Monat: Juli 2024

• MicroStrategy’s stock outperformed major tech stocks due to its significant Bitcoin holdings, surging 15% recently.
• Since the start of 2024, MicroStrategy’s stock price has risen by 135%, driven by Bitcoin’s rally.
• The company announced a 10-for-1 stock split to make shares more accessible, effective August 1.
• Michael Saylor attributes MicroStrategy’s success to its aggressive Bitcoin acquisition, holding 226,331 Bitcoin worth $7.538 billion.

MicroStrategy, led by Michael Saylor, has recently gained significant attention for its aggressive Bitcoin investment strategy, resulting in remarkable financial returns. As of July 17, 2024, MicroStrategy’s stock has outperformed major tech giants like Tesla, Nvidia, and Microsoft, primarily due to its substantial Bitcoin holdings. As such, its stock price mimics Bitcoin’s movement and has rallied from recent lows of $1,207 to close at $1,794 as of COB today. Its most recent rally is in tandem with Bitcoin’s from $53,500 around the same period to $67,605 as of writing.

MicroStrategy’s strategic Bitcoin accumulation as a core reserve asset has proven exceptionally lucrative. The company holds 226,331 Bitcoin, valued at approximately $7.54 billion. This substantial holding has driven a 1,203% surge in MicroStrategy’s share price since August 10, 2020, outperforming Nvidia’s 1,050% and Tesla’s 167% gains over the same period. The company’s impressive growth trajectory has continued in 2024, with a 135% increase in share price year-to-date, compared to Bitcoin’s 44% rise.

A key aspect of MicroStrategy’s success is its ability to raise funds through debt offerings to purchase more Bitcoin. In June 2024, the company expanded a debt offering from $500 million to $700 million to fuel additional Bitcoin acquisitions. This strategy has paid off, as evidenced by the company’s stock performance and the growing value of its Bitcoin holdings.

Michael Saylor has been vocal about the benefits of adopting a Bitcoin standard. He recently tweeted a chart highlighting MicroStrategy’s 1,203% share price surge since adopting Bitcoin, urging other companies to consider a similar approach. Saylor’s firm belief in Bitcoin’s potential is evident in his continuous advocacy for the cryptocurrency as a superior asset.

MicroStrategy’s recent 10-for-1 stock split, scheduled for August 1, is another strategic move to broaden its investor base. This action aims to make MSTR shares more accessible and affordable, potentially attracting more investors to benefit from the company’s Bitcoin-centric strategy. The company’s performance and Michael Saylor’s strong stance on Bitcoin highlight the transformative potential of integrating cryptocurrency into corporate strategies. Companies like MicroStrategy continue to set a precedent for leveraging digital assets to drive growth and shareholder value as the market evolves.

The post MicroStrategy’s stock performance soars amid Bitcoin rally appeared first on CoinJournal.

• ETHTrustFund DAO allegedly stole $2M and laundered funds via mixer apps.
• Developer Peng went silent months before the rug pull and deleted all accounts.
• Besides ETHTrustFund, other recent rug pulls in crypto include Gemholic and Ordiz, showing rising fraud risk.

In a troubling development for cryptocurrency investors, the ETHTrustFund DAO, a decentralized autonomous organization (DAO) operating on the Base network, has been accused of conducting a $2 million rug pull.

The allegations, substantiated by recent reports by 0ctoshi, suggest that the project executed a deliberate exit scam.

According to a detailed report by blockchain security firm PeckShield, ETHTrustFund transferred its entire treasury to a new wallet on July 20, 2024.

The funds were subsequently moved through mixer applications, such as Tornado Cash and Railgun, in an apparent attempt to obfuscate the trail and launder the stolen assets.

#PeckShieldAlert #rugpull @0ctoshi reported that @ethtrustfund_ rugged ~$2m worth of cryptos on #Base.
The scammers have already bridged the stolen funds to #Ethereum & laundered them via #Tornadocash & #Railgun https://t.co/jmKVgiQb8C pic.twitter.com/MzJsvQ1pyV

— PeckShieldAlert (@PeckShieldAlert) July 22, 2024

The rise and fall of ETHTrustFund

ETHTrustFund, which had modeled itself after successful projects like Olympus and Wonderland, initially attracted investors with promises of a unique rebase mechanism.

The project was designed to offer blockchain-based bonds and issue new ETF tokens to users who staked their holdings.

Unlike traditional rebaseDAOs that continually inflate their token supply, ETHTrustFund aimed to eventually debase its tokens to increase the value of the remaining supply, generating yield for its investors.

However, the project’s trajectory took a dramatic turn when lead developer Peng reportedly ceased communication with the community in April.

According to Octoshi, Peng’s inactivity, coupled with the sudden disappearance of ETHTrustFund’s online presence, including its website and social media accounts, pointed towards a potential exit scam.

Octoshi first highlighted the issue on July 21, 2024, reporting that the project had moved over $2 million from its treasury to a fresh wallet, and was draining the funds via Railgun Project.

The project’s official Telegram and social media accounts, previously managed by Peng, were deleted.

In the wake of these revelations, Octoshi urged the community to report the scam on Chainabuse, a platform dedicated to documenting and combating fraudulent activities in the crypto space.

The Chainabuse report, created by user @cryptogle, confirmed the allegations and emphasized the project’s abrupt disappearance.

The wake of exit scams in crypto

ETHTrustFund’s incident follows a series of similar scams in the crypto industry.

In June, the Gemholic protocol faced accusations of a $3.5 million exit scam, while March saw the Ordiz bridge admin accounts executing a $1.4 million fraud.

These cases highlight the persistent risk of rug pulls in the rapidly evolving cryptocurrency landscape, underscoring the need for vigilance and thorough due diligence among investors.

The post ETHTrustFund DAO accused of $2M rug pull in latest crypto scam appeared first on CoinJournal.