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Crimes involving cryptocurrency are worryingly on the rise, becoming ever more aggressive and, as in this case, quite shocking. Regardless of whether alleged or not, this is the harsh reality we are currently facing in this day and age. Pleading Not Guilty According to a story from Fox News, two culprits are accused of torturing an Italian millionaire in his apartment in New York, reportedly over a stash of $100 million in Bitcoin, and one of them was released after spending two months in the Rikers Island prison. The discharged is John Woeltz, 37, on the condition of a $1 million parole, with the release coming a week after a Manhattan judge granted bond for him and an alleged accomplice, William Duplessie, aged 33. Both have pleaded not guilty, and the latter has remained in custody. The duo is accused of kidnapping and tormenting Italian crypto trader Michael Valentino Teofrasto Carturan. The defense attorneys on the case stated that the alleged torture very closely resembled a âfraternity-like rite of passage.â Woeltzâs attorney, Wayne Gosnell, noted the following in a previous hearing: âMr. Carturan was there in the role of a pledge, he was essentially being hazed.â The alleged torturer, who was released and is also involved in cryptocurrency trading, evaded questions about whether he actually carried out the claims against him, and how he felt to be freed from custody as he was walking out of the Supreme Court building in Manhattan. As a condition to his release, the sum of which, reportedly, was a combination of cash and property put up by his father, he is subject to home arrest with an electronic monitoring bracelet. He will only be allowed to leave the premises of his home for doctorâs appointments, meetings with lawyers, or in the event of an emergency. Violent and Graphic Prosecutors stated in court that the duo kidnapped Carturan and tortured him for over three weeks, supposedly relieving him of his phone and passport. The attorneys further note that both Duplessie and Woeltz reportedly had a manifesto prepared with how they plan to steal the prisonersâ cryptocurrency. âInformant further states that the defendant and unapprehended male demanded that Informant provide the defendant with Informantâs wallet password so that the defendant and unapprehended male could take Informantâs Bitcoin,â a criminal complaint states. When the victim refused to provide the password to his crypto holdings, the two detainees allegedly subjected him to âphysical beatings, in addition to, but not excluding, using electric shock, lacerating his head with blunt force from a firearm, and pointing said firearm at the Informantâs head several times. Further, the captive was dragged to the top of a flight of stairs, hanged over the ledge, and threatened with losing his life.â The authorities further added that there were threats against the 28-year-old hostageâs family in Italy, while he was, supposedly, humiliated by having people urinate on him and by Woeltz forcing him to take drugs. Both defendants are due to appear in court on October 15th. The post Alleged Bitcoin Torture Suspect Freed on $1M Bail After 2 Months in Custody appeared first on CryptoPotato .
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The Bitcoin network mining difficulty reached an all-time high (ATH) of 127.6 trillion this week, representing increased competition for miners. The record may prove short-lived, however, as the difficulty is projected to decrease by around 3% to 123.7 trillion in the next adjustment on August 9, CoinWarz statistics indicate. This change in difficulty is in quick alignment with the average block time at 10 minutes and 20 seconds, slightly higher than the protocol target of 10 minutes. Why Mining Difficulty is Important Mining difficulty determines how difficult it is for the miners to come up with a valid hash for the next Bitcoin block. It is reset every 2,016 blocks to ensure new blocks around every 10 minutes regardless of the networkâs amount of computing power (hashrate). A rising difficulty can strangle miner profitability, especially if Bitcoinâs price does not increase alongside. Conversely, a decline in difficulty gives miners temporary respite since rewards become easier to obtain with the same hardware. Hashrate and Difficulty: A Balancing Act Hashrate â i.e., aggregate computing power keeping the Bitcoin network secure â is strongly correlated with difficulty. When additional miners join, difficulty increases to maintain block time consistency. Difficulty decreases when miners leave in order to avoid production slowdown. After its drop to 116.9 trillion in early July, the difficulty kept moving along in late July, consistent with rising hashrate levels. Stock-to-Flow and Bitcoinâs Scarcity The stock-to-flow ratio of Bitcoin lies at its core. Bitcoin, with 94% of all BTC having been mined, enjoys a stock-to-flow ratio of approximately 120, which is twice gold with its ratio of 60. Scarcity through controlled issuance is the antidote to price volatility caused by oversupply. Difficulty adjustment mechanism ensures price inelasticity to production, a feature that makes Bitcoin structurally different from most commodities. Conclusion While the Bitcoin mining difficulty lately hit a record high, the projected August dip gives miners temporary respite. In the long term, the adjustment mechanism remains central to sustaining the fixed issuance schedule of Bitcoin, upholding its scarcity, and enhancing its store of value status as a deflationary digital currency.
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Cryptocurrency intelligence platform Arkham has uncovered the largest Bitcoin theft in history, which has never been publicly disclosed. Arkham's analysis of on-chain data revealed that 127,426 BTC were stolen from a China-based mining pool called LuBian in December 2020. This amount was worth approximately $3.5 billion at the time, and its current value is approximately $14.5 billion. LuBian was a large mining pool with facilities in China and Iran that controlled approximately 6% of the global Bitcoin network as of 2020. However, it appears to have lost more than 90% of its BTC holdings in the attack that occurred on December 28, 2020. In the following days, approximately $6 million worth of BTC and USDT was stolen from a LuBian address active on the Bitcoin Omni layer on December 29. On December 31, LuBian moved his remaining assets to recovery wallets. Related News: Market Prophet Tom Lee Shares His Bullish Prediction on Ethereum (ETH) Price Neither LuBian nor the hacker has publicly acknowledged the incident to date, so Arkham's research marks the first documented case of this massive attack. Following the attack, LuBian sent OP_RETURN messages to the hacker addresses, demanding the return of the stolen BTC. These messages were transmitted in 1,516 separate transactions, totaling 1.4 BTC. Experts believe this intensive effort undermines claims that another hacker obtained the private keys through brute-force. Research indicates that LuBian used weak algorithms in private key generation, which may have paved the way for the attack. LuBian managed to preserve the remaining 11,886 BTC (currently worth approximately $1.35 billion) from the attack. However, the 127,426 stolen BTC remain under the hacker's control. The last movement of these wallets was recorded as a consolidation transaction in July 2024. The LuBian attack, with a volume of $3.5 billion at the time of the transfer, became the largest cryptocurrency theft ever recorded. Today, the attacker holds $14.5 billion in BTC, making him the 13th largest Bitcoin holder in the world, according to Arkham data, ahead of even the Mt. Gox hacker. *This is not investment advice. Continue Reading: BREAKING: The Largest Bitcoin Hack Ever, Unreported to the Public, Has Been Revealed â Unbelievable Figures Are Being Discussed
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The founder and CEO of digital asset investment firm BKCM, Brian Kelly, believes Bitcoin ( BTC ) could skyrocket by triple-digit percentage points if a core use case is heavily adopted. In an interview on the RiskReversal Media YouTube channel, Kelly says Bitcoin could explode by around 600% from the current level if the crypto king reaches the current market cap of gold. âLetâs just say all you do is use it [Bitcoin] as a substitute for gold. Thatâs one use case among many others⌠âŚand it takes over gold. I think the market cap of gold right now is somewhere around $15 trillion⌠âŚand Bitcoin is at what? $2.5 trillion. Something like that. $2.5 trillion to $15 [trillion]. Thatâs a 7x, right? So, thatâs not bad.â Bitcoin is trading at $115,580 at time of writing, down by around 6% from the all-time high reached in mid-July. According to the digital asset investor, Bitcoin is the âmost important innovation in the last 600 years of financial history.â âIt is the equivalent of the Medicis [Italian banking family]⌠âŚthe Medicis started using double-entry accounting. Thatâs what they pioneered. And they developed basically our modern financial system, [which] is double entry accounting with a bunch of big institutions on either side. Bitcoin comes along and just automates that all. So when I look at any other asset, any other industry out there that got disrupted by software, which is all that Bitcoin is⌠If I look at what happened to the post office when email came around, what happened to media when YouTube came around, what happened to radio programs when podcasts came around, they all got completely disrupted. And thatâs what youâre speculating on â that Bitcoin is going to disrupt the financial inner workings as we know it. And the technology behind Bitcoin, and the currency behind Bitcoin, will be used as this new, improved financial plumbing.â Follow us on X , Facebook and Telegram Don't Miss a Beat â Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Investor Brian Kelly Outlines Bitcoinâs Path to a Potential 7x Rally, Calls BTC the Most Important Financial âInnovationâ in 600 Years appeared first on The Daily Hodl .
Five long-dormant Bitcoin wallets sprang back to life on July 31, moving a total of 250 BTCânearly $30 million at todayâs rates. Thatâs money mined on April 26, 2010, during Bitcoinâs earliest tests. Traders saw the shift and paused, wondering if a massive sell-off was coming after more than 15 years of silence. Related Reading: XRP ETF Approval Incoming? Analyst Eyes September-October Window Early Coins Stir According to on-chain observers, these coins came from wallets active before the famous âPatoshi patternâ ended. That pattern, often linked to Bitcoinâs creator, slowed down around May 2010. Moving coins from that era can send a jolt through the market, even when the total is small. Around 250 BTC made a splash in todayâs headlines. Yet Bitcoinâs circulating supply tops 19 million coins. So far, none of the funds have shown up on public exchanges. That means any real impact on prices may be lowâunless the coins suddenly head for the exit in bulk. 5 miner wallets woke up after being dormant for over 15 years and transferred 250 $BTC($29.6M) out an hour ago. These miner wallets earned 50 $BTC each from mining on Apr 26, 2010. Wallets: 1NuqAKeX6JzW372QfEe7eFkewFx21fnqd3 12EWRT19v2eAvWjGDWjodCe7NP1CzmFphT⌠pic.twitter.com/vGttaE6MxY â Lookonchain (@lookonchain) July 31, 2025 Traders and analysts have begun tracking the addresses that received the BTC. If those wallets start funneling coins into exchanges or over-the-counter desks, panic could spread. But wallet shuffles without selling are common among early miners who just want to consolidate or upgrade their security. Clues Point Away From Satoshi Based on reports from Whale Alert, these movements donât match the nonce patterns tied to the roughly 1.12 million BTC once mined by âSatoshi Nakamotoâ across blocks up to number 54,316. Experts note the mining speed and nonce range differ from whatâs been linked to Bitcoinâs creator. That makes it far more likely these funds belong to other early adopters. Tightening Crypto Rules Meanwhile, reports have disclosed that Japanâs Financial Services Agency (FSA) has moved oversight of crypto-asset exchanges into a more powerful unit. The aim is to tighten rules, improve capital checks, and guard against money-laundering. This change brings crypto platforms under the same kind of scrutiny as banks and brokerages. Related Reading: $1K XRP Millionaire Promise: Fact Or Fantasy? Moving coins from 2010 always raises eyebrows. Yet 250 BTC is a drop in Bitcoinâs ocean. And with clues pointing away from Satoshi, the market may shrug this off unless the funds hit exchanges fast. Japanâs new rules show that regulators arenât standing stillâtheyâre making sure crypto firms meet tougher standards going forward. Featured image from Meta, chart from TradingView
New campaign finance records have shown that the crypto industry has donated more than $26 million to support U.S. President Donald Trump this year. The donations were made to MAGA Inc., a political action committee that backs the country leader. These contributions come from some of the most well-known names in the crypto industry . This move reflects the growing relationship between President Trump and the crypto sector. Industry Leaders Back Trumpâs Campaign According to a recent report, several major crypto companies and investors made large financial contributions to Trumpâs 2024 presidential campaign. This financial support suggests that many in the industry believe the president will create an environment that allows digital assets to grow with fewer restrictions. Not surprising, since Trump returned to office this year, he has taken several actions in support of cryptocurrencies. Not too long ago, he signed the GENIUS Act into law , which is the first federal legislation that focuses on stablecoins. His administration is also working to pass the CLARITY Act, a proposed law that would create a clear legal framework for digital assets. The U.S. president has reaffirmed commitment to create a Strategic Bitcoin Reserve . He released a detailed report outlining policies to support open-source crypto projects and protect user privacy. These steps have been praised by many leaders in the digital finance space, who view them as signs of strong support for innovation. Critic Raises Concerns About Personal Interests However, Trumpâs growing involvement in the crypto industry has raised concerns about possible conflicts of interest . Members of his family are involved in several crypto ventures. This includes stablecoins, memecoins, Non-Fungible Tokens (NFTs), and Bitcoin mining. Critics worry that the president could benefit personally from decisions made by his administration. This is especially if those decisions affect markets in which he or his relatives have investments. Some are also questioning Trumpâs personal connection to digital assets, with reports saying a big part of his wealth is tied to crypto . His stake in Trump Media & Technology Group is estimated to be worth over $2 billion. Also, his broader crypto investments are believed to have gained over $600 million in recent months. Crypto Investments Within the Trump Administrative Cabinet The concerns do not stop with Trump alone. A number of officials and nominees in his administration also have significant investments in digital assets. Reports say that nearly 70 people in Trumpâs administration have some kind of crypto investment, with amounts ranging from small sums to over $120 million. This group includes Vice President JD Vance and several top government officials. Some worry that these investments could influence policy decisions. Others think it sets a bad example by encouraging public officials to invest in risky assets. The post Donald Trump Receives Over $26M in Crypto Donations In 7 Months appeared first on TheCoinrise.com .