Good Morning Crypto Enthusiasts!

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

1. Bitcoin One Billion Transactions: Bitcoin reached a historic milestone by processing its one billionth transaction, marking 15 years since its genesis block.

2. Coinbase Faces New Lawsuit: Coinbase is facing a class-action lawsuit alleging deceptive practices and illegal securities sales. The plaintiffs argue that Coinbase's sale of tokens like Solana and Polygon as securities violates state securities laws.

3. Bitfinex Dispels Database Breach Claims: Bitfinex refutes claims of a database breach by hacking group Fsociety, labeling the purported leak of customer data as "fake." Despite previous security incidents, Bitfinex reassures users that their funds remain secure and emphasizes the importance of robust cybersecurity measures in the cryptocurrency industry.

4. 🫨 What’s Buzzing? - UseTheBitcoin just landed a very exclusive interview of CryFi’s founder Yura Mizin. Watch UseTheBitcoin’s latest Youtube video for this exclusive scoop straight from Southeast Asia Blockchain Week in Thailand, Bangkok “Yura Mizin talks about new project CryFi, become a blockchain verified trader! (Exclusive Content)”

5. 💡Feature of the Day - Jack Dorsey Departs Bluesky: Twitter co-founder Jack Dorsey's departure from the board of decentralized social media platform Bluesky raises questions about the platform's future direction.

   
   All this and more in today’s headlines!

📰 News Highlights:

🌟 Bitcoin One Billion Transactions [Source][Source]

In a historic feat marking a significant milestone for the world's pioneering cryptocurrency, Bitcoin has now processed its one billionth transaction. Over its 15-year journey since its inception by the elusive Satoshi Nakamoto, the Bitcoin network has seen an average of 178,475 daily transactions, reflecting the enduring popularity and utility of the digital asset.

The one billionth transaction was recorded on May 5, 15 years, four months, and four days after Bitcoin's genesis block was mined in 2009.

Notably, the Lightning Network alone processed an estimated 6.6 million transactions in August 2023, underscoring Bitcoin's adaptability and scalability.

The recent surge in daily transactions coincided with Bitcoin's fourth halving event, reaching a peak of 926,000 transactions on April 23. This uptick was partly fueled by the launch of the Runes protocol at block 840,000. However, transaction volumes have since stabilized, standing at 660,260 on May 4.

💼 Coinbase Faces New Lawsuit [Source][Source]

Coinbase, one of the leading cryptocurrency exchanges, finds itself embroiled in a class-action lawsuit alleging deceptive practices and illegal securities sales. The lawsuit, filed in the United States District Court, accuses Coinbase of violating state securities laws by selling tokens such as Solana, Polygon, and Stellar Lumens, among others, as securities.

The plaintiffs argue that Coinbase's admission of being a "Securities Broker" in its user agreement implies that the tokens sold on its platform are investment contracts or securities.

This legal challenge adds to Coinbase's ongoing legal tussle with the U.S. Securities and Exchange Commission, questioning the classification of tokens listed on its platform.

Despite these legal headwinds, Coinbase reported robust financial performance in the first quarter of 2024, with $1.6 billion in total revenue and $1.2 billion in net income.

🛡️ Bitfinex Dispels Database Breach [Source][Source]

Cryptocurrency exchange Bitfinex refutes claims of a database breach by hacking group Fsociety, dismissing the purported leak of 22,500 customer emails and passwords as "fake." Bitfinex's chief technology officer Paolo Ardoino emphasized the absence of any ransom demands, casting doubt on the legitimacy of the alleged breach.

Ardoino clarified that only 5,000 out of the leaked records matched Bitfinex users, suggesting that the data may have been sourced from other crypto data breaches.

Despite previous security incidents, including a minor breach in 2023 and a major hack in 2016, Bitfinex reassures users that their funds remain secure.

🫨 What’s Buzzing?:

Founder Yura Mizin talks about the new project CRYFI, become a blockchain-verified trader! (Exclusive Content)

Cryfi is a signal aggregator, automation tool, and marketplace where anyone can become a blockchain-verified trader and monetize their skills by providing signals to others.

Cryfi will launch a limited-edition Founder Pass NFT collection on May 3rd, 2024 to commemorate early supporters who believed in the platform’s vision.

How to participate: Read our full article on the project for more info.
The NFT collection is now publicly available: Open Sea

💡 Feature of the Day: 

👋 Jack Dorsey Departs Bluesky [Source][Source][Source]

Twitter co-founder Jack Dorsey's departure from the board of decentralized social media platform Bluesky sparks intrigue and speculation within the tech community.

Dorsey's exit from Bluesky, a project he initiated and funded during his tenure as Twitter CEO, raises questions about the platform's future direction.

While Bluesky confirms Dorsey's departure and begins the search for a new board member, the reasons behind his exit remain undisclosed.

Speculations abound, fueled by Dorsey's recent activities on social media platforms and his public statements regarding Bluesky's ownership transition to Elon Musk.

😂 Crypto Meme of the Day: 

And that’s it for this today.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com