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\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n
\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

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By subscribing, you agree with our privacy and terms.

Follow The Distributed

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\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

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\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n

Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n

A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n

Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n

The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n

A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n

Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 … 6 7 8 9 10 … 20

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\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n

The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n

A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n

Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n

The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n

A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n

Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n

The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n

A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n

Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n

The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n

A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n

Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n

The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n

A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n

Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n

The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n

A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n

Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n

The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n

A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n

Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n

The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n

A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n

Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n

The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n

A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n

Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n

The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n

A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n

Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n

The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n

A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n

Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Today, MicroStrategy holds approximately 0.75% of Bitcoin's total circulating supply, firmly establishing itself as a significant institutional player in the cryptocurrency market.<\/p>\n","post_title":"MicroStrategy's Stock Surges Past $500, Riding High On Bitcoin Holdings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategys-stock-surges-past-500-riding-high-on-bitcoin-holdings","to_ping":"","pinged":"","post_modified":"2023-11-25 20:52:31","post_modified_gmt":"2023-11-25 09:52:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14504","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n

The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n

A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n

Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Despite a net loss of $143.4 million in its most recent quarterly report released in early November (a larger loss than the $27 million reported the previous year), MicroStrategy continued its Bitcoin acquisitions<\/a>, adding another 6,067 Bitcoins for $167 million.<\/p>\n\n\n\n

Today, MicroStrategy holds approximately 0.75% of Bitcoin's total circulating supply, firmly establishing itself as a significant institutional player in the cryptocurrency market.<\/p>\n","post_title":"MicroStrategy's Stock Surges Past $500, Riding High On Bitcoin Holdings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategys-stock-surges-past-500-riding-high-on-bitcoin-holdings","to_ping":"","pinged":"","post_modified":"2023-11-25 20:52:31","post_modified_gmt":"2023-11-25 09:52:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14504","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n

The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n

A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n

Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

The company reported a $24 million Bitcoin impairment charge in its second-quarter earnings report. But it returned to be profitable as a whole. MicroStrategy continued its BTC purchases<\/a>, accumulating 152,800 coins valued at around $4.4 billion.<\/p>\n\n\n\n

Despite a net loss of $143.4 million in its most recent quarterly report released in early November (a larger loss than the $27 million reported the previous year), MicroStrategy continued its Bitcoin acquisitions<\/a>, adding another 6,067 Bitcoins for $167 million.<\/p>\n\n\n\n

Today, MicroStrategy holds approximately 0.75% of Bitcoin's total circulating supply, firmly establishing itself as a significant institutional player in the cryptocurrency market.<\/p>\n","post_title":"MicroStrategy's Stock Surges Past $500, Riding High On Bitcoin Holdings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategys-stock-surges-past-500-riding-high-on-bitcoin-holdings","to_ping":"","pinged":"","post_modified":"2023-11-25 20:52:31","post_modified_gmt":"2023-11-25 09:52:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14504","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n

The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n

A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n

Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

The positive news continued as, by April, MicroStrategy's Bitcoin holdings turned profitable. With the acquisition <\/a>of an additional 1,045 Bitcoins, increasing its total holdings to 140,000 Bitcoins. The average purchase price dropped to $29,803 per coin, with a total digital asset value exceeding $4 billion.<\/p>\n\n\n\n

The company reported a $24 million Bitcoin impairment charge in its second-quarter earnings report. But it returned to be profitable as a whole. MicroStrategy continued its BTC purchases<\/a>, accumulating 152,800 coins valued at around $4.4 billion.<\/p>\n\n\n\n

Despite a net loss of $143.4 million in its most recent quarterly report released in early November (a larger loss than the $27 million reported the previous year), MicroStrategy continued its Bitcoin acquisitions<\/a>, adding another 6,067 Bitcoins for $167 million.<\/p>\n\n\n\n

Today, MicroStrategy holds approximately 0.75% of Bitcoin's total circulating supply, firmly establishing itself as a significant institutional player in the cryptocurrency market.<\/p>\n","post_title":"MicroStrategy's Stock Surges Past $500, Riding High On Bitcoin Holdings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategys-stock-surges-past-500-riding-high-on-bitcoin-holdings","to_ping":"","pinged":"","post_modified":"2023-11-25 20:52:31","post_modified_gmt":"2023-11-25 09:52:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14504","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n

The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n

A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n

Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Microstrategy's Buying Spree Strategy<\/h2>\n\n\n\n

The positive news continued as, by April, MicroStrategy's Bitcoin holdings turned profitable. With the acquisition <\/a>of an additional 1,045 Bitcoins, increasing its total holdings to 140,000 Bitcoins. The average purchase price dropped to $29,803 per coin, with a total digital asset value exceeding $4 billion.<\/p>\n\n\n\n

The company reported a $24 million Bitcoin impairment charge in its second-quarter earnings report. But it returned to be profitable as a whole. MicroStrategy continued its BTC purchases<\/a>, accumulating 152,800 coins valued at around $4.4 billion.<\/p>\n\n\n\n

Despite a net loss of $143.4 million in its most recent quarterly report released in early November (a larger loss than the $27 million reported the previous year), MicroStrategy continued its Bitcoin acquisitions<\/a>, adding another 6,067 Bitcoins for $167 million.<\/p>\n\n\n\n

Today, MicroStrategy holds approximately 0.75% of Bitcoin's total circulating supply, firmly establishing itself as a significant institutional player in the cryptocurrency market.<\/p>\n","post_title":"MicroStrategy's Stock Surges Past $500, Riding High On Bitcoin Holdings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategys-stock-surges-past-500-riding-high-on-bitcoin-holdings","to_ping":"","pinged":"","post_modified":"2023-11-25 20:52:31","post_modified_gmt":"2023-11-25 09:52:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14504","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n

The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n

A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n

Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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See Related:<\/em><\/strong> DeFiChain Adds New Tokens Corresponding to Disney<\/a><\/p>\n\n\n\n

Microstrategy's Buying Spree Strategy<\/h2>\n\n\n\n

The positive news continued as, by April, MicroStrategy's Bitcoin holdings turned profitable. With the acquisition <\/a>of an additional 1,045 Bitcoins, increasing its total holdings to 140,000 Bitcoins. The average purchase price dropped to $29,803 per coin, with a total digital asset value exceeding $4 billion.<\/p>\n\n\n\n

The company reported a $24 million Bitcoin impairment charge in its second-quarter earnings report. But it returned to be profitable as a whole. MicroStrategy continued its BTC purchases<\/a>, accumulating 152,800 coins valued at around $4.4 billion.<\/p>\n\n\n\n

Despite a net loss of $143.4 million in its most recent quarterly report released in early November (a larger loss than the $27 million reported the previous year), MicroStrategy continued its Bitcoin acquisitions<\/a>, adding another 6,067 Bitcoins for $167 million.<\/p>\n\n\n\n

Today, MicroStrategy holds approximately 0.75% of Bitcoin's total circulating supply, firmly establishing itself as a significant institutional player in the cryptocurrency market.<\/p>\n","post_title":"MicroStrategy's Stock Surges Past $500, Riding High On Bitcoin Holdings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategys-stock-surges-past-500-riding-high-on-bitcoin-holdings","to_ping":"","pinged":"","post_modified":"2023-11-25 20:52:31","post_modified_gmt":"2023-11-25 09:52:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14504","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n

The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n

A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n

Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

Saylor expressed optimism about the future, stating, \"That\u2019s why all of us are fairly bullish over the next 12 months. Demand\u2019s going to increase, supply\u2019s going to contract, and this is fairly unprecedented in the history of Wall Street.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> DeFiChain Adds New Tokens Corresponding to Disney<\/a><\/p>\n\n\n\n

Microstrategy's Buying Spree Strategy<\/h2>\n\n\n\n

The positive news continued as, by April, MicroStrategy's Bitcoin holdings turned profitable. With the acquisition <\/a>of an additional 1,045 Bitcoins, increasing its total holdings to 140,000 Bitcoins. The average purchase price dropped to $29,803 per coin, with a total digital asset value exceeding $4 billion.<\/p>\n\n\n\n

The company reported a $24 million Bitcoin impairment charge in its second-quarter earnings report. But it returned to be profitable as a whole. MicroStrategy continued its BTC purchases<\/a>, accumulating 152,800 coins valued at around $4.4 billion.<\/p>\n\n\n\n

Despite a net loss of $143.4 million in its most recent quarterly report released in early November (a larger loss than the $27 million reported the previous year), MicroStrategy continued its Bitcoin acquisitions<\/a>, adding another 6,067 Bitcoins for $167 million.<\/p>\n\n\n\n

Today, MicroStrategy holds approximately 0.75% of Bitcoin's total circulating supply, firmly establishing itself as a significant institutional player in the cryptocurrency market.<\/p>\n","post_title":"MicroStrategy's Stock Surges Past $500, Riding High On Bitcoin Holdings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategys-stock-surges-past-500-riding-high-on-bitcoin-holdings","to_ping":"","pinged":"","post_modified":"2023-11-25 20:52:31","post_modified_gmt":"2023-11-25 09:52:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14504","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n

The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n

A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n

Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

MicroStrategy's enduring commitment to Bitcoin has proved highly profitable. Despite starting the year with a quarterly loss, the company witnessed its stock price doubling within a month. It stands as one of the largest institutional holders of Bitcoin. Founder and chairman, Michael Saylor, initiated the strategy back in August 2020 as a hedge against inflation.<\/p>\n\n\n\n

Saylor expressed optimism about the future, stating, \"That\u2019s why all of us are fairly bullish over the next 12 months. Demand\u2019s going to increase, supply\u2019s going to contract, and this is fairly unprecedented in the history of Wall Street.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> DeFiChain Adds New Tokens Corresponding to Disney<\/a><\/p>\n\n\n\n

Microstrategy's Buying Spree Strategy<\/h2>\n\n\n\n

The positive news continued as, by April, MicroStrategy's Bitcoin holdings turned profitable. With the acquisition <\/a>of an additional 1,045 Bitcoins, increasing its total holdings to 140,000 Bitcoins. The average purchase price dropped to $29,803 per coin, with a total digital asset value exceeding $4 billion.<\/p>\n\n\n\n

The company reported a $24 million Bitcoin impairment charge in its second-quarter earnings report. But it returned to be profitable as a whole. MicroStrategy continued its BTC purchases<\/a>, accumulating 152,800 coins valued at around $4.4 billion.<\/p>\n\n\n\n

Despite a net loss of $143.4 million in its most recent quarterly report released in early November (a larger loss than the $27 million reported the previous year), MicroStrategy continued its Bitcoin acquisitions<\/a>, adding another 6,067 Bitcoins for $167 million.<\/p>\n\n\n\n

Today, MicroStrategy holds approximately 0.75% of Bitcoin's total circulating supply, firmly establishing itself as a significant institutional player in the cryptocurrency market.<\/p>\n","post_title":"MicroStrategy's Stock Surges Past $500, Riding High On Bitcoin Holdings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategys-stock-surges-past-500-riding-high-on-bitcoin-holdings","to_ping":"","pinged":"","post_modified":"2023-11-25 20:52:31","post_modified_gmt":"2023-11-25 09:52:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14504","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n

The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n

A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n

Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

MicroStrategy, a company known for its bullish stance on Bitcoin, celebrated Black Friday positively. The firm closed its shares above $500, a level last seen in December 2021. This surge elevated the company's market capitalization to $7.33 billion, as reported <\/a>by Nasdaq.<\/p>\n\n\n\n

MicroStrategy's enduring commitment to Bitcoin has proved highly profitable. Despite starting the year with a quarterly loss, the company witnessed its stock price doubling within a month. It stands as one of the largest institutional holders of Bitcoin. Founder and chairman, Michael Saylor, initiated the strategy back in August 2020 as a hedge against inflation.<\/p>\n\n\n\n

Saylor expressed optimism about the future, stating, \"That\u2019s why all of us are fairly bullish over the next 12 months. Demand\u2019s going to increase, supply\u2019s going to contract, and this is fairly unprecedented in the history of Wall Street.\"<\/em><\/p>\n\n\n\n

See Related:<\/em><\/strong> DeFiChain Adds New Tokens Corresponding to Disney<\/a><\/p>\n\n\n\n

Microstrategy's Buying Spree Strategy<\/h2>\n\n\n\n

The positive news continued as, by April, MicroStrategy's Bitcoin holdings turned profitable. With the acquisition <\/a>of an additional 1,045 Bitcoins, increasing its total holdings to 140,000 Bitcoins. The average purchase price dropped to $29,803 per coin, with a total digital asset value exceeding $4 billion.<\/p>\n\n\n\n

The company reported a $24 million Bitcoin impairment charge in its second-quarter earnings report. But it returned to be profitable as a whole. MicroStrategy continued its BTC purchases<\/a>, accumulating 152,800 coins valued at around $4.4 billion.<\/p>\n\n\n\n

Despite a net loss of $143.4 million in its most recent quarterly report released in early November (a larger loss than the $27 million reported the previous year), MicroStrategy continued its Bitcoin acquisitions<\/a>, adding another 6,067 Bitcoins for $167 million.<\/p>\n\n\n\n

Today, MicroStrategy holds approximately 0.75% of Bitcoin's total circulating supply, firmly establishing itself as a significant institutional player in the cryptocurrency market.<\/p>\n","post_title":"MicroStrategy's Stock Surges Past $500, Riding High On Bitcoin Holdings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategys-stock-surges-past-500-riding-high-on-bitcoin-holdings","to_ping":"","pinged":"","post_modified":"2023-11-25 20:52:31","post_modified_gmt":"2023-11-25 09:52:31","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14504","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14477,"post_author":"15","post_date":"2023-11-25 19:58:56","post_date_gmt":"2023-11-25 08:58:56","post_content":"\n

The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n

A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n

Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n

It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n

Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n

Total Fine Imposed On Binance and CEO<\/h2>\n\n\n\n

The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n

Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14413,"post_author":"15","post_date":"2023-11-22 02:29:14","post_date_gmt":"2023-11-21 15:29:14","post_content":"\n

Less than 24 hours after Sam Altman's unexpected removal from his role as OpenAI CEO, reports indicate that negotiations to reinstate him, driven by major investors like Microsoft, are underway.<\/p>\n\n\n\n

The coup <\/a>against the six-member board, led by chief scientist Ilya Sutskever, excluded Greg Brockman, the company's co-founder and board chairman. It occurred suddenly, without prior discussions with Altman or major investors.<\/p>\n\n\n\n

These investors, especially Microsoft, who have invested an estimated $13 billion in the organization, were caught off guard. While Microsoft publicly expressed confidence in OpenAI's future without Altman, behind-the-scenes reports suggest they are working to bring him back.<\/p>\n\n\n\n

OpenAI and Microsoft have yet to confirm these claims. Other investors are also pushing for Altman's reinstatement.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Formerly Sacked, Sam Altman Is Expected To Return As CEO Of OpenAI<\/a><\/p>\n\n\n\n

The Reaction of Colleagues to Altman's Dismissal<\/h2>\n\n\n\n

The turmoil extends beyond Altman's leadership. It's compounded by concerns that he might start a competing venture, possibly against his former employer, Reuters reports.<\/p>\n\n\n\n

Altman's sudden exit triggered a string of departures, including Brockman and key AI researchers, raising the prospect of many more employees leaving if Altman doesn't return. The power struggle between OpenAI's research and product sides may have played a role in Altman's ouster.<\/p>\n\n\n\n

There are hints that a major AI breakthrough might be at the root of these tensions, as concerns grow about AI advancing beyond human control, potentially leading to a divide between those advocating caution and those pushing for faster progress.<\/p>\n\n\n\n

Altman's return could hinge on governance changes, similar to Steve Jobs' comeback at Apple. In Altman's case, this might happen much sooner.<\/p>\n","post_title":"OpenAI CEO Sam Altman's Sudden Removal Sparks Investor Push For His Return","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"openai-ceo-sam-altmans-sudden-removal-sparks-investor-push-for-his-return","to_ping":"","pinged":"","post_modified":"2023-11-22 02:29:21","post_modified_gmt":"2023-11-21 15:29:21","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14413","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14264,"post_author":"15","post_date":"2023-11-19 19:39:22","post_date_gmt":"2023-11-19 08:39:22","post_content":"\n

Poloniex, a cryptocurrency exchange owned by Tron's Justin Sun, recently fell victim to a \"hack incident\". The attack resulted in the theft of over $126 million in crypto assets from one of its wallets. This breach was part of a concerning trend, as several hacks have plagued the cryptocurrency space in 2023.<\/p>\n\n\n\n

The suspicious transfers from the \"Poloniex 4\" wallet to the hacker's wallet were initially detected <\/a>by blockchain security firm Peckshield. The stolen assets include ETH, TRON, stablecoins like USDT and TUSD, and meme coins such as PEPE, FLOKI, and SHIB. The hack extended its reach beyond the Ethereum blockchain. Data from Arkham Intelligence reveals <\/a>that a total of more than $126 million were taken. A combination of 288 million Tron's native token TRX and 865 Bitcoin.<\/p>\n\n\n\n

The hacker's modus involved shifting assets to one of their wallets before primarily converting them to USDC using MetaMask's swapping feature. However, a notable error occurred in one transaction. The hacker mistakenly sent $2.5 million in stolen Golem tokens (GLM) to the token contract, rendering recovery impossible.<\/p>\n\n\n\n

Response After Poloniex Fell Victim To Hack<\/h2>\n\n\n\n

After falling victim to Hack, Poloniex's initial response was to disable its wallet for maintenance, with plans to provide updates once it was re-enabled. Amid this turmoil, Justin Sun took to Twitter to announce that the exchange was actively investigating the incident. He reassured users by stating that Poloniex maintained a robust financial position, ensuring reimbursement for affected users. Sun also mentioned collaborating with other exchanges to facilitate the recovery of the appropriated funds.<\/p>\n\n\n\n

See Related:<\/em><\/strong> Poloniex celebrates its 9th anniversary<\/a><\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/justinsuntron\/status\/1722942733680296246\n<\/div><\/figure>\n\n\n\n

Recorded Hacks Of The Year<\/h2>\n\n\n\n

This hack was just one of several to hit the cryptocurrency landscape in 2023, raising concerns about the security of digital assets. This prompts a heightened focus on cybersecurity within the industry.<\/p>\n\n\n\n

In 2023, the cryptocurrency sector experienced a series of significant hacks, starting with the Bitrue Exchange heist in April, resulting in a loss of $23 million. This was closely followed by the GDAC hack on April 9, with losses near $13 million, and the perplexing Crypto Whale Mystery in the same month, leading to a $10 million loss. <\/p>\n\n\n\n

In March, Euler Finance suffered a massive $200 million hack, and Deus Finance lost over $6 million in May. The middle of the year saw the Atomic Wallet and Curve Finance hacks in June and July, with losses of over $100 million and $60 million, respectively. July also witnessed the MultiChain hack or rug pull, amounting to approximately $125 million. <\/p>\n\n\n\n

August brought the CoinsPaid phishing scam, resulting in a $37 million loss. September was particularly harsh with the Mixin breach, TrustWallet scam, Stake hack, and CoinEx hack, collectively amounting to over $350 million in losses. The series of hacks concluded in October with a $4.4 million loss due to the LastPass data breach. The total amount lost in recorded cryptocurrency hacks in 2023 is approximately $929.4 million.\u200b<\/p>\n","post_title":"Poloniex Falls Prey To Major Hack Of Over $126 Million In Crypto Stolen","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"poloniex-falls-prey-to-major-hack-of-over-126-million-in-crypto-stolen","to_ping":"","pinged":"","post_modified":"2023-11-20 16:04:45","post_modified_gmt":"2023-11-20 05:04:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14264","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14249,"post_author":"15","post_date":"2023-11-18 06:52:10","post_date_gmt":"2023-11-17 19:52:10","post_content":"\n

Bitcoin ATM providers Athena and Genesis Coin have revealed<\/a> ambitious plans to enhance the Bitcoin infrastructure in El Salvador by upgrades in Bitcoin ATM's. They intend to equip 100 Bitcoin ATMs across the nation with Lightning Network technology by the end of December 2023. The remaining machines are scheduled to receive this technology in the first quarter of 2024.<\/p>\n\n\n\n

The Lightning Network serves as a secondary layer built on top of the primary Bitcoin network. Its primary function is to facilitate swift and cost-effective Bitcoin transactions, making it an appealing choice for users. Lightning is compatible with numerous cryptocurrency wallets and exchanges, contributing to its widespread adoption.<\/p>\n\n\n\n

Back in 2021, Lightning was initially slated for introduction in El Salvador through the payments app Strike. The plan was to assist the Salvadoran government in promoting Bitcoin adoption among its citizens. However, Strike withdrew from the project and shifted its headquarters to El Salvador, altering the course of Lightning's integration.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Bitcoin ATMs Around The World<\/h2>\n\n\n\n

Currently, El Salvador boasts a network of 215 Bitcoin ATMs, as reported by Coin ATM Radar. Many of these machines are manufactured by Chivo, the Salvadoran government's Bitcoin wallet brand. <\/p>\n\n\n\n

The number of Bitcoin ATMs worldwide continues to grow, further enhancing the accessibility and adoption of cryptocurrencies. As of October 2021, there were approximately 35,000 Bitcoin ATMs worldwide, with the United States leading in terms of the sheer number of these machines. However, Bitcoin ATMs are distributed globally, with significant concentrations in North America, Europe, and Asia.<\/p>\n\n\n\n

As the cryptocurrency ecosystem evolves, Bitcoin ATMs play a pivotal role in bridging the gap between the digital and physical worlds of finance, enabling individuals to easily buy and sell cryptocurrencies in their local communities. These machines provide a tangible entry point into the world of digital assets and are instrumental in expanding cryptocurrency adoption across the globe.<\/p>\n","post_title":"Lightning Network Upgrades Coming To El Salvador Bitcoin ATMs","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"lightning-network-upgrades-coming-to-el-salvador-bitcoin-atms","to_ping":"","pinged":"","post_modified":"2023-11-20 16:00:51","post_modified_gmt":"2023-11-20 05:00:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14249","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14355,"post_author":"15","post_date":"2023-11-18 05:36:19","post_date_gmt":"2023-11-17 18:36:19","post_content":"\n

During the third quarter, South Korea's National Pension Service made a significant move into the digital asset space. The service acquired approximately $20 million worth of Coinbase (COIN) shares, as reported in a recent filing<\/a> with the U.S. Securities and Exchange Commission (SEC). This strategic investment underscores South Korea's growing interest in cryptocurrencies.<\/p>\n\n\n\n

The pension fund secured a total of 282,673 shares of Coinbase at an initial value of $19,934,100, equivalent to around $70.52 per share. Notably, during the same quarter, Coinbase's shares experienced a 4% increase. As of Wednesday's trading close, these shares are now valued at approximately $27.7 million, reflecting an impressive 40% gain.<\/p>\n\n\n\n

This move is particularly noteworthy because pension funds worldwide have traditionally been cautious about or legally restricted from delving into digital assets due to their perceived higher risk. While the adoption of cryptocurrencies by institutional investors has been gradual, it marks a significant shift in the global financial landscape.<\/p>\n\n\n\n

See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n\n\n\n

South Korea Is Not The First<\/h2>\n\n\n\n

In 2019, two funds in Fairfax County, Virginia, ventured into the cryptocurrency investment arena. Their investments included a substantial $35 million allocation to VanEck's New Finance Income Fund. Notably, VanEck was one of the creditors involved when crypto lender Genesis faced bankruptcy earlier this year.<\/p>\n\n\n\n

South Korea's forward-thinking approach, including the passing of the Virtual Asset User Protection Act, signals the country's commitment to establishing a regulatory framework for digital assets. As cryptocurrencies continue to gain traction globally, institutional investors like pension funds are increasingly exploring opportunities in this evolving market.<\/p>\n","post_title":"South Korean Pension Fund Dives Into Digital Assets With $20 Million Coinbase Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-pension-fund-dives-into-digital-assets-with-20-million-coinbase-investment","to_ping":"","pinged":"","post_modified":"2023-11-20 15:58:43","post_modified_gmt":"2023-11-20 04:58:43","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14355","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14293,"post_author":"15","post_date":"2023-11-15 17:32:05","post_date_gmt":"2023-11-15 06:32:05","post_content":"\n

Bitcoin mining revenue reached a fresh yearly peak as the cryptocurrency's value surged. The price rally coincided with growing optimism about the potential approval of a U.S. spot Bitcoin ETF by the SEC. <\/p>\n\n\n\n

Data from Blockchain.com<\/a> shows that on November 12, BTC mining revenue hit $44,174,930.492. Which surpassed the previous yearly high of $41,744,197.067 on May 8, 2023. To put this in perspective, it exceeded mining revenue during the Ordinals craze in May.<\/p>\n\n\n\n

This spike in mining revenue occurred as Bitcoin's price surged to over $37,000 on November 9, driven by mounting anticipation of the SEC approving a U.S. spot Bitcoin ETF.<\/p>\n\n\n\n

The spike in mining revenue came as\u00a0BTC's price\u00a0surged to more than $37,900 on November 9, fueled by mounting anticipation of the possible approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). As of writing, Bitcoin's current price stands at just over $37,155, up almost 6% for the week.<\/p>\n\n\n\n

See Related: <\/em><\/strong>CryptoCom And Coinbase Expand European Presence With Regulatory Approval In Italy<\/a><\/p>\n\n\n\n

The Reason Behind Increasing Miner Earnings<\/h2>\n\n\n\n

According to Blockchain.com President Lane Kasselman, Bitcoin miners earn more when two key factors come into play. First, Bitcoin's price, and second network activity. While network congestion drove earnings in May, the recent surge is primarily due to Bitcoin's rising price. <\/p>\n\n\n\n

\"When the network is busier, it means more people are using it, and they pay higher fees for transactions. So, in May, even if Bitcoin's price wasn't exceptionally high, the network was congested, leading to a significant boost in miner earnings. However, the recent increase in their earnings is mostly due to the rising price of Bitcoin.\" <\/em><\/p>\n\n\n\n

The May congestion resulted from high demand for Ordinals, digital assets inscribed on the Bitcoin blockchain. Miner revenues peaked at $40 million per day, despite Bitcoin's lower price at that time.<\/p>\n\n\n\n

The SEC's consideration of Bitcoin ETFs has fueled Bitcoin's price surge, and the expiry of deadlines for rebuttal comments on pending ETF applications could lead to the simultaneous approval of 12 Bitcoin ETFs.<\/p>\n\n\n\n

Reports suggest that Grayscale is in discussions with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, following a court order to review the SEC's actions regarding the application.<\/p>\n\n\n\n

While the SEC has previously rejected spot Bitcoin ETF applications, approval is seen as a significant milestone for institutional cryptocurrency acceptance, allowing investors exposure to the market without holding the assets themselves. JP Morgan analysts predict approval as soon as January 2024.<\/p>\n","post_title":"Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"bitcoin-mining-revenue-hits-yearly-high-amidst-etf-excitement","to_ping":"","pinged":"","post_modified":"2023-11-15 17:32:13","post_modified_gmt":"2023-11-15 06:32:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14293","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14241,"post_author":"15","post_date":"2023-11-10 23:45:55","post_date_gmt":"2023-11-10 12:45:55","post_content":"\n

Cathie Wood's Ark Invest, a prominent Bitcoin advocate, has significantly changed its investment portfolio<\/a>. The company sold approximately $3.8 million of Grayscale Trust (GBTC) shares and reinvested around $5.6 million in Block shares.<\/p>\n\n\n\n

Trading records reveal that Ark's Next Generation Internet fund (ARKW) has divested 139,506 GBTC shares while acquiring 113,326 shares of Block, Inc. ($SQ), which have been distributed across ARK Innovation ETF (ARKK), ARKW fund, and Ark Fintech Innovation ETF (ARKF).<\/p>\n\n\n\n

This is the second instance in recent weeks where Ark Invest has sold off Grayscale shares. On October 24, the company sold nearly $5.8 million in Coinbase and GBTC shares. Today, GBTC shares are valued at $26.75 each, marking a 0.74% decrease from the previous day.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin\u2019s Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

Ark Invest's Portfolio<\/h2>\n\n\n\n

Ark Invest currently holds the second-largest number of GBTC shares and the second-largest holder of Coinbase. Coinbase is known to be the largest cryptocurrency exchange in the United States.<\/p>\n\n\n\n

Block, known initially as Square, is a Bitcoin-focused payments company founded by former Twitter CEO Jack Dorsey. The company owns the popular mobile app, Cash App, which allows users to buy and sell Bitcoin.<\/p>\n\n\n\n

Like many other high-profile investment firms, Ark Invest is eagerly awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Although the Ark21Shares ETF application was submitted in June 2021, it has faced rejections and delays.<\/p>\n","post_title":"Cathie Wood's Ark Invest Shifts Focus: Sells $3.8 Million In $GBTC, Adds $5.6 Million In $SQ","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-shifts-focus-sells-3-8-million-in-gbtc-adds-5-6-million-in-block","to_ping":"","pinged":"","post_modified":"2023-11-12 19:24:12","post_modified_gmt":"2023-11-12 08:24:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14241","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Jeane Claude Vasquez

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