out as much capital as they can from a waning market, and with Bitcoin having potentially topped out after a 100% rally, this could signal the beginning of a period of stagnation or reversal.


EU Crypto Tax Plans Include Foreign Companies and NFTs

EU reveals crypto tax plans.

A new EU bill called the eighth directive on administrative cooperation (DAC8) announced last week will see crypto companies required to register with tax authorities, including organizations that sell non-fungible tokens (NFTs). 

The European Commission had previously said it would exclude these tokens from the scope of the law, but the new bill suggests that it has reversed this decision.

The DAC8 would also require crypto companies to register with tax authorities even if they’re based outside the bloc. This means that exchanges and other platforms located in non-EU countries such as Switzerland or Liechtenstein will have to register with EU tax authorities if they offer services to EU customers. 

In addition, the DAC8 requires companies to provide information about their clients’ holdings, including their name, address, and date of birth, while they must also report on any transactions over €1,000 ($1,200) in value. This isn’t all; the entities must also provide details of any transfers between hosted crypto wallets or exchanges.

The DAC8 is part of a wider effort by the European Union to crack down on tax avoidance by its citizens. The bloc has already introduced measures such as the Common Reporting Standard (CRS), which requires financial institutions to share data on customers’ accounts with each other and with tax authorities in other countries.

The new law is set to be approved next week by finance ministers at a meeting in Brussels, after which it will be sent for formal adoption by the European Parliament before becoming law across all 27 member states.


Lightning Labs Aims To Help With Congestion Caused by Bitcoin’s Ordinals

Bitcoin Lightning Network.

Crypto entities such as exchanges are looking to the Lightning Network to resolve congestion issues caused by the Ordinals project. The Ordinals Protocol has enabled users to make these inscriptions on the Bitcoin blockchain, which has led to an increase in average block size as well as an increase in transactions per second. 

Bitcoin ordinals, also known as Satoshi inscriptions, are digital assets inscribed on the smallest denomination of a Bitcoin – the Satoshi. This new technology has caused a resurgence in Bitcoin development and is helping to push Bitcoin beyond $25K.

However, it has come at the cost of clogging up the Bitcoin blockchain, with some 400,000 transactions stuck in its queue, or ‘mempool’. As a result, exchange giant Binance had to halt Bitcoin withdrawals twice in the space of 24 hours before restarting them with higher withdrawal costs to ensure that transactions went through in time. 

The solution appears to be the Lightning Network, which multiple exchanges have already implemented. The Lightning Network is a second-layer solution that allows users to send payments instantly without having to wait for confirmations from miners or other nodes on the network. It also helps reduce congestion on the main chain by allowing users to transact off-chain while still benefiting from all of its features and advantages.

Binance announced on Twitter that, having held off from implementing the Lightning Network thus far, it is finally working on doing so in order to reduce pressure on the main Bitcoin chain. For many, this has been a move it should have implemented years ago, but others have argued that the network wasn’t quite ready for such widespread adoption until now.

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Trending stories:

  • Bakkt has delisted several digital assets, including popular DeFi tokens, due to regulatory guidance and industry developments.
  • Riot Platforms, formerly Riot Blockchain, is suing Bitcoin miner Rhodium Enterprises for more than $26 million in allegedly unpaid fees.
  • Bittrex has filed for Chapter 11 bankruptcy, with the U.S. Treasury’s Office of Foreign Assets being one of its biggest creditors

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Crypto Espresso – The Biggest Crypto News (24/04/23)

April 24, 2023

Crypto Espresso – The Biggest Crypto News (24/04/23)

April 24, 2023

Blog » Posts tagged "crypto news"

Bhutan, Gensler, Silk Road – We’ve Covered it All

Last week in the crypto world we saw Bhutan emerge as the world’s first nation to hold crypto on behalf of the country, a multi-billion dollar Silk Road hacker gets a year in prison, and Gary Gensler get grilled by angry politicians over his running of the Securities and Exchange Commission.

Bhutan Crypto Experiment is World’s First


The country of Bhutan may have been the first in the world to own cryptocurrencies through a sovereign fund, legal filings have revealed. Bhutan’s Druk Holding & Investments, which was established in 2007 by King Jigme Khesar Namgyel Wangchuck to protect the country’s wealth for “the long-term benefit of its shareholders, the people of Bhutan,” was a customer of both Celsius and BlockFi, borrowing and trading tens of millions of dollars worth of crypto assets in 2022. However, its activities have ended in legal issues with both platforms.

According to Celsius, Druk Holding & Investments made numerous transactions between April and June 2022, depositing, withdrawing, and borrowing a combined $83 million during the three-month period. As part of its bankruptcy process, Celsius’ lawyers intend to seek “clawbacks” of any deposits made within 90 days of its bankruptcy, into which Druk’s holdings fall, although the fund has failed to acknowledge any of Celsius’ claims.

Druk is also in trouble with BlockFi, which lent the fund $30 million in the stablecoin USDC in February 2022. However, Druk defaulted on the loan, racking up debts of $76.5 million in the process, with Blockfi saying that Druk “failed and refused” to pay the loan back in full, resulting in an outstanding balance of $820,000.

While this may not be the most auspicious debut for crypto on the sovereign fund stage, it nevertheless represents another important domino that has fallen.

Gary Gensler Savaged Over Performance

Securities and Exchange Commission (SEC) Chair Gary Gensler endured a torrid few hours last week before the House Financial Services Committee, where everything from the agency’s Blitzkrieg approach to enforcement to low staff morale was laid at his door.

Things have gotten so bad under the Gensler regime that one committee member even tabled a bill to remove the position of SEC Chair altogether and replace it with an executive director reporting to a board, a clear example of the anger at the perceived damage that Gensler is causing to the U.S. market.

Gensler started by claiming that the regulations around securities are very clear, but this was quickly pulled apart by Committee head Patrick McHenry who demanded that Gensler clarify whether Ethereum, which has been used as a medium by which the SEC has sued exchanges over unlicensed securities sales, is a security or not. Gensler tried to deflect and say that he couldn’t comment on certain coins, before McHenry reminded him that he had recently singled out Bitcoin as the only cryptocurrency that could be considered a commodity. Still, Gensler demured, even when comments from his own staff in legal filings were read out.

Texas representative Pete Sessions was the next to criticize Gensler, this time over the SEC’s refusal to engage entities over alleged securities breaches and then suing them. This issue was particularly prescient, given that the Bittrex exchange had been sued by the SEC 48 hours before the hearing over the sale of unlicensed securities, with the exchange saying that the agency had refused to tell them which coins it considered securities so it could remove them.

Oklahoma representative Frank Lucas was next up, criticizing the SEC’s rulemaking and enforcement bonanza, which he said risked bleeding into other asset classes and having unforeseen complications. He also criticized the reduced public comment time on proposed rule changes allowed under the present SEC operations and noted the low staff morale within the SEC and the high turnover, especially among senior figures.

If Gensler thought the worst was over, he was wrong. Majority Whip of the United States House of Representatives, Tom Emmer, demanded yes and no answers from Gensler on a range of topics, cutting Gensler off when he tried to embark on long-winded answers to simple questions that implicated him. Emmer took Gensler to task over his failure to protect FTX customers, especially given his meetings with former CEO Sam Bankman-Fried, and even led Gensler to disagree with the sentiment behind a quote on the SEC’s own website.

The coup de grace was carried out by Ohio representative Warren Davidson, who seethed at the fact that the SEC asked crypto companies to talk to them but then didn’t listen or respond, that the agency claimed to offer clarity in the market but sent out mixed signals, and that this approach was driving blockchain adoption to China. He then produced a bill demanding the removal of the position of SEC chair and replacing it with a board and executive director that would report to it.

The approach taken by these committee members shows just how wrongheaded the SEC’s approach to tackling crypto regulations has been, and the sector can now at least be satisfied that it has strong and growing support in important places.

Billion-dollar Silk Road Hacker Sentenced

Last week saw the conclusion of an extraordinary story involving the multi-billion dollar proceeds from a hack on the Silk Road website in 2012. James Zhong, who tricked the exchange into giving him 50,000 bitcoin more than a decade ago, was this week sentenced to one year in prison and forced to hand over $1.5 billion worth of assets discovered in his house at the time of his arrest.

In September 2012, when online illicit marketplace Silk Road was in its heyday, Zhong managed to trick the website’s servers into transferring approximately 50,000 bitcoin into the multiple accounts he had created solely for the purpose. Zhong subsequently transferred the bitcoin out of the site and into various addresses under his control, where they lay untouched for years.

By mid-2017 the value of Zhong’s Silk Road haul had ballooned from $500,000 to around $110 million, giving Zhong a headache; the only way he could realize the value of the bitcoin was to sell it, but selling even a fraction of his vast holdings would attract unwanted attention. The situation became more complicated when, in July 2017, Bitcoin forked into Bitcoin and Bitcoin Cash, whereupon every bitcoin holder was automatically awarded one BCH coin for every bitcoin they held. Suddenly, Zhong was sitting on an additional 50,000 BCH tokens, which quickly became worth north of $1,000 each.

Thinking that it was finally time to cash in, Zhong sent these BCH tokens (which shared the same address as the stolen bitcoin) to an overseas exchange and swapped them for 3,500 more bitcoin, thinking that he couldn’t be traced. This, however, proved to be his undoing. The Inland Revenue Service, in tandem with blockchain forensics firm Chainalysis, managed to trace the BCH sale to the Bitcoin wallet and, using Zhong’s credentials and IP address logs from the exchange, tracked him down to an address in Gainesville, Georgia.

On November 9, 2021, law enforcement agents carried out a raid on Zhong’s house, where they discovered approximately 50,500 bitcoin in an underground floor safe and on a single-board computer submerged under blankets in a popcorn tin stored in a bathroom closet. Police also recovered $662,000 in cash, 25 Casascius coins (physical coins with a dedicated bitcoin holding) with an approximate value of 174 bitcoin, a further 11 bitcoin, and a selection of silver and gold coins and bars. The value of the haul at the time of Zhong’s arrest was a staggering $3.36 billion.

Zhong pleaded guilty to one count of wire fraud a year after his arrest, and was sentenced to a year and a day in prison last week, as well as the formal confiscation of all his seized assets. While Zhong may be cursing the fact that he never made the most of his loot, the likelihood is that once Silk Road was shuttered by the FBI in 2013, any attempt he made to sell the coins would likely have ended the same way eventually, so at least he was able to enjoy billionaire status for a few years, at least theoretically.

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Trending stories

  • Coinbase has been granted a license to operate in Bermuda, days after its CEO Brian Armstrong warned that crypto exchanges might move offshore if regulations don’t become clearer
  • Do Kwon has been charged with using a fake passport by prosecutors in Montenegro and faces up to five years in prison
  • The EU is set to implement the sweeping MiCA crypto regulations, the biggest of its kind yet imposed anywhere in the world

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Crypto Espresso – Get Your Weekly Crypto News Fix Right Here

April 11, 2023

Crypto Espresso – Get Your Weekly Crypto News Fix Right Here

April 11, 2023

Blog » Posts tagged "crypto news"

Top Crypto News Stories Last Week

Last week in the crypto world we saw Elon Musk undermining his defense in his Dogecoin manipulation lawsuit by manipulating the price of Dogecoin, a crypto scammer trying to pretend he had paid a $44 million penalty to the SEC, and the Bitcoin whitepaper that lurks in millions of Apple Macs.


Elon Musk Antics Cause DOGE to Pump and Dump

Elon Musk has once again manipulated the price of Dogecoin with his antics.

Elon Musk’s love of Dogecoin is well documented, as is his love of manipulating the price of the coin, and others. Musk figured out in 2021 that with a simple tweet he could pump or dump the price of Bitcoin, Dogecoin, and in fact any cryptocurrency in the space, and he used his powers to do just that during the 2020/21 bull market. 

It seems that, after a gap of two years, the urge to mess with the market has gotten the better of him, as last week his antics over Dogecoin once again had a dramatic impact on the price.


Musk is at it again

Last week’s incident may have had its roots in the ongoing lawsuit filed against Musk in June 2022…over Dogecoin price manipulation. A group of DOGE buyers clubbed together to sue Musk for an astonishing $258 billion after accusing Musk, Tesla, and SpaceX of being “engaged in a crypto pyramid scheme by way of dogecoin cryptocurrency.” 

These investors bought DOGE in the hopes that Musk would be good to his word and would put it at the center of the Musk universe, but nothing has since emerged in terms of large-scale adoption, and the group, having lost out financially, is blaming Musk.

How to start using cryptocurrencies.

Musk’s legal team filed a defense to this lawsuit on Friday, March 31, arguing that Musk’s tweets didn’t manipulate the market and that the plaintiffs were responsible for what they bought. True to form, Musk duly changed the Twitter logo to that of the Dogecoin icon the following Monday, sending the price shooting up 30%.

Many expected an announcement of some kind of use case for DOGE to follow, but nothing came, and when the Twitter CEO reinstated the blue bird on Thursday the price quickly dumped back to just 6% higher than where it had been on Sunday night – a nice, totally unmanipulated round trip.

Musk has since offered no explanation as to what the purpose of this experiment was, but if it was an attempt to cash out some DOGE bought back in December in order to break even, it was a success. However, in doing so he has also bolstered the case manipulation against him by a factor simply impossible to calculate.


Crypto Scammer Tries to Fake $44 Million Court Settlement

A crypto scammer has been fined a $22.6 million penalty by the SEC.

A scammer has tried to get out of a $22.6 million penalty levied by the Securities and Exchange Commission (SEC) by pretending that he had paid the judge with a $44 million surety bond when no such agreement had been reached.

Robert Dunlap, Executive Trustee of the Meta 1 project, has spent three years solidly ignoring the SEC’s attempts to bring him to book after he was adjudged to have pulled off a $13.4 million scam in Meta 1, with his first and to date only contribution coming earlier this month when he tried to claim that he had come to a private arrangement with the judge to pay off the penalty, with $21.4 million on top.

Meta 1 claimed to be a “coin for humanity” which was backed by billions of dollars in holdings of gold and fine art, when in fact it was an empty shell. Dunlap and his team promised returns of up to 225,000% for early investors, siphoning the $13.4 million that eventually came their way into various bank accounts belonging to the team and other associates. 

This money went on paying off personal debts and buying luxury cars before the SEC filed an emergency halt in March 2020, since when the agency has been met with complete silence from Dunlap and his team while pushing ahead with its case.

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Meta 1 and its directors were slapped with a $27 million penalty by the SEC last September, having failed to respond to any communications. The penalty was approved by Judge Mark Lane in February and sent for final approval to District Judge Robert Pitman. 

In the interim, Dunlap last week filed a document purporting to be a ‘settlement of litigation and demand for closure’ of the case, which was supposedly an agreement between himself, on behalf of Meta 1, and Judge Lane, settling the case with a $44 million ‘bond package’.

The amount was peculiar, given that it was 63% higher than the penalty agreed upon for all parties involved, but it closely resembled the $44.44 at which the Meta 1 token was initially sold.

The SEC filed a response just a day later, stating that no one from Meta 1 had settled the matter and that no settlement discussions have ever occurred. It then eviscerated Dunlap’s filing, calling it a “nonsensical document” that followed Dunlap’s pattern of deception in his “illegal, on-going Ponzi scheme” conducted to try and prove to his followers that he had paid up.

The filing only increased the SEC’s desire to stop Dunlap, with Judge Pitman signing off the penalty the same day. 


Bitcoin Whitepaper Hidden in Every MacOS Since 2018

The Bitcoin Whitepaper has been hidden on all Apple MacOS operating systems since 2015.


One of the more surprising stories of the week involved the Bitcoin whitepaper and its five-year residence inside every MacOS installed in the past five years. 

Tech blogger Andy Baio discovered a PDF of the 2008 whitepaper embedded within the files of his operating system while trying to fix his printer, and subsequently discovered that it is present in every Mac using an operating system past 2018. 

The news was met with shock and no little confusion by the Bitcoin world, although the news has repercussions for one man in particular – Craig Wright.

Baio found the Bitcoin whitepaper PDF masquerading under the filename ‘simpledoc’ hidden inside the MacOS filesystem, and his investigations revealed multiple Macs with recent OS’s also had the same document.

This led him to surmise that someone at Apple hid the whitepaper in the operating system in time for the 2018 Mojave release and it has never been discovered. In fact, as he was soon informed, the issue of its inclusion was raised in 2020 with Apple but nothing was ever done.

The fact that the file was named in order to hide it from simple discovery means it’s likely that a Bitcoin-loving engineer slipped the PDF in undetected and has been waiting for this moment ever since as a subtle way of promoting the cryptocurrency. Now that the issue has been flagged on a wider scale, it will almost certainly be removed from future operating systems.

The whitepaper is also embedded in the Bitcoin blockchain, which is a much more reasonable location for it to be planted, but this fact has led to a lawsuit from would-be Bitcoin creator Craig Wright, which has a knock-on effect with the Apple discovery.

Wright has sued 26 entities and individuals, from individual Bitcoin developers to the exchange Coinbase, arguing that by encouraging and facilitating the downloading of Bitcoin nodes (which includes a copy of the full blockchain, and therefore the Bitcoin whitepaper), they are infringing his copyright as Satoshi Nakamoto, author of the Bitcoin whitepaper.

When it was discovered that Apple has also been distributing copies of the whitepaper, Wright was asked if it, too, was breaching his copyright. Wright replied on Twitter that, yes, Apple was indeed in breach of copyright law, setting up an intriguing test of his resolve – if he’s serious about his copyright being infringed and being Satoshi Nakamoto, then he will have no choice but to take on Apple in order to maintain his claim. Not doing so would weaken his position in the existing court case and would open him up to more accusations of being a fraud.

His financial backer Calvin Ayre has already funded dozens of lawsuits to date, but whether he would countenance once against the mighty Apple remains to be seen.


Trending Crypto News:

  • Coinbase has backed an appeal to overturn the sanctioning of mixing service Tornado Cash, saying it falls under free speech.
  • The head of New York State’s Department of Financial Services, Adrienne Harris, has labeled suggestions that Signature Bank was closed because of an anti-crypto bias “really ludicrous”.
  • The Bank of England has said that Bitcoin and a British Central Bank Digital Currency can coexist and have differing roles.

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This Week’s Crypto News: Is The UK The Next Crypto Hotspot? ?

April 4, 2023