Good Morning Crypto Enthusiasts!

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

1. Kidnapped for Crypto Ransom: Ledger co-founder David Balland was kidnapped from his home in France on Jan. 21 and released after a police intervention.

2. Phemex Halts Withdrawals: Crypto exchange Phemex suspended withdrawals after detecting $30 million in suspicious outflows across multiple blockchains.

3. CFTC Leadership Reshuffle: Acting CFTC Chair Caroline Pham reshuffled key leadership roles, appointing interim officials, including Harry Jung to oversee crypto regulation.

4. 💡Feature of the Day - Kraken Supports Ulbricht: Kraken donated $111,111 in Bitcoin to Ross Ulbricht, the Silk Road founder recently pardoned by President Trump after serving 12 years.

   
   All this and more in today’s headlines!

📰 News Highlights:

Ledger Co-founder Kidnapped [Source][Source][Source]

Ledger co-founder David Balland was kidnapped from his home in France on Jan. 21 and released a day later following a police intervention.

The abductors demanded a cryptocurrency ransom, fueling concerns about the growing risks faced by crypto executives.

Balland, who co-founded Ledger in 2014, was receiving medical attention post-release. The incident follows rumors circulating online, which were initially unverified but later confirmed by authorities.

Ledger, valued at $1.42 billion, has sold over seven million hardware wallets without any recorded security breaches.

Phemex Suspends Withdrawals [Source][Source][Source]

Crypto exchange Phemex temporarily halted withdrawals after detecting nearly $30 million in suspicious outflows.

Blockchain security firm Cyvers flagged these transactions across multiple blockchains, including BNB and Ethereum, noting that the stolen funds were being converted to Ether, a common tactic used for laundering.

Phemex assured users that its cold wallets remained secure while it conducted a comprehensive security inspection to enhance its defenses.

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CFTC Leadership Reshuffle [Source][Source][Source][Source]

Acting CFTC Chair Caroline Pham has reshuffled the agency’s leadership just days after her appointment by former President Donald Trump.

She named interim officials to key positions, including Harry Jung, who will oversee crypto and DeFi engagements.

Jung, with prior experience at Morgan Stanley and CitiBank, is expected to bring a unique regulatory approach to digital assets.

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💡 Feature of the Day: 

Kraken Supports Ulbricht [Source][Source]

Crypto exchange Kraken donated $111,111 in Bitcoin to Ross Ulbricht, the Silk Road founder who was recently pardoned by President Trump.

Ulbricht served 12 years in prison for running the darknet marketplace before his release.

Hollywood is already working on a documentary about his story, and the crypto community has expressed strong support for his rehabilitation.

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And that’s it for this today.

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com