Yellow Capital Blog/Weekly Crypto Digest/Weekly Crypto Digest for May 27-June 2, 2024

Weekly Crypto Digest for May 27-June 2, 2024

Sunday, June 02, 2024

In the latest issue of Weekly Crypto Digest, read more about 4th Ethereum Classic halving, Mt. Gox moved $9.6B worth of Bitcoin, DMM Bitcoin lost $303M due to hacking, and more news.

Joe Biden Vetoes SEC Resolution to Repeal SAB 121

US President Joe Biden has vetoed a resolution repealing Staff Accounting Bulletin 121 (SAB 121) from the US Securities and Exchange Commission (SEC).
In the letter, Biden said his administration "will not support measures that jeopardize the welfare of consumers and investors."
SAB 121 was released in April 2022. The document contains recommendations for storing cryptocurrencies. In particular, banks must reflect them on their balance sheets. This makes the process costly and limits institutions' ability to provide custody services on a large scale.

More than 1 million BTC are stored under the management of spot Bitcoin ETFs

More than 1 million BTC are stored under the management of spot Bitcoin ETFs

As of May 24, 2024, more than 1,002,343 BTC worth about $69.1 billion are stored under the management of spot Bitcoin ETFs. MicroStrategy founder Michael Saylor announced this in his X.
According to his data, Grayscale's convertible fund (GBTC) holds 287,168 BTC, and BlacRock's IBIT holds 289,040 BTC. In total, US Bitcoin spot funds hold 855,619 BTC, with another 146,724 BTC in other Bitcoin-related products.
Outside the US, the largest Bitcoin fund remains the Canadian Purpose Bitcoin ETF, which holds 27,110 BTC.
​Overall, Bitcoin ETFs account for about 5% of the total supply of the asset.

The fourth halving took place in Ethereum Classic

On May 31, at a height of #20,000,001, a halving occurred on the Ethereum Classic network. The reward for a mined block has been reduced to 2,048 ETC.
A programmed event occurs approximately every two years - the reward is reduced by 20% to achieve a total supply of 210.7 million ETC. This is the fourth halving in the blockchain since 2017.
​The coin's price did not show significant dynamics. After the halving, ETC lost about 1%. Over the past week, the cryptocurrency has fallen 7.4%.

Crypto exchange Mt. Gox moved $9.6 billion worth of Bitcoin for the first time in five years

On May 28, 2024, from the wallet of the Mt. cryptocurrency exchange that collapsed in 2014, Gox transferred 141,658 BTC, totaling more than $9.6 billion, according to Whale Alert.
According to the analytical service, several large transactions related to the company Mt. have been recorded on the Bitcoin network. Gox. Over the past few hours, 3,999 BTC, 8,239 BTC, 14,057 BTC, 16,589 BTC, 32,137 BTC, 32,499 BTC, and 34,138 BTC were transferred from the crypto exchange wallet to the new address.
Arkham Intelligence confirmed information about transactions from the Mt. Gox. According to the platform, bitcoins remain withdrawn from the company's wallet. On account of Mt. Gox, it still holds 137,892 BTC worth a total of $9.3 billion.

Mt. Gox moved $9.6 billion worth of Bitcoin

Terraform Labs and Do Kwon reached an agreement with the SEC

Terraform Labs and its former CEO Do Kwon have reached an "agreement in principle" with the US Securities and Exchange Commission (SEC).
According to the publication, the parties announced the deal during a telephone conference on May 29, 2024.
According to the conference record, scheduled oral arguments were canceled because the parties had reached an agreement, the terms of which were not disclosed.
​The publication noted that the parties must submit documents on the final settlement agreement by June 12, 2024. The SEC's civil lawsuit will then be resolved.

Medical company Semler Scientific acquired 581 BTC for $40 million

Semler Scientific, a company specializing in developing marketing technologies for the medical industry, announced the purchase of 581 BTC. The company paid $40 million for the specified volume of assets.
The company is changing its financial strategy with its innovative approach. Semler Scientific management noted that Bitcoin had received the status of the company's main treasury reserve.
​According to company representatives, specialists spent a lot of time studying alternative savings options. As a result, analysts chose the first cryptocurrency due to its "digital and architectural stability," which allowed it to get ahead of gold.

CEO of FTX Digital Markets received 7.5 years in prison

Former FTX Digital Markets CEO Ryan Salame will serve 90 months to 7.5 years in prison. The court also ordered him to pay a total of $11 million.
Salameh pleaded guilty to two counts in September 2023.
According to the case file, Salameh donated a total of $24 million in 2022 from exchange client funds to various candidates, mostly from the Republican Party.
​In addition to the 7.5 years in prison, Salameh will also pay a total of $11 million - a $6 million fine and $5 million in restitution.

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Japanese crypto exchange DMM Bitcoin lost $303 million as a result of hacking

The DMM Bitcoin platform reported unauthorized access to the company's accounts where Bitcoin was stored. According to reports, an unknown person withdrew 4502.9 BTC, which is estimated at $303 million at the time of publication.
​Representatives of DMM Bitcoin announced the suspension of spot transactions on the platform until all the circumstances of the incident are clarified. Customers may also experience delays when making yen-denominated withdrawals, the company said. The exchange team noted that it will reimburse all losses and replenish the reserves of the first cryptocurrency.

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