Top Stories This Week
Bitcoin breaches $60K for the first time in over 2 years
Bitcoin breached $60,000 for the first time in over two years after rising over 6% on Feb. 28. The last time cryptocurrency traded above this mark was on Nov. 12, 2021, when Bitcoin started its reversal, falling over 67% to the macro low of $19,297 at the beginning of April 2022. Bitcoin’s bullish momentum came two days after the spot Bitcoin exchange-traded funds (ETFs) broke an all-time high of $2.4 billion in daily trading volume on Feb. 26. The new nine spot Bitcoin ETFs have recorded combined trading volumes of over $2 billion for at least two days over the week.
US gov’t moved $922 million of seized Bitcoin after BTC price broke $60,000
The United States government transferred $922 million worth of Bitcoin from two cryptocurrency wallets that held funds seized from Bitfinex in 2016. The transfers occurred the same day Bitcoin (BTC) breached $60,000 for the first time in over two years on Feb. 28. The government seized the funds in 2016 after Bitfinex was hacked for approximately 119,754 BTC, worth over $7.4 billion at its current price. The hacker, Ilya Lichtenstein, laundered over $4.5 billion worth of Bitcoin from Bitfinex. Lichtenstein and his rapper wife, Heather Morgan (also known as Razzlekhan), were arrested in February 2022.
Gemini to return at least $1.1B to Earn customers in settlement with NYDFS
Cryptocurrency exchange Gemini and the New York State Department of Financial Services have reached a settlement that will see Gemini return at least $1.1 billion to customers of the Gemini Earn program through the Genesis bankruptcy proceeding. Gemini will also pay a $37 million penalty for multiple compliance failures “that threatened the safety and soundness of the company,” Superintendent Adrienne A. Harris of the NYDFS explained in a Feb. 28 statement. If approved by the bankruptcy court, Gemini said it expects Earn users to receive 100% of their cryptocurrency assets back plus…
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