Binance CEO CZ is the richest crypto billionaire at $96B: Bloomberg
A week in review: Jan. 9–15 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. Binance CEO CZ is the richest crypto billionaire at $96B: Bloomberg | | | Bloomberg has estimated Binance CEO Changpeng Zhao — also known as "CZ"— to be the 11th-richest person in the world at a net worth of around $96 billion, making him the wealthiest billionaire in crypto. | | | However, Bloomberg's tabulation excluded CZ's personal holdings of crypto assets such as Bitcoin and Binance Coin, suggesting that the $96 billion could become much larger in the future. | | | To make the list of the top 10 richest people, CZ will need to look under his sofa and find a spare $11 billion to surpass Oracle co-founder Larry Ellison. Topping the list is South African bad boy and Tesla co-founder Elon Musk, who has accumulated $263 billion on the back of the success of his heavily subsidized electric vehicle company. | | #2. Jack Dorsey announces Bitcoin Legal Defense Fund | | | Former Twitter CEO, Bitcoin maxi and Block founder Jack Dorsey announced plans to create a "Bitcoin Legal Defense Fund" with Chaincode Labs co-founder Alex Morcos and University of Sussex academic Martin White. | | | The announcement, shared via Dorsey's mailing list, states that the fund will help provide a legal defense for Bitcoin developers, who are "currently the subject of multi-front litigation." | | | "The main purpose of this Fund is to defend developers from lawsuits regarding their activities in the Bitcoin ecosystem, including finding and retaining defense counsel, developing litigation strategy, and paying legal bills," the announcement stated. | | #3. Billionaire investor Bill Miller puts 50% of net worth in Bitcoin | | | Famous investor Bill Miller has now put 50% of his net worth in Bitcoin, as well as major industry firms like Michael Saylor's MicroStrategy and BTC mining firm Stronghold Digital Mining. | | | Miller was an early investor in Amazon, which he says still accounts for nearly 100% of the rest of his portfolio. He said he's been gradually accumulating Bitcoin since the price hit $30,000 in mid-2021. | | | The investor stated that he no longer considers himself just a "Bitcoin observer" but rather a real Bitcoin bull. Miller initially bought his first Bitcoin back in 2014 when BTC was trading around $200 and then purchased a "little bit more overtime" when it became $500. | | #4. Traders say Bitcoin run to $44K may be a relief bounce, citing a repeat of December's 'nuke' | | | Bitcoin had somewhat of a rocky trading week, as the flagship cryptocurrency fell to a price of $39,675 on Monday, according to Cointelegraph's BTC price index. BTC found itself priced at $44,315 by Wednesday. The asset hit $44,448 on Thursday before subsequently dropping later in the week. | | | Although Bitcoin's price increased on Tuesday, its Wednesday rally came on the same day it was reported that U.S. inflation hit a year-over-year rise of 7% in December, the highest in 40 years. | | | Even though Bitcoin's price rallied in the days following Monday's drop below $40,000, the potential for further downward action remains a possibility as of Wednesday, according to widely-followed Twitter personality Material Scientist. | | | "Remainder of bids was just pulled," one of the tweets stated. "Either they're done accumulating and use liquidity to chase now, or we see the same thing as in late November (pulled bids + stacked asks a few days later)." | | | In the case of Bitcoin trading, bids refer to buyer demand seen on exchange order books. Following its $68,969 peak in November 2021, BTC declined notably through the rest of the month, falling down to $41,614 by early December. | | #5. FUD of the week: LCX loses $6.8M in a hot wallet compromise over Ethereum blockchain | | | Liechtenstein-based crypto exchange LCX confirmed on Sunday that one of its hot wallets was compromised after the platform temporarily suspended all deposits and withdrawals on the platform. | | | The hack was initially highlighted by blockchain security firm PeckShield, which spotted a suspicious transfer of ERC-20 tokens from LCX to an unknown Ethereum wallet. The compromise was then promptly confirmed by LCX, which announced that several crypto tokens were compromised, including Ether (ETH), USD Coin (USDC), Sandbox (SAND) and its native LCX token. | | | According to an investigation by PeckShield, LCX lost a total of around $6.8 million via the hot wallet hack. | | #6. FUD of the week. FTC issues public warning about new crypto ATM scam | | | The U.S. Federal Trade Commission (FTC) posted an alert earlier this week regarding a new crypto ATM scam that involves nefarious QR codes. | | | The FTC stated that the scam starts with fraudsters impersonating figures, such as public officials, law enforcement agents, or potential dating partners on dating apps, who all spin various fables to dupe the victim into sending crypto. | | | If the victim falls for the fake story, they are directed to withdraw cash and then head to a crypto ATM and purchase some crypto. Once they purchase the crypto, the fraudster shares a QR code with the victim that diverts the funds back to the scammer upon scanning. | | | "Here's the main thing to know: nobody from the government, law enforcement, utility company or prize promoter will ever tell you to pay them with cryptocurrency. If someone does, it's a scam, every time," the FTC said. | | | Feel free to explore the most important news with Hodler's Digest: | | | |
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