Weekly Crypto Digest for May 13-May 19, 2024
Sunday, May 19, 2024
In the latest issue of Weekly Crypto Digest, read more about more CPI is down, inactive BTC wallets transferred $61M, Salvador mined 474 BTC in 2 years, and more news.
US inflation has slowed
In April, the annual inflation rate in the US decreased from 3.5% to 3.4%, which was in line with the consensus forecast.
On a monthly basis, the consumer price index rose by 0.3%, below the expected 0.4% and the same as March's value.
The index, which excludes prices for food and energy, increased by 0.3% compared to the previous month and 3.6% compared to April of the previous year. This is a decrease from the previous month's values of 0.4% and 3.8%, respectively. This is the first time in the last six months that the monthly increase has slowed.
Analysts had expected the annual rate to slow to 3.6% and the monthly rate to be 0.3%.
$61 million worth of Bitcoins that had been inactive for 10 years began to move
On May 12, two wallets that had been dormant for more than 10 years transferred 1,000 BTC (~$61 million) to new addresses.
On September 12, 2013, the "1DUJuH" wallet received 500 BTC ($62,000) when the first cryptocurrency was $124. The exact amount was deposited to the address "16vRqA" the next day with similar quotes.
Outgoing transactions occurred within 20 minutes of each other. The proximity of the transactions in date and time allowed us to assume that the funds belonged to one user.
One transfer of 500 BTC has already been distributed to approximately 200 new addresses.
The court sentenced the Tornado Cash developer to 64 months of imprisonment
The court of the Netherlands has announced a verdict regarding Alexey Pertsev, the representative of Tornado Cash cryptomixer. During the hearing, it was stated that Pertsev had acted within the established rules and had not violated any laws. The defenders of the Tornado Cash creators emphasized the lack of malicious intent and the developers' right to write code freely. However, Pertsev was found guilty of being involved in swindling over $2 billion and sentenced to up to 64 months in prison. If there is a change of will, $2 million and a car will be confiscated from Pertsev. Alexey Pertsev was detained in Amsterdam in the spring of 2022 after the US government added the Tornado Cash mixer to the "black list" of the Office of Foreign Assets Control (OFAC).
Close to 100,000 LayerZero members have become strong
LayerZero Labs CEO Brian Pellegrino stated that nearly 100,000 people have provided their addresses. Additionally, on April 18, 2024, the LayerZero omnichannel protocol team announced the conclusion of the deadline for submitting "signs" and released a list of 803,093 potential signals. Participants who independently identified rules violations for participating in the ZRO token distribution campaign will receive 15% less than the initially planned airdrop. The notification indicates that this list is preliminary and can be used to verify addresses from another large group. The team emphasized that the participants should only be held responsible for viewing this as a residual list once a new call is published later.
El Salvador mined almost 474 BTC in three years
Since 2021, 473.5 BTC worth about $29 million has been produced in El Salvador at a state-owned geothermal power plant using volcanic energy. Reuters writes about this.
The country's National Bitcoin Office announced the launch of its own space in the Bitcoin mempool, where you can monitor the balance of cryptocurrency in the state treasury in real-time. As of this writing, the government owns ~5748 BTC in its possession.
Crypto academy closed in UK after investor complaints
The UK Insolvency Service (TIS) has officially closed the Amey Finance Academy following numerous complaints from investors who lost approximately $6.3 million. The crypto academy was founded by Desmond Amy in 2018, with Amy serving as the head of the organization and being the sole shareholder of the company. Although Amy positioned his company as a consulting firm, the TIS revealed that he provided clients with investment advice in crypto assets.
Between October 2019 and March 2020, £5 million ($6.3 million) passed through the organization's accounts. However, as emphasized by TIS, Amy failed to keep records, making it impossible to determine the extent of the damage accurately.
In 2022, the UK Financial Conduct Authority warned that Amey Finance Academy was acting as a financial counterparty without an appropriate license.
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