“It is Worth $1 Billion,” says The Largest NFT Fund That Bought Beeple’s “The First 5000 Days”

“It is Worth $1 Billion,” says The Largest NFT Fund That Bought Beeple’s “The First 5000 Days”

Metapurse, founded by Metakovan, bought it for more than 42k ETH, worth nearly $69.35 million, calling it “the most valuable piece of art for this generation.”

Metapurse was the buyer of the $69,346,250 digital artwork “The First 5000 Days” by artist Mike Winkelman, famously known as Beeple.

An NFT production studio, Metapurse is the largest NFT fund in the world. Metakovan is the pseudonymous founder and financier of the fund that broke the record for the most expensive NFT ever sold by bidding 42329.453 ETH. Metakovan said,

“When you think of high-valued NFTs, this one is going to be pretty hard to beat.”

“And here’s why – it represents 13 years of everyday work. Techniques are replicable, and skill is surpassable, but the only thing you can’t hack digitally is time. This is the crown jewel, the most valuable piece of art for this generation. It is worth $1 billion.”

The auction ended on Thursday, which was hosted by the oldest auction house Christie’s, which had its first purely digital artwork with a unique NFT and also accepted cryptocurrency for it. Around 22 million viewers tuned in to Christies.com for the final moments of bidding, revealed the official announcement. Guillaume Cerutti, CEO of Christie’s said,

“The possibilities for what comes next in this field are inspiring, and we look forward to more collaborative innovations in the near future.”

The digital artwork is the third most valuable artwork ever sold by a living artist.

Twobadour, who operates the NFT fund along with Metakovan, said the sale of Beeple’s artwork had made “history” because this involved a renowned auction house, a contemporary artist, and a wholly digital masterpiece which is acquired by a person of color.

“This certainly is history. We also hope it is the future,” Twobadour said.

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Author: AnTy

$6B Worth of New Gold Reserve Found in Turkey; “Bitcoin Fixes This with Absolute Scarcity”

$6B Worth of New Gold Reserve Found in Turkey; “Bitcoin Fixes This with Absolute Scarcity”

Meanwhile, Bitcoin still has a fixed cap of 21 million — pristine scarcity.

About 3.5 million ounces of gold that was detected in the mining field of Turkish Agricultural Credit Cooperatives’ subsidiary Gübretaş in Bilecik is estimated to be worth around $6 billion.

“We are talking about a value of about $ 6 billion when we try to put it in value at today’s prices,” said the Chairperson, Fahrettin Poyraz on Tuesday about the reserve in the Söğüt gold mine. About 1.92 million ounces of the reserved are also ready for extraction, he said.

“It is estimated that 1.6 million ounces could be converted into reserves at a rate of 83%,” said Poyraz adding, “We aim to extract the first gold in two years and turn it into value for the Turkish economy.”

And this is what the crypto community has long been talking about all along. While the digital gold, Bitcoin, has a limited 21 million BTC supply, gold reserves continue to be found, expanding its supply.

“Nobody knows the global Gold supply, Bitcoin fixes this with ABSOLUTE SCARCITY,” said BTC proponent Max Keiser.

This isn’t even the first time, back in October, a huge amount of gold reserves, $127 billion was also discovered in Russia.

As Mike Belshe, the CEO of California-based cryptocurrency firm BitGo said in his interview with Bloomberg last week, “The main thing that’s unique about Bitcoin is it’s got a level of scarcity that we really don’t have in any other market.”

When it comes to precious metals, there are also “some endeavors to mine precious metals from asteroids they fly by which could happen at some point. Mathematically bitcoin is pristine in its scarcity,” said Belshe.

Compared to bullion’s 22.33% return in 2020, BTC is up 223% YTD while trading near its all-time high of $24,300 that was set just over this past weekend.

According to Belshe, the world’s largest cryptocurrency has a “property that literally no other asset class has.” Not to mention, Bitcoin is “immune” to the “unprecedented levels” of money printing that central banks are doing around the world.

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Author: AnTy

FUD of the Week: China and US Treasury Unsuccessful in Attacking Bitcoin

This week as we reported, China Police seized more than $4.2 billion worth of the crypto asset from the PulsToken Ponzi scheme.

However, it was the officials informing the public, as the crypto market has known all along, about how and where these funds have been moving thanks to the transparency of the blockchain technology.

Researcher Ergo has been updating the community about the sale of these tokens over the years, which peaked in mid-2019. Only about 15k of the BTC are left of the original 201k BTC now.

What is really interesting about China’s latest summary is that the authorities might be the ones involved in the sale of crypto assets all this time.

“Chen Bo, the mastermind of PlusToken (arrested in June 2019), was entrusted with selling PlusToken’s BTC, via a third party business, on behalf of the CCP?” commented ErgoBTC adding, “In return, he only gets 8 years in the gulag for architecting a multi-billion $ Ponzi? What kind of communism is this?”

The good news about this all is the market won’t be getting smashed as most of the Bitcoin has already been dumped into the open market through OKEx and Huobi. It was this sale-off at that time in mid-2019 that sent BTC crashing from $14k to $6k in six months.

There isn’t really anything left to send to China’s national treasury as they already sold most of it all. However, the same can’t be said of ETH and other altcoins, including LTC, EOS, DASH, XRP, DOGE, BCH, and USDT.

“Most importantly, this can be seen as the first government attack toward Bitcoin via liquidity games and price manipulation. IT FAILED,” said market analyst David Puell.

The price of cryptocurrencies had already taken a big drop before this news hit the market, sending BTC to nearly $16,300. Today, the crypto market is actually green.

Besides, over-leverage and BTC already rallying 85% in less than two months being the reason for the crash, Coinbase CEO Brian Armstrong spreading the U.S. Treasury FUD is another one.

While “false, it should be taken seriously,” said Puell.

Regulating self-custodied wallets is already forced upon exchanges in countries like Switzerland, Singapore, and the Netherlands.

While the crypto community continues to oppose these regulations, more rules and laws are expected, which means “privacy and ownership, even more so than price, will be the most contested subjects in Bitcoin in the next few years.”

The implication of this in the US on the price of Bitcoin in the long term, however, isn’t expected to change anything.

“The fundamentals remain the same, so in my view, even if we continue correcting ($14k, 12k, or whatever), the cause would be simply out of major market actors taking profits with the aim to buy cheaper,” Puell said.

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Author: AnTy

Chinese Police Won’t Return the $4.2B Seized PlusToken Funds; ‘Forfeit to the National Treasury’

PlusToken is back to worry the market. However, it is worth noting that many of the funds scammed by this Ponzi scheme have been getting sold over the years.

It has been more than 100 days, over three months, since these funds have been moved.

“This is bullish either way,” commented Su Zhu, the CEO of Three Arrows Capital.

Today, the reports came that as per the new court ruling, crypto assets worth over $4.2 billion have been seized by the Chinese police in a PlusToken Ponzi scam crackdown. The ruling came amidst the latest reports of China cracking down on online criminal activities.

The crypto assets involved in this scam were 194,775 BTC, 833,083 ETH, 487 million XRP, 1.4 million LTC, 27.6 million EOS, 74,167 DASH, 6 billion DOGE, 79,581 BCH, and 213,724 USDT that are seized by the law enforcement from seven convicts, according to the judgment made public on Thursday.

Unfortunately, these assets won’t be returned to the victims.

“The seized digital currencies will be processed pursuant to laws, and the proceeds and gains will be forfeited to the national treasury,” said the court, but nothing is mentioned about the when, what, and how of it.

The market expects these crypto assets to be released in the market in a “gradual manner.”

The PlusToken Ponzi scheme started its operations in May 2018; it duped more than 2.6 million members.

15 people have been convicted in the case so far who are in jail for two to 11 years with fines between $100k to $1 million. One convict also successfully laundered 145 million yuan worth of crypto into the Chinese Yuan.

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Author: AnTy

KuCoin Co-Founder: We Have Recovered 84% Of The Stolen Funds From The September Hack

Crypto exchange, KuCoin, has now recovered approximately 84% of the stolen $281 million worth of crypto assets following a hack in September of this year. This means that the exchange has recovered about $236 million.

KuCoin’s co-founder, who is also the exchange’s CEO, Johnny Lyu, revealed the news through a tweet. Lyu explained that the exchange carried out various activities to recover the stolen funds. He said:

“So far, 84% of the affected assets have been recovered via approaches like on-chain tracking, contract upgrade, and judicial recovery.”

Lyu also explained that the exchange could not reveal further details of the recovery process in accordance with the law enforcement requirements. He also intimated that details might be revealed once the case was closed.

As per the CEO, the exchange has so far reopened trading services for 176 tokens, and it is expected that all the others will be reopened on or before Nov. 22. Currently, KuCoin provides trading services for about 230 tokens.

KuCoin was hacked in September, where most of the lost funds were ERC-20 tokens, which were estimated to be worth $147 million. The exchange also lost Stellar tokens estimated at $87 million, while Bitcoin was estimated to be $30 million. The exchange explained that the heist was orchestrated through a leaked private key to gain access to its wallets.

However, the exchange was able to recover about $160 million days after the heist via protocol projects’ forking, limiting the hacker’s address and redeployment of the contracts.

Lyu’s announcement comes just days after the hacker conducted various transactions from his Ethereum address using ERC-20 tokens to another address, which now holds approximately the ERC-20 tokens estimated to be worth $13.6 million. The exchange has claimed that these tokens’ swapping to different accounts makes them hard to recover but is working with law enforcement to track it.

However, the exchange has assured its clients that it has enough money in its bank accounts to cater to all the losses.

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Author: Joseph Kibe

US Government Seizes 69,270 Bitcoin in Largest Ever Cryptocurrency Bust

Remember the $1 billion worth of Bitcoin belonging to Silk Road that moved this week? Well, it turns out it was the US authorities doing the moving.

The US is suing for the forfeiture of 69,270 BTC, worth more than $1 billion at current prices. The Justice Department seized these Bitcoins on Tuesday, marking the largest crypto bust the government has ever made.

These BTC are linked to the Silk Road darknet marketplace that the authorities shut down seven years ago.

“The successful prosecution of Silk Road’s founder in 2015 left open a billion-dollar question. Where did the money go?” the authorities said in the statement. “Today’s forfeiture complaint answers this open question at least in part.”

The announcement came amidst Bitcoin’s resurgence to a new 2020 high of nearly $16,000 before retracing a bit today around $15,500.

Bitcoin is on its third such bull cycle, which sees positive momentum from the continued uncertainty around the US elections, weak US dollar, increased institutional and mainstream adoption, and the macro fundamentals that are fueling this rally.

It “almost feels like Bitcoin’s perfect storm,” said Guy Hirsch, managing director for the U.S. at eToro.

The Silk Road

The Bitcoins were seized from an alleged hacker identified as Individual X, “whose identity is known to the government,” as per the statement.

The document points out that the law enforcement officers used a third-party bitcoin attribution company this year to analyze Bitcoin transactions executed by Silk Road and detected 54 transactions that were sent from BTC addresses controlled by Silk Road to two Bitcoin addresses that helped the agents trace them to the alleged hacker.

The Silk Road website described as “the most sophisticated and extensive criminal marketplace on the Internet” by the authorities was operated by Ross Ulbricht from 2011 to 2013. During this time, the darknet marketplace was used to generate about $1.2 billion in illicit sales.

In 2015, Ulbricht was convicted by a New York federal jury of seven criminal counts.

According to the crypto researcher, Chainalysis that assisted law enforcement in tracking down the funds, Silk Road accounts for almost 20% of total Bitcoin economic activity at its peak in 2013.

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Author: AnTy

ProudBitcoiner Pays $9,500 Worth of ETH Gas Fees for $120 Transaction on Uniswap

A Reddit user “ProudBitcoiner” accidentally paid a fee of 23.5172 ETH worth about $9,500 in transaction fees for a transaction he did on popular DeFi protocol Uniswap.

The fee, which is 80 times the transaction value, was done while the user was executing a swap of 0.2955 wrapped ether (ETH) for 531 Chi Gastoken (CHI) on decentralized exchange (DEX) Uniswap.

Source: Etherscan

The average fee currently is a mere 0.0022 ETH worth just over $1 unlike in September when Ether fees surged to its highest level ever.

Higher than average fees are generally paid to get the transaction processed quickly. In such cases, people go the manual route.

In this case, the user further explained on Reddit how this actually happened.

“Metamask didn’t populate the “Gas Limit” field with the correct amount in my previous transaction and that transaction failed, so I decided to change it manually in the next transaction (this one), but instead of typing 200000 in “Gas Limit” input field, I wrote it on the “Gas Price” input field, so I payed 200000 GWEI for this transaction and destroyed my life.”

The block had been mined about 24 hours ago, however, he did contact Ethermine for help.

This isn’t the first time such a thing has happened and has not been the highest either. Back in June, someone paid about $5.2 million in fees for two transactions of about $82k.

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Author: AnTy

In Q3 Ripple Paid Out Over $9M in XRP to Its Strategic Partner, MoneyGram; A 38% Drop Over Q2

  • The blockchain-focused startup, Ripple Inc. continues to funnel millions of dollars’ worth of XRP to global remittance firm, MoneyGram.
  • The San Francisco-based firm channeled $9.3 million in XRP tokens to MoneyGram over the third quarter of 2020, representing a $5 million decrease from the previous quarter.

The latest MoneyGram financial results released on Thursday show Ripple Inc. made a payment of $9.3 million in market development fees to the remittance service provider. The company received a net benefit of $8.9 million after a partial offset of $0.4 million in “transaction and trading expenses”.

The payment is made every quarter since the partnership between Ripple Inc. and MoneyGram in 2019. According to a MoneyGram spokesperson, the firm gets paid the fee for facilitating and processing transactions on Ripple’s On-Demand Liquidity (ODL) product, which uses XRP for settlement.

However, this represents a drop from the $15.1 million paid out in Q2 2020, signaling a drop in transactional volume on Ripple’s ODL platform.

The recent payment brings the total amount paid to MoneyGram to $52 million adding to the $16.1 million in XRP paid in Q1 2020, and a total of $11.3 million paid out in the last half of 2019. According to an insider in MoneyGram, the company does not hold any XRP but rather sells it as soon as they receive it.

In mid-June 2019, Ripple announced a strategic partnership with MoneyGram that would see the latter benefit from Ripple’s cross border trading services and foreign exchange settlement using the XRP token. Furthermore, Ripple invested $50 million into MoneyGram in exchange for equity to kick start the partnership.

The partnership between the two payment firms is expected to last till 2023.

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Author: Lujan Odera

Fidelity Digital Asset Services to Custody Crypto Investments for High Net Worth Individuals In Asia

  • Digital Assets Custodian FDAS Expands Into Asia
  • Targeting High Net Worth Crypto Investors With A New Partnership

Fidelity Digital Assets Service, one of the largest financial corporations dealing in Bitcoin, announced a partnership with Stack Funds, a Singapore-based fintech startup, to provide digital assets custody to its customers across Asia, Bloomberg reported on Thursday.

The partnership targets to offer a secure and accessible crypto custodial service to the high net worth individuals and families across Asia aiming to fill the high demand for such services in the region.

Speaking on the partnership, Christopher Tyrer, head at Fidelity Digital Assets Service in Europe said,

“There is a critical need for platforms which have a deep understanding of what local and regional investors are looking for” that “has historically been lacking in the digital asset space.”

Stack Fund is a leading provider of cryptocurrency and digital assets index funds in Asia. The firm aims to capture more market share across the region with the latest partnership with Fidelity. Customers’ assets and funds will be audited monthly and also receive unique protection programs such as insurance coverage and offer weekly contributions and redemptions.

Following its launch in 2018, Fidelity Investments crypto wing, FDAS, the firm has grown as one of the largest traditional finance custodians of digital assets. The latest move to Asia aims to offer risk mitigation and attract high net worth individuals and families to digital assets, Michael Collett, Stack’s co-founder said.

Collett aims at turning the tide of Bitcoin adoption, which he explains has not been on the explosive tide despite the skyrocketing prices currently. He further said,

“This year has been tough as far as getting people into Bitcoin because it didn’t cover itself with glory in the market downturn. [But] “since the dark-dark days of March we’ve had inquiries pick up again.”

Over the past months, however, a number of institutions and high net worth individuals have entered the crypto space. MicroStrategy’s CEO, Michael Saylor recently announced he personally held over $253 million in Bitcoin announcing the firm wants to buy more Bitcoin. Notwithstanding, PayPal, a global payments firm announced the addition of crypto purchases – opening a gateway to digital assets to over 300 million customers.

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Author: Lujan Odera

Institutional Asset Manager, Stone Ridge, Buys 10,000 Bitcoin as its Treasury Reserve Asset

The $10 billion institutional asset manager has bought 10k BTC worth $115 million as its “primary treasury reserve asset.”

Publicly-traded MicroStrategy first started the narrative (twice), then last week, Jack Dorsey’s Square bought $50 million Bitcoin, representing 1% of company assets.

Already 15 public companies have bitcoin in their Treasuries, and several small businesses like Tahini and Snappa have converted their US dollars in the balance sheet with the leading digital asset.

Now, Stone Ridge Holdings Group has jumped on the BTC as a reserve asset train. The investment was based on the thesis that “the long term growth of an open-source monetary system—in assets like bitcoin,” co-founder Robert Gutmann told Forbes.

Its crypto subsidiary NYDIG also announced on Tuesday that it had raised $50 million in funding led by VC fund FinTech Collective along with Bessemer Ventures and Ribbit capital.

NYDIG, which offers prime brokerage and custody services to institutional customers, is among the handful of companies that have obtained New York state’s BitLicense.

Gutmann, who has taken over as co-founder and CEO of NYDIG, also shared that they are seeing “pretty dramatic acceleration in the count of institutional investors who want to participate in the market since March of this year.”

The unprecedented fiscal and monetary stimulus post-COVID-19 pandemic, according to him, will drive more and more people to hedge their investment portfolio with digital assets.

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Author: AnTy