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Tag: USD Coin

  • US Government Holds $12B in Bitcoin, Considers Strategic Reserve

    US Government Holds $12B in Bitcoin, Considers Strategic Reserve

    The United States government holds more than 183,000 Bitcoin (BTC), valued at approximately $12 billion, making it the largest geopolitical owner of the decentralized currency. This information comes from Arkham Intelligence, which also reports that the US government holds 50,000 Ether (ETH), 121 million USDT, 40,000 BNB, and over 10 million USD Coin.

    Recent Government Transactions

    The most recent transaction from US government-controlled wallets occurred on July 29, involving nearly 28,000 BTC. The identity controlling the receiving wallet is currently unknown.

    Bitcoin as a Strategic Reserve Asset of the United States

    On July 27, during the final day of the Bitcoin 2024 conference in Nashville, Tennessee, Senator Cynthia Lummis introduced legislation to make Bitcoin a strategic reserve asset for the United States. The Wyoming lawmaker proposed a plan for the government to purchase 5% of Bitcoin’s total supply and hold the digital commodity as a Treasury asset. Lummis described the proposal as a 21st-century “Louisiana Purchase,” referencing the historic 1803 acquisition of the American Midwest from France for $15 million.

    Support from Presidential Candidates

    Former President Donald Trump has hinted at creating a Bitcoin strategic reserve. During his keynote address at the Bitcoin 2024 conference, Trump promised not to sell any of the US government’s Bitcoin holdings. He stated his desire for the Bitcoin industry to flourish in the US and expressed concerns about overregulation stifling blockchain innovation.

     

    Independent presidential candidate Robert F. Kennedy Jr. also expressed support for a strategic Bitcoin reserve. He promised to sign an executive order transferring the US government’s vast Bitcoin holdings to the Treasury and proposed purchasing 500 BTC per day until the United States owns 4 million BTC.

    Skepticism About a Strategic Reserve

    Not everyone is convinced that a strategic Bitcoin reserve is imminent. Ari Paul, chief information officer at BlockTower Capital, believes the odds are stacked against Bitcoin becoming a strategic reserve asset for the United States. By 2028, he estimates the chances of this happening are 10:1. Paul explained that informal announcements by presidential candidates not to sell the United States’ Bitcoin holdings are insufficient to establish an official strategic reserve fund.

     

    The idea of Bitcoin as a strategic reserve asset for the United States has garnered attention and support from some prominent figures. However, the concept faces significant skepticism and hurdles before it can become a reality. As discussions and proposals continue, the future of Bitcoin in the US financial strategy remains a topic of keen interest and debate.

  • Crypto Gambling Site Stake Faces $41 Million Suspicious Withdrawals

    Crypto Gambling Site Stake Faces $41 Million Suspicious Withdrawals

    Suspicious Outflows Raise Eyebrows

    On September 4th, Stake, a renowned crypto gambling site, witnessed a staggering $41 million in withdrawals. Blockchain security experts have dubbed these transactions as “suspicious outflows.” Interestingly, Etherscan labeled the withdrawing account as “Stake.com Hacker.” This label suggests that the massive fund drainage might be due to a compromised private key.

    A Deep Dive into the Transactions

    Blockchain data paints a clear picture. Large withdrawals flowed from Stake.com contracts straight into the alleged hacker’s account. The first Ethereum transaction took place at 12:48 pm, moving around $3.9 million in Tether USDT to the attacker. Subsequent transactions saw the removal of 6,001 Ether, valued at roughly $9.8 million. The assailant didn’t stop there. Over the next moments, they withdrew about $1 million in USD Coin, $900,000 in Dai, and 333 Stake Classic tokens. Cyvers pegs the total drained crypto value at $16 million.

    The Aftermath of the Attack

    Post the fund drainage, the alleged hacker strategically distributed the amount across multiple accounts. Stake didn’t remain silent. They promptly acknowledged the breach on social media. “Three hours ago, unauthorized transactions emerged from Stake’s ETH/BSC hot wallets,” the team announced. They reassured users, stating, “We are on it and will restore the wallets once fully re-secured.” Stake’s co-founder, Ed Craven, emphasized that only a minor portion of their crypto reserves stays in hot wallets. This strategy ensures minimal losses, safeguarding users’ interests.

    The Ripple Effect on Other Chains

    Beosin, a smart contract auditor, shed light on a broader impact. The attack wasn’t limited to Ethereum. BNB Smart Chain (BSC) and Polygon also faced breaches. Beosin’s report indicates losses of $7.8 million on Polygon and a whopping $17.8 million on BSC. This revelation pushes the total losses to an alarming $41 million.

    Stake’s Offerings and Previous Hacks

    Stake isn’t just another crypto platform. It offers a plethora of casino games like Blackjack, Lingo, dice games, and even sports betting. But 2023 hasn’t been kind to crypto gambling platforms. Earlier in July, Alphapo, a payment provider for crypto-gambling sites, endured $31 million in suspicious withdrawals.

    A Broader Perspective on Crypto Security

    Crypto security has always been a hot topic in the digital realm. With the increasing number of platforms and the vast amounts of money involved, ensuring top-notch security becomes paramount. Stake’s recent incident is a stark reminder of the vulnerabilities that exist.

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