Senator Lummis Unveils Bitcoin Strategic Reserve Bill
On July 31, Senator Cynthia Lummis introduced the Bitcoin Strategic Reserve Bill, aiming to establish a U.S. government reserve fund for Bitcoin. The bill proposes creating a decentralized network of secure Bitcoin vaults managed by the U.S. Treasury. It includes stringent cybersecurity protocols to safeguard the funds and sets a goal of accumulating 1 million Bitcoin, roughly 5% of the total supply. The acquisition strategy would mirror the U.S. Treasury’s gold allocation. Additionally, the bill reaffirms the right to self-custody, a principle currently under scrutiny by some lawmakers.
Bitfinex Hacker Heather Morgan Spotted at Bitcoin 2024 Conference
Heather Morgan, infamously known as “Razzlekhan,” was seen at the Bitcoin 2024 conference in Nashville. Morgan, who pleaded guilty to the 2016 Bitfinex hack where 120,000 Bitcoin were stolen, is awaiting sentencing. Her appearance sparked controversy, with Bitcoin developer Jameson Lopp advising event organizers to consider her a threat. Lopp speculated that Morgan might be seeking consulting gigs to pay her $250,000 fine or possibly collecting intelligence for the government to reduce her sentence. Morgan has introduced herself as a “Web3 adviser” at these events.
Kyiv Police Arrest Four for Kidnapping and Murdering Bitcoiner
Kyiv police have arrested four suspects for the kidnapping and murder of a 29-year-old Bitcoiner. The suspects allegedly forced the victim to transfer $170,000 worth of Bitcoin before strangling him and burying his body in a forest. The crime occurred on July 29, and police were alerted by residents who heard screams and saw a man being forced into a car. The suspects changed their car’s appearance and license plates to evade capture. They converted the stolen Bitcoin into cash before being apprehended.
Trump’s Bitcoin-Themed Sneakers Hit eBay for $2,500
Donald Trump’s limited-edition Bitcoin-themed sneakers have appeared on eBay with prices as high as $2,500. The orange high-tops, released on July 31, sold out within three hours. Scalpers are now reselling their pre-order spots, with some listings promising to ship the shoes once received. Five pairs will be randomly signed by Trump, offering buyers a 1 in 200 chance of getting a signed pair.
Judge Approves Delay for Ex-FTX Executive’s Prison Reporting
A federal judge has granted former FTX Digital Markets co-CEO Ryan Salame a 45-day delay in reporting to prison. Salame, sentenced to 7.5 years, requested the delay due to medical complications from a dog bite. He was initially scheduled to report on August 29 but will now do so on October 13. Salame’s legal team cited the need for treatment and surgery as reasons for the postponement.
Crypto Market Update: Winners and Losers
As of this week, Bitcoin is priced at $62,083, Ethereum at $3,038, and XRP at $0.56, with a total market cap of $2.21 trillion. The top three altcoin gainers are AAVE (14.02%), Bitcoin Cash (4.14%), and Kaspa (2.45%). The biggest losers are dogwifhat (35.25%), Render (27.10%), and Bittensor (24.54%).
Notable Quotes from the Crypto World
Jameson Lopp, co-founder of Casa, remarked, “The general premise is that if criminals are less aware of you, they are less likely to target you.” Cynthia Lummis emphasized the importance of a Bitcoin reserve, stating, “As families across Wyoming struggle with soaring inflation and our national debt reaches unprecedented heights, it is time for bold steps to create a brighter future for generations by creating a strategic Bitcoin reserve.” Matt Hougan of Bitwise Asset Management noted, “Politicians are embracing crypto because Americans are embracing crypto.” Jake Chervinsky from Variant warned, “There is no reason to think SEC has decided SOL is a non-security.”
Ethereum ETFs Could Reach $10 Billion in AUM
Katalin Tischhauser of Sygnum Bank predicts that spot Ether ETFs could gather up to $10 billion in assets within their first year. She based this forecast on expected inflows for Bitcoin ETFs, projecting $30 billion to $50 billion for Bitcoin and $5 billion to $10 billion for Ethereum. Tischhauser highlighted the advantages of ETFs for traditional investors, making Ether more accessible.
SEC’s Stance on Solana as a Security
The SEC has not definitively ruled out Solana as a security, despite retracting its request for a court decision in the Binance lawsuit. Jake Chervinsky and other legal experts believe the SEC still considers Solana a security, citing its stance in other lawsuits, including one against Coinbase.
SEC Charges BitClout Founder with Fraud
The SEC and the U.S. Attorney’s Office have charged BitClout founder Nader Al-Naji with fraud. Al-Naji allegedly sold $257 million in unregistered securities and misused $7 million of investor funds for personal luxuries. The complaint also accuses him of misleading investors about the project’s decentralization.
Crypto Sleuth Links Hacker to Sydney Sweeney’s X Account Hack
ZachXBT, an independent on-chain investigator, has linked convicted hacker Gurvinder Bhangu to the hack of Sydney Sweeney’s X account. The account was compromised on July 2, with the hacker promoting a Solana-based token in a pump-and-dump scheme. Bhangu has a history of hacking and blackmailing Instagram users.
Top Magazine Stories
Crypto bots, while essential, also manipulate markets and ruin airdrops. Investors lost $79K to a deepfake Elon Musk scam at Bitcoin 2024. Japan’s hikikomori could present a $10 billion opportunity in the metaverse, and Binance faces a ticking clock in the Philippines.
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Bitcoin and the Future of Digital Assets
As cryptocurrency continues to shape financial landscapes, these stories underscore the ongoing evolution and challenges within the space. Whether it’s legislative moves, market dynamics, or cybersecurity threats, staying informed is crucial for navigating the complex world of digital assets.
