Coinspeaker Metaplanet Floats Offshore Entities to Double Down on Bitcoin

Tokyo-based investment firm Metaplanet Inc recently announced the launch of a subsidiary entity in the British Virgin Islands to focus on its Bitcoin bets. With this move, the company aims to ramp up its Bitcoin (BTC) holding management strategy, as revealed in a post on social media platform X.

Metaplanet Inc’s Bitcoin Expansion Move

According to the announcement, the BVI subsidiary was named Metaplanet Capital Ltd in agreement with Metaplanet’s Board of Directors. Metaplanet Capital Ltd will hold Bitcoin directly and conduct businesses related to the leading digital asset. Metaplanet sees a future where Bitcoin will make up a greater part of its balance sheet over the long term.

*Metaplanet establishes wholly-owned BVI subsidiary to enhance strategic $BTC management* pic.twitter.com/plmQ3xp72W

— Metaplanet Inc. (@Metaplanet_JP) June 25, 2024

Scheduled for launch in July, Metaplanet’s CEO Simon Gerovich will act as a representative for the new firm. The company stated that by establishing its new subsidiary, it intends to take advantage of development prospects for its operations abroad.

Additionally, Metaplanet noted that the move permits it to leverage the favorable regulatory environment in the BVI to optimize financial strategies. Moreover, Microplanet sets a precedent for other firms regarding what is possible for Bitcoin’s global expansion.

According to the details, Metaplanet Capital Ltd holds an initial capital of $10,000. Notably, the parent company, Metaplanet Inc is acting as the major shareholder. While the offshore subsidiary holds promise for Metaplanet, the firm anticipates limitations on its FY2023 financials.

It is worth noting that the announcement comes only a day after Metaplanet Inc. said its Board has signed agreements for a 1 billion yen ($6.26 million) BTC purchase. As disclosed in a Coinspeaker report, the capital for the BTC purchase will be raised through an upcoming round of bond issuance. This is going to be the second series of ordinary bonds with guarantees.

At the moment, the company now holds approximately 1.45 billion yen worth of Bitcoin. While this figure is only a far cry from MicroStrategy Inc’s (NASDAQ: MSTR) Bitcoin holdings, it represents a bold move into crypto integration. MicroStrategy’s Bitcoin began almost four years ago in 2020 when the Covid-19 pandemic hit the world.

The company recently bought an additional 11,931 BTC for $786 million, bringing its Bitcoin chest to 226,331 BTC.

Why Traditional Firms Are Purchasing Crypto

There are several factors contributing to the growing interest in Bitcoin adoption by traditional institutions. First, unlike fiat currencies prone to inflation due to central bank policies, Bitcoin has a finite supply capped at 21 million coins. This scarcity makes it attractive as a potential hedge against inflation, similar to gold.

As economic uncertainties loom, institutions are constantly seeking assets that can retain value over time. Bitcoin’s limited supply offers a compelling proposition in this regard.

Furthermore, traditional institutions are seeking ways to diversify their portfolios and mitigate risk. With the launch of spot Bitcoin ETF, more institutions are now seeing Bitcoin as an alternative asset class. This asset class comes with the potential for high returns.

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Metaplanet Floats Offshore Entities to Double Down on Bitcoin

Coinspeaker Linux Foundation to Roll Out LF Decentralized Trust in a Move to Propel Blockchain Innovations

This trust will be designed to spearhead advancements in blockchain and digital identity technologies in response to the growing demand for decentralized systems.

The Linux Foundation already has a history of promoting the growth of open-source software projects and creating sustainable ecosystems around open-source technologies.  Now, it focus is on blockchain technology and decentralised innovations.

A Hub for Open Development

According to a shared press release, LF Decentralized Trust will integrate the Linux Foundation’s extensive portfolio of blockchain and digital identity projects.

The move aims to support the hosting of new open-source softwares and communities, as well as standards, and specifications critical to fostering a decentralized ecosystem of distributed trust. The initiative will help industries transition to more transparent, secure, and efficient infrastructures.

“With LF Decentralized Trust, we are expanding our commitment to open-source innovation by embracing a wider array of decentralized technologies. This new foundation will enable the community to build a more robust ecosystem that drives transparency, security, and efficiency in global infrastructure,” said Jim Zemlin, the executive director of the Linux Foundation.

The trust will serve as a central hub for the development of a wide range of technologies, including ledgers, identity systems, security protocols, interoperability solutions, and scalability enhancements.

It aims to foster innovation and collaboration, leveraging the strengths of the existing Hyperledger projects while introducing new initiatives to address the broader needs of the decentralized technology landscape.

Supporting Innovation and Collaborations

The Linux Foundation has already achieved significant success in advanced projects in various domains, including cloud computing, networking, and now, its focusing on decentralized technologies.

The shift towards decentralized technologies is expected to revolutionize multiple sectors including asset tokenization. The Foundation cited a research conducted by the Boston Consulting Group which predicted that asset tokenization will reach $16 trillion by 2030.

In line with this, the nonprofit group plans to position LF Decentralized Trust to play a pivotal role in helping the sector reach the predicted outcome within the stipulated time frame.

In addition, the initiative will modernize core infrastructures in finance, trade, government and healthcare sectors. LF Decentralized Trust will also foster collaboration and innovation, supporting the creation of technologies that underpin a digital-first global economy.

Commenting on the new development, Daniela Barbosa, the general manager of blockchain and identity at the Linux Foundation, echoed the same sentiment as Zemlin. She disclosed that the planned introduction of “LF Decentralized Trust will gather and grow an expanded community and portfolio of technologies to deliver the transparency, reliability, security, and efficiency needed to upgrade critical systems worldwide.

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Linux Foundation to Roll Out LF Decentralized Trust in a Move to Propel Blockchain Innovations

Coinspeaker 21Shares Selects Standard Chartered’s Zodia Custody for Digital Asset Custody

The partnership between 21Shares and Zodia Custody is designed to meet the increasing demand for secure and compliant digital asset investments. Zodia Custody, backed by Standard Chartered, SBI Holdings, Northern Trust, and National Australia Bank, is known for its stringent security measures and robust custodial services.

Institutions investing in 21Shares’ ETPs will benefit from Zodia’s advanced cold-storage wallets, which offer secure and instant access to digital assets. Julian Sawyer, CEO of Zodia Custody, emphasized that the partnership aims to deliver significant benefits to the entire ecosystem of digital asset investments, ensuring that institutional investors have access to top-tier security and compliance solutions.

Established in 2020 by Standard Chartered and Northern Trust, Zodia Custody has secured $44 million from five investors, according to PitchBook data. The partnership announcement follows Zodia Custody’s recent funding from NAB Ventures, the venture capital arm of Australia’s National Australia Bank (NAB).

In addition to Zodia, 21Shares also utilizes custodian services from other providers. The firm’s website indicates reliance on Coinbase Custody and Copper, a British crypto custodian founded in 2018 by Dmitry Tokarev, though it’s not yet clear whether it will continue using all the custody providers.

Rising Institutional Interest in ETPs

More and more institutional investors are showing interest in Exchange-Traded Products (ETPs) backed by digital assets. According to 21Shares, nearly 1,000 professional investors together hold about $11 billion in US Bitcoin exchange-traded funds (ETFs). This makes up roughly 20% of all ETF assets. In comparison, gold ETFs had only 95 investors in their first quarter after launch, making up less than 10% of Bitcoin ETFs.

The growing interest from institutions shows their rising acceptance of digital assets as solid investment options. Institutions are attracted to the transparency, ease of buying and selling, and potential for profits that ETPs offer. They see digital assets as a valuable part of their investment strategy for the future. This trend is pushing companies like 21Shares to develop more diverse and secure digital asset products to meet the increasing demand from institutional investors worldwide, as demonstrated by this new partnership.

Although the past week witnessed significant outflows from digital asset investment products, market sentiment remains optimistic about potential corrections. Anticipation is also high for the approval of Ethereum ETFs, following recent updated filings by prominent issuers.

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21Shares Selects Standard Chartered’s Zodia Custody for Digital Asset Custody

Coinspeaker Australian Crypto Firm NGS Crypto Changes Name to Hiddup amid Scandal

The company announced the rebranding as a strategic move to avoid confusion and address trademark disputes. According to a local media report, NGS Crypto faced legal action from the superannuation fund NGS Super in 2022.

The company accused the crypto firm of infringing on its trademark and misleading investors into believing there was an association between the two entities. NGS Super also later clarified that it does not engage with crypto products or any related services and warned users that it is not affiliated with NGS Crypto.

In addition to the case with NGS Super, NGS Crypto is involved in another legal dispute with the Australian market watchdog for violation of the nation’s regulations. The ASIC is also currently investigating the firm over its business practices within the country.

NGS Crypto Defrauded 450 Investors

The investigation into NGS Crypto and its associated companies, NGS Digital and NGS Group, began after allegations of defrauding over 450 Australians surfaced.

The financial regulator claims that these companies, along with their directors Brett Mendham, Ryan Brown, and Mark Ten Caten, orchestrated a scheme that stole up to $41 million from investors.

ASIC alleges that the NGS companies provided financial services without the necessary Australian financial services license. The companies reportedly targeted Australian investors, encouraging them to invest in blockchain mining packages with fixed-rate returns. The investors were urged to transfer funds from regulated superannuation funds to self-managed super funds (SMSFs) and then convert these funds into digital assets to enable them partake in the offering.

Court Actions and Asset Seizures

In April, a federal judge ruled in favor of ASIC’s petition to recover the $41 million from NGS Companies and hand it over to three specialists from McGrathNicol, an independent advisory and restructuring firm. The company’s directors also had their assets frozen, and Mendham’s passport was seized to prevent him from fleeing the country.

The ASIC said it is still investigating the firm to uncover the missing funds. However, despite the ongoing legal challenges, Hiddup continues to advertise returns ranging from 6 to 16 percent per annum through blockchain mining on its website. The company stated that ASIC is aware of its decision to change its name.

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Australian Crypto Firm NGS Crypto Changes Name to Hiddup amid Scandal

Coinspeaker 400 Bitcoin Dumped by German Govt. on Exchanges as BTC Drops to $60K

As per the data by blockchain analysis platform Arkham Intelligence, the 400 BTC deposit comes after the German authorities offloaded over 1,700 BTC worth $110 million on exchanges Kraken, Coinbase, and Bitstamp. Currently, the government holds $2.8 billion in Bitcoin, which includes $1.1 billion in unrealized profit.

Notably, Bitcoin whale activities have surged significantly in the past few days after weeks of stagnant price action. It seems that many holders are capitalizing on the gains provided by the digital asset since the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States by the Securities and Exchange Commission (SEC) in January.

Out of the 400 BTC, 200 coins were deposited on Kraken and the other half on Coinbase. The huge sell-off initiated by the German government, followed by two consecutive weeks of outflows from the spot BTC ETFs, contributed to the fall in the price of Bitcoin, which is currently testing the $60,000 price level.

Arkham data shows that a week ago, on June 18th, the German government had 49.86K BTC worth $3.32 billion at $66,642 per BTC. However, as of June 25th, the authorities have 47.18K BTC worth $2.98 billion at $63,190 per Bitcoin. This marks a net change of $341.46 million in the holdings of the government.

According to the data from Farside Investors, the German government’s sell-off coincides with outflows worth $174.5 million from the spot BTC ETF on June 24th. While Grayscale’s GBTC, Fidelity’s FBTC, and Franklin Templeton’s EZBC had $90.4 million, $35.2 million, and $20.9 million worth of outflows, respectively, BlackRock’s IBIT stayed neutral at 0.

On the other hand, crypto trader “Ash Crypto” pointed out in a post on social media platform X that a Bitcoin whale bought BTC worth $961 million, paying just around $3 in fees. The activity suggests that investors have begun taking advantage of the recent Bitcoin price crash.

Recent Bitcoin Crash

As per CoinMarketCap, the price of Bitcoin at the time of writing stands at $61,267, up 0.17% in the past 24 hours. The market capitalization of the cryptocurrency stands at $1.2 trillion, while the trading volume of the digital asset rose by 59.46%, currently valued at $38.319 billion. BTC is down 6.43% in seven days, followed by an 11.71% drop in the last 30 days.

Bitcoin is also down by around 16.89% from its all-time high of $73,750 witnessed earlier this year in March. The Mt. Gox repayments, followed by the moving of thousands of BTC by the German government, have contributed to the recent downfall of the world’s largest cryptocurrency.

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400 Bitcoin Dumped by German Govt. on Exchanges as BTC Drops to $60K

Coinspeaker 400 Bitcoin Dumped by German Govt. on Exchanges as BTC Drops to $60K

The German government has dumped 400 bitcoins (BTC) on leading digital asset trading platforms, Kraken and Coinbase, an action that suggests investors should brace for impact. The 400 BTC, worth $24.4 million based on the cryptocurrency’s current price, were deposited at 15:38 UTC+8.

As per the data by blockchain analysis platform Arkham Intelligence, the 400 BTC deposit comes after the German authorities offloaded over 1,700 BTC worth $110 million on exchanges Kraken, Coinbase, and Bitstamp. Currently, the government holds $2.8 billion in Bitcoin, which includes $1.1 billion in unrealized profit.

Notably, Bitcoin whale activities have surged significantly in the past few days after weeks of stagnant price action. It seems that many holders are capitalizing on the gains provided by the digital asset since the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States by the Securities and Exchange Commission (SEC) in January.

Out of the 400 BTC, 200 coins were deposited on Kraken and the other half on Coinbase. The huge sell-off initiated by the German government, followed by two consecutive weeks of outflows from the spot BTC ETFs, contributed to the fall in the price of Bitcoin, which is currently testing the $60,000 price level.

Arkham data shows that a week ago, on June 18th, the German government had 49.86K BTC worth $3.32 billion at $66,642 per BTC. However, as of June 25th, the authorities have 47.18K BTC worth $2.98 billion at $63,190 per Bitcoin. This marks a net change of $341.46 million in the holdings of the government.

According to the data from Farside Investors, the German government’s sell-off coincides with outflows worth $174.5 million from the spot BTC ETF on June 24th. While Grayscale’s GBTC, Fidelity’s FBTC, and Franklin Templeton’s EZBC had $90.4 million, $35.2 million, and $20.9 million worth of outflows, respectively, BlackRock’s IBIT stayed neutral at 0.

On the other hand, crypto trader “Ash Crypto” pointed out in a post on social media platform X (previously known as Twitter) that a Bitcoin whale bought BTC worth $961 million, paying just around $3 in fees. The activity suggests that investors have begun taking advantage of the recent Bitcoin price crash.

Recent Bitcoin Crash

As per CoinMarketCap, the price of Bitcoin at the time of writing stands at $61,267, up 0.17% in the past 24 hours. The market capitalization of the cryptocurrency stands at $1.2 trillion, while the trading volume of the digital asset rose by 59.46%, currently valued at $38.319 billion. BTC is down 6.43% in seven days, followed by an 11.71% drop in the last 30 days.

Bitcoin is also down by around 16.89% from its all-time high of $73,750 witnessed earlier this year in March. The Mt. Gox repayments, followed by the moving of thousands of BTC by the German government, have contributed to the recent downfall of the world’s largest cryptocurrency.

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400 Bitcoin Dumped by German Govt. on Exchanges as BTC Drops to $60K

Coinspeaker Rich Dad Poor Dad’s Robert Kiyosaki Calls Bitcoin Dip a Prime Buying Opportunity 

Known for his contrarian views on finance and investing, Kiyosaki believes that the current dip in Bitcoin (BTC) price presents an ideal moment for savvy investors to enter the market.

In a recent social media post, the author, who is a prominent advocate for financial education and alternative investments, shared his thoughts on the ongoing market condition that saw BTC drop below $60,000 on June 24, 2024.

According to him, while bitcoin is crashing and people are rushing to sell to safeguard their assets from the volatile crypto market, he is “waiting to buy more”.

Bitcoin is crashing. Most people should sell. I am waiting to buy more. All markets go up and down. Many people make a lot of money “trading” markets which means buying low and hopefully selling low. The problem with “trading” any asset is taxes, specifically “short term”…

— Robert Kiyosaki (@theRealKiyosaki) June 24, 2024

Kiyosaki elaborated on the patterns of market behavior, noting that “all markets go up and down”, and this, to him, presents a good buy-in opportunity for investors who understand the market dynamics. He also emphasized that many investors make substantial profits through trading, which involves buying low and potentially selling high. However, he pointed out that “the problem with ‘trading’ any asset is taxes, specifically ‘short term’ capital gains taxes”.

Instead of trading, Kiyosaki recommends engaging in a long-term investment strategy. He likened this investment strategy to that of Warren Buffett, which he described as “buy and hold on forever”. According to him, this approach not only minimizes the impact of short-term capital gains taxes but also aligns with his philosophy of building lasting wealth.

Building New Assets

The author explained that his long term investment method involves taking the time to “build new assets”. This he said encourages the creation of value and innovation over short-term gains.

“What am I doing if not trading assets?  I spend my time building new assets, which is why I am a serial entrepreneur. Currently I am working on two new start-ups,” he wrote on X.

In addition to encouraging investors to engage in long-term investment opportunities, the “Rich Dad Poor Dad” author recognized that not everyone has the same risk tolerance or financial goals for such investment opportunities. Kiyosaki advised those who are particularly fearful of market crashes to secure their financial stability through traditional employment.

“If crashes terrify you, sell and hang on tight to your job, which is what most ’employees’ should do,” he advised. He also encouraged investors to do what is best for them, adding that tough times are ahead. “Take care. Rough times ahead. Do what is best for you,” Kiyosaki concluded.

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Rich Dad Poor Dad’s Robert Kiyosaki Calls Bitcoin Dip a Prime Buying Opportunity 

Coinspeaker Solana Wallet Phantom Adds Bitcoin Support with Ordinal Mint Event

In a recent post on X, Phantom revealed that it is adding support for Bitcoin (BTC). The exciting development comes alongside the announcement of a unique Ordinal mint event that has now caught the attention of both Bitcoin and NFT enthusiasts.

The Ordinal mint event will kick off on June 27th and run until July 1st. During this period, users will be able to mint NFTs directly onto the Bitcoin blockchain using Phantom. This functionality, known as Ordinals, has recently gained traction within the crypto community. Unlike traditional NFTs, Ordinals are inscribed directly onto individual Satoshis (the smallest unit of Bitcoin), creating a unique and scarce digital collectible.

Phantom wallet noted to users that they will only need to cover standard Bitcoin network fees during the inaugural mint event. To ensure smooth transactions, the wallet recommends keeping a small amount (around $10-20) in Bitcoin within their Native Segwit address, a specific type of Bitcoin address format.

Phantom Shows Awareness on The Interconnected Nature of Crypto Ecosystem

For what it’s worth, Phantom has always been known, primarily, for its Solana functionality. However, the recent developments around it suggest that the wallet now has broader goals. By embracing Bitcoin and Ordinals, Phantom may have positioned itself as a potential one-stop shop for users managing crypto assets across different blockchains.

Notably, Phantom’s move comes at an impeccable timing given the rise of multichain applications and decentralized finance (DeFi) across the board. Therefore, the ability to manage various cryptocurrencies from a single platform while offering a more streamlined user experience has become increasingly necessary. That is, if Phantom is keen about staying in business and continuing to be relevant.

So, whether this signals a broader trend of popular wallets incorporating multichain support or not remains to be seen. One thing is clear, though: Phantom’s move suggests a growing awareness of the interconnected nature of the crypto ecosystem.

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Solana Wallet Phantom Adds Bitcoin Support with Ordinal Mint Event

Coinspeaker White House Brings SEC Critic as Crypto Advisor, Major Regulatory Changes Ahead?

In the period from 2021 to 2022, House served as the director of the National Security Council focused on cybersecurity and digital innovation.

She also advised President Joe Biden on his 2022 crypto-focused executive order. In comparison to other advisors within the Biden camp, House is relatively pro-crypto. Previously, she also criticized the Biden administration for the slow progress in bringing a clear regulatory framework for the American crypto firms.

During his recent podcast appearance at the Web3 working Group, House lashed out openly calling out the U.S. Securities and Exchange Commission (SEC) and adding:

“One area that I do find extremely frustrating has been [the] lack of clarity on [a] pathway to registration or to successfully operate in this space.”

After departing the White House in 2022, House has provided counsel to various entities, including Terranet Ventures, a venture capital firm active in crypto, and The Digital Dollar Project, a non-profit dedicated to researching central bank digital currencies (CBDCs).

After her reappointment as the crypto advisor Carol House announced that she would be returning to a new role on the National Security Council, as well as the Special Advisor for Cybersecurity and Critical Infrastructure Policy. In her latest post on LinkedIn, House wrote:

“[I am] honored to have been called to return to service of absolutely critical mission sets that are necessary to shape the future of secure and trustworthy digital economies”.

White House Response to Crypto Policies Faces Scrutiny

Ahead of the 2024 U.S. Presidential elections, the Biden administration’s approach to crypto policies has come under major scrutiny with the recent developments showing a major maneuver in the crypto approach.

Several prominent Democratic senators recently diverged from the White House stance to pass a resolution criticizing the SEC’s management of crypto regulations. President Biden subsequently vetoed the resolution, defending the SEC’s regulatory decisions.

In contrast, Republicans, including former President Donald Trump, who is expected to challenge Biden in November, have increasingly embraced crypto as a potential wedge issue for the election. This shift in focus appears to have influenced the White House to recalibrate its approach towards a more conciliatory stance on crypto in recent weeks.

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White House Brings SEC Critic as Crypto Advisor, Major Regulatory Changes Ahead?

Coinspeaker US Spot Bitcoin ETFs See 7th Consecutive Day of Outflows Streak

US Spot Bitcoin Exchange­-traded funds (ETFs) are expe­riencing a wave of investor pe­ssimism, recording a combined net outflow of $174.45 million on Monday, June­ 24th, 2024, according to the SoSoValue. The outflow follows the seve­nth consecutive day of negative­ trend for these inve­stment vehicles, indicating a growing lack of confide­nce in the short-term prospe­cts of the world’s leading cryptocurrency.

Photo: SoSoValue

Grayscale Fund Leads Outflow Movement

Grayscale‘s industry-leading GBTC fund led the outflow movement, losing a significant $90 million. Fidelity‘s FBTC wasn’t far behind, with $35 million in net outflows recorded the same day. This trend extended to other major players. Franklin Templeton’s EZBC experienced its first net outflow since May 2nd, amounting to $20.8 million.

VanEck’s HODL saw $10 million leave its coffers. Bitwise’s BITB and Ark Invest/21Shares’ ARKB fund witnessed outflows of $8 million and $7 million, respectively. Even Invesco and Galaxy Digital’s BTCO couldn’t escape the downward spiral, reporting net outflows of $2 million.

Interestingly, BlackRock‘s IBIT, the leading Spot Bitcoin ETF by net asset value, managed to break even on Monday, June 25, recording zero net flows. Similarly, funds offered by Valkyrie, WisdomTree, and Hashdex remained stable. However, none of these funds reported positive inflows.

Bitcoin Price Drop Influences ETFs

The re­cent exit from Spot Bitcoin ETFs has bee­n driven by the notable drop in bitcoin’s price­. On Monday, the leading cryptocurrency fe­ll to its lowest level in ne­arly six weeks, briefly dipping be­low the crucial $60,000 mark. Currently, Bitcoin (BTC) is trading at $60,719, marking a 3.36% decline­ in the last 24 hours, according to the CoinMarketCap­.

Analysts believe this price­ correction stems from a significant announceme­nt by Mt. Gox, the infamous crypto exchange­ that went bankrupt in 2014 after a serie­s of devastating hacks. On Monday, Mt. Gox announced plans to distribute $9 billion worth of bitcoin and bitcoin cash re­payments to creditors starting in July.

The announce­ment led to a “classic sell-the­-news scenario”, as reporte­d by Coinspeaker, causing investors to fe­ar an influx of supply that could flood the market and lead to furthe­r price drops.

With Bitcoin’s price wavering and Spot Bitcoin ETFs se­eing significant outflows, the Mt. Gox repayme­nts are a wild card, and their impact on BTC’s price traje­ctory remains uncertain. Whethe­r investors return or continue to be­ cautious will shape the market tre­nd.

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US Spot Bitcoin ETFs See 7th Consecutive Day of Outflows Streak

Coinspeaker ZKSync Debuts ‘Elastic Chain’ in 3.0 Roadmap

Layer-2 Ethereum scaling protocol, ZKSync, debuted an upgrade to its ecosystem. The project will now shift to an “elastic chain” architecture which marks a groundbreaking evolution from a singular zero-knowledge (ZK) rollup chain to a dynamic network of multiple ZK chains. The move is characterized by interoperability and a unified user experience.

The v24 upgrade, which went live on June 7, is a pivotal part of the ZKsync 3.0 roadmap. It reconfigures ZKsync’s native bridge into a token vault, enhancing connectivity among the expanding array of ZK chains within its ecosystem.

A controversial airdrop preceded this upgrade, where ZKsync distributed 3.675 billion ZK tokens to early users of the L2 network. Over 17.5% of the total ZK token supply of 21 billion tokens was distributed. This distribution acted as an incentive for early adopters and developers.

At the time of writing, the price trajectory of ZK, the native token of ZKsync, showed signs of stagnancy. As per CoinMarketCap, ZK is up 0.05% in the last 24 hours. The price stands at $0.1624 as of 5:16 am ET, Tuesday, June 25. The trading volume has surged by 41.16% in the last 24 hours, reaching $278 million.

With a market cap of $596 million, ZK is currently ranked 108th in the market. Despite hitting an all-time high of $0.3098 on June 17, 2024, ZK has since declined by 47.64% from that peak. Over the past seven days, the price has fallen by 27.45%, following a 43.46% decline over the past 30 days.

On the other hand, the Relative Strength Index (RSI) for ZK reads 33.28 which means that the altcoin is nearing the oversold region. Traditionally, when an asset is being oversold, buyers can gain entry into the price action at reasonable prices.

Source: TradingView ZKSync Era to Initiate the New Upgrade

The elastic chain architecture is designed to offer a seamless operational experience akin to a single blockchain. Transactions will require only a single wallet confirmation, eliminating the need for network switching or manual asset bridging.

The project’s flagship rollup, ZKsync Era, will start the new upgrade which will serve as the foundational layer. By 2024-end, the project aims to include over 20 chains, all operating on the mainnet and developed using the ZK Stack software kit. Notable projects such as Lens Protocol, QuarkID, PlayFi, GRVT, Cronos zkEVM, and Nodle are among those expected to be part of this expansive network.

The concept of an elastic blockchain, first introduced by ZKsync developers at the 2022 SmartCon event, focuses on enhancing proof aggregation and cross-chain interoperability. ZK Stack, which enables the network to operate as a coherent multi-chain environment that intuitively functions as one entity, forms the basis of this upgrade.

The elastic chain architecture will implement the Ethereum Multi-Chain Address (EMCA) standard, designed to simplify address identification across various chains by extracting specific chain details from users.

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ZKSync Debuts ‘Elastic Chain’ in 3.0 Roadmap

Coinspeaker SHIB and PEPE Whales Accelerate Dumping Spree amid Bitcoin-Led Crypto Correction

More than $300 million from leveraged crypto trading was liquidated in the past 24 hours, mostly involving long traders, as Bitcoin (BTC) price trades below $60k. The total cryptocurrency market cap dropped to around $2.36 trillion, as Bitcoin price hovered around $60.6k during the early European session.

The ebbing demand for spot Bitcoin exchange-traded funds (ETFs) in the United States has significantly contributed to the ongoing correction. Moreover, the Bitcoin fear and greed index shows increased worry among investors of further bearish sentiment.

However, market pundits believe now is the best accumulation time that could attract more long-term investors, thus leading to a V-shaped reversal.

Meme Coin Crypto Whales Accelerate Profit-Taking

The meme coin industry, led by Dogecoin (DOGE), has lost more than $20 billion in the past few weeks to about $49.6 billion on Tuesday. The ongoing crypto correction has seen whale traders accelerate profit-taking in the meme coin industry. Moreover, Bitcoin price could lead the crypto industry to further losses before the inevitable parabolic rally.

Two big whales deposited $25.95M worth of $SHIB and $PEPE to #Binance in the past 14 hours. Did whales become bearish with #Ethereum #memecoins?

1. Whale 0x42a deposited all 1.088T $SHIB ($18.12M) ~14 hours ago.

• Accumulation period: Nov and Dec 2023 (the market bottom). •… pic.twitter.com/fspHueZ7Mi

— Spot On Chain (@spotonchain) June 25, 2024

According to on-chain data analysis provided by spotonchain, a Shiba Inu (SHIB) whale address, which accumulated around 1.088 trillion coins late last year, deposited all the coins in the Binance exchange earlier today. Notably, the whale trader made an estimated profit of about $8 million.

Earlier today, a different crypto whale deposited 700 billion Pepe (PEPE) coins to Binance, worth nearly $8 million.

What Next?

The meme coin industry will continue to register heightened volatility amid the ongoing crypto mainstream adoption led by institutional investors. If Bitcoin price continues in a choppy mode in the coming weeks, most of the meme coins will drop further before the buyers establish control.

The TD Sequential presents buy signals on the daily charts of #Solana, #ShibaInu, and #Cardano, anticipating a price rebound for these #altcoins! pic.twitter.com/P8ZOYm9qTu

— Ali (@ali_charts) June 25, 2024

However, according to a popular crypto analyst Ali Martinez, the altcoin industry led by Shiba Inu, Solana (SOL), and Cardano (ADA) could soon rebound. The crypto analyst highlighted that the daily TD Sequential indicator has flashed a buy signal.

With the accelerated calls for a market rebound, an investor has been spotted buying nearly 1 million dogwifhat (WIF), worth around $1.6 million. The crypto investor currently holds around 3.97 million WIF, worth about $7.3 million.

Bigger Picture

The upcoming $9 billion market dump by Mt. Gox has sent shivers in the crypto market. Moreover, the announced market dump will negate almost half of the gains made through the US spot Bitcoin ETFs since inception.

The meme coin industry will, therefore, continue to follow the crypto cash rotation models. As a result, crypto traders should closely monitor the impact of the upcoming listing of spot Ethereum ETFs in the United States.

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SHIB and PEPE Whales Accelerate Dumping Spree amid Bitcoin-Led Crypto Correction

Coinspeaker Notcoin Airdrop Outshines ZKsync and LayerZero Combined

Notcoin, a Telegram-based crypto project featuring tap-to-earn game, has taken the crypto community by storm with its unparalleled growth. Its native token, NOT, has established itself as a significant player in the Web3 space since its listing in May, surpassing the performance of the two other highly anticipated drops, LayerZero and ZKsync.

Notcoin has attracted more users to Web3 than any other initiative in just six months. The token achieved a market capitalization of over $2.5 billion in just two weeks after being listed on prominent exchanges such as Binance.

Notably, earlier in June, NOT defied trends by surging over 275% in a single week to achieve its all-time high, despite the fact that the broader crypto market was experiencing declines. Currently, the token is trading at $0.0142, up by 7% in the past 24 hours.

The NOT airdrop distributed tokens to 11.5 million users without any locks or vesting. Its airdrop was valued at approximately $250 per user at its peak, totaling around $2.7 billion. Over 90% of NOT’s supply was allocated to the community through in-game mining, launch pools, and trading activities. Notably, what began as a seemingly insignificant project with no initial investors, quickly grew into a community-driven phenomenon.

Notcoin vs. LayerZero and ZKsync

In contrast, LayerZero and ZKsync have experienced less success with their recent airdrops. On June 20, LayerZero, a cross-chain interoperability protocol, introduced its token, ZRO. Nevertheless, the airdrop was met with criticism due to a disputed donation criterion for token claims.

ZKsync’s ZK token airdrop also sparked debate. The ZK token distribution plan, which was announced on June 11 and launched on June 17, distributed 17.5% of the total 21 billion tokens to early users. Nevertheless, the community disapproved of the allocation breakdown, which included 16.1% for the ZKsync team and 17.2% for investors. This resulted in a substantial decrease in the protocol’s total value locked (TVL).

When comparing user engagement and total airdrop value, Notcoin stands out. It reached 11.5 million users, while ZKsync and LayerZero engaged 695,000 and 1.28 million users, respectively. The total value of Notcoin’s airdrop at its all-time high was $2.5 billion, dwarfing ZKsync’s $954 million and LayerZero’s $323 million.

In the interim, the last of the four most anticipated releases of the year is imminent. The token airdrop for Blast, an Ethereum Layer 2 network that was developed by the founder of the renowned NFT marketplace Blur, is scheduled to start on Wednesday.

While the border market is bleeding, with bitcoin hovering around the $60,000 mark, the question remains: which of these newly launched tokens will sustain long-term engagement and growth?

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Notcoin Airdrop Outshines ZKsync and LayerZero Combined

Coinspeaker Bitcoin Infrastructure Protocol Alex Lab Blames Lazarus Group for $4.3 Million Exploit

This revelation comes after a comprehensive investigation conducted by Alex Lab’s expert team, in collaboration with independent blockchain investigator ZachXBT.

In a social media post on Tuesday, Alex Lab revealed that it had identified three wallets involved in the exploit, all of which belonged to the infamous North Korean hackers. These hackers are rumored to be backed by the North Korean government and have a history of numerous exploits and scams.

The company stated that with the help of ZachXBT, they had gathered enough evidence to link the hackers to the attack on their platform, which occurred on May 15, 2024.

“After extensive forensic analysis and investigations facilitated by blockchain analyst @Zachxbt, who provided critical assistance in transaction tracing, there is substantial transaction evidence linking the attack to the Lazarus Group,” Alex Lab reported.

The Attack and Its Impact

Alex Lab was among several blockchain platforms targeted by cybercriminals last month. The attackers exploited vulnerabilities in Alex Lab’s XLink bridge, a feature designed to help users move their assets across different blockchains.

The exploit resulted in the theft of $4.3 million, including $300,000 worth of Bitcoin (BTC), $3.3 million worth of stablecoins, and $75,000 worth of Sugar Kingdom (SKO) tokens.

At the time of the attack, the Alex Foundation, the nonprofit organization managing the platform, claimed they had identified the attacker and offered a 10% bounty in exchange for the return of 90% of the stolen funds. The organization even set a deadline of May 18 for the culprits to comply.

“ALEX Lab Foundation has identified the individual responsible for the recent security breach and is offering a resolution through a bounty arrangement,” the platform wrote on X.

However, when the deadline passed without any response from the hackers, Alex Lab attributed the attack to the Lazarus Group.

The platform said it is currently working with law enforcement to secure the return of the stolen funds. Alex Lab has also strengthened its security protocols to prevent future incidents.

A History of High-Profile Hacks

Meanwhile, this is not the first time the Lazarus Group has been linked to an attack in the crypto industry. The group is known for high-profile hacks, including the Ronin Network attack in 2022, which resulted in a $650 million loss, and the $100 million exploit on the Harmony bridge.

In June 2023, blockchain security firm Elliptic reported the hackers may also be responsible for the theft of $35 million stolen from Atomic Wallet.

That same year, another cyber security firm Recorded Future revealed that the group had stolen a total of $3 billion from the crypto industry in nearly seven years.

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Bitcoin Infrastructure Protocol Alex Lab Blames Lazarus Group for $4.3 Million Exploit

Coinspeaker Jason Derulo Sells Thousands in JASON Tokens Despite “Never Sell” Claims

This information comes from analytics firm Bubblemaps, which has been tracking the token’s transactions.

The controversy started when Derulo, whose real name is Jason Desrouleaux, shared the contract address for the Solana-based JASON token on X (formerly Twitter) on June 23. This announcement led to a surge in trading activity, causing the token’s price to rise sharply and then fall quickly, according to DEX Screener.

Sahil Arora, the token’s co-creator, said the events were part of a planned strategy. However, Derulo’s social media posts suggest a different story. On June 24, Derulo tweeted that he had been scammed by Arora but was still committed to the project, stating:

“Damn Sahil got me 🤦🏾‍♂️! That’s ok, that’s motivation to take this all the way! I just bought 20k worth. In this for my fans for the long haul, going to do everything in my power to send this shit to the moon. Updating dex screener shortly.”

Bubblemaps’ Findings

Bubblemaps presented evidence that contradicts Derulo’s claims of being deceived. The analytics firm found wallets, allegedly linked to Arora, that held half of JASON’s supply and sold almost everything, making a $180,000 profit after Derulo’s initial post about the token.

1/ Jason Derulo (@jasonderulo) has sold $JASON 🚨

Despite his claims, we doubt Jason Derulo got fooled by Sahil

Let’s look at the on-chain evidence 🧵 ↓ pic.twitter.com/e8PebBDRaO

— Bubblemaps (@bubblemaps) June 24, 2024

Bubblemaps also identified a wallet they believe belongs to Derulo, which received tokens directly from Arora’s wallet and sold about $20,000 worth of the token, despite Derulo’s repeated assurances on social media that he wouldn’t sell.

Arora confirmed Bubblemaps’ claim about the wallet linked to Derulo. When asked about Derulo selling his token, Arora responded with a GIF of influencer Hasbulla saying “business, business”, suggesting the sales were part of a larger plan.

Though Derulo didn’t comment on the issue, he continued to promote the token. Bubblemaps noted that he actively engaged his community, hinted at token burns, and started buy competitions after the initial controversy.

The controversy has had a significant impact on the token’s market performance. JASON’s value increased by 175% over the last day, reaching a market capitalization of $7.7 million. However, it has since dropped by 40% from its peak on June 24, which was slightly over one cent.

Rise of “Celebcoins”

The cryptocurrency market has seen a rise in “celebcoins”, digital tokens launched or promoted by celebrities. Andrew Tate, Iggy Azalea, and Caitlyn Jenner are among the celebrities who have created their own digital tokens.

Vitalik Buterin, the co-founder of Ethereum, has criticized the trend, warning that these practices can mislead investors and harm the integrity of the cryptocurrency market.

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Jason Derulo Sells Thousands in JASON Tokens Despite “Never Sell” Claims

Coinspeaker Swarm Markets Preps for MiCA Stablecoin Regime with Gold NFT Offering

As per the reports, Swarm plans to allow users to purchase NFTs representing ownership of real gold bars stored securely in a Brink’s vault located in London. Users who have passed the know-your-customer (KYC) and anti-money laundering (AML) verification procedures will be able to swap the NFTs on Swarm’s decentralized over-the-counter (dOTC) platform using the peer-to-peer method.

Swarm Markets Bets on Gold-Backed NFTs

Unlike fungible cryptocurrencies, each NFT is unique and can not be directly replaced by another. This means that the proposed offerings could technically be exempted from MiCA‘s upcoming stablecoin rules, as per the official MiCA statement.

Interestingly, though, it is not exactly clear whether Swarm’s plan to offer the gold NFTs is to bypass MiCA stablecoin rules. However, Swarm co-founder Timo Lehes has attempted to share the reason behind the company’s decision. Lehes noted that NFTs have potential that go way beyond just digital artwork as most people choose to see them. Rather, they have the capacity to merge the traditional financial system (TradFi) and Decentralized Finance (DeFi) in untold ways, he added. He told The Block:

“We think that NFT innovation has been overlooked thanks to the hype cycle witnessed in the last crypto bull run.”

Lehes believes that NFTs, while largely underrated, could offer the transparency and liquidity of DeFi and also carry the established value and tradability of traditional assets like gold.

Expansion Plans

Other than the gold offering, it appears that Swarm may have even further plans up its sleeve. According to Lehes, the platform is actively considering expanding to include other commodities like base metals. He also confirmed that foraging into unregulated markets like carbon credits is a big possibility as well.

As of publication, Swarm boasts over $14.6 million locked in its DeFi protocol and offers tokenized versions of public company stocks and US Treasury bonds alongside this innovative gold product.

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Swarm Markets Preps for MiCA Stablecoin Regime with Gold NFT Offering

Coinspeaker MakerDAO Treasury Manager Monetalis Survives Ouster Vote

Initially, supporters of the ouster led the voting, but significant votes from major MakerDAO delegates shifted the outcome in favor of Monetalis last week. Despite the vote’s result, the proposal’s author deemed it a “moral victory”.

MakerDAO, the issuer of the DAI stablecoin, is a major player in the DeFi space with over $7.7 billion in user deposits. As per the data from DefiLlama, the total value locked (TVL) in the MakerDAO ecosystem is around $5.917 billion. However, the all-time high TVL of $5.75 billion was seen in 2021, and since then, the value has fallen a lot.

Moreover, the native token of the MakerDAO ecosystem, MKR, is currently priced at $2,217 and has a market cap of $2.056 billion as per the data from CoinMarketCap. In a report, DLNews outlined that last Friday, June 21, Monetalis addressed the community’s concerns and delivered many overdue reports and scheduled an overdue audit for July.

Monetalis to Transfer Reporting Responsibilities

Monetalis would transfer its reporting responsibilities to another company, AccountAble. GFX Labs, a MakerDAO delegate that spearheaded the ouster effort, acknowledged this gesture in a governance forum post, appreciating Monetalis’ proactive steps. MakerDAO’s founder, Rune Christensen, is a principal investor in Monetalis. This raised questions about the independence of the protocol’s governance. Christensen seeks a major overhaul of the Maker protocol to address voter apathy and other issues.

This conflict comes at a time when MakerDAO seeks expansion with the debut of PureDAI, a decentralized stablecoin which aims to replace DAI. It is important to note that the new product from the DAO will be released in the final form and as a result, will not need any upgrade and will be unchangeable.

Monetalis manages two investments in US Treasuries for MakerDAO, known as Clydesdale and Coinbase Custody. The ouster proposal by GFX Labs was prompted by Monetalis missing several reporting deadlines and a promised audit. Despite a 5% yield on US Treasuries, the Clydesdale investment barely returned more than 4% to MakerDAO in 2023, according to data from Steakhouse. In contrast, BlockTower, another firm managing US Treasury investments for MakerDAO, reported returns of about 5% in the six months ending May 31.

GFX Labs criticized Monetalis for its repeated failures in reporting and for the underperformance of the Clydesdale vault compared to its underlying assets and another investment, Andromeda, managed by BlockTower.

Monetalis responded to the criticisms in MakerDAO’s governance forum, stating that the rising standards for reserve reporting and structure had taken longer to implement than anticipated. The firm denied that its management had led to significant financial losses for MakerDAO.

Several companies like Mountain Protocol and Superstate have offered their services to MakerDAO, in case Monetalis were ousted during the voting process. As voting began on June 10, several large delegates initially cast votes to remove Monetalis. However, key delegates reversed the momentum last week, voting against the ouster.

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MakerDAO Treasury Manager Monetalis Survives Ouster Vote

Coinspeaker Mt. Gox Repayments Won’t Have Much Impact on Bitcoin Price Drop, Here’s Why

Soon after Mt. Gox announced the $9 billion Bitcoin repayment plans in early July, the BTC price came under significant selling pressure on Monday, June 24. The selling pressure was so huge that Bitcoin corrected all the way under $59,000 earlier today before bouncing back to $61,000 as of press time.

However, market analysts believe this to be an overboard reaction adding that the Mt. Gox’s distribution plan may not be the cause of this massive mayhem in the Bitcoin price. IG Markets analyst Tony Sycamore said that markets are considering too many factors about the impact of the upcoming movement. He stated that half of the Bitcoin with Mt. Gox worth $4.5 billion could hit the market in early July.

Despite this major flood of Bitcoins hitting the market next week, Sycamore believes that the supposed selling pressure has been already priced in into the current Bitcoin condition. Speaking to CoinTelegraph, he said:

“The repayments have been coming for a long time. The repayments are happening against the backdrop of deteriorating market sentiment, technical selling, and outflows from the Bitcoin ETFs.”

Sycamore noted that a significant portion of speculative funds in crypto had departed to pursue more promising opportunities in high-cap stocks such as Nvidia and Apple within the equities market.

Japanese crypto exchange Mt. Gox collapsed a decade back in February 2014, losing a total of 940,000 BTC, valued at just $64 million back then. The team at Mt. Gox managed to recover 141,687 BTC and plans to return them to the creditors. the current value of these Bitcoins available for redistribution stands somewhere close to $9 billion.

Is the Bitcoin Bottom Already In?

Discussing Bitcoin’s price movement in a broader context, Sycamore expressed skepticism regarding the potential for further significant declines in the current sell-off. He cited robust support at the 200-day moving average as a factor instilling optimism for the upcoming weeks. Sycamore said:

“I think we’ve just had a flush. The cause of the flush is all of these effects culminating in the expectations of Mt. Gox selling. I suspect it probably offers a pretty good entry point for people that have been holding on for better buying levels.”

In a post on X earlier today, Galaxy Digital’s head of research Alex Thorn also estimated that only 65,000 of the 141,000 total Bitcoins with Mt. Gox will hit the market. Thorn estimated that about 75% of creditors chose an “early” payout, accepting a 10% reduction in their repayment, which initially injected approximately 95,000 BTC into the market.

Furthermore, he noted that 20,000 BTC were allocated to claims funds, and around 10,000 BTC were owed to Bitcoinica BK, leaving approximately 65,000 BTC for regular creditors.

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Mt. Gox Repayments Won’t Have Much Impact on Bitcoin Price Drop, Here’s Why

Coinspeaker Telegram Sensational Game Hamster Kombat Hits 200M User Milestone

Barely three weeks after announcing and celebrating 100 million users, the crypto-powered pet battle game Hamster Kombat has hit a milestone of 200 million users. The Telegram-based crypto game is gaining traction and has seen a surge in interest particularly in different developing countries.

Noteworthy, the Hamster Kombat game was launched only three months ago, making the game one of the apps to reach such a level in a short time.

200 Million Users And HMSTR Token Launch

Hamster Kombat is a game that allows players to take the role of CEOs of a cryptocurrency exchange. Players tap to get points which would later be used as currency to grow the empire or crypto exchange. Its meteoric rise is a reflection of its appeal to many enthusiasts. It also signifies a new level of mainstream adoption for Play-to-Earn (P2E) games within the Telegram messaging platform.

On June 6, the crypto-powered pet battle game built on the TON blockchain, took to X to share that it now boasts a user base of over 100 million individuals. Its latest milestone of 200 million users is a sizable share of the 900 million overall Telegram users.

The game’s growth is applaudable and could partly be attributed to its listings on different exchanges. Notably, the HMSTR token is reportedly on KuCoin Pre-market with trading planned for June 25. Hamster Kombat is equally available for pre-market trading on Gate.io with a total supply of 10 billion tokens. Similarly, HMSTR has also made its way to the Bitget exchange.

The protocol is getting ready for the launch of the Hamster Kombat token which is scheduled for airdropping in July. In the meantime, it is not yet clear how much tokens each eligible participant will be allowed to claim during the Token Generation Event (TGE). However, the team behind the game earlier wrote on X that the token allocations will not be solely based on the number of coins that a user accumulates before the deadline.

Rather, it would depend on the profit per hour and some other activity parameters that would be revealed in the near future. For emphasis, on June 18, they also noted “profit per hour over coin balance,” in another X post.

Iran Government Shares Concerns About Hamster Kombat Game

Meanwhile, the Iranian government is displeased by the popularity that the project is garnering in its region.

According to the Associated Press, members of the government perceive the game as an undue Western influence especially with the country currently struggling with high inflation, few jobs, and Western sanctions. Iran’s deputy military chief Rear Adm Habibollah Sayyari clearly stated that “One of the features of the soft war by the enemy is the ‘Hamster’ game.

The game is seen as a distraction to Iranians from the presidential election so that they will not “pay attention to plans of presidential candidates.”

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Telegram Sensational Game Hamster Kombat Hits 200M User Milestone

Coinspeaker Crypto to the Rescue as Wikileaks Founder Assange Flies Free After Plea Deal

Julian Assange, the co-founder of Wikileaks, is finally a free man after a long legal battle that saw him being holed up in Ecuador’s embassy in London for nearly seven years. While he also spent an additional five years in a UK jail cell, reports have it that he has now reached a plea deal with the US Department of Justice, and has left the United Kingdom on a private jet.

Although the deal hasn’t yet been officially finalized at this time, negotiations with the DoJ reportedly led to Assange’s departure.

Wikileaks Founder Heads to US Territory for Sentencing

Assange’s legal troubles began when Wikileaks’ published classified documents provided by whistleblower Chelsea Manning. Manning, whose sentence was commuted by President Obama in 2013, faced charges related to the leaked documents.  Assange, however, sought asylum in Ecuador’s London embassy to avoid extradition on similar charges. However, he eventually breached his bail conditions, leading to his arrest in the UK.

For now, the details of the plea deal with the US DoJ remains under wraps, but reports suggest that Assange will be sentenced in Saipan, the capital of the Northern Mariana Islands, a US protectorate.

Interestingly, however, he is expected to receive a five-year sentence. This, effectively, grants him immediate release, considering the 5-year jail time he already served in the UK.

Crypto Played Key Role in Funding Assange’s Legal Battles

Notably, the history of Wikileaks would be incomplete without a mention of the active role that cryptocurrency played.  Assange himself acknowledged this connection in a 2014 interview, where he noted that Bitcoin and Wikileaks played a crucial role in each other’s survival.

Wikileaks initially avoided accepting Bitcoin (BTC price data) donations to shield the prized asset from government scrutiny. However, by the time the firm faced financial restrictions, it embraced Bitcoin, which provided it the much-needed funding while simultaneously boosting the legitimacy of the digital currency.

Assange’s reliance on crypto would later extend beyond donations. In 2017, during rumours of his death, he used the latest Bitcoin block hash to publicize his well-being. Furthermore, his legal battles saw the use of a Decentralized Autonomous Organization (DAO) to raise funds for his defense. In 2022, the DAO garnered over 16,500 Ether, which translates to over $38 million at the time.

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Crypto to the Rescue as Wikileaks Founder Assange Flies Free After Plea Deal