9/25/23: Vitalik Keeps Selling ETH 🪙💻🏦

Author

Valko
September 25, 2023

Today’s Top Stories ⌐◪-◪

  • 🪙 Vitalik Buterin moves 400 ETH to Coinbase second time this year

  • 💻 Mixin Network suspends deposits after $200M hack

  • 🏦 Coinbase now owns 5% of Bitcoin in existence

Vitalik wallet sends 400 ETH worth $600K to Coinbase

Blockchain analytics highlights several ETH transfers from wallets linked to Ethereum co-founder Vitalik Buterin, totaling $3.9 million over the past 10 days.

⌐◪-◪ → This is the second time this year Vitalik has sent at least 400 ETH to centralized exchanges, presumably to sell as he doesn’t strike me as the 3rd party custodian type, lol. Some on-chain sleuths think Vitalik moved up to $4M. As somebody who appears to live like a college kid, I wonder what he’s doing with that money?

Mixin Network Losses Nearly $200M in Hack

Mixin Network is a protocol designed to address blockchain scalability issues – at the expense of having a centralized database.

⌐◪-◪ → This attack was made possible by centralized database technology, which created a single point of failure. Unfortunately to outsiders, hacks like this make the entire crypto industry look like a scam, when the truth is they simply harden the case for decentralized technology.

Coinbase holds 5% of all Bitcoin in existence: Data

Arkham Intelligence identified 36 million deposit and holding addresses used for BTC by Coinbase.

⌐◪-◪ → Coinbase now holds $25B in Bitcoin reserves, an ammount that rivals Satoshi Nakamoto. Many people forget that while Coinbase may be a crypto exchange, they’re still a centralized financial institution, a neo-bank, which makes this a major milestone (in my opinion) for the institutionalization of Bitcoin.

Peripheral Vision ⌐◪-◪

⛓️ Crypto & DeFi

  • Coinbase in talks to buy FTX Europe according to Fortune

  • Arbitrum DAO treasury boosted by $57M in unclaimed airdrops

  • Arrington exits now-defunct Celsius Bankruptcy Board

  • Maple Finance ditches under-collateralized loans after demand falls

  • OpenSea third-party breach leaves API users vulnerable

  • Minecraft server realm to kill BTC payments due to developer ban

  • Never-before-seen photos from the final months of FTX surface

  • Vitalik Buterin warns of CBDC risks

  • 1 year since Ethereum switched from proof of work to proof of stake

🏛️ Legal & Regulatory

  • Bitwise amends its Bitcoin ETF filing with rebuttal of SEC rejection

  • Celebrities that promoted FTX seek to dismiss their lawsuits

🏛️ Wallstreet

🌎 Rest of the World

  • Hong Kong to disclose crypto license applicants amid JPEX probes

  • South Korea UpBit freezes withdrawals following airdrop scams

  • Coinbase secures AML license from the Bank of Spain

🖼️ NFTs

  • Ordinals inscriptions leave thousands of Bitcoin tx unconfirmed

  • Nouns daily auction value drops 50% after 50% ($27M) treasury fork

  • Takashi Murakami says he may quit NFTs altogether

  • Beeple’s POLITICS IS BULLSHIT sells again for 79 ETH

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