CoinDesk Report:
00:00-08:45
Keywords: British High Court approves global freezing order against Craig Wright, TRM Labs: Exchange hacks leading to sharp increase in stolen cryptocurrencies in 2024, Bitcoin on-chain unrealized profit metric may trigger further sell-offs, FRNT Financial CEO: Traders may be overreacting to Mt. Gox repayment event, F2Pool report: Bitcoin dropping below $55,000 putting pressure on mining profitability, Pantera investment manager: More use cases for payments and remittances expected on blockchain in the future, Short-term 30-day correlation between MSCI global stock index and Bitcoin declining.
1. FRNT Financial Inc. CEO Stephane Ouellette stated in a report that traders may be overreacting to the Mt. Gox repayment event. The German government may liquidate $2.3 billion worth of Bitcoin, posing a larger direct threat to the market. Not all distributed Bitcoins will be sold, and the market is searching for a narrative while Bitcoin longs are eagerly hoping for this to be a great buying opportunity.
2. The British High Court has approved a global freezing order (WFO) against Craig Wright, freezing an amount of £1.548 million (approximately $1.98 million). This ruling stemmed from an application by Peter McCormack, arguing that the necessity of the WFO lies in Wright’s defamation claims which are fundamentally fraudulent. Wright, who claims to be Bitcoin’s creator Satoshi Nakamoto, demanded compensation from McCormack for alleged defamation losses. The court found Wright’s claims to be fraudulent and supported by forged documents, raising concerns about asset dissipation. Despite Wright’s opposition, including challenges to the objectives of the WFO and compliance with commitments, Judge James Mellor ruled the WFO and related enforcement measures crucial to ensuring McCormack recovers legal costs. The judgment includes orders to disclose and enforce assets in jurisdictions such as Australia, Seychelles, Antigua, and Singapore.
3. According to a recent report by blockchain intelligence company TRM Labs, the amount of stolen cryptocurrencies in the first half of 2024 (based on token dollar value) by hackers is over double that of the same period in 2023. The top five largest hacks this year account for 70% of the stolen amount. Notable incidents include the May theft of over 4,500 BTC worth over $300 million from the Japanese exchange DMM Bitcoin, possibly due to stolen private keys or address compromise. The most prominent attack vectors continue to be private key and seed phrase leaks, smart contract vulnerabilities, and flash loan attacks. However, cryptocurrency theft in 2024 remains significantly lower than in 2022.
4. Analyst Axel Adler Jr posted on platform X stating that regular investors have realized 84% of unrealized profits from their Bitcoin investments. With an average value close to $52,200 (PR Bands), this could lead to a reduction of about 14% in unrealized profits, with investors potentially choosing to take profits out of fear of further price declines. He also noted that a key price level to watch is $46,400, the average buy-in price for Bitcoin over the past year.
5. According to data from Bitcoin mining pool F2Pool, only five ASIC miners in the market are currently able to maintain profitability. These models include the Antminer S21 Hydro, S21, S19 XP Hydro, and S19 XP, as well as the Avalon A1466I. The breakeven prices for each miner range from $39,581 to $53,
