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Good Morning Crypto Enthusiasts!

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

1. ZKasino Wallet Loses $27M: The wallet behind the $40M ZKasino scam was liquidated for $27.1M after ETH's price crash. Though many see it as “karmic justice,” victims still haven’t been repaid. Promises of a 1:1 ETH return remain unfulfilled, leaving users in limbo.

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3. Strategy Halts Bitcoin Purchases: Michael Saylor’s firm, Strategy, paused BTC buying despite a price dip below $87K.

4. 💡Feature of the Day - $900M Crypto Liquidations Hit: Nearly $900M in crypto positions were wiped out as global markets tanked. BTC dropped below $80K and ETH under $1,800.

   
   All this and more in today’s headlines!

📰 News Highlights:

ZKasino Scam Liquidated [Source][Source][Source][Source]

A wallet tied to the infamous $40M ZKasino scam has suffered a massive $27.1M loss after its leveraged ETH position was liquidated during a sharp market downturn.

The exploit wallet, which moved user ETH to Lido instead of returning it, saw its position on Hyperliquid wiped out when ETH hit a nearly two-year low of $1,480.

Many saw it as “karmic justice,” though affected investors remain empty-handed almost a year after the platform’s collapse.

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Strategy Pauses BTC Buys [Source][Source][Source]

Michael Saylor’s firm, Strategy, chose not to purchase additional Bitcoin last week despite BTC falling below $87K.

In its SEC filing, Strategy revealed a $5.91B unrealized loss on digital assets for Q1 2025, although partially offset by a $1.69B tax benefit.

While BTC saw wild price swings—from $87K highs to below $80K—Strategy held firm, neither buying BTC nor selling company shares for funding during this period.

💡 Feature of the Day: 

$900M Crypto Wipeout [Source][Source][Source]

Markets are bracing for a potential “Black Monday” scenario as global sentiment nosedives.

U.S. stock futures fell nearly 6%, Asia’s major indexes tumbled—including an 8.9% crash in Japan’s Nikkei—and crypto liquidations surged to $892M.

The panic follows weeks of worsening macro tensions, sparking widespread selling across equities, crypto, and even traditional safe havens like gold, which dropped below $3,000.

Bitcoin fell below $80K while Ethereum dipped under $1,800, dragging the global crypto market cap down 10% to $2.57T.

😂 Crypto Meme of the Day: 

Meme of the day provided by @SpyJigu

And that’s it for this today.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com