Today's Top Crypto Headlines:

XChat’s Encryption Debate | Ulbricht Receives 300 BTC | Strategy Adds More Bitcoin | Czech Minister Resigns Over BTC Donation and more...

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June 02, 2025

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Good Morning Crypto Enthusiasts!

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XChat's Encryption Stirs Debate: Elon Musk unveiled XChat, featuring “Bitcoin-style encryption,” vanishing messages, and video calls.
Ulbricht Receives 300 BTC: Silk Road founder Ross Ulbricht received a mysterious 300 BTC (~$31.4M) donation. Though some speculated it came from a hidden stash, researcher ZachXBT traced it to external sources.
Strategy Adds More Bitcoin: Michael Saylor’s firm Strategy added 4,020 BTC, boosting total holdings to over 580,000 BTC.
💡Feature of the Day - Czech Minister Resigns Over BTC Donation: Czech Justice Minister Pavel Blazek resigned after accepting 500 BTC from a convicted darknet trafficker.

All this and more in today’s headlines!

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📰 News Highlights:

XChat’s Encryption Debate [Source][Source][Source][Source][Source]

Elon Musk revealed that X’s new messaging service, XChat, will feature what he described as “Bitcoin-style encryption,” along with voice/video calls, vanishing messages, and file-sharing.

All new XChat is rolling out with encryption, vanishing messages and the ability to send any kind of file. Also, audio/video calling.
This is built on Rust with (Bitcoin style) encryption, whole new architecture.
— Elon Musk (@elonmusk)
6:06 PM • Jun 1, 2025

Built using the Rust programming language, XChat replaces X’s paused encrypted messaging feature.

Starting today we will be pausing the encrypted DMs feature while we work on making some improvements. You will still be able to access your encrypted DMs, but won't be able to send new ones.
— Engineering (@XEng)
8:36 PM • May 28, 2025

However, Musk’s use of “Bitcoin-style” encryption sparked criticism from the crypto community, with experts pointing out that Bitcoin doesn’t actually use encryption, but elliptic curve cryptography and hashing.

Bitcoin isn’t encrypted.
— Samson Mow (@Excellion)
7:43 PM • Jun 1, 2025

Notable Bitcoin figures, including Luke Dashjr and Samson Mow, questioned the technical language and security design choices like Rust.

Bitcoin doesn't use encryption, it uses elliptic curve cryptography.
— Pledditor (@Pledditor)
7:06 PM • Jun 1, 2025

The rollout is currently for paid users and uses a 4-digit passcode for protection.

Bitcoin doesn't even use encryption..
Also Rust is woke
— Luke Dashjr (@LukeDashjr)
7:25 PM • Jun 1, 2025

Musk also teased a separate payments feature, X Money, launching in limited beta soon.

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Ulbricht’s 300 BTC [Source][Source][Source][Source]

Silk Road founder Ross Ulbricht recently received 300 Bitcoin (~$31.4M) in donations, prompting speculation over its origins.

Ross Ulbricht(@RealRossU), the founder of the #SilkRoad marketplace, received 300 $BTC($31.4M) to his donation wallet 8 hours ago.
intel.arkm.com/explorer/entit…
— Lookonchain (@lookonchain)
3:21 AM • Jun 1, 2025

Some suspected it was a self-donation or hidden Silk Road stash.

Interestingly the 300 BTC appears to come from Jambler outputs (sketchy centralized mixing service)
Whereas normal privacy enthusiasts use decentralized mixers (Wasabi, Samourai, etc)
— ZachXBT (@zachxbt)
7:56 AM • Jun 1, 2025

Blockchain researcher ZachXBT dismissed this theory, noting the donation came through the Jambler mixer and traced wallets with prior exchange activity in 2014 and 2019 — years when Ulbricht was in prison.

@Cointelegraph Update: Few entities regularly use Jambler in size so I found a potential demix for the donation. 1Mp5hH originates from late 2014 exchange activity. 1CNDW has 2019 exchange activity and was previously flagged in compliance tools.
1Mp5hH & 1CNDW were depositing in size to
— ZachXBT (@zachxbt)
3:23 AM • Jun 2, 2025

ZachXBT argued the donation appears to come from external sources, not Ulbricht himself, since activity was recorded during his incarceration.

I found ~430 BTC across dozens of wallets associated with Ross Ulbricht that were not confiscated by the USGovt and have been untouched for 13+ years
Back then these were probably dust wallets, now, collectively, they are worth about $47M.
Welcome back Ross
— Conor (@jconorgrogan)
12:44 PM • Jan 22, 2025

Strategy Eyes More BTC [Source][Source][Source]

Michael Saylor hinted at another Bitcoin purchase for his firm, Strategy, marking eight weeks of consistent BTC accumulation.

Orange is my Preferred Color
— Michael Saylor (@saylor)
12:27 PM • Jun 1, 2025

Their latest buy of 4,020 BTC ($427M) increased holdings to 580,250 BTC — making Strategy the world’s largest known corporate Bitcoin holder, surpassing even the US and Chinese governments.

Saylor’s continued purchases reflect his unwavering bullish stance, amplified by his growing X following.

No proof of reserves is your preferred "trust me bro."
When mempool? Or too scared to show that you DON'T have bitcoin, but instead paper bitcoin?
— T. Duffles (@TDuffles)
2:17 PM • Jun 1, 2025

While some view Strategy as a proxy for Bitcoin exposure, others are skeptical due to the lack of proof-of-reserve audits.

💡 Feature of the Day:

Minister Resigns Over BTC Donation [Source][Source]

Czech Justice Minister Pavel Blazek resigned after accepting a $45M Bitcoin donation from a convicted criminal, Tomas Jirikovsky.

Poslední veřejná dražba se uskutečnila včera 27. května, celkem bylo úspěšně realizováno 78 elektronických aukcí a do majetku státu směřuje 956,8 mil. Kč. Více informací se dozvíte na zítřejší tiskové konferenci. Akreditace jsou možné zde: is.gd/f3U9Vy
— Ministerstvo spravedlnosti ČR (@SpravedlnostCZ)
7:53 AM • May 28, 2025

The ministry auctioned off the nearly 500 BTC for justice-related projects.

But revelations that the donation came from a former darknet drug trafficker caused public uproar and raised serious questions about due diligence and transparency.

Po dohodě s předsedou vlády @P_Fiala jsem se rozhodl podat demisi na funkci ministra spravedlnosti. Nejsem si vědom žádného nezákonného jednání. Nechci ovšem poškozovat pověst vlády ani vládní koalice .
— Pavel Blažek (@blazek_p)
2:33 PM • May 30, 2025

Despite claiming ignorance about the Bitcoin’s origins, Blazek faced mounting political pressure.

😂 Crypto Meme of the Day:

Meme of the day provided by @darknet

And that’s it for this today.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com