Dormant Bitcoin Wallets Move $8.5 Billion, FTX Seeks Asset Distribution Approval

This week, the cryptocurrency world witnessed a series of significant events, ranging from the activation of dormant Bitcoin wallets to strategic moves by major players and a high-profile hack.

Eight Bitcoin wallets, dormant since 2011 during the Satoshi era, suddenly transferred 10,000 Bitcoin each to new SegWit addresses. This movement, totaling approximately $8.5 billion worth of Bitcoin, raised eyebrows in the crypto community. Additionally, a suspicious transaction involving over 10,000 Bitcoin Cash tokens was flagged before the massive Bitcoin movements began.

In another significant development, hackers who gained unauthorized access to the Central Bank of Brazil’s service provider began using cryptocurrencies to launder some of the $140 million they stole. An on-chain analyst disclosed that over-the-counter desks and cryptocurrency exchanges in Latin America have converted between $30 and $40 million of stolen cash into Bitcoin, Ethereum, and USDT.

FTX, the embattled cryptocurrency exchange, sought legal approval to distribute assets in restricted jurisdictions. The FTX Recovery Trust submitted a motion requesting that the court grant permission to introduce new procedures for allocating creditor claims in 49 foreign countries, including China, Russia, Ukraine, Pakistan, and Saudi Arabia.

Meanwhile, the International Monetary Fund rejected Pakistan’s proposals to provide subsidized electricity for Bitcoin mining and other energy-intensive industries. The IMF expressed concerns about potential market distortions during a session of the Senate Standing Committee on Power.

In the realm of blockchain development, Deutsche Bank announced plans to launch a cryptocurrency custody service next year, enlisting cryptocurrency exchange Bitpanda to help build the offering. Additionally, Robinhood, the digital brokerage, announced it is developing its own blockchain network based on Arbitrum and launching tokenized stock trading services.

Ripple, the blockchain payments company, partnered with London-based fintech firm OpenPayd to develop stablecoin and payments infrastructure for businesses. This partnership coincides with Ripple’s application for a national banking license at the Office of the Comptroller of the Currency.

In the world of Bitcoin treasury giants, Strategy acquired 4,980 Bitcoin worth $532.6 million between June 23-29, bringing its total Bitcoin holdings to 597,325 BTC. Metaplanet, a Tokyo-based hotel management service, purchased 1,050 Bitcoin, bringing its total cryptocurrency holdings to 13,350 BTC. Metaplanet is issuing 0% interest rate ordinary bonds worth $208 million to fund further Bitcoin acquisition activities.

These developments highlight the dynamic and evolving nature of the cryptocurrency landscape, with strategic moves, regulatory challenges, and technological advancements shaping the future of digital assets.