Kategorie: Bitcoin News

• The Bitfinex crypto hack resulted in the theft of 120,000 Bitcoin
• Ilya Lichtenstein used a series of sophisticated methods to hide the stolen funds between 2016 and 2022
• He told his wife and co-conspirator about the hack in 2020 who then helped him to hide the stolen assets

US prosecutors have told a judge that the mastermind behind the Bitfinex exchange hack should receive five years in prison.

Ilya Lichtenstein, who pleaded guilty last year after stealing 120,000 Bitcoin, was arrested in 2022. His wife and co-conspirator Heather Morgan was also taken into custody, in connection to the 2016 Bitfinex crypto hack. During their arrest, police seized Bitcoin worth around $71 million at the time of the hack.

According to Bloomberg, a court filing was submitted to the US District Court of Columbia, US prosecutors say Lichtenstein should receive a longer sentence than Morgan, also known as rapper Razzlekhan.

Last week, federal prosecutors recommended that Morgan receive an 18-month prison sentence given her “substantial assistance” in the case and the fact that she didn’t know her husband had hacked into Bitfinex.

Prosecutors argued that a stronger sentence for Lichtenstein would help deter young cybercriminals from attempting the same thing. According to them, this online activity is “normalized in a way that trivializes the impact on the victims.”

By giving a tougher sentence, prosecutors believe it will “help to break this cycle.”

Sole responsibility for the hack

While it was initially believed that both of them were involved in the exchange’s hack, Lichtenstein was identified as the primary person responsible.

It was only in 2020 that Morgan found out about what her husband had done and admitted to helping him hide the stolen crypto. Following the hack, Lichtenstein transferred around 120,000 Bitcoin into a self-custody wallet under his control.

Over the next few years, he withdrew 25,000 Bitcoin, laundering the stolen funds through darknet markets, non-compliant virtual currency exchanges, and mixers and tumblers, including Bitcoin Fog, Helix, and ChipMixer.

With Morgan’s help, the pair used the stolen funds to buy nonfungible tokens (NFTs), gold, and Walmart gift cards.

Prosecutors have not pushed the judge to give Lichtenstein the maximum sentence due to his assistance in other criminal cases. For instance, in February, Lichtenstein testified as a government witness in a money-laundering trial against Bitcoin Fog.

The pair are scheduled to be sentenced in November.

The post US prosecutors urge judge to hand Bitfinex hack mastermind five-year sentence appeared first on CoinJournal.

• Tesla relocated 11,509 bitcoins, valued at $770 million, to new addresses.
• This marks Tesla’s first Bitcoin transaction since selling most holdings in 2022.
• Tesla remains the third-largest Bitcoin holder among public companies after MicroStrategy.

Tesla, the electric vehicle giant led by Elon Musk, has recently relocated its entire Bitcoin (BTC) treasury, consisting of 11,509 bitcoins valued at approximately $770 million, to multiple new addresses.

This significant move was reported by analytics firm Arkham Research, which tracked the on-chain data associated with the transactions.

First time Tesla is touching its Bitcoin stockpile

The transfer of bitcoins marks Tesla’s first interaction with its crypto wallets since 2022 when the company sold off the majority of its holdings.

The series of transactions occurred within a single hour and was preceded by six test transactions, indicating a strategic approach to the relocation.

At its peak, Tesla held around 43,000 bitcoins, but according to the latest quarterly report, the company reportedly had about 9,720 BTC, worth roughly $650 million as of October 15.

Arkham estimates that Tesla still holds 11,509 bitcoins across 68 addresses, reflecting a significant adjustment in its cryptocurrency strategy.

Tesla’s past dealings with Bitcoin have been noteworthy. In early 2021, the company made headlines with a monumental $1.5 billion investment in the cryptocurrency, followed by the sale of $272 million worth of bitcoin in the first quarter of 2021, resulting in a profit of $128 million.

By the second quarter of 2022, Tesla sold another $936 million in Bitcoin, garnering $64 million in gains as the market experienced volatility.

Despite these transactions, the recent move to new addresses raises questions about Tesla’s future plans for its Bitcoin holdings. Industry speculation suggests that the company might be preparing for further sales, although no official statements have clarified the intent behind the recent transfer.

As of now, Tesla remains the third-largest holder of Bitcoin among publicly traded companies, trailing behind MicroStrategy and Marathon Digital Holdings (MARA).

Additionally, Musk’s other company, SpaceX, is estimated to hold around 8,285 bitcoins, further emphasizing the significant role cryptocurrency plays in the operations of Musk’s enterprises.

Notably, Tesla continues to accept BTC payments for vehicle purchases, signalling its ongoing engagement with the cryptocurrency landscape.

The post Elon Musk’s Tesla transfers Bitcoin worth $770M to new addresses appeared first on CoinJournal.

• October, known as “Uptober,” historically boosts Bitcoin prices significantly.
• Bitcoin Dogs (0DOG) could surge alongside BTC, with predictions of 100X growth.
• Upcoming catalysts include a Telegram game and NFT collection driving demand.

As October unfolds, the cryptocurrency market is buzzing with excitement, and Bitcoin Dogs (0DOG) is emerging as a prominent player in this landscape.

Historically known as “Uptober,” this month has seen Bitcoin (BTC) experience significant gains, averaging around 22% in previous years. Analysts are optimistic that Bitcoin Dogs, as a leading beta play in this market, will follow suit and deliver impressive returns for investors.

Historical context and macro conditions

Bitcoin’s average performance through October indicates a strong likelihood of hitting $73,000 before the month’s end.

Coupled with China’s stimulating economic measures and expectations of a 50 basis point cut in interest rates from the Federal Reserve, conditions appear ripe for risk assets, including cryptocurrencies.

In addition, recent geopolitical tensions in the Middle East, particularly with missile launches from Iran, have introduced volatility into the markets.

Historically, such events often present opportunities for savvy investors, as they tend to buy at depressed price levels. The current environment probably presents a last chance to acquire Bitcoin Dogs before potential price surges as market sentiment shifts.

The case for Bitcoin Dogs (0DOG)

Bitcoin Dogs is attracting significant attention due to its positioning within the Bitcoin ecosystem. As the first ICO launched on BTC, 0DOG offers investors a unique opportunity to participate in a historic event that could mirror the early days of Bitcoin itself. The token is a BRC-20 token, meaning it is soft-pegged to Bitcoin’s price and typically moves in tandem with the leading cryptocurrency.

Analysts are excited about Bitcoin Dogs not just because of its price potential but also due to upcoming catalysts. The community eagerly anticipates the launch of a Telegram game, along with an NFT collection.

There is a growing trend in demand for Telegram games, and if Bitcoin Dogs’ offering gains traction, it could quickly elevate the token into the top 100 cryptocurrencies by market cap.

0DOG price predictions for Q4 2024

Bitcoin Dogs (0DOG) is currently trading at $0.007064, reflecting a 2.8% increase in the last 24 hours. With a 24-hour trading range of $0.006616 to $0.007354, the token has shown resilience amidst broader market fluctuations.

Looking forward to Q4 2024, analysts predict that 0DOG could see a price range between $0.76 and $1.12. This upper estimate represents a staggering 100X increase from its current market cap, underscoring the potential for explosive growth. The key drivers behind this optimism include the anticipated performance of Bitcoin itself, with forecasts suggesting that BTC could smash past $74,000.

As liquidity conditions improve and the broader crypto market begins to climb, the fear of missing out (FOMO) among investors will likely kick in, paving the way for another altcoin mania. Being a part of the leading meme coin network, Bitcoin Dogs stands to benefit significantly from this momentum.

Conclusion

The narrative surrounding Bitcoin Dogs is compelling, particularly as Uptober has historically proven to be one of the best months for Bitcoin.

With analysts expecting significant gains in BTC, 0DOG is poised to capitalize on this upward trend. Investors looking for leveraged returns on Bitcoin would do well to consider acquiring 0DOG during this pivotal month.

If interested in 0DOG, you can visit the official Bitcoin Dogs website to learn more.

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• Blockstream will use the $210 million debt funding to boost adoption of its layer-2 solutions
• The company will also utilise the funds to add to its mining operations and treasury.

Blockstream, a Bitcoin infrastructure company founded by industry OG Adam Back, has announced it raised $210 million to fund various aspects of the company’s business.

Firm eyes L2 growth, mining and Bitcoin treasury

Blockstream said in a press release on Oct. 15 that the convertible note round, led by venture capital firm Fulgur Ventures, will help to fast-track the adoption of its layer-2 platforms. Blockstream will also use part of the funding to boost its mining operations ahead of “the next Bitcoin market cycle.”

In August 2023, the firm raised $125 million that it used to expand its mining as the market looked to the 2024 Bitcoin halving that happened in April.

Blockstream has closed a $210M convertible note financing round led by @FulgurVentures, driving our mission to bring Bitcoin into global finance.

This capital accelerates layer-2 development, expands mining ahead of the next Bitcoin cycle, and grows one of the world’s largest… pic.twitter.com/gi1ov0LCYU

— Blockstream (@Blockstream) October 15, 2024

As well as the L2 initiatives, which includes the Liquid Network sidechain launched in 2018, Blockstream is eyeing further growth by using the funding to purchase more BTC. The company is one of the largest holders of Bitcoin.

“This latest fundraise represents a defining moment for Blockstream as we embark on a critical new phase of growth to further bridge the gap between Bitcoin and the wider world of finance,” said Blockstream co-founder and CEO Adam Back.

As well as the debt funding, Blockstream announced that it had expanded its leadership with a new appointment. Michael Minkevich will now steer the company’s next growth phase as the chief operations officer. The new COO formerly worked at publicly-traded firm Luxoft as a product engineer lead.

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