Hello Crypto Enthusiasts!

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

1. Crypto Bros Arrested for Stealing $25 Million: Anton and James Peraire-Bueno were charged by the U.S. Department of Justice for allegedly manipulating Ethereum’s maximum extractable value (MEV) to steal $25 million in cryptocurrency within 12 seconds.

2. Korean University Launches Metaverse: Yonsei University in Seoul has launched "Meta Yonsei," a metaverse platform developed by LG Uplus. The platform replicates the university's Sinchon campus and is designed to enhance productivity rather than just social interaction.

3. Mastercard ‘Next Generation’ of Blockchain Payments Startup Program: Mastercard has included five new startups in its Start Path Blockchain and Digital Assets program, aiming to explore and scale blockchain and digital asset solutions. The new cohort includes Kulipa, Parafin, peaq, Triangle, and Venly, focusing on real-world applications and industry challenges.

4. FTX Repayments ‘Bullish Overhang’ for Crypto Markets: K33 Research analysts suggest that upcoming cash repayments to FTX creditors might create bullish buying pressure in the crypto market. FTX plans to repay at least $14.5 billion in cash to users affected by its bankruptcy, which could neutralize selling pressures from other repayments, such as those from Mt. Gox and Gemini.

5. 📈Technical Analysis Masterclass - There are several ways to trade, but it is important to make calculated decisions when trading cryptocurrency. Watch UseTheBitcoin’s latest Youtube video “Bitcoin is now at the 65k level” to learn how our technical analysis expert reacts to Bitcoin’s current market movement!

6. 💡Feature of the Day - Millennium Management's $2B Bitcoin ETF Holdings: Millennium Management, an international hedge fund, reported holdings of nearly $2 billion in spot Bitcoin ETFs as of March 31, according to its 13F filing with the SEC. The fund's investments span several ETFs, with the largest allocation being over $844 million in BlackRock’s fund.

   
   All this and more in today’s headlines!

📰 News Highlights:

🚨Crypto Bros Arrested for Stealing $25 Million [Source][Source][Source][Source]

On May 15, the U.S. Department of Justice unveiled charges against Anton Peraire-Bueno and James Pepaire-Bueno, alleging a groundbreaking scheme that compromised the integrity of the Ethereum blockchain. The brothers are accused of manipulating Ethereum’s maximum extractable value (MEV) to steal $25 million in cryptocurrency within approximately 12 seconds.

Thomas Fattorusso, a special agent with the IRS Criminal Investigation's New York Field Office, highlighted the unprecedented nature of the case, emphasizing that the brothers’ actions called into question the very foundation of blockchain security. The Justice Department has charged the pair with conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering, each carrying a potential 20-year prison sentence.

In their scheme, the brothers reportedly conducted a series of test transactions, causing the blockchain to prematurely release the contents of a proposed block, thereby enabling the theft. They allegedly hid the stolen funds using shell companies and foreign crypto exchanges.

🎓Korean University Launches Metaverse [Source][Source]

Yonsei University in Seoul, South Korea, has introduced “Meta Yonsei,” a metaverse platform developed by LG Uplus. Launched to cater to the tech-savvy student body, the metaverse replicates Yonsei's Sinchon campus, including landmarks such as the auditorium and library. Access to certain features and resources is restricted to verified students, creating a secure and private digital environment.

Meta Yonsei, which was well-received by students, differs from typical university metaverse experiences by focusing on productivity rather than just social interaction. It includes virtual workspaces, video and audio conferencing, and automated annotation and captioning tools.

This design aims to prepare students for modern workplace dynamics, emphasizing real-time collaboration and digital communication skills. Up to a thousand users can attend virtual events in the metaverse’s auditorium, mirroring the university’s physical space.

💳Mastercard ‘Next Generation’ of Blockchain Payments Startup Program [Source][Source]

Mastercard announced on May 15 the inclusion of five new startups into its Start Path Blockchain and Digital Assets program. The fintech accelerator aims to explore and scale innovative blockchain and digital asset solutions.

The new cohort includes crypto payment firm Kulipa, blockchain software company Parafin, decentralized physical infrastructure network peaq, data platform Triangle, and blockchain developer Venly.

The program focuses on real-world applications, addressing specific industry challenges. Mastercard’s press release highlighted the diversity of currency formats, including regulated money, stablecoins, and CBDCs, and the program's efforts to connect with industry experts to develop practical solutions.

Since its inception in 2014, Start Path has supported over 400 startups across 54 countries.

📈FTX Repayments ‘Bullish Overhang’ for Crypto Markets [Source][Source][Source]

K33 Research analysts suggest that upcoming cash repayments to FTX creditors might create bullish buying pressure in the crypto market. FTX plans to repay a minimum of $14.5 billion in cash to users affected by its bankruptcy, contrasting with crypto-based repayments from Mt. Gox and Gemini, which are expected to total $10.6 billion.

Analysts Vetle Lunde and Anders Hesleth argue that the influx of cash could neutralize selling pressures from other repayments, potentially stabilizing and boosting the market.

However, they note the timing of these payments will be crucial in determining their actual impact. Gemini’s repayments are expected in early June, while Mt. Gox’s are slated for October 2024.

FTX’s proposal, pending court approval, could repay creditors up to $16.3 billion, with some eligible for up to 118% of their claim amounts based on November 2022 prices.

📈Technical Analysis Masterclass:

🚀Bitcoin is now at the 65k level

Bitcoin’s current status update shows it’s price hovering at $65,000 surging from around $61,000, marking a 7-8% increase within a single day.

Next Target Levels:

• Realistic Target Range: Between $80,000 and $85,000

• Method: Using "imaginary resistance levels," which involves targeting the next whole numbers due to the lack of comparative data beyond the $70,000 mark.

Technical Analysis:

• Pattern Formation: A cup and handle pattern is forming, indicating potential bullish momentum.

• Market Sentiment: Many traders are anticipating a strong performance in the coming days or months based on this pattern.

The identified target levels are speculative and based on calculated guesses. Traders should exercise caution and trade at your own risk. For a more detailed technical analysis view, check you UseTheBitcoin’s latest Youtube video “Bitcoin is now at the 65k level”

💡 Feature of the Day: 

📊Millennium Management's $2B BitcoinETF Holdings [Source][Source][Source]

International hedge fund Millennium Management reported holdings of nearly $2 billion in spot Bitcoin ETFs as of March 31, according to its 13F filing with the SEC. The fund’s investments span five main ETFs, including ARK 21Shares, Bitwise, Grayscale, iShares, and Fidelity’s Wise Origin Bitcoin ETF, with the largest allocation being over $844 million in BlackRock’s fund.

Bloomberg ETF analyst Eric Balchunas described Millennium as the “king” of Bitcoin ETF holders, noting its substantial exposure compared to average ETF investors. The majority of new spot Bitcoin ETF buyers are investment advisory firms and hedge funds, signaling robust institutional interest.

Bitwise CIO Matt Hougan expressed bullish sentiments, citing the significant institutional investment as a positive sign.

😂 Crypto Meme of the Day: 

And that’s it for this today.

With all of the recent hacks taking place, remember to protect your crypto assets with today’s sponsor Trezor hardware wallets.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com