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Andrew Throuvalas



Articles by Andrew Throuvalas

Bloomberg Expert Says Ethereum ETF Approvals Are Overhyped Next To Bitcoin

6 hours ago

Crypto fanatics eager for a market-shattering Ethereum spot ETF launch may be in for an underwhelming surprise, according to Bloomberg ETF analyst Eric Balchunas.
While the recent launch of multiple Bitcoin spot ETFs in the United States has proven phenomenally successful, Balchunas claims a follow-up launch for Ethereum would be “small potatoes” compared to the original.
Do Ethereum ETFs Matter?
In a post to X on Saturday, Balchunas wrote:
“No offense to the ETH people but this is such small potatoes vs spot bitcoin ETFs. It’s like the opening act coming on after the headliner. Using GenX bands, it’s like Sister Hazel trying to follow Nirvana.”
Balchunas explained that his prediction is based on both anecdotal and public data suggesting that the Ethereum ETFs will be

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Got Bitcoin? Another US Bank Shows Signs of Weakness After Acquiring Signature

3 days ago

Worrying developments at New York Community Bancorp (NYCB) have several Bitcoin investors anticipating a renewed U.S. banking crisis – which could bring money crashing back into the digital currency.
The bank’s stock is down 41% over the past month, including a 28% plunge on Friday. Trading for $3.55 at writing time, it has now reached its lowest share price since 1996.
What’s Happening at NYCB?
NYCB had already suffered major losses in early February after disclosing that CEO Thomas Cangemi had stepped down. Executive chairman Alessandro DiNello has effectively been the bank’s new boss since Feb 6.
In a letter on February 25, NYCB director Hanif “Wally” Dahya said he “did not support the proposed appointment” of DiNello as CEO. Dahya also resigned from the board.
The most

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Bitcoin Set for 10 Months Of Face Melting FOMO, Says PlanB

4 days ago

Bitcoin (BTC) is beginning a parabolic bull run of epic proportions that will last throughout the rest of the year, according to popular price analyst PlanB.
In a post to X on Friday, the pseudonymous Bitcoin bull published a graph plotting Bitcoin’s “market cycle,” noting that the price has now emerged from this cycle’s “accumulation phase.”
Bitcoin Bull Market Has Begun
“No more easy buying opportunities in orderly and slowly increasing markets,” wrote PlanB.
“If history is any guide, we will see ~10 months of face-melting fomo: extreme price pumps combined with multiple -30% drops,” he added.
PlanB grew into one of the most popular online analysts during the 2021 Bitcoin bull market, after predicting several of Bitcoin’s monthly closes with remarkable accuracy.

He also

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Reversal: Merrill Lynch, Wells Fargo Begin Offering Bitcoin ETFs To Clients

4 days ago

Leading U.S. investment platforms Meryll Lynch and Wells Fargo are now offering clients access to Bitcoin spot ETFs despite initially hesitating on the move.
As reported by Bloomberg, the firms are offering the ETFs to certain wealth management clients who specifically request the product, which allows clients to directly invest in BTC through an ETF wrapper.
Merrill Lynch Embraces Bitcoin
Last month, Merrill Lynch, the investment management division of Bank of America, was one of U.S. financial giants to receive major rebuke for its initial refusal to allow customer access to the ETFs after their historic launch last month.
At the time, Fox Business reported that Merrill Lynch was waiting to see whether the ETFs could trade efficiently before changing their internal

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Shiba Inu Brings Privacy To SHIB Holders Through New Encryption Standards

5 days ago

The development team behind Dogecoin spinoff Shiba Inu has introduced a new tool for enhancing user privacy in the SHIB and Web 3 ecosystems.
The innovation, known as “Fully Homomorphic Encryption (FHE) brings “complete on-chain data protection.” to members of the SHIB community, according to a press release shared with CryptoPotato.
SHIB has launched the technology in collaboration with Web3 encryption leader Zama, which builds similar solutions for other blockchain and AI-focused technologies.
According to IBM, FHE lets users unlock “the value of data on untrusted domains without needing to decrypt it.” For crypto, it lets users protect their personal and transactional data against the rising threat of data breaches.
Shytoshi Kusama, the pseudonymous developer leading

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BTC Rejected Off $64,000 As Crypto Market Suffers $600 Million Of Liquidations

6 days ago

The price of Bitcoin (BTC) experienced massive volatility on Wednesday, soaring to nearly $64,000 before sinking again to $60,500 within one hour.
Amid the chaos, crypto traders have experienced $638 million in liquidation over the past 24 hours, including $391 million of liquidations in the past 4 hours alone.
According to Coinglass, about $55 million of liquidations in the last hour impacted a consortium of little-known altcoins, while $96 million was liquidated on BTC trades directly.
Meanwhile, ETH traders suffered $45 million of liquidations, and DOGE traders lost $29 million.
In the past 24 hours, a massive 168,988 traders were liquidated. The largest single liquidation occurred on OKX on a BTC-USDT trade for $9.45 million.
The price of BTC is $61,400 at writing

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BlackRock Bitcoin ETF Smashes Daily Inflow Record, Ranks 2nd In United States

6 days ago

BlackRock’s Bitcoin (BTC) ETF has cracked a new daily inflow record, helping push Bitcoin’s above $60,000 for the first time since November 2021.
The iShares Bitcoin Trust (IBIT) absorbed another $520 million on Tuesday, bringing the fund’s total flows since launch above $6.5 billion. Furthermore, thanks to Bitcoin’s rising price during that period, the value of the firm’s Bitcoin stash has appreciated to over $8 billion.
BlackRock Breaking Record
By comparison, Fidelity’s Bitcoin ETF now holds $5.6 billion in BTC, but absorbed a much smaller $126 million flow on Tuesday.
Meanwhile, Grayscale – IBIT’s largest competitor – suffered another $125 million of outflows. Though Grayscale still bears a significant lead in total assets at $25 billion, BlackRock’s ETF is slowly

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Speculators And Traders Are Rushing Back Into Bitcoin, On-Chain Data Shows

6 days ago

Bitcoin’s fast-rising price is attracting traders and speculators back into the market, on-chain data suggests.
In a Tuesday newsletter, blockchain intelligence firm Glassnode highlighted how risk appetite is increasing across various cohorts of the Bitcoin market, including institutional buyers and short-term holders alike.
Bitcoin Holders Back In Profit
Since the start of the year, Bitcoin has enjoyed massive capital flows, with the asset’s realized cap rising by $30 billion to $460 billion – just 3% away from its all-time high. The asset’s market price has risen 29% to $57,000 within the same period.
“Realized cap” is a measure of the value of all Bitcoin put together, priced based on the time that those coins were last sold.
When measured against Bitcoin’s market cap

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Bitcoin ETFs Could Grow Larger Than Gold ETFs Within Two Years: Bloomberg

8 days ago

Could Bitcoin ETFs become larger investment vehicles than gold ETFs? Bloomberg analysts say it might happen in as quickly as under 24 months.
Will Bitcoin Pass Gold?
In a post to X on Monday, Bloomberg ETF analyst Eric Balchunas outlined how Gold ETFs have been gutted in recent weeks precisely as Bitcoin ETFs have absorbed over $5 billion of inflows following their launch last month.
In a note co-authored with Andre Yapp of Bloomberg Intelligence, the analysts wrote:
“The Bitcoin ETFs, though barely six weeks old, have taken in over $8 billion more than gold peers, already have 40% as much in assets and could pass them in size in less than two years.”
According to BitMEX Research, Bitcoin ETFs held over $37.3 billion in assets as of Friday. By comparison, data from VettaFi

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Reddit Is Invested In Bitcoin and Ethereum, SEC Filing Shows

11 days ago

Social media platform Reddit filed an S-1 registration statement with the Securities and Exchange Commission (SEC) on Thursday, in a bid to go public on the New York Stock Exchange (NYSE).
The filing revealed that the company has invested some of its “excess cash reserves” into multiple cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH).
According to the filing, the company also acquired both ETH and one of the network;s layer 2 tokens, Polygon (MATIC) “as a form of payment for sales of certain virtual goods.”
“We also acquired and hold digital assets that are cryptocurrencies for use by our product and engineering teams, which is limited to specific uses,” the company stated.
As of December 31, the firm clarified that it only held BTC and ETH as crypto assets

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Andreessen Horowitz Invests $100 Million In ETH Restaking Platform EigenLayer

12 days ago

Tech-focused venture giant Andreessen Horowitz (a16z) has invested $100 million in the Ethereum-based EigenLayer, suggesting that VC funding in crypto may be on course for a revival.
As reported by Bloomberg on Thursday, a16z was the sole backer of the funding round, which marks the largest investment ever received in EigenLayer by a wide margin.
Restaking With EigenLayer, Explained
The next largest investment in the platform was a $50 million raise in March during a funding round led by Blockchain Capital, a firm that has also supported platforms like Coinbase, Kraken, Aave, and OpenSea.
EigenLayer is a decentralized Ethereum “restaking” protocol, allowing users to repurpose their already staked ETH to also secure Ethereum sidechains. These sidechains may have different

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Arthur Hayes Says Cardano Is A ‘Shitcoin’ – Here’s Why

12 days ago

Cardano (ADA) is a “shitcoin” without purpose that has no distinct advantage over competitors, according to BitMEX co-founder Arthur Hayes.
“Who gives a fuck? Zero?” said Hayes when asked “What about Cardano?” in an interview with Coin Bureau published on Sunday.
Cardano Is A Shitcoin, Says Hayes
Continuing to describe the cryptocurrency – a top ten digital asset by market cap – Hayes did not mince words: “The first wannabe Ethereum, and probably the first one to go to be irrelevant,” he said.
Typically, the popular crypto essayist and trader is well known as one of the loudest long-term Bitcoin (BTC) and Ethereum (ETH) bulls, and often expresses interest in small-cap cryptos for short-term trading.
During the same interview, Hayes even expressed interest in the memecoin

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Coinbase and Circle Ask Congress To Clamp Down On Tether And Other Competitors

17 days ago

Representatives from crypto giants Coinbase and Circle have urged the U.S. government to crack down on non-compliant international digital asset firms – some of which include their biggest competitors.
Grant Rabenn, Legal Director of Financial Crimes at Coinbase, told Congress on Thursday that criminals are seeking out “offshore platforms” to avoid anti-money laundering rules enforced by “onshore regulated exchanges.”
Coinbase VS Offshore Exchanges
Such entities, Rabenn claimed, “often play jurisdictional wack-a-mole” expecting that regulators “won’t care” as they attempt to avoid tough anti-money laundering requirements imposed by regulators.
“The U.S. government should use all of its existing tools to go after these platforms,” Rabben said during a House Financial

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JPMorgan Upgrades COIN To Neutral Due To Crypto Market Rally

18 days ago

JPMorgan has boosted its outlook on Coinbase stock (COIN) from “underweight” to “neutral” after following a better-than-expected crypto market rally to kick off the year.
In a research report shared with CryptoPotato, the bank’s analysts argued that Bitcoin has experienced “meaningful price appreciation” after the launch of Bitcoin spot ETFs last month.
JPMorgan’s Revised Coinbase Outlook
Led by financial analyst Kenneth B. Worthington, the authors wrote:
“Given the acceleration in recent days of flows into Bitcoin ETFs and the significant price appreciation of Bitcoin and now Ethereum, we are returning to a Neutral rating on Coinbase as we see the higher cryptocurrency prices not only sustaining, but improving activity levels and Coinbase’s earnings power as we look to

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Citibank Is Now Experimenting With Issuing Stocks On The Blockchain

19 days ago

Multinational financial services giant Citibank announced on Wednesday that it is experimenting with tokenized securities on the blockchain to bolster the adoption of distributed ledger technology on Wall Street.
Based on the results of the “simulation,” the bank will determine whether it plans to offer related blockchain-based services in the coming weeks.
Citibank Onboards The Blockchain
The bank collaborated with Wellington Management and WisdomTree – a crypto-supportive ETF sponsor – to initiate its “proof of concept” for the program.
The latest test, as reported by Bloomberg, tokenized a hypothetical Wellington-issued private equity fund on Avalanche – a smart contract platform whose native coin, AVAX, is the 10th largest crypto by market cap.
Avalanche has been the

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CNBC Anchor Blasts Gary Gensler On Air For Claiming Bitcoin Is Useless

19 days ago

Gary Gensler – chairman of the U.S. Securities and Exchange Commission (SEC) – faced heated pushback from one of CNBC’s popular anchors on Wednesday over the former’s “pet rockish” view of Bitcoin (BTC).
During an eight-minute interview, Joe Kernen interrupted the chairman several times to call out his perceived prejudices against Bitcoin, and his primary characterization of the asset as a tool for criminals.
Joe Kernen Versus Gary Gensler On Bitcoin
Part of their discussion surrounded comparisons between Bitcoin and traditional fiat currencies, which Gensler said boast a “real economic difference” in terms of their utilization as a medium of exchange.
While discussing Bitcoin’s lack of ties to any nation or central bank, Kernen claimed that this is “part of its appeal”

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Craig Wright Fails To Name Anyone He Sent Bitcoin To As “Satoshi”

20 days ago

The seventh day of the COPA v. Wright trial kicked off on Tuesday, exposing a glaring weakness in the latter’s argument to convince the court that he is the creator of Bitcoin.
When pressed by prosecutors, Craig Wright failed to name a single person outside of the public domain to whom he had sent Bitcoin under the name of Satoshi.
Who Did Satoshi Send Bitcoin To?
As summarized by @bitnorbert on X, COPA asked the computer scientist to confirm whether he’d ever sent BTC to anyone besides Hal Finney or Zooko Wilcox – the co-founder of ZCash.
Wright asserted that he had sent Bitcoin to hundreds of people, through a mix of his companies whose blockchain addresses were publicly understood as being owned by Satoshi Nakamoto. He said Zooko was not one of them, however, despite

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Why This Year’s Bitcoin Halving Is “Actually Different”: Grayscale

21 days ago

The upcoming Bitcoin (BTC) halving is likely a bullish development, but a slew of outside factors mean it likely won’t play out the same as in previous years, according to Grayscale.
Last month, the company successfully converted its Grayscale Bitcoin Trust (GBTC) into the world’s largest Bitcoin ETF. The introduction of such ETFs, according to Grayscale, may impact Bitcoin’s price as if it were a second halving within a single year.
Are Bitcoin ETFs A Second Halving?
In a Friday blog post, the firm explained:
“Assuming that there will be $10M of daily net inflows into ETF products, if you divide daily net inflows ($10M) by daily amount of issued Bitcoin ($19M), you get roughly 50%, which is similar to the effects of another halving.”
Since launching last month, Bitcoin

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Bitcoin Passes $50,000 For The First Time Since 2021

22 days ago

Bitcoin (BTC) broke a two-year high above $50,000 on Monday – the highest recorded price for the leading digital currency since December 2021.
The coin’s surge was accompanied by $191 million in liquidations across the crypto market within the past 24 hours.
According to Coinglass, over $36 million in crypto shorts have been liquidated in the past hour alone.
Across the day, over 57,000 traders have been liquidated. The largest liquidation, however, was for an ETH-USD swap on OKX valued at $3.89 million.
Bitcoin is now up 17% over the past seven days, while Ether (ETH) is up 13.5%.
The recent rally for both assets marks a quick return to form after the “sell the news” market dump which followed the approval of several U.S. Bitcoin spot ETFs last month.
At the time, the

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NYAG Triples Fraud Estimate in DCG Lawsuit to $3 Billion

24 days ago

New York Attorney General Letitia James has massively expanded her lawsuit against Digital Currency Group (DCG) for allegedly defrauding hundreds of thousands of investors in its relationship with Genesis and Gemini Earn.
In an amended filing with the Supreme Court of New York on Friday, the AG accused both firms – alongside DCG CEO Barry Silbert and ex-Genesis CEO Soichiro Moro – of “defrauding additional individuals and institutions of an additional $2 billion.”
Genesis Fraud: Bigger Than Expected
Back in October, the AG charged Gemini, DCG, and Genesis for misleading investors about the risks associated with the Gemini Earn platform, which promised to produce a ‘low-risk’ yield for investors who deposited their crypto.
Genesis, which managed Gemini Earn customers’

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Bitcoin ETFs Absorb $400 Million In One Day, Surpass $2 Billion Since Launch

25 days ago

Bitcoin spot ETFs recorded $400 million of net inflows on Thursday, bringing their total inflows since launch beyond $2 billion for the first time.
The inflows were coupled by a surge in Bitcoin’s price late this week, taking it to $48,000 as of Friday.
Bitcoin ETF Inflows Outpacing Grayscale
In terms of daily flows, Thursday was the third best day yet for Bitcoin ETFs since going live on January 11. Their best performance remains the day of launch when they raked in $655 million in total, followed by January 17 when they absorbed $453 million.
These figures include flows from the Grayscale Bitcoin Trust (GBTC) – the existing fund that converted into a spot ETF last month. Since the fund’s 1.5% management fee is considerably higher than its competitors, the fund has

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Ark Invest Wants To Add Staking To Its Spot ETH ETF: Will The SEC Approve?

25 days ago

Cathie Wood’s asset manager Ark Invest wants to bake staking into its proposed Ethereum Spot ETF – a feature that could revolutionize how the product is evaluated by Wall Street.
In an amended S-1 application form filed on Wednesday, Ark included a lengthy passage about what the Ethereum network is and how it stays decentralization, highlighting its use of a proof-of-stake consensus mechanism.
That’s where the firm slipped in a passage about its own participation in consensus. It wrote:
“The Sponsor may, from time to time, stake a portion of the Trust’s assets through one or more trusted third-party staking providers (“Staking Providers”).”
Staking In A Spot ETH ETF
Ark said it expects to stake Ether from its cold vault balance, as held by Coinbase. Staking rewards would

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CSW Attacks His Own Witness For Exposing That His Documents Are Forgeries

26 days ago

Self-proclaimed Bitcoin inventor Craig Wright grew flustered during cross-examination on Wednesday as prosecutors mounted evidence disputing his identity as Satoshi Nakamoto.
The computer scientist stands accused of forging multiple documents to give credence to his “false narrative” which expert witnesses – including his own – have now agreed were likely tampered with.
Craig Wright Smears His Own Experts
Wright began the day bemoaning the incompetencies of the experts who found his prior evidence to be forgeries.
Dr. Placks, for example – a digital forensics expert with qualifications going back twenty years – he deemed unqualified, due to his lack of a ‘related’ PhD or experience in a virtualized environment. According to Wright’s own words, Placks was an expert hired by

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Streak Over: These Bitcoin Spot ETFs See First Day With Zero Inflows

27 days ago

Activity around Bitcoin spot ETFs has slowed substantially this week, with two major funds losing their undefeated streak of inflows since launch.
On Monday, both the Bitwise Bitcoin ETF (BITB) and the ARK 21Shares Bitcoin ETF (ARKB) saw their first day of net zero inflows.
Loss Of Momentum For Bitcoin Spot ETFs
According to data from Bloomberg Terminal, daily volume across both ETFs tapped $23.4 million and $50.5 million respectively. It’s a clear step down in performance for both funds, with Bitwise averaging $54.2 million in daily volume over its first 16 days of trading, and Ark averaging $106 million.
Both BITB and ARKB have emerged as the ostensible “middle-class” of U.S. Bitcoin spot ETFs in what was otherwise considered a ‘winner take most’ contest. Since liquidity

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MicroStrategy Now Holds 190,000 Bitcoin After January Purchase

27 days ago

Bitcoin-bullish software company MicroStrategy (MSTR) increased its Bitcoin position again in January, bringing its total holdings to an even 190,000 BTC.
Michael Saylor, the executive chairman of the company, said on Tuesday that the company acquired another 850 BTC in January for $37.2 million.
That’s an average price of $43,764, slightly above today’s trading price of $43,206.
According to the company’s Q4 earnings report, all of its coins together were acquired at an average price of $31,224 per coin.

“We acquired 31,755 additional bitcoins since the end of the third quarter, marking the largest quarterly bitcoin holdings increase in the last 3 years and the 13th consecutive quarter of adding more bitcoin on our balance sheet,” wrote the company.

The company’s Q4

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Prosecutors Accuse Craig Wright Of “Industrial Scale” Forgery Before High Court

28 days ago

Self-styled Bitcoin creator Craig Wright appeared in court on Monday to face well-funded prosecutors seeking to prove that the computer scientist is not, in fact, Satoshi Nakamoto.
The legal battle is widely expected to bring an end to recurring lawsuits launched by Wright against the crypto community, which has largely met his proclamations with skepticism and derision.
The ‘Beginning of the End’ for Craig Wright
The first day of trial features skeleton arguments from both prosecutors and Wright, before the scientist’s lawyers present his full case on Tuesday.
His opposition is the Crypto Open Patent Alliance (COPA), a group backed by both Meta (formerly Facebook) and Block, the payments firm spearheaded by Bitcoin enthusiast Jack Dorsey.
“CWS’s conduct is deadly

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Biden Admin Launches “Emergency” Survey Of Bitcoin Miners’ Electricity Usage

February 1, 2024

The Biden Administration is imposing new reporting requirements on all U.S. cryptocurrency miners to disclose data related to how much electricity they consume.
The so-called “Emergency Survey” marks another attempt by the U.S. government to curb the negative excesses of Bitcoin mining, which Democrats have widely criticized for polluting the environment.
The Emergency Bitcoin Mining Survey
The Energy Information Administration (EIA) will begin its survey next week, questioning mining firms on how many mining facilities they own, where they operate, and whether they interact with cryptocurrencies using a proof of work (POW) or proof of stake (POS) consensus mechanism.
“We will specifically focus on how the energy demand for cryptocurrency mining is evolving, identify

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Polygon Labs Cuts 19% Of Staff To Reduce Bureaucracy

February 1, 2024

Polygon Labs – the main development team behind the Ethereum scaling network Polygon (MATIC) – has laid off 19% of its workforce in an attempt to create a more “efficient surgical team.”
Though 60 employees were laid off in the process, the remaining workers have been granted a minimum 15% salary raise, effective as of January 1.
Polygon Labs Streamlines Operations
In a Thursday statement, Polygon Labs CEO Marc Boiron said that reducing headcount would allow team members to collaborate more easily and “expedite demanding projects.”
The firm’s website calls Polygon the “value layer of the internet,” whose goal is enabling equitable access to value exchange across the world using blockchain scaling tech like zero-knowledge proofs. Reaching that goal, Borion said, will

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FTX Bankruptcy Says Customers Will Get 100% Of Their Money Back

January 31, 2024

Defunct crypto exchange FTX expects to pay its customers and creditors back “in full” after the company’s collapse over a year ago left counterparties billions of dollars in the hole.
Given its optimistic projections, the team overseeing the bankruptcy has also dropped plans to potentially relaunch the exchange.
FTX Plans A Full Asset Recovery
During a Wednesday court hearing, FTX lawyer Andrew Dietderich told the judge overseeing the case that 100% repayment still isn’t a “guarantee,” but an attainable “objective” for the bankruptcy. He emphasized:
“There is still a great amount of work, and risk, between us and that result. But we believe the objective is within reach and we have a strategy to achieve it.”
In this case, a “full” recovery would mean fully paying back

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German Police Seize $2.1 Billion (50K BTC) From German Pirates

January 30, 2024

German police officers executed a historic crypto seizure earlier this month, claiming over 50,000 Bitcoin (BTC) from two aged men for copyright law violations over a decade ago.
Worth $2.1 billion at today’s price, the action represents the largest ever Bitcoin seizure for German authorities, and one of the largest ever executed by law enforcement throughout the world.
Massive Bitcoin Piracy Sting
Per a police statement on Tuesday, the investigation included support from the Federal Criminal Police Office (BKA), the FBI, and a Munich forensic IT expert company.
The accused, who allegedly violated the Copyright Act and engaged in subsequent money laundering, voluntarily handed over their proceeds to digital wallets provided by the BKA. They included a 40-year-old German

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