Weekly Crypto Digest for August 21 - August 27, 2023.
Monday, August 28, 2023
TOP crypto news of the week. Pantera Capital predicts Bitcoin at $147,800, Thai citizens will receive $300 in digital currency, a Chinese official sentenced to life for mining, and more news.
Pantera Capital: Bitcoin will reach $147,800 after halving
On the eve of the expected halving in April 2024, digital gold may rise in price to $35,448 and then go into rally mode to $147,843. Pantera Capital analysts presented such forecasts.
The experts obtained the mentioned values based on the Stock-to-Flow metric. The model predicts the value of bitcoin based on the stock-to-production ratio.
Bitcoin Mining Difficulty Reaches All-Time High
As a result of the next recalculation, the difficulty of mining the first cryptocurrency increased by 6.17%, updating the historical maximum at around 55.6 T.
The average hashrate for the period since the previous value change is 399.36 EH/s. The interval between blocks was 9.5 minutes.
Thai citizens will receive $300 in digital currency
Thailand's parliament has chosen real estate tycoon and crypto advocate Sretta Tavisin as the new prime minister. During the election campaign, he promised to send out 10,000 baht (~$300) in digital assets to all citizens over 16 years old.
About 500 billion baht (~$15 billion) has been allocated for the government airdrop initiative. The distribution will be carried out in the national token, not cryptocurrencies.
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Chinese official sentenced to life for mining and corruption
The court sentenced the former official of the Chinese province of Jiangxi, Yi Xiao, to life imprisonment for corrupt activities and supporting cryptocurrency mining operations.
According to the case file, between 2008 and 2021, the defendant used his official position for personal gain and earned more than 125 million yuan (~$17.1 million) from bribes.
From 2017 to 2021, Xiao also served as Party Secretary of Fuzhou City. In his post, he helped set up the work of mining companies, which "resulted in significant losses to state property, national and popular interests," the court added.
In addition to a life sentence, Xiao was permanently stripped of his political rights and had all his personal property confiscated.
One of the most expensive NFTs from the BAYC series fell by 80%
A rare non-fungible token #8585 from the collection of Bored Ape Yacht Club (BAYC) sold for a record low 153 ETH (~$254,000). The asset lost 80% in value in 11 months.
In October 2022, this NFT was bought for 777 ETH – about $1 million at the time of the deal. Even taking into account the recovery of the market since last autumn, the asset has fallen in price in fiat terms by four times.
US DEA mistakenly sent 55,000 USDT to a scammer
The US Drug Enforcement Administration (DEA) has lost $55,000 in USDT stablecoin as a result of "address poisoning".
In May, following a three-year investigation, the agency seized more than $500,000 in stablecoins from two Binance accounts that were suspected of laundering money from the sale of banned substances.
According to a search warrant seen by journalists, the funds were placed in DEA-controlled Trezor crypto wallets. As part of the confiscation procedure, the DEA sent a test amount of 45.36 USDT to the address of the US Marshals Service.
The attacker subsequently discovered the transaction and quickly created a wallet with the same first five and last four characters of the receiving account.
After that, the scammer sent a small amount of tokens to the DEA address to show up in the list of recent transactions. Apparently, an inattentive employee of the Office sent funds to a fake wallet during the next transfer.
Later, when the marshals noticed the mistake, they asked Tether to freeze the assets. However, the attacker has already managed to convert them into Bitcoin and Ethereum, and then transferred them to another wallet.
Binance US Restores USD Operations Thanks to MoonPay
Ark Invest and 21Shares have filed bids to launch two exchange-traded funds (ETFs) based on Ethereum. A few weeks earlier, the US Securities and Exchange Commission (SEC) rejected their joint application for a spot bitcoin ETF.
The SEC said in a statement that the companies plan to create two Ethereum ETFs, the ARK 21Shares Active Ethereum Futures ETF (ARKZ) and the ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY). The latter will consist of both Bitcoin and Ethereum futures.
According to the announcement, ARKZ will invest at least 25% of its holdings in Ethereum futures contracts, such as those traded on the Chicago Mercantile Exchange.
ARK Invest and 21Shares Jointly Apply for Ethereum Futures ETFs
Ark Invest and 21Shares have filed bids to launch two exchange-traded funds (ETFs) based on Ethereum. A few weeks earlier, the US Securities and Exchange Commission (SEC) rejected their joint application for a spot bitcoin ETF.
The SEC said in a statement that the companies plan to create two Ethereum ETFs, the ARK 21Shares Active Ethereum Futures ETF (ARKZ) and the ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY). The latter will consist of both Bitcoin and Ethereum futures.
According to the announcement, ARKZ will invest at least 25% of its holdings in Ethereum futures contracts, such as those traded on the Chicago Mercantile Exchange.
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