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- 🍿Crypto in a Popcorn Tin
🍿Crypto in a Popcorn Tin
And Vitalik proposes a new stage in the ETH roadmap
Palak Malhotra
November 08, 2022
Good Morning Switchers 🤗
👋Welcome to Switch Daily with some popcorn to go with the upcoming hot goss.
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Here’s what we’ve got for you:
Market pulse
Stolen BTC found hidden in a popcorn tin
News that gets views
Meme-o-clock
Market pulse 📈
The market is like a Monday after a long weekend 😮💨
The overall market experienced a bearish session on 7 November, with most of the top cryptos by market cap spending much of the day in the red, with Solana (SOL) taking the lead among the losers. After hovering around the 1 trillion market cap for the past couple of days, a number last seen in September, the crypto market cap slid down to $974.8 billion, incurring a total of loss of $7.2 billion.
Coin of the day: Solana
SOL tumbled by 9.19% in yesterday's session amid speculation that it might be entwined in the ongoing drama surrounding the FTX exchange and Alameda Research.
🍿Stolen BTC found hidden in a popcorn tin🍿
No, we are not exaggerating, you guys. It's true.
The US authorities seized stolen Bitcoin worth $3.36 billion, hidden in a circuit board that was found at the bottom of a popcorn tin (if only we had such hiding skills while hiding from our responsibilities 🥲)
Anyway, long story short — the US Attorney’s Office for the Southern District of New York announced the seizure and conviction in the $3.36 billion crypto case of Silk Road Dark Web Fraud from 2012.
The authorities noted that the suspect named James Zhong pled guilty to executing a scheme to steal over 50,000 Bitcoin from the Silk Road marketplace in 2012.
While they seized the Bitcoin from Zhong’s home last year, the suspect recently came forward, agreeing to the charges pressed against him.
Following this, the authorities unveiled their investigation data, finally.
U.S. Attorney Damian Williams highlighted that “for almost ten years, the whereabouts of this massive chunk of missing Bitcoin had ballooned into an over $3.3 billion mystery.”
But after the IRS special agents raided Zhong’s property, they found over 50,491 BTC in a floor safe and “on a single-board computer that was submerged under blankets in a popcorn tin.”
Additionally, they found another hoard of over 11 BTC ($661,900) and 25 Casascius coins worth roughly 174 BTC.
It’s like when moms find that lost t-shirt you are so sure was swallowed by the earth. How did you…? Where was…? I don’t understand…!
The US Attorney concluded — “this case shows that we won’t stop following the money, no matter how expertly hidden, even to a circuit board in the bottom of a popcorn tin.”
What else is trending? 📻
Google Cloud is now running a block-producing validator node on the Solana blockchain. Google has started indexing Solana's data and is adding it to its BigQuery data warehouse to help developers access historical data and speed up the development activity on the blockchain.
Litecoin mining difficulty has reached a new high of 18.66 million hashes, according to blockchain data provider coinwarz.com. The rise in mining difficulty coincides with the third halving event which is scheduled for next year.
The Scourge is the new third stage which has a primary goal to “ensure reliable and credibly neutral transaction inclusion and avoid centralization of network and protocol risks from MEV.”
Project Cedar, a project conducted by the Federal Bank’s New York chapter found that the blockchain-enabled payments system settled foreign exchange transactions in less than 15 seconds.
Memewhile!
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See you tomorrow, folks. 👋
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