Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. US Government Crypto Hacked: On Oct. 24, a hacker compromised a wallet believed to be controlled by the U.S. government, stealing $20 million in assets seized from the 2016 Bitfinex hack.

2. Binance Exec Leaves Nigeria: Binance's head of financial crime compliance, Tigran Gambaryan, left Nigeria on Oct. 23 after being detained for eight months over charges of tax evasion and money laundering.

3. 📈Technical Analysis Masterclass - Solana’s technical indicators show strong potential for growth in both the short and long term! Watch UseTheBitcoin’s latest Youtube video “Don’t Miss Out on Solana’s Next Big Surge! Here’s Why!” to get the breakdown of the short-term and long-term outlooks or join our Official Telegram Channel for more alpha!

4. 💡Feature of the Day - Kraken Ethereum L2 'Ink': Kraken has launched Ink, its Ethereum-based layer-2 network built on Optimism's OP Stack, with testnet deployment scheduled for November.

   
   All this and more in today’s headlines!

📰 News Highlights:

US Government Crypto Hacked [Source][Source]

On Oct. 24, a hacker compromised a wallet likely controlled by the United States government, draining $20 million worth of assets seized from the 2016 Bitfinex hack.

According to Arkham Intelligence, the malicious address now holds approximately $13 million. The stolen funds include various assets like US Dollar Coin, Tether, aUSDC, and Ether.

The attacker reportedly transferred these funds to a wallet beginning with “0x348” and is suspected of laundering the funds through money-laundering services, converting stablecoins into ETH.

This compromised wallet is linked to the 2016 Bitfinex hack, where Ilya Lichtenstein and Heather Morgan stole 120,000 Bitcoin, valued at around $8.2 billion today.

Both were arrested in 2022 and later pleaded guilty in 2023. Lichtenstein admitted to laundering the funds and later confessed to being the hacker.

Binance Exec Leaves Nigeria [Source][Source]

Tigran Gambaryan, Binance’s head of financial crime compliance, left Nigeria on Oct. 23 after eight months of detention following charges of tax evasion and money laundering.

Nigeria’s Economic and Financial Crimes Commission dropped the final charges, allowing Gambaryan to return home for medical treatment.

His family reported that his health deteriorated during detention, suffering from pneumonia, malaria, and a herniated disc that may require surgery.

 📈Technical Analysis Masterclass:

Don’t Miss Out on Solana’s Next Big Surge! Here’s Why!

Short-Term Outlook:

• Retracement to $170: A slight pullback could help Solana establish new support levels, which is a healthy sign for future growth.

• Key Breakthroughs: Solana has broken through the 100-day and 200-day moving averages, indicating buyers are gaining control.

• RSI Overbought: Solana’s RSI is above 70, signaling strong buying momentum, but a short-term pullback could be possible as investors take profits.

Long-Term Outlook:

• Weekly Chart Bullish: The 50-day moving average is now acting as solid support, showing market confidence and setting the stage for further growth.

• Golden MACD Crossover: This highly bullish signal suggests Solana could see a much larger price move in the near future.

• Room for Growth: The weekly RSI sits comfortably above the 50 mark, indicating Solana still has plenty of space for upward movement.

💡 Feature of the Day: 

Kraken Ethereum L2 'Ink' [Source][Source][Source][Source][Source]

Kraken has unveiled Ink, its Ethereum-based layer-2 network built on Optimism’s OP Stack, with plans to roll out on testnet in November.

Ink will focus on providing on-chain wealth management tools for both seasoned traders and crypto newcomers.

As part of Optimism’s Superchain, Ink will benefit from increased interoperability and shared resources with other layer-2 networks like Base and World Chain.

Ink aims to address fragmentation issues among layer-2 networks by offering seamless communication and resource sharing.

The network is set to launch on mainnet in early 2025.

Today’s Sponsor:

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😂 Crypto Meme of the Day: 

And that’s it for this today.

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com