Germany Executes Another BTC Transfer, Totaling 1,400 Bitcoin
The German government has completed another transfer of 1,400 Bitcoin (BTC), which is currently valued at $80 million. This recent movement of funds is part of a series of transfers made by the German government. On July 6, a wallet address associated with the government transferred 700 BTC to an unknown address. The following day, July 7, the same address moved an additional 700 BTC to the same destination. This brings the total amount held in the wallet to 1,400 BTC, according to data from blockchain analytics platform Arkham Intelligence. This marks the 14th major movement of BTC from the government-linked address to external wallets in the past week. Despite these transfers, the German government still holds an impressive 39,800 BTC, which is valued at $2.2 billion, in reserve. On July 5, German lawmaker and Bitcoin advocate Joana Cotar urged the government to halt its hasty selling of Bitcoin and instead maintain its holdings as a strategic reserve currency to protect against risks in the traditional financial system.
Vitalik Buterin Donates 100 ETH to Support Ethereum’s Growth
Over the weekend, Ethereum co-founder Vitalik Buterin made his own transfers of digital currency. On July 6, Buterin sent 100 Ether (ETH) to a Gnosis Safesmart contract, based on data from Akhram Intelligence. It was later confirmed that this transaction was a donation to the Ethereum marketing studio Collective 2077. Collective 2077 describes itself as Ethereum’s unofficial marketing studio, comprised of researchers, developers, and marketers who aim to enhance the presence and appeal of Ethereum through innovative initiatives and community-driven efforts. In a post on July 6, Collective 2077 expressed gratitude to Buterin for his donation, stating that the funds would be used to improve Ethereum’s presence and appeal.
Messari CEO Criticizes SEC in Draft Letter to Congress
Ryan Selkis, the CEO and founder of crypto intelligence firm Messari, has taken a strong stance against the U.S. Securities and Exchange Commission (SEC) in a draft letter addressed to the United States Congress. Although the letter has not been sent yet, Selkis posted a draft version on July 6, declaring himself an opponent of the SEC. He stated that his company would be “operationalizing a war against this illegitimate and corrupt agency” in the coming months. In the letter, Selkis criticized SEC Chair Gary Gensler, accusing him of corruption and incompetence. Selkis argued that the SEC has no legitimate authority to regulate cryptocurrency markets and blamed the agency for causing continuous losses for crypto firms based in the United States. Selkis plans to finalize the letter and send it to Congress in the coming weeks.
Inferno Drainer Sends $880K to Railgun
The infamous crypto wallet drainer group, Inferno Drainer, has made a significant transfer after several months of inactivity. On July 7, the group sent 303 ETH to the Ethereum privacy protocol Railgun. MistTrack, a crypto analytics service, highlighted this recent transfer from a wallet associated with the drainer group. Railgun is a privacy-preserving protocol that prevents blockchain transfers from being easily traced. This transfer amounts to $880,000 at the current prices of ETH. The last series of transfers made by Inferno Drainer occurred on May 18, totaling 200 ETH, equivalent to $618,000 at the time. These funds were sent to the CoW protocol, which includes a decentralized exchange aggregator and automated market maker. Since its establishment in August 2023, Inferno Drainer has managed to steal over $180 million in crypto from more than 189,000 victims, according to data from ScamSniffer on Dune Analytics.
Magazine Highlights Misconceptions Surrounding ‘Bitcoin Layer 2s’
A recent magazine article delves into the inaccuracies surrounding the concept of “Bitcoin Layer 2s.” The article explains why it is crucial to understand the true nature of these systems.