Bitcoin

<p><strong>Key Insights:</strong></p><ul><li>MicroStrategy expanded its Bitcoin holdings with a $2 billion purchase.</li><li>Over 200 individuals were arrested in South Korea for a $232 million crypto scam.</li><li>Galaxy Digital’s Mike Novogratz doubts a Bitcoin strategic reserve will materialize but suggests it could trigger a global BTC race.</li><li>Kevin Mirshahi, a crypto influencer, was tragically found dead in Montreal months after being abducted.</li><li>Indian authorities arrested a suspect linked to the $235 million WazirX hack.</li></ul><h3 id="strong-microstrategy-increases-bitcoin-holdings-by-2-billion-strong"><strong>MicroStrategy Increases Bitcoin Holdings by $2 Billion</strong></h3><p>The past week saw MicroStrategy strengthen its position as the largest corporate holder of Bitcoin, purchasing 27,200 BTC for $2.03 billion. This brings the company&#39;s total Bitcoin holdings to over $20 billion. The acquisition was funded by selling 7.8 million shares for approximately $2 billion through agreements made earlier this year.</p><p>With this purchase, MicroStrategy bought Bitcoin at an average price of $74,463, signaling its unwavering confidence in Bitcoin as a long-term asset.</p><h3 id="strong-south-korea-cracks-down-on-232-million-crypto-scam-strong"><strong>South Korea Cracks Down on $232 Million Crypto Scam</strong></h3><p>South Korean authorities arrested 215 people linked to a massive $232.7 million crypto scam orchestrated by a financial influencer known as &#34;Mr. A.&#34;</p><p>Between 2021 and 2023, Mr. A and his network reportedly defrauded over 15,000 investors by recommending 28 crypto coins, six of which they issued and manipulated for profit. The influencer fled to Australia but was later apprehended. This case underscores the risks of unregulated crypto schemes.</p><h3 id="strong-bitcoin-strategic-reserve-unlikely-says-mike-novogratz-strong"><strong>Bitcoin Strategic Reserve Unlikely, Says Mike Novogratz</strong></h3><p>Galaxy Digital CEO Mike Novogratz expressed skepticism about the possibility of a U.S. Bitcoin strategic reserve, a proposal floated by Donald Trump and Senator Cynthia Lummis.</p><p>Novogratz cited the U.S.’s $36 trillion debt as a significant hurdle but speculated that, if implemented, the move could spur a global arms race for Bitcoin accumulation. He also suggested it would reinforce the U.S.’s stance as a tech-driven nation, potentially driving Bitcoin’s price to $500,000.</p><h3 id="strong-kevin-mirshahi-found-dead-after-months-of-investigation-strong"><strong>Kevin Mirshahi Found Dead After Months of Investigation</strong></h3><p>In a tragic development, the body of crypto influencer Kevin Mirshahi was discovered in Montreal’s Île-de-la-Visitation park. Mirshahi had been abducted in June, along with three others who later escaped.</p><p>Speculation suggests his abduction was tied to unresolved scams, as he had been barred from operating as an investment advisor. This incident highlights the alarming trend of violence targeting crypto figures, echoing other recent cases of theft and abduction in the crypto world.</p><h3 id="strong-indian-authorities-arrest-suspect-in-wazirx-hack-strong"><strong>Indian Authorities Arrest Suspect in WazirX Hack</strong></h3><p>Progress was made in the investigation of the $235 million WazirX hack as Indian police arrested a man from Bengal.</p><p>The suspect, SK Masud Alam, allegedly created a fake Telegram account used to facilitate the hack. While initial reports blamed WazirX’s internal systems, investigations revealed the hack stemmed from external vulnerabilities. This arrest sheds light on the complexities of the attack and brings authorities closer to resolving the case.</p><p><strong>Conclusion</strong>Last week’s events reflect both the promise and peril of the crypto landscape, from groundbreaking corporate investments to high-profile crimes. These developments underscore the need for vigilance, innovation, and security in the rapidly evolving world of digital assets.</p>

Crypto Weekly Highlights: MicroStrategy’s $2B Bitcoin Buy, $232M Scam Arrests, and Tragic Death of Influencer

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