MicroStrategy, a prominent player in the business intelligence sector and a significant Bitcoin investor, recently sent a bullish signal to the cryptocurrency market.
The firm’s co-founder and executive chairman, Michael Saylor, announced on September 25th the acquisition of an additional 5,445 Bitcoins (BTC).
This substantial purchase was executed using $147.3 million in cash and came at an average price of $27,053 per BTC.
This strategic move was disclosed through a Form 8-K filing with the United States Securities and Exchange Commission, indicating that MicroStrategy and its subsidiaries made this acquisition between August 1st and September 24th.
As of the latter date, the company’s total Bitcoin holdings, including previous acquisitions, reached an impressive 158,245 BTC.
The average purchase price per Bitcoin, considering fees and expenses, stood at approximately $29,582, culminating in a total purchase price of $4.68 billion.
This acquisition transpired against the backdrop of Bitcoin trading in a relatively sideways fashion around the $26,000 mark for several weeks.
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After briefly touching $28,000 on August 29th, Bitcoin experienced a dip to as low as $25,000 on September 11th.
At the time of this writing, Bitcoin’s price stands at $26,081, reflecting a 1.9% decline over the past 24 hours, and a roughly 4% drop over the preceding week, according to data from CoinGecko.
MicroStrategy’s latest purchase further underscores the company’s optimistic outlook on Bitcoin as a long-term investment. It follows their acquisition of 12,333 BTC for $347 million in June 2023, at an average purchase price of $29,668 per coin.
In an earlier development, MicroStrategy reported its first profitable quarter since 2020 in Q1 2023, attributed to a one-time income tax benefit.
The company subsequently maintained profitability in the following quarter, revealing a net income of $22.2 million in early August.
MicroStrategy’s continued commitment to Bitcoin not only underscores their confidence in the cryptocurrency’s potential but also positions them as a notable institutional player in the crypto space, further contributing to the ongoing evolution of the digital asset landscape.
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Mixin Network, a decentralized peer-to-peer network, recently fell victim to a devastating hack, resulting in the loss of approximately $200 million in cryptocurrency assets.
The breach, which occurred on September 23, triggered an immediate response from Mixin Network, prompting the suspension of all deposit and withdrawal services on its platform.
In an effort to investigate the hack and recover the stolen assets, Mixin Network enlisted the expertise of blockchain investigator SlowMist and tech giant Google.
At the time of the security breach, Mixin Network’s holdings included $94.48 million in Ether, $23.55 million in Dai, and $23.3 million in Bitcoin, totaling $141.32 million in crypto assets, as revealed by PeckShield’s independent investigation.
Web3 SaaS analytics platform 0xScope conducted an additional investigation, uncovering the hacker’s historical ties to Mixin Network.
In 2022, an address associated with the hacker received 5 ETH from Mixin, which was subsequently deposited into Binance.
The hacker demonstrated sophistication by converting the stolen Tether (USDT) into DAI to prevent potential asset freezing.
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Mixin Network has assured users that deposit and withdrawal services will resume once the vulnerabilities in their system are confirmed and rectified.
However, specific plans for recovering the lost assets have yet to be disclosed.
Initially, Mixin Network’s founder, Feng Xiaodong, had promised to provide an explanation for the incident in a public Mandarin livestream on September 25 at 1:00 pm Hong Kong Time.
Unfortunately, official links to the livestream were conspicuously absent from the network’s social media channels and its official website, raising questions about the transparency of their response to the hack.
As of the time of this report, Mixin Network had not responded to inquiries from Cointelegraph, leaving the crypto community eagerly awaiting updates on the situation.
The incident also serves as a reminder of the ongoing threats faced by prominent figures in the crypto space, as Ethereum co-founder Vitalik Buterin recently fell victim to a SIM swap attack, highlighting the need for heightened security measures in the cryptocurrency industry.
Buterin’s social media profile on X was compromised when attackers executed a SIM swap, demonstrating the importance of safeguarding mobile numbers to protect against unauthorized access to digital assets and personal information.
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Shortly after the crypto exchange HTX, formerly known as Huobi, reported an $8 million hack, Binance’s CEO Changpeng “CZ” Zhao stepped forward to offer the assistance of Binance’s security team in investigating the breach.
Swift intervention is essential when dealing with crypto thefts, as hackers often employ tactics to cover their tracks, such as using mixers or converting stolen assets into privacy tokens.
On September 24th, the blockchain analytics platform Cyvers detected a hack that siphoned off 5,000 Ether from one of HTX’s hot wallets.
In a proactive effort to mitigate the damage, HTX extended an olive branch by offering a “white-hat bonus” equivalent to 5% of the pilfered funds, totaling nearly $400,000, to the hacker.
However, the hacker was granted a seven-day window to comply with the offer. HTX communicated this proposition in Mandarin (Chinese).
In a more lighthearted vein, CZ humorously remarked on the striking similarity between the rebranded HTX and Sam Bankman-Fried’s infamous crypto exchange, FTX.
Nevertheless, the comparison ends there, as HTX suffered a hack while FTX was embroiled in allegations of being a scam.
Responding to a tweet from Justin Sun, the founder of Tron and an adviser to HTX, CZ enlisted Binance’s security team to assist in tracking the stolen funds.
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Sun confirmed that HTX would cover all losses incurred by its users, stating, “The $8 million represents a relatively small sum compared to the $3 billion in assets held by our users and just two weeks’ revenue for the HTX platform.”
HTX also implemented real-time monitoring systems to avert future losses.
While Sun denied holding a significant stake in HTX, he committed to conducting live streams in both English and Chinese to discuss exchange security.
As for the ongoing HTX hack investigation, Binance had not responded to Cointelegraph’s request for comment at the time of this report.
A day before the HTX breach, the decentralized peer-to-peer network Mixin Network experienced a hack that led to losses of nearly $200 million, stemming from a compromise of a third-party cloud service provider’s database.
Independent investigations by Web3 SaaS analytics platform 0xScope revealed the hacker’s previous interactions with Mixin Network.
In 2022, an address linked to the hacker had received 5 ETH from Mixin, which was later deposited into Binance.
Deposits and withdrawals on Mixin Network would resume once vulnerabilities were confirmed and rectified, but plans for recovering the lost assets for users were not immediately disclosed.
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Stablecoin issuer Tether has made significant alterations to its terms of service (ToS) in Singapore, according to an email disclosed by Julian Hosp, the CEO of decentralized finance platform Cake DeFi, on September 25th.
These amendments impose restrictions on specific customer groups, preventing them from redeeming Tether.
In the email from Tether, it was explicitly stated that the company could no longer facilitate the redemption of USDT for United States dollars due to the adjustments in its ToS.
This modification raised concerns for Cake DeFi, headquartered in Singapore, as its CEO Julian Hosp expressed uncertainty regarding the platform’s ability to redeem USDT into U.S. dollars under the new terms.
The principal changes in Tether’s ToS revolve around tightening onboarding standards and introducing a clause stating that “corporates controlled by another entity, directors, and shareholders residing in Singapore are no longer permitted to be Tether customers.”
The ambiguity of the term “controlled by another entity” baffled many within the cryptocurrency community, including Cake DeFi, which was informed that it fell under this category, rendering it ineligible for issuance or redemption through the Tether platform.
This adjustment in Tether’s ToS has attracted significant attention from X users, formerly known as Twitter, especially considering its timing in light of a major cryptocurrency money laundering scandal in Singapore.
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The assets seized during the investigation have now ballooned to an astonishing $2 billion, further intensifying scrutiny on cryptocurrency activities within the country.
Some speculate that the changes pertaining to USDT redemption could be specific to Cake DeFi, suggesting that the decentralized finance protocol may have triggered enhanced due diligence (EDD) measures, potentially signaling an underlying partnership issue between the two entities.
Cointelegraph made efforts to reach out to Tether for comments regarding the email shared by Cake DeFi’s CEO and the recent adjustments to its ToS but had not received a response as of the publication of this article.
In conclusion, Tether’s revised terms of service in Singapore have caused uncertainty and speculation within the cryptocurrency community, particularly with regards to USDT redemption.
The implications of these changes, and their potential impact on Cake DeFi and other affected parties, remain unclear pending further clarification from Tether.
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The Terra Classic community has taken a significant step to restore stability by voting to halt all minting and reminting activities associated with TerraUSD Classic (USTC).
This decision is driven by the community’s determination to reestablish a secure peg between USTC and the United States dollar.
In a recent community proposal, the vote results revealed that 59% were in favor of discontinuing the minting of USTC, while approximately 40% opposed this change.
The primary objective behind this move is to protect the interests of both the community members and external investors.
By reducing the supply of USTC, the community aims to facilitate a return to a robust peg with the U.S. dollar.
The backdrop to this crucial decision lies in the events of May 2022 when USTC disengaged from its peg with the U.S. dollar.
This event triggered a catastrophic collapse within the Terra ecosystem, especially affecting Luna Classic (LUNC), which had a close association with USTC.
The value of LUNC plummeted by nearly 100%, triggering a wider downturn in the crypto markets and resulting in an overall loss of approximately $40 billion in total market capitalization.
The proposal to cease minting and reminting activities also involves major crypto exchanges burning USTC.
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This action not only helps restore faith in the Terra ecosystem but also encourages institutions like Binance to initiate the burning of USTC, knowing that the process of minting and reminting has come to an end.
This decision comes in the wake of growing concerns within the Terra Classic community regarding an increase in spam activities, which coincided with the decline in LUNC prices.
It reflects the community’s determination to take proactive measures to ensure the sustainability of the Terra ecosystem.
In another recent development, the Terra Classic community voted on various proposals, including one that sought to raise the minimum deposit requirement from 1 million LUNC to 5 million LUNC.
The outcome of this proposal was resounding, with 93.22% in favor of increasing the minimum deposit requirement amount.
This move is expected to further bolster the stability and integrity of the Terra ecosystem as it continues to evolve and adapt to the dynamic crypto landscape.
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The Miss Universe Organization has vehemently disavowed any affiliation with the Miss Universe Coin initiative, which was unveiled at the Philippine Blockchain Week (PBW) earlier this month.
The PBW has assured the public that it is actively engaged with all stakeholders in this matter and is committed to providing further updates shortly.
During the PBW event earlier this month, Donald Lim, the founder of the organization overseeing the PBW, made a stunning announcement, declaring that the PBW was preparing to launch the Miss Universe Coin.
However, in a surprising turn of events, the official Miss Universe Organization has distanced itself from the coin project and categorically labeled it as fraudulent.
On September 22, the official Miss Universe Facebook page issued a statement asserting that neither the Miss Universe Organization nor JKN Global Group, the entity responsible for the beauty pageant, has any ties to the coin project showcased at the PBW event.
They further stated their intent to explore all available legal options to address this infringement.
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The Miss Universe Organization clarified, “There is currently no Miss Universe cryptocurrency or blockchain offering, and these products are in no way involved with the voting or selection process for Miss Universe or the Miss Universe Philippines pageants.”
A spokesperson for the Miss Universe Organization went on to describe the Miss Universe Coin as a “fraud” and expressed concerns that it may surface at other international blockchain conferences, including those in Dubai and Singapore.
They urged media outlets to exercise caution and refrain from covering it if encountered at these events.
In response to the unfolding situation, PBW issued a statement via its X platform (formerly Twitter), affirming that it is actively communicating with all parties involved.
They have promised to share updates as soon as they become available. Cointelegraph reached out to the Philippine Blockchain Week for further clarification but had not received an immediate response at the time of reporting.
As the Miss Universe Coin project’s legitimacy hangs in the balance, the cryptocurrency and blockchain communities eagerly await additional information and clarification on this perplexing turn of events.
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Fenwick & West, a United States-based law firm, has vehemently refuted allegations in a recent class-action lawsuit brought against it in connection with its past legal services provided to the now-defunct cryptocurrency exchange, FTX.
The firm stands accused of aiding and abetting FTX’s purported fraudulent activities.
In a court filing dated September 21, Fenwick & West firmly denies any wrongdoing, invoking the legal principle that attorneys cannot be held liable for their clients’ misconduct as long as their actions remain within the scope of the client’s representation.
The plaintiffs allege that while Fenwick rendered standard legal services in compliance with the law, FTX’s founder, Sam Bankman-Fried, allegedly misused this advice to further fraudulent activities.
Furthermore, the plaintiffs contend that Fenwick went beyond the typical scope of services provided to FTX, potentially making them liable.
According to the filing, Fenwick “provided services to the FTX Group entities that went well beyond those a law firm should and usually does provide.”
The filing also claims that some Fenwick employees willingly left the firm to join FTX, suggesting that their actions were not coerced.
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The lawsuit asserts that Fenwick played a role in establishing corporations that Bankman-Fried allegedly used in his fraudulent activities.
Additionally, it provided advice to FTX regarding regulatory compliance in the evolving cryptocurrency landscape.
Fenwick & West, however, maintains that it should not be held solely responsible for FTX’s actions, asserting that it played a relatively minor role in providing various legal advice components to the exchange.
The firm argues that if the plaintiffs’ allegations were to hold, it would set a dangerous precedent where lawyers could be held accountable for their clients’ misconduct.
This legal dispute follows FTX’s own legal action against former employees of Salameda, a Hong Kong-incorporated company previously affiliated with the FTX group.
FTX seeks to reclaim $157.3 million, alleging that these funds were illicitly withdrawn shortly before the exchange filed for bankruptcy.
In essence, the legal battle between Fenwick & West and the plaintiffs hinges on whether the law firm’s actions can be directly linked to FTX’s alleged fraudulent activities or if they were merely providing standard legal services within the boundaries of their representation.
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Recent data reveals that the notorious North Korean hacking collective, Lazarus Group, possesses a staggering $47 million in various cryptocurrencies, primarily dominated by Bitcoin.
This information, compiled from Dune Analytics through 21.co, the parent company of 21Shares, exposes the group’s holdings.
As of now, Lazarus Group’s wallets comprise $42.5 million in Bitcoin (BTC), $1.9 million in Ether (ETH), $1.1 million in Binance Coin (BNB), and an additional $640,000 in stablecoins, primarily Binance USD.
It is notable that the group’s crypto assets have decreased considerably since September 6, when they held $86 million, just days after their alleged involvement in the Stake.com hack.
The Dune dashboard meticulously monitors 295 wallets linked to the Lazarus Group, as identified by the United States Federal Bureau of Investigation (FBI) and the Office of Foreign Assets Control (OFAC).
What stands out is the absence of privacy coins, such as Monero (XMR), DASH, or Zcash (ZEC), within Lazarus’ portfolio.
These cryptocurrencies are renowned for their enhanced anonymity features, making tracking transactions notably challenging.
In contrast, Lazarus Group’s crypto wallets continue to exhibit high activity, with the most recent transaction recorded on September 20.
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Additionally, 21.co suggests that the actual holdings of the group might exceed the reported figures, cautioning, “We should note that this is a lower-bound estimation of Lazarus Group’s crypto holdings based on publicly available information.”
Notably, on September 13, Cointelegraph reported that Lazarus Group orchestrated an attack on the crypto exchange CoinEx, resulting in a loss of at least $55 million.
The FBI has also linked Lazarus to hacks on Alphapo, CoinsPaid, and Atomic Wallet, collectively amounting to over $200 million stolen in 2023.
However, a report by Chainalysis indicates an 80% decline in crypto thefts by North Korea-linked hackers from 2022.
As of mid-September, these groups had pilfered $340.4 million in crypto, a significant drop from the record $1.65 billion stolen digital assets in 2022.
In a recent development, U.S. federal authorities issued a warning of a “significant risk” of potential attacks on U.S. healthcare and public health sector entities by the Lazarus Group, emphasizing the group’s persistent threat to various sectors.
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The Securities and Exchange Commission’s (SEC) reluctance to approve the first Bitcoin Exchange-Traded Fund (ETF) has put immense pressure on Bitcoin’s price, causing distress among crypto investors.
Fortunately, TradeSanta offers automated trading tools connected to both spot and futures trading platforms, enabling traders to mitigate risks and capitalize on market downturns.
Throughout the year, Bitcoin made several attempts to establish a firm foothold above the $30,000 mark, all of which ended in failure.
As the year draws to a close, there is a growing concern that the cryptocurrency may continue trading below this critical psychological level.
One significant contributing factor to this sustained bearish pressure is the SEC’s ongoing delay in approving a spot Bitcoin ETF.
The SEC’s reluctance to approve Bitcoin ETFs has affected numerous applicants, including industry giants like BlackRock, which had initially encouraged other institutions to submit their applications.
Many asset managers, brokers, index fund providers, and other institutions have sought approval for a Bitcoin ETF to attract more institutional and retail capital to the crypto market.
Notable applicants include:
- BlackRock: The world’s largest asset manager, with $8.6 trillion under management, submitted its application for a spot Bitcoin ETF in mid-June, with Coinbase as its primary data provider and crypto custodian. The SEC accepted BlackRock’s application for review one month later.
- Fidelity: After being rejected in 2021, financial services giant Fidelity reapplied for its Wise Origin Bitcoin Trust to become an ETF in July of the current year.
- VanEck: An early applicant since 2018, VanEck rejoined the race for a Bitcoin ETF in July 2023, after previously withdrawing its application.
- ARK Invest: Investment management firm ARK has been awaiting SEC approval for its ARK 21Shares Bitcoin ETF since June 2021.
- Invesco and Galaxy Digital: These two firms joined forces to seek approval for the Invesco Galaxy Bitcoin ETF, a physically backed Bitcoin ETF with Invesco as the sponsor.
Numerous others, such as WisdomTree, Valkyrie Investments, Bitwise, and GlobalX, are also planning to launch Bitcoin ETFs.
However, at the end of August, the SEC delayed its decision on all these applications.
The SEC’s delay had a noticeable impact on the Bitcoin market.
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By the end of August, Bitcoin was attempting to retest the $30,000 resistance level but faced a downturn due to the uncertainty surrounding ETF approvals.
This uncertainty pushed the price down to around $25,000, and in mid-September, it even broke below this level, marking the lowest point since mid-June when BlackRock’s filing had triggered a rally.
Despite bearish market conditions, active traders can find opportunities by opening short positions. TradeSanta’s trading bots and automation tools offer a way to do this efficiently and without emotional interference.
The platform provides algorithmic strategies and risk management controls, enabling traders to navigate market downturns effectively.
TradeSanta supports over 100 cryptocurrencies and integrates with major exchanges, simplifying the trading process.
Moreover, it offers technical analysis tools to help traders identify trends and market sentiment. With stop-loss and trailing stop-loss features, traders can minimize losses during bearish trends.
Additionally, TradeSanta allows for copy trading, enabling users to replicate successful strategies for maximum profitability.
Feedback and statistics indicate that TradeSanta’s risk management tools have been effective in helping users minimize losses and navigate volatile market conditions, offering a valuable resource for traders in challenging times.
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In a perplexing turn of events, a Melbourne couple is set to face a plea trial in October 2023 on theft charges after inadvertently receiving a windfall of 10.5 million Australian dollars ($6.7 million) in 2021, subsequently spending the erroneous funds.
The saga began in May 2021 when Thevamanogari Manivel initiated a transfer of funds to her partner, Jatinder Singh’s Crypto.com account.
However, an alarm was raised as the bank account details did not align with the exchange account. Consequently, a refund was initiated.
But instead of returning the modest 100 Australian dollars that the couple had intended to deposit, the exchange inexplicably dispatched a staggering 10.5 million Australian dollars to Manivel’s bank account.
The gravity of the error only came to light in December 2021 when the exchange conducted its routine annual audit.
Subsequently, the exchange took legal action by filing a lawsuit in the Victoria Supreme Court, leading to a judgment that mandated the return of the funds to the crypto trading platform.
However, by that point, the couple had embarked on an extravagant spending spree. They reportedly acquired four properties, several vehicles, and assorted items.
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Additionally, approximately 4 million Australian dollars had been transferred to a Malaysian bank account.
Among their acquisitions was a lavish five-bedroom property in Craigieburn valued at 1.35 million Australian dollars, which the court ruled must be sold to facilitate the funds’ return.
In a courtroom twist in October 2022, the couple contended that they believed they had won a prize from the crypto exchange.
Singh claimed to have received a prior notification from the company regarding a competition.
However, Crypto.com’s compliance officer, Michi Chan Fores, categorically refuted the existence of any such competition, asserting that the exchange did not disseminate such notifications to its users.
In a recent development, Manivel, who faced charges of theft, pleaded guilty in September 2023 to recklessly dealing with the proceeds of the crime.
She received a sentence comprising an 18-month community corrections order, including six months of rigorous compliance and unpaid community work, after having spent 209 days in custody.
Meanwhile, Singh is slated to undergo a plea trial on October 23, leaving their fate hanging in the balance as they confront the consequences of their unintended windfall and subsequent expenditures.
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