Feb 26, 2024

The $10B BTC Piggy Bank 💰⛏️🚨


The $10B BTC Piggy Bank 💰⛏️🚨 Valko

Top News

Specs’ Insights

MicroStrategy buys an additional 3,000 BTC worth $155M

⌐◪-◪ → Our favorite Bitcoin bull, Michael Saylor, just bought another 3,000 Bitcoin.

This brings MicroStrategy’s Bitcoin holdings to 193,000 BTC ($9.9B) with an average price of $31,544 each. That’s a $3.8B profit on a $6.09B investment.

As MicroStrategy’s holdings and profits grow, so do their chances of being added to the S&P 500 index, which means basically everyone will become a BTC investor.

On the downside though, their Twitter account appears to be hacked, and has phished victims for over $440k.

Let me know in Specs Chat!

Republican Rep. Tom Emmer calls government agency's bitcoin miner survey "an abuse of power"

Rep. Tom Emmer, R-Minn., has a bone to pick with a government agency over its move to authorize collecting data from bitcoin mining firms.

⌐◪-◪ → Tom Emmer continues to defend Bitcoin, by opposing the government’s emergency request to gather data from US Bitcoin mining operations.

More specifically, Tom asserts that, “Bitcoin mining is not a threat to public safety” and that the Biden administration abusing its power to attack miners.

Fortunately, US courts have temporarily suspended the EIA’s controversial Bitcoin survey until March 22nd after Riot Platform’s and Texas Blockchain Council’s lawsuit against the DOE.

Personally, I believe a strong Bitcoin mining presence is critical to national security. Thankfully, the US (Foundry USA) is doing well vs. China (AntPool) with 30.8% and 25.4% of hashrate distribution; however, this could quickly change with government pushback.

💬 Join Specs Chat

BitForex Website Goes Dark Amid Reported $57M Outflow

The exchange's CEO stepped down in January.

⌐◪-◪ → Hong Kong-based cryptocurrency exchange BitForex saw suspicious outflows from their hot wallets of ~$56.5M last week.

Shortly after, the website stopped processing withdrawals altogether, with no official announcement from their team or response to customer support requests.

As of right now, when users visit the website, they’re met with an error message reading, “sorry, you have been blocked”.

To make matters worse, their CEO stepped down last month after six years at the company, which means he probably knows something we don’t.

I suppose the writing was on the wall considering BitForex refused to register their exchange in Japan after 3x regulatory warnings. Japan also issued warnings to Bybit, Bitget, and Mexc, so I’d be wary of those too.

Anyway, I reckon the truth will come out in the coming days/weeks, and I have a feeling it won’t be good.

This is why we self-bustody. Not your keys, not your coins.

💬 Join Specs Chat

Everything Else

⛓️ Crypto & DeFi

  • Frax Finance mulls Uniswap-like reward mechanism for stakers

  • Uniswap proposes governance rewards, token jumps 60%

  • Blast ecosystem sees first scam as 'RiskOnBlast' rugs pulls $1.3M

  • Mantle token hits all-time high amid increased L2 interest

  • Freelance marketplace launches where users get paid in Bitcoin

  • Jae Kwon’s firm to launch GovGen, a governance-focused blockchain

  • Juice team recovers $200k stolen funds from 'RiskOnBlast' rug

  • Ethena captures 5% of Ether perpetual futures open interest

  • Arbitrum-based GMX token announces their own GMX Chain

🏦 Wallstreet & VC

  • Carson Group approves 4 BTC ETFs for investment advisor platform

  • Bitcoin miner Riot Platform generated record $281M revenue in 2023

  • Magic Square app store acquires token launchpad TruePNL

  • Flare raises $35M from Kenetic Aves Lair for layer-1 network

🏛️ Legal & Regulatory

  • Judge approves Binance’s $4.3B plea deal with US prosecutors

  • Craigh Wright admits to altering BTC white paper presented in trial

  • Riot Platforms and Texas BTC Council push back on mining survey

🌎 Rest of the World

  • South Korean regulator and Gary Gensler to discuss NFT regulations

🖼️ NFTs & Metaverse

  • Pudgy Penguins teams up with Unstoppable Domains

  • PORTAL sees $8.6B staked for Binance rewards ahead of launch

  • Circle enables IP trading & USDC payouts on new metaverse platform

  • OpenSea delists battle royal game OpenSeason’s NFTs

  • 'Calladita' director Miguel Faus talks about Web3 Filmmaking in Paris

  • Improbable’s Chief Product Officer says game logic must be on-chain

  • Bitcoin Shrooms flip Ordinal Punks, hitting a record 3.75 BTC floor

Join The Conversation!

Unlock Specs’ full potential by joining Specs Chat, where members chat with Valko, add context to the daily crypto news, and share a diverse set of perspectives.

Specs Chat is more than just a group chat, it’s a community designed to help you become a better crypto investor and operator.

💬 Join Specs Chat


Share this post