American venture capital investor Tim Draper recently explained how he and his family got into the world of cryptocurrencies.

According to Draper University’s website, Tim Draper is a leading supporter and spokesperson for entrepreneurs worldwide, renowned for his expertise in Bitcoin, Blockchain, ICOs, and cryptocurrencies, having won the Bitcoin US Marshall’s auction in 2014, invested in over 50 crypto companies, and led investments in Coinbase, Ledger, Tezos, and Bancor, among others. He also created viral marketing, which was instrumental in the successes of Hotmail and Skype.

Per a report by Cointelegraph published on 28 April 2023, in an interview for Cointelegraph’s YouTube series “Crypto Stories,” Tim Draper, the family patriarch, shared the fascinating tale of his family’s journey into the cryptoverse.

Tim’s curiosity was first piqued years ago by the concept of trading virtual goods for traditional money. He shared an anecdote about a Korean man who bought a virtual sword with fiat currency for his son’s birthday. This interaction sparked Draper’s interest in the concept of virtual stores of value and led him to speculate about a future where fiat currency would be used to buy ‘fiat’ goods.

When Bitcoin emerged in 2009, it aligned perfectly with what Draper envisioned, leading him to invest early in the game. “It was the universal currency, it was the currency for our entire earth,” he stated.

Draper’s faith in Bitcoin remained unwavering, even after losing 40,000 bitcoins in the infamous Mt. Gox exchange collapse in 2011. He continued accumulating Bitcoin and even purchased an additional 30,000 BTC from a government auction of coins seized from the Silk Road in 2014.

His enthusiasm for cryptocurrencies naturally extended to his sons, Adam and Billy Draper. In 2012, Adam Draper, a fourth-generation venture capitalist, founded Boost VC, an early-stage venture capital firm focused on cryptocurrencies, raising $90 million in its third round in September 2022. Billy, his brother, has also been actively engaging in the crypto industry.

Tim Draper revealed that his sons became involved in the crypto industry following his bullish stance on Bitcoin. However, not all family members were equally enthusiastic. Despite the family’s significant engagement with Bitcoin, Bill Draper, Tim’s father, has always maintained his skepticism about cryptocurrencies, advising his son to stick with the U.S. dollar.

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An Ethereum address that participated in its ICO woke up after 7.7 years and transferred one ether.

A long-dormant Ethereum address that participated in the blockchain's initial coin offering, or ICO, awoke after 7.7 years.

It transferred one ether to a new address — which some speculate indicates a test transaction — in block 17110898, timestamped more than 10 hours ago. This was the wallet's first sent transaction.

The wallet in question received 2,365 ether — worth approximately $4.42 million today — at Ethereum's genesis, on-chain analysis account Lookonchain noted.

One ether cost roughly $0.31 during Ethereum's ICO.

Old crypto addresses are waking up

After a lengthy dormancy, the Ethereum ICO participant's activity follows a pair of similar transactions from old bitcoin whale addresses.

On April 21, a bitcoin whale that had been inactive for a decade transferred 279 bitcoins — worth $7.8 million at the time of the transaction — to three new addresses.

That transaction came a day after another long-dormant bitcoin whale transferred 2,071.5 BTC — worth $60.7 million — after nine years of inactivity.

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Hidden cap is an unknown limit to the amount of money a team elects to receive from investors in its initial coin offering (ICO).

The purpose of a hidden cap is to even the playing field by letting smaller investors put in money, without the large investors forming an accurate understanding of the total cap and adjusting their investment as a result.

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The United States Securities and Exchange Commission (SEC) has fined Coinme, a crypto exchange, almost $4 million for allegedly issuing unregistered securities and making “misleading statements” about its UpToken (UP) cryptocurrency token. The SEC reached a settlement on April 28th with Coinme, its subsidiary Up Global SEZC, and their CEO, Neil Bergquist.The SEC alleged that the ICO of UP conducted between October and December 2017 was an investment contract under the Howey test and was an unregistered securities offering. The ICO raised around $3.6 million, which Coinme planned to use to expand its fleet of Bitcoin ATMs. UP holders were offered benefits such as discounted fees and a 1% cashback paid in UP when using the ATMs.Coinme partnered with Coinstar in January 2019 to use its cash-counting kiosks to facilitate cash-to-crypto transactions, effectively shutting down all of its own ATMs by July 2019. The SEC noted that there is no longer any use for UpToken, and its holders cannot use it to obtain the benefits that were described in the offering materials.The price of UP has dropped significantly since then, with its market cap also falling to around $50,000 and 24-hour trading volumes topping just over $180. Bergquist and Up Global also made “false and misleading statements” about the demand for UpToken and the amount raised in the offering, according to the SEC.The SEC claimed that Coinme sent 160 BTC, worth over $1 million at the time, to an Up Global wallet used to receive investor funds in the ICO. Up Global sent back around 14.5 million UP at a discount to Coinme, and the transaction “knowingly or recklessly” created the impression that a third party made a large purchase.The SEC also claimed that Bergquist negotiated a 500 Bitcoin round-trip transaction of UP tokens with an unnamed Hong Kong company, with Coinme borrowing the funds to purchase further UP at a discount. The transaction was used to create an impression of demand for the tokens.Up Global said Coinme’s purchasing of UP to fund its ATM rewards program would create constant demand for the token, but the SEC claimed that Bergquist and Up Global took steps before and throughout the ICO to obtain an UpToken supply that would substantially reduce Coinme’s need to purchase UpToken after the ICO for the ATM rewards program.The SEC imposed a $3.52 million penalty on Up Global, for which Coinme was also liable. The regulator also imposed separate penalties of $250,000 and $150,000 on Coinme and Bergquist, respectively, both of whom agreed to pay the penalties.In settling the charges, Bergquist did not admit or deny the regulator’s findings but was barred from acting as an executive of a public company for three years. Cointelegraph contacted Coinme for comment but did not receive an immediate response.The SEC has continued its crackdown on ICOs and cryptocurrencies over the past few years, with several high-profile cases resulting in significant fines and penalties. The SEC has emphasized that ICOs and other token offerings must comply with federal securities laws, including registering with the SEC or qualifying for an exemption.

nftstudio24.com

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An initial public offering (IPO), also known as an initial purchase offering, is one of the most important milestones in a company’s development. The IPO is the moment when a company becomes publicly available on a stock exchange, and traders can purchase shares of the business. Going public on the stock market is one of the best ways for companies to raise capital and boost their performance. This is also a significant milestone noting the successful growth of a company to the point where its work is of interest to public investors. 

IPOs are a big opportunity for companies, which is why a lot of new companies and start-ups are looking to go public. While the benefits are undeniable, a company can announce an IPO only after successfully completing a rigorous check from the Securities and Exchange Commission (SEC). Before announcing an IPO, companies are considered private, which limits the number of investors that can contribute to the company and own shares. While staying private is beneficial for smaller companies that do not want to be exposed to increased risk, IPOs are extremely beneficial for growing businesses. Traditionally, a company should have reached a private valuation of about one billion dollars before considering an IPO.

One of the most important aspects of an IPO is shares valuation. Before a company can go public, it needs to go through a rigorous due diligence process that evaluates the potential price of a share. When this happens, all shares that had previously been private are converted into public ones. In the months before an IPO, the company focuses its attention on popularizing its activities and attracting more potential investors. This is the time when details about the company and the IPO are shared with the public, aiming to showcase why purchasing shares in the company will be a solid investment. 

Throughout the years, IPOs have been rising and falling in popularity, with the 2008 subprime mortgage crisis being the year with the fewest IPOs announced. Today, in 2021, as the global economy has somewhat recovered, more companies are looking to become publicly traded. When it comes to cryptocurrencies, the initial coin offering (ICO) was designed in the same fashion as an IPO. While an IPO offers shares in a company, an ICO is the first instance when a token becomes available for purchase. As with IPOs, there are ups and downs in the number of ICOs held each year. 

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In a surprising turn of events, an Ethereum ICO participant, dormant for over three years, has reemerged into the crypto scene, making waves by transferring a substantial amount of Ethereum (ETH). The whale, holding a hefty 20,000 ETH valued at approximately $42.4 million, orchestrated a series of transactions, raising eyebrows within the cryptocurrency community.The dormant wallet, silent since its participation in an initial coin offering (ICO) more than three years ago, recently came to life with a series of transactions that involved the movement of a significant amount of Ethereum to various destinations. One notable transfer included a 10 ETH deposit to the popular Kraken exchange, adding an intriguing layer to the whale's sudden activity.The revival of dormant wallets in the cryptocurrency space often sparks speculation and analysis, as the motives behind such movements remain a subject of interest. The sheer scale of the transferred assets, combined with the choice to deposit a portion on a prominent exchange like Kraken, has fueled discussions and theories within the crypto community.Experts and enthusiasts alike are closely monitoring the situation, attempting to decipher the potential reasons behind the whale's actions. Speculation ranges from profit-taking and portfolio rebalancing to a strategic move in response to evolving market conditions. The timing of the transactions, against the backdrop of a dynamic crypto market, adds an element of intrigue to the whale's decisions.The deposit of 10 ETH to Kraken has drawn particular attention, as exchanges often serve as gateways for large-scale trading activities. The move to initiate a deposit on Kraken could be indicative of the whale's intention to either liquidate a portion of their holdings or strategically position themselves for future trading opportunities.While the crypto community eagerly awaits further developments, it's essential to approach such situations with a degree of caution. The inherent volatility of the cryptocurrency market, coupled with the anonymity surrounding wallet holders, makes it challenging to accurately predict the motives behind large-scale transactions.This event serves as a reminder of the unique dynamics within the crypto space, where large transactions can swiftly capture attention and influence market sentiment. As the Ethereum whale's activities continue to unfold, the broader crypto community remains vigilant, ready to analyze and interpret the potential implications of this significant movement in the world of digital assets.In conclusion, the awakening of a dormant Ethereum ICO participant, transferring $42.4 million worth of ETH and initiating a deposit on Kraken, has sparked intrigue and speculation within the cryptocurrency community. As analysts and enthusiasts delve into the motives behind these transactions, the event highlights the dynamic and ever-evolving nature of the crypto market, where large movements can have a profound impact on sentiment and market dynamics.$ETH ~ #EthereumWhales #ico