Coinbase Ventures, BitMEX, Tom Lee, and Arthur Hayes, of BitMine, have all doubled-down on their $10,000 Ether predictions for the end year. And the US Justice Department wants to forfeit 128271, worth $14.4 billion in Bitcoins, in connection with a fraud.
Coinbase makes $2.45B valuation investment in Indian crypto exchange CoinDCX
Coinbase Ventures has been established as the investment arm of Coinbase.com, an American crypto exchange. invested an undisclosed amount CoinDCX, the Indian crypto platform.
Coinbase’s Wednesday update announcementCoinbase Ventures is the investment arm of the exchange. CoinDCX’s co-founder Sumit gupta and CEO Sumit wrote an X. post This investment occurred at a valuation post-money of 2,45 billion dollars.
CoinDCX announced in a separate press release that it will serve over 20 million clients across India and United Arab Emirates following the late 2024 launch. acquisition of local crypto exchange BitOasis.
Coinbase announced in an announcement that CoinDCX had a revenue of $141 Million as at July and a transaction volume totaling $165 Billion. At the time, the Indian exchange reported that assets under its custody totaled $1.2billion.
Tom Lee & Arthur Hayes bet $10,000 on Ether in this year
BitMEX’s co-founder Arthur Hayes is holding a meeting with BitMine Chair Tom Lee. strong on their prediction Ether’s price will reach $10,000 by the end of the year, even with the recent cryptocurrency crash and less than three month left in the calendar.
“For Ethereum, somewhere between [$10,000] and $12,000,” Lee said On the Bankless Podcast on Tuesday, he was asked to predict the price of cryptocurrency by the year’s end.
Hayes also said on that podcast, he’s a skeptic. “going to stay consistent” His $10,000 prediction is for the end of this year.
Lee stressed that such a rally would not signal an excessive bubble in the market, since Ether’s price has been largely consolidating over a narrow range ever since it hit its all-time peak of $4 878 back in 2021.
“Ethereum’s basically been basing for four years now, just broke out of the range, so to me, it wouldn’t be a blow off top, but rather seeking essentially price discovery at a new level,” Lee said.
As part of forfeiture cases, the US government could increase crypto reserves by $14 billion.
US federal court unsealed an indictment for a fraud that may result in the US government being held accountable. increasing its national Bitcoin reserves By $14 billion
Authorities have issued a warning in a notice published by the US Justice Department on Tuesday. said They had filed a complaint for forfeiture of 127,271 Bitcoins (BTC), which were worth $14.4 billion as at publication. It was linked to an indictment of Chen Zhi who was the founder and chairman of a Cambodian-based company accused for orchestrating terrorism. “pig butchering” crypto investment schemes.
On the day the indictment came out, the Office of Foreign Assets Control of the US Department of the Treasury sanctioned Zhi’s company, the Prince Holding Group and its affiliated companies.
In the US District Court for Eastern District New York where Zhi faces charges for wire fraud and money laundering, according to the complaint the US is seeking forfeiture. Justice Department stated that the Bitcoins had been stolen. “presently in the custody of the US government” The criminal case is a very serious matter.
The US Strategic Reserve would be able to add a significant amount of Bitcoin if Zhi is convicted. This will mark the first time since the reserve’s establishment that the US has added cryptocurrency. US President Donald Trump set up national Bitcoin and crypto reserves via executive order in March.
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Source: cointelegraph.com
