On Friday, July 5, 2024, at 8 p.m. EDT, as bitcoin’s price hovered around ,500 per unit, a dormant wallet, created on Nov. 24, 2013, transferred over 1,000 BTC, valued at .5 million, at block height 850,855. Long-Inactive Bitcoin Wallet Transfers Over M At 8 p.m., or Bitcoin block height 850,855, a wallet created ten […]
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Polygon Unveils $1 Billion Grant Program to Foster Blockchain Development Over Next Decade
Polygon has announced a billion Community Grants Program, set to roll out over the next ten years, aimed at supporting developers on its platform. This initiative promises to allocate about 0 million annually to fund innovative projects that enhance the Polygon and Ethereum ecosystems. Polygon Community Treasury to Release B in Grants Over the […]
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Elizabeth Warren: Crypto Prominent in the Global Fentanyl Trade Over the Last Decade
Two U.S. Senators, Elizabeth Warren and Bill Cassidy, have asked the Biden adminstration to furnish them with updates on what the U.S. government is doing to curb the use of crypto in fentanyl trafficking. According to Warren and Cassidy, decentralized crypto exchange platforms are enabling the trafficking of Chinese-supplied fentanyl precursors. U.S. Senators Link Crypto […]
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Dormant Bitcoin Address Awakens After a Decade, Moves $9.8 Million in BTC
May has emerged as a notable month for ‘sleeping bitcoin’ transactions, with a long-dormant address, inactive for ten years and six months, awakening on May 28 to move 145.89 BTC, valued at .8 million. Over 9 Million in Bitcoin From 2013 Moved in May After a much quieter April, May has witnessed numerous dormant bitcoin […]
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2014 Bitcoin Whale Awakens, Spends 1,005 BTC Valued at $64 Million After a Decade
Contrary to several earlier reports, it has been revealed that not only were 687.33 bitcoins transferred from a dormant 2014 wallet on May 6, 2024, but the owner also appears to have expended a total of 1,005.33 BTC, equivalent to almost million at current exchange rates. 1,005 Bitcoin Worth Million Moved From 2 […]
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PlanB’s Bitcoin Forecast: A Journey To $5 Million Per BTC In The Next Decade
PlanB, a popular name within the Bitcoin community, thanks to his Stock-to-Flow (S2F) model, has shared the latest discourse on X, igniting a flurry of excitement and speculation. This discourse particularly highlights BTC’s potential journey through successive halving cycles.
PlanB’s analysis, deeply rooted in the S2F model, presents a narrative for Bitcoin’s future. This model scrutinizes the correlation between an asset’s existing reserves (stock) and annual production (flow) and lays the groundwork for PlanB’s bold predictions.
Navigating Through Predictions: A Community Aweigh
According to the model, the forthcoming halving cycle spanning 2020-2024 is expected to solidify Bitcoin’s price at around ,000. But the real spectacle unfolds in the ensuing cycles, with projections setting the stage for Bitcoin to ascend to 0,000 in the 2024-2028 cycle, eventually reaching a monumental million in the 2028-2032 cycle.
Stock-to-Flow 2020-2024 halving cycle: ~k
Stock-to-Flow 2024-2028 halving cycle: ~0k
Stock-to-Flow 2028-2032 halving cycle: ~m
Yes, S2F = exponential growth, and it will continue IMO. pic.twitter.com/rH1KmIyKSl— PlanB (@100trillionUSD) March 18, 2024
The predictions made by PlanB have sparked interest and debate among the crypto community. Many are curious to see if Bitcoin will experience the forecasted substantial growth.
An X user responded to PlanB’s post, expressing hopefulness yet advising caution due to the limited number of data points that can’t definitively predict precise future prices, like an average of 0k from 2024 to 2028.
PlanB acknowledged this caution, pointing out that his predictions are based on three past halving events and the significant pre-halving period, suggesting that while the Stock-to-Flow model can guide the general trend, its accuracy comes with a considerable margin of error.
For instance, while the 2020-2024 period was projected to see an average of k, the actual figure was around k.
Very true. Only 3 halvings (2012, 2016 and 2020) plus the crucial pre-halving period (where BTC S2F grew from below 1 to ~4). And S2F is only for general direction, of course, and with wide error margin (for example: prediction 2020-2024 was 55k but in reality ~33k).
— PlanB (@100trillionUSD) March 18, 2024
Additionally, another user in the conversation, known as Phoenix of Crypto, remarked that while PlanB’s projection might seem “overly optimistic,” the true outcome remains to be seen, emphasizing the need for patience.
This user highlighted the uncertainty surrounding Bitcoin’s future, especially considering the potential impacts of ETFs and widespread adoption, signaling an open-minded but watchful approach to market developments.
Bitcoin Latest Price Action
Bitcoin is undergoing a notable decline, having decreased by 7.5% over the last week. This downward trajectory has extended into the last 24 hours, with the cryptocurrency dropping an additional 1.5%. Despite these setbacks, Bitcoin’s trading price remains at ,167 at the time of writing.
Skew, a renowned trader, has provided technical analysis indicating a critical support range for Bitcoin investors between ,000 and ,000.
This range is seen as a possible pivot point for the market’s direction, concurrently noting the substantial selling activity on leading platforms such as Coinbase and Binance.
$BTC Spot Market Data Thread, in partnership @_WOO_X $BTC Binance Spot
Weekend spot buyer hereSpot Supply (K – K)
Spot Demand (K)Interestingly last bounce which was sold into also resulted in a stack of limit bids being quoted lower.
~ Keep an eye on those bids… pic.twitter.com/3PKHyddNlv— Skew Δ (@52kskew) March 17, 2024
Featured image from Unsplash, Chart from TradingView
How One Man Stole $3 Billion in Bitcoin and Got Away for Nearly a Decade
From purchasing cocaine to uncovering a multimillion-dollar glitch, the story of James “Jimmy” Zhong reads like a dark comedy. Zhong, a computer science graduate, exploited a vulnerability on Silk Road to steal over 50,000 bitcoin, evading detection for nearly a decade while living a life of luxury.
The Unbelievable Tale of Jimmy Zhong: From Cocaine Purchase to Bitcoin Billionaire
This is a tale tailor made for the Coen brothers, ala “Fargo” or “Burn After Reading.” James “Jimmy” Zhong, a 28-year-old University of Georgia computer science graduate, executed the largest bitcoin theft in history. From the infamous dark web market Silk Road, Zhong pilfered over 50,000 bitcoin, valued at approximately .4 billion in 2023. Recently, a poster on X that goes by the pseudonym BTCGandalf, recounted Jimmy’s story with colorful details. Read the thread for a story-like recounting with many more details than this brief summary.
The Incredible Story of the Unlikely Man Who Stole 50,000 BTC (B) From the Silk Road
🧵 pic.twitter.com/mSwSPZPcPE— GANDALF (@BTCGandalf) January 26, 2024
Between 2012 and 2014, exploiting a flaw on the Silk Road, Zhong was able to drain the site’s hot wallet of its massive bitcoin stash, over 51,680 bitcoin. In one of those stranger-than-fiction moments, Zhong later confessed to discovering and exploiting the glitch on Silk Road after purchasing cocaine.
Vinny D’Agostino, the FBI trial agent for the original Silk Road Case, said in a reply post to the thread that Ross Ulbricht, founder of Silk Road, “knew his security skills were weak and wanted to close any gaps. The loss of the 50,000 bitcoin was major.” D’Agostino provided an image of a spreadsheet Ross kept to log, among other things, his net worth. “The orange [is] his net worth, which took a big hit. All of this evidence was found on his Samsung 700z laptop which he was using at the time of arrest.”
Despite his lavish spending and previous run-ins with the law, including a DUI and a felony drug possession charge, Zhong remained undetected for almost a decade. However, his luck ran out when two things happened in 2019.
First, in March 2019 someone broke into his house stealing approximately 0,000 in cash and bitcoin. Inexplicably, Zhong called 911, asking the police to carry out an investigation. Second, around this time Zhong had made the mistake of transferring a small portion of his stolen bitcoin to a KYC-compliant exchange, catching the IRS’s attention.
The subsequent investigation by IRS agents, collaborating with local Athens police, who had previously believed Zhong’s story of being a savvy bitcoin investor, launched a covert operation to unravel the truth. This culminated in a search of Zhong’s property in November 2019, which unveiled the majority of the stolen Silk Road bitcoin hidden in a popcorn tin.
Zhong was arrested, pleaded guilty to one count of wire fraud, and in 2022 was sentenced to 366 days in prison. His lawyer was able to successfully argue it was a victimless crime, as he stole from a criminal enterprise.
The rise and fall of James “Jimmy” Zhong was a comedy of errors. Or, as D’Agostino puts it,
“[T]he fact that Jimmy called the cops after having some of his bitcoin stolen highlights how many cyber criminals (including Ross) were brilliant but lacked street smarts.”
Do you think that Jimmy has some extra bitcoin squirreled away somewhere? Share your thoughts and opinions about this subject in the comments section below.
SEC Commissioner Criticizes Delay in Spot Bitcoin ETF Approval — ‘We Squandered a Decade of Opportunities’
U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce has slammed her agency for the delay in approving spot bitcoin exchange-traded funds (ETFs). “Our arbitrary and capricious treatment of applications in this area will continue to harm our reputation far beyond crypto. Diminished trust from the public will inhibit our ability to regulate the markets effectively,” the commissioner stressed.
‘Diminished Trust From the Public Will Inhibit Our Ability to Regulate the Markets Effectively’
U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce issued a statement following the approval of 11 spot bitcoin exchange-traded funds (ETFs) by the SEC.
“Today marks the end of an unnecessary, but consequential, saga,” Peirce began. “More than ten years after the filing of the first spot bitcoin exchange-traded product (‘ETP’) application, the Commission finally has approved multiple applications by exchanges to allow the listing and trading of spot bitcoin ETPs. This saga likely would have spanned well beyond a decade were it not for the DC Circuit-ex-machina.”
Noting that “Bitcoin-based products have been trading for years under other regulatory regimes,” she stressed: “The Commission should have drawn comfort from the successful launch and smooth trading of these products, even through market stress and volatility. Instead, until today, the Commission remained steadfast in its unwillingness to let spot bitcoin ETPs into US markets.” She added:
In the meantime, the Commission has driven retail investors to less efficient means of attaining bitcoin exposure in the securities markets.
One of the ways retail investors had to gain exposure to bitcoin and the crypto market is through bitcoin futures exchange-traded funds, which the Commission did not have a problem approving. “These futures-based products are more complex and more difficult to manage than the spot product, which can translate into higher costs for investors,” Peirce noted. “But, until a court reminded us that our ‘unexplained discounting of the obvious financial and mathematical relationship between the spot and futures markets falls short of the standard for reasoned decisionmaking,’ we persisted in denying a spot bitcoin ETP.”
Peirce added:
The Commission, rather than admitting error, offers a weak explanation for its change of heart.
“In the past, the Commission, allowing our prejudice against the underlying asset to get in the way, has rejected applications on the basis that the bitcoin market was still immature and that there were outstanding manipulation concerns,” she detailed.
“We squandered a decade of opportunities to do our job. If we had applied the standard we use for other commodity-based ETPs, we could have approved these products years ago, but we refused to do so until a court called our bluff. And even now our approval comes only begrudgingly, as demonstrated by our continued insistence that these products satisfy a correlation test we have not demanded of prior commodity-based ETPs,” Commissioner Peirce stated.
“Today’s order does not undo the many harms created by the disparate treatment of spot bitcoin products,” she added, elaborating:
Our arbitrary and capricious treatment of applications in this area will continue to harm our reputation far beyond crypto. Diminished trust from the public will inhibit our ability to regulate the markets effectively.
Do you agree with SEC Commissioner Hester Peirce about spot bitcoin ETFs? Let us know in the comments section below.
Slumbering Bitcoin Cache Awakens After More Than a Decade, Transacting $3.77 Million
In September and October 2023, a surge in activity was observed as numerous dormant bitcoin wallets from 2012 reawakened, transacting millions in bitcoin after lying inactive for more than ten years. Despite this flurry of activity, there were no further movements from these wallets for the majority of November, following a modest transfer of ten bitcoins on Halloween. However, on November 30, an intriguing development occurred when a vintage bitcoin address from 2012, which had been inactive for nearly eleven years, suddenly became active again, spending .77 million.
After Years of Dormancy, Bitcoin Wallet Reactivates With a .77 Million Move
The resurgence recorded in September saw a significant number of these 2012 wallets come back to life, marking a noticeable shift in the pattern of older bitcoin wallets. Transfers from 2009 wallets are practically non-existent, and those from 2010 are becoming increasingly rare, making the recent activities of 2011 and 2012 wallets stand out.
Furthermore, October saw some interesting transfers from 2012 as well but the last one that occurred was on October 31, 2023. That particular transaction involved the movement of ten bitcoins from a wallet established on December 13, 2012.
Fast forward to 29 days after the last dormant bitcoin activity from 2012, and on November 30, 2023, another notable event unfolded. An address from that same year executed a significant transfer, moving 100 BTC valued at .77 million.
This transaction was detected by the blockchain parser btcparser.com on a Thursday afternoon. The bitcoin address, known as “18e2L,” initially appeared on the blockchain scene on Christmas Day, December 25, 2012.
At that moment, the total value of the owner’s BTC hoard was a mere ,338, with each bitcoin priced at .38. This translates to a significant appreciation of approximately 282,234% against the U.S. dollar from the time of acquisition.
The transaction’s privacy, as assessed by Blockchair’s privacy tool, scored a “moderate” 60 out of 100, indicating a reasonable level of anonymity. In essence, the user employed the “send everything” function, potentially for payment purposes or to transfer the assets to a new wallet.
Occurrences of ‘sleeping bitcoin’ spends are few and far between, yet they seem to surge when BTC values rise, as observed during the latter part of 2020 and the 2021 bull market. Year-to-date, bitcoin has witnessed a 128% increase against the U.S. dollar, with a 9.44% rise over the past month alone.
The precise reasons behind these transfers remain unclear, but the heightened value of BTC appears to be a driving factor for owners of these vintage coins. It’s important to note that these transactions indicate the movement of the bitcoins, with no definitive way to ascertain whether the coins are being sold or merely shifted to another address.
What do you think about the 2012 bitcoin transaction transferred on Thursday? Share your thoughts and opinions about this subject in the comments section below.
Decade of Resilience — A Look at 10 Pioneer Crypto Companies That Are Still Standing
Over 15 years have passed since Satoshi Nakamoto launched the crypto revolution with the release of the Bitcoin white paper. On the brink of January 3, 2024, the network celebrates a decade and a half of continuous activity. Though many companies folded in 2023, several of the original players remain in the game. This overview showcases some of the first crypto firms still in operation, detailing their business activities and longevity in the marketplace.
10 Companies Riding Out the Crypto Storms
This year witnessed the downfall of numerous big names in the industry, with others still reeling from the impact. Nonetheless, a considerable number of seasoned cryptocurrency companies have weathered multiple storms and remain in business. A select few of these firms have surpassed a decade of operation, sailing through with minimal turbulence, while other foundational businesses have faced challenges potent enough to threaten their existence. The subsequent overview provides insight into some of the most established digital currency enterprises that are operational to date.
Braiins Pool (formerly Slush Pool)
Established as Slush Pool and known today as Braiins Pool, this entity holds the title of the longest-running bitcoin mining pool, actively engaging in BTC mining operations. It was conceived by Marek Palatinus, popularly referred to as “Slush,” on November 27, 2010.
Palatinus is also known for his role in developing the world’s initial hardware wallet, Trezor. Currently, Braiins Pool is responsible for 0.63% of the Bitcoin network’s total hashrate, delivering 2.99 exahash per second (EH/s) in the past three days. Braiins has been in business for nearly 13 years.
Coinbase
Coinbase, rooted in San Francisco, began its operations in June 2012, thanks to founders Fred Ehrsam and Brian Armstrong. Over time, it has ascended to become one of the premier crypto exchanges globally. The company marked its transition to a publicly-traded entity on April 14, 2021, when it listed its Class A common stock on the Nasdaq Global Select Market under the ticker “COIN.” However, on June 6, 2023, Coinbase encountered legal hurdles when the SEC alleged the company operated as an unregistered broker, citing breaches of securities law. Coinbase has been operating for 11 years.
Canaan
In the realm of specialized ASIC chip manufacturing and bitcoin mining hardware, Canaan Inc. has carved out a significant niche. Launched in 2013 by founders Nangeng Zhang, Jiaxuan Li, and Xiangfu Liu, Canaan made a bold move by acquiring Avalon, the pioneer of the first ASIC mining rig, in the same year.
The company took a leap forward when it entered the public market on November 21, 2019, positioning itself as one of the first in the crypto mining sector to go public. Canaan recently celebrated the firm’s 10th anniversary with new machines.
Bitfinex
Bitfinex, a crypto exchange, was established in 2012 by French entrepreneur Raphael Nicolle and Italian businessman Giancarlo Devasini. The platform commands the second-largest bitcoin wallet, with 190,010 BTC in its cold storage.
Owned by Ifinex Inc., which also operates Tether Holdings Limited, the leading issuer of stablecoins, Bitfinex has been a player in the digital currency exchange space for over 11 years. The exchange endured a significant security breach in 2016 when it lost about 120,000 bitcoins. Despite this setback, Bitfinex recovered and reaffirmed its status as one of the top global crypto exchanges.
Blockchain.com
Blockchain.com, once known as Blockchain.info, was founded in 2011 by a team including Peter Smith and Nicolas Cary. The company provides a variety of services, including a block explorer for multiple cryptocurrencies, data analytics, and a digital wallet.
It also runs a trading platform. Blockchain.com has seen the creation of 87 million wallets from users in 200 countries since its wallet service began. The business has been operational for about 12 years.
Bitpay
Bitpay, a cryptocurrency payment service provider headquartered in Atlanta, was founded in May 2011 by Tony Gallippi and Stephen Pair. The company offers payment processing services for merchants to accept cryptocurrency. Bitpay introduced a Visa cryptocurrency debit card that was later rebranded in partnership with Mastercard.
In mid-May 2023, Bitpay announced the discontinuation of the Mastercard program, with plans to introduce a new card offering in the future. The processor continues to handle merchant payments and has been in business for 12 years.
Bitstamp
Bitstamp, a European cryptocurrency exchange, was established in 2011 by Nejc Kodrič and Damijan Merlak. For years, the exchange has enabled trading of cryptocurrencies against fiat currencies such as the U.S. dollar, British pound, and euro. Bitstamp experienced a hack on January 4, 2015, resulting in a loss of nearly 19,000 BTC.
However, akin to Bitfinex, the exchange recovered from the incident and has maintained its status as a leading trading platform. Bitstamp has been operational for more than 12 years since its launch.
Kraken
Kraken, based in San Francisco and founded in 2011 by Jesse Powell, Thanh Luu, and Michael Gronager, continues to operate today. The exchange, like Bitstamp, has long offered trading of crypto assets against fiat currencies.
While Kraken has not suffered any major security breaches in its history, it recently encountered regulatory issues with the SEC, leading to the discontinuation of its staking services. The exchange agreed to wind down the staking service and pay million in disgorgement, prejudgment interest, and civil penalties related to the case. Kraken has been operational for more than 12 years.
Bitmain
Bitmain, a manufacturer of Bitcoin ASIC mining rigs, was founded in 2013, paralleling Canaan’s inception. Micree Zhan and Jihan Wu established the company, but in 2019, Wu resigned as co-CEO. Known for creating Antminer mining rigs, Bitmain also launched Antpool, one of the largest mining pools globally by total hashrate. The company has been at the forefront of mining rig production for more than 10 years.
Satoshilabs (Trezor)
Satoshilabs, the creator of Trezor, was established in 2013, and its first hardware wallet, the Trezor Model One, debuted on July 29, 2014. Marek Palatinus and Pavol Rusnak are the founders. Despite competition in the hardware wallet market today, the company continues to operate among its peers.
The firm has recently launched the third version of its hardware wallet, which supports bitcoin, ethereum, and over 7,000 other digital currencies. The hardware wallet manufacturer has been in operation for a total of ten years.
The Crypto Graveyard Holds Many Names
The above roster of crypto firms has outlived the downfall of numerous competitors, with recent debacles involving FTX, Blockfi, Three Arrows Capital (3AC), Voyager Digital, Celsius Network, and Alameda Research. These calamities are in addition to earlier market blunders such as Mt Gox, Quadrigacx, Cryptsy, Mintpal, and Bitcoinica. Notably, the missteps of some of these digital asset companies have precipitated the collapse of others. Persisting in the volatile realm of crypto assets for over a decade is an accomplishment, especially in an industry where certainties are scarce.
What do you think about the ten veteran crypto firms that have managed to brave the many storms associated with the crypto world? Share your thoughts and opinions about this subject in the comments section below.