Top 5 Crypto News of the Week! (23-29 September)
Dear PointPay Family,
As another week in the crypto world comes to an end, we've seen plenty of exciting happenings. Now’s the perfect time to take a step back and revisit the top 5 most interesting, important, and even amusing news stories from this week!
Visa Unveils New Tokenization Platform on Ethereum
Visa has introduced a tokenization platform on Ethereum, aiming to bridge the gap between traditional finance and blockchain technology. Currently in its pilot stage, the platform is being tested by HSBC in Hong Kong and BBVA in Spain, with plans to go live on Ethereum's mainnet by 2025.
This platform will help financial institutions simplify how they manage tokenized assets and smart contracts, making payment processes smoother and more efficient. Visa's move underscores its belief in blockchain's role in digital asset management as demand for such solutions grows in the financial sector.
Over $243 Million in Bitcoin Stolen in Single Crypto Scam
In a staggering crypto fraud case, scammers posing as Google support technicians managed to steal over $243 million worth of Bitcoin from a former creditor of Genesis. By manipulating the victim into revealing their private keys, the criminals bypassed security measures and transferred 4,064 BTC to multiple exchanges, laundering it through various cryptocurrencies.
Authorities have made two arrests, seizing $9 million of the stolen funds, but only $500,000 has been recovered for the victim so far. The investigation continues as efforts are made to track down the rest.
Old Bitcoin Wallets Reactivate, Moving 250 BTC
Several Bitcoin addresses that have been inactive since 2009 have suddenly transferred a total of 250 BTC, worth over $15.9 million with a holding profit of 8,000,000,000%+! These wallets, connected to early Bitcoin miners, each received 50 BTC back in 2009, making this unexpected movement particularly intriguing for the crypto community.
MicroStrategy Boosts Bitcoin Holdings to 252,220 BTC
MicroStrategy has expanded its Bitcoin reserves, acquiring an additional 7,420 BTC valued at $458 million. This move raises the company’s total holdings to 252,220 BTC, solidifying its status as the largest Bitcoin holder among public companies.
Founder Michael Saylor disclosed that MicroStrategy has invested about $9.9 billion in Bitcoin since 2020, with an average purchase price of $39,266 per BTC, resulting in an unrealized profit of over $5.9 billion.
NFT Market in Decline: 96% of Collections 'Dead'
The NFT market is facing challenges, with reports showing that 96% of more than 5,000 NFT collections are now considered "dead." These collections show zero trading activity and no sales for over a week, indicating a sharp decline in market engagement.
Furthermore, 4 out of 10 NFT owners are struggling to make a profit, while 44.5% face losses. These findings reflect the instability and volatility currently affecting the NFT sector in 2024.
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