Senator Cynthia Lummis proposed a bill urging the U.S. government to start a strategic Bitcoin reserve.
Hackers stole nearly $300 million in crypto in July, with the biggest attack being the WazirX hack.
Do Kwon is set to be deported to South Korea instead of the U.S. to face legal charges.
Bitcoin price dropped to $60,000, but whales are in a buying frenzy.
Elon Musk accepted a bizarre challenge from Venezuela's president for a hand-to-hand fight.
The crypto market always delivers a list of interesting events every week.
Last week, we had interesting developments in and out of U.S. politics, where Senator Cynthia Lummis officially submitted the Bitcoin strategic reserve bill.
Last week, we had exciting developments in and out of U.S. politics, where Senator Cynthia Lummis officially submitted the Bitcoin strategic reserve bill.
Finally, on a lighter note, we have another hand-to-hand fight planned between billionaire Tesla CEO Elon Musk and the president of Venezuela.
Here are some of the biggest events in crypto from over the last week:
Last week, Senator Cynthia Lummis introduced a new bill to the U.S. Senate called the "Boosting Innovation, Technology and Competitiveness through Optimized Investment Nationwide", or the B.I.T.C.O.I.N. Act.
The B.I.T.C.O.I.N. Act of 2024
This proposal aims to boost the U.S. economy through Bitcoin further and possibly settle the country's national debt before 2045.
Lummis is urging the U.S. to establish a strategic Bitcoin reserve.
This reserve will be a decentralized network of vaults owned and operated by the United States Department of Treasury.
Lummis further proposes that the U.S. should consider buying 1 million Bitcoin between now and 2045, which would be around 5% of the cryptocurrency's total supply.
Furthermore, the bill believes that by using Bitcoin to save money and invest in the future, the U.S. can solidify its position as a global leader in financial innovation.
July was an especially harsh month for crypto, according to PeckShield Alerts.
The crypto security platform notes that during the month, hackers stole a staggering $266 million across 16 attacks.
The harshest of these hacks was on 18 July, when over $230 million was stolen from the Indian crypto exchange WazirX.
Keep in mind that this single attack accounted for 86.4% of the total amount stolen within the month, with North Korea's Lazarus group remaining a prime suspect.
Other notable hacks in the space included the $24 million stolen from Compound Finance and the $10 million stolen from the Li.Fi Protocol.
The remaining $16 million came from Bittensor and Rho Markets, both of which lost $8 million each.
Interestingly, June saw a comparatively lower loss of $176 million across 20 incidents.
According to Bloomberg, Montenegro's Appellate Court finally ruled in favour of extraditing Terraform Labs co-founder Do Kwon to South Korea last week.
This comes after years of delay and months of back and forths in court.
Recall that Do Kwon has been in custody in Montenegro since March 2023, when he was arrested for using a fake passport to flee to Dubai.
This came after the initial $40 billion Terra ecosystem implosion in May 2022 and the legal battle between the U.S. and South Korea over Kwon's extradition.
The High Court of Podgorica initially ruled in favour of sending Kwon to the U.S.
However, in recent developments, the Appellate Court has decided to uphold the lower court's decision to send him to South Korea. Montenegro's minister of justice is the only hope for a change in direction.
Last week and even further into this one, Bitcoin crashed from a $70,000 high to a low of $60,000, where it sits at the time of writing.
Billions of dollars have been wiped off the board as a result of this crash, with billions more to come if Bitcoin crosses the $58,000 zone to the underside.
However, amid the ongoing sell-off, there is an ongoing trend among Bitcoin whales, with over 1,000 BTC (~$64 million).
This cohort of whales added a staggering 84,000 BTC to their holdings in July despite the crypto market's stagnancy.
CryptoQuant C.E.O. Ki Young Ju noted this in a recent tweet, in which he stated that these whale wallets have raked in a staggering 1.45 million Bitcoin this year alone.
This is interesting because, during the last bull run, these whales bought around 70,000 Bitcoin over the entire year.
However, this time, we are seeing inflows of 100,000 Bitcoin—every week!
A while after agreeing and then cancelling a charity cage fight with Meta CEO, Mark Zuckerberg, Tesla CEO has just accepted a bizarre challenge from Velezuela's president, Nicolás Maduro.
After Venezuela’s presidential election in July, where both Maduro and his opponents claimed victory, Musk took to Twitter to accuse the Venezuelan president of “major election fraud.”
Maduro retorted and allegedly called Musk "the archenemy of Venezuela's peace." Maduro went further to challenge the latter to a physical fight, saying, "I'm not afraid of you, Elon Musk. Let's fight wherever you want."
Musk agreed and stated, "I'm coming for you, Maduro. I will carry you to Gitmo on a Donkey".
While this exchange may be funny to some, it isn't a new development. Musk has clashed with other world leaders in the past, especially the recent one with a Brazilian Supreme Court justice over free speech and misinformation on Twitter.
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