Peter Todd: From Cryptographer to Unexpected Bitcoin Inventor Allegations
Peter Todd, a renowned Canadian cryptographer and computer scientist, finds himself in an unexpected predicament after an HBO documentary posited that he might be the elusive creator of Bitcoin. This revelation has pushed Todd into hiding due to safety concerns.
The documentary, titled Money Electric: The Bitcoin Mystery, premiered on October 9 and claimed to resolve the enigma of Satoshi Nakamoto’s true identity, the pseudonym attributed to Bitcoin’s creator. Despite investigating various potential candidates, the film provocatively concluded with Todd’s statement, “Well yeah, I’m Satoshi Nakamoto.”
Todd has consistently refuted these claims, asserting that he is not Satoshi Nakamoto. In a recent interview with Wired, Todd expressed his distress over being forced into hiding, blaming the documentary’s director, Cullen Hoback, for using misleading evidence to support incorrect conclusions.
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Interestingly, the documentary also highlighted Todd’s history of humorously claiming, “I am Satoshi,” akin to the famous scene from the film Spartacus, where captured warriors declare their identity as Spartacus to protect the real Spartacus.
Microsoft Shareholders’ Proposal: A Bitcoin Balance Sheet Assessment
Microsoft’s shareholders are gearing up to vote in December on a proposal that could potentially see the tech giant publicly evaluate adding Bitcoin to its financial portfolio. This proposal, as revealed in an October 24 filing with the United States Securities and Exchange Commission, is titled “Assessment of Investing in Bitcoin” and will be deliberated upon in a meeting scheduled for December 10.
Despite this, the Microsoft board advises against the proposal, arguing that they already consider a wide array of investable assets, including Bitcoin. The proposal was advanced by the National Center for Public Policy Research, which pointed out MicroStrategy’s success with Bitcoin investments, noting that it has outperformed Microsoft by over 300% this year despite having a smaller business operation.
The proposal further highlights the increasing trend of institutional and corporate adoption of Bitcoin, particularly with the advent of spot Bitcoin exchange-traded funds. Additionally, it argues that Bitcoin, despite its volatility, could serve as a hedge against inflation and declining corporate bond yields, suggesting companies should at least consider holding a small portion of their assets in Bitcoin.
Hacker Accused in Fake Bitcoin ETF Post Pleads Not Guilty
Eric Council Jr., accused of hacking the United States Securities and Exchange Commission’s X account to falsely claim Bitcoin ETFs had been approved, has entered a not guilty plea. The arraignment took place on October 25 before Judge Amy Berman Jackson in the US District Court for the District of Columbia.
Council Jr. is charged with conspiracy to commit aggravated identity theft and access device fraud, allegedly as part of a group that compromised the SEC’s X account in January. The claim of the approval of spot Bitcoin ETFs was unfounded, leading to his arrest by the Federal Bureau of Investigation in Alabama on October 17.
Prosecutors have disclosed intentions to extend a plea offer, though it remains uncertain if more arrests will follow. The hacking group reportedly used a SIM swap attack to take control of the SEC’s X account, exploiting the lack of two-factor authentication.
Bitfinex Wallet Hacker Returns Majority of Stolen Funds to US Government
A hacker who recently siphoned off approximately $20 million from a US government wallet containing funds from the 2016 Bitfinex hack has returned $19.3 million. This restitution occurred within 24 hours of the theft on October 24.
Arkham Intelligence reports that several wallets tied to the hacker transferred the funds back to the government wallet, identifiable by the characters “0xc9E.” As of now, about 88% of the stolen assets have been returned, which includes 2,412 Ether and $13.2 million in Aave-staked USDC. However, the hacker retained approximately $700,000, which was moved to instant exchanges.
The hacker’s identity and motives remain unknown, yet this incident underscores a pattern of increasing hacks and exploits observed throughout the third quarter of 2024.
Homeowner’s Crypto Theft Claim Dismissed on Appeal
An attempt by a homeowner to sue his insurance company for failing to cover $170,000 lost in a crypto scam was rejected by a US appeals court. The three-judge panel confirmed that the case was correctly dismissed due to the policy covering only “direct physical loss” of property.
Ali Sedaghatpour’s lawsuit against Lemonade Insurance revolved around a claim that his homeowners’ policy should cover the stolen crypto assets. However, the appellate court ruled on October 24 that under Virginia law, digital currency theft does not constitute “direct physical loss,” hence no coverage was applicable under the policy terms.
Crypto Market Update: Winners and Losers of the Week
As the week concludes, Bitcoin (BTC) is valued at $67,075, Ethereum (ETH) at $2,484, and XRP at $0.51, with the total market cap standing at $2.29 trillion, according to CoinMarketCap.
Among the top 100 cryptocurrencies, the week’s top gainers include Goatseus Maximus (GOAT) at 75.97%, Safe (SAFE) at 67.21%, and ApeCoin (APE) at 59.95%. Conversely, the top losers are Aerodrome Finance (AERO) at 22.72%, MANTRA (OM) at 16.46%, and Mog Coin (MOG) at 15.66%. For a more detailed market analysis, visit Cointelegraph.
Most Memorable Quotations from the Crypto Sphere
Vitalik Buterin, co-founder of Ethereum:
“I’ll happily say that I think Saylor’s comments are batshit insane.”
Bernstein Research:
“By 2024 end, we expect Wall Street to replace Satoshi as the top Bitcoin wallet.”
French Hill, United States Representative:
“I’m still optimistic that FIT21, which is the regulatory framework bill, and the stablecoin bill have possible consideration in the lame duck.”
Axel Adler, independent crypto analyst:
“94% of the Bitcoin supply is in profit, with the majority of coins having been purchased at the $55K level.”
Brad Garlinghouse, CEO of Ripple Labs:
“I look back on that, and I regret that. I think we made a mistake by not leaning in earlier, and we’re trying to make up for lost time to some degree.”
Paolo Ardoino, CEO of Tether:
“Whoever will win the elections, I think it is very, very important that crypto regulation, sensible crypto regulations, and stablecoin regulations will come to fruition in a way that will protect the end-users.”
Prediction of The Week: Bitcoin’s Potential Surge to $100K
Bitcoin Analyst Predicts $100K BTC Price by February
Bitcoin is reportedly in the early stages of a bullish trend, with a possibility of reaching a $100,000 price point within the next three months. According to Timothy Peterson, a network economist, Bitcoin has been consolidating for nearly eight months since its all-time high of $73,800 in March. He suggests that the market is poised for significant gains, potentially driving BTC/USD to six figures within three months.
Peterson argues that Bitcoin’s current trajectory is consistent with previous price patterns, challenging the notion of diminishing returns with each cycle. He believes that a move slightly above the trend could see Bitcoin reaching $100,000, which he considers entirely plausible.
FUD of The Week: Notable Crypto Scandals and Exploits
Crypto Scammers Jailed for Lavish Lifestyle Spending
Five individuals have been sentenced to prison for their roles in a $21.6 million crypto scam. The funds were reportedly squandered on extravagant purchases, including a shark tank, private jet rides, and luxury lifestyles.
The scam, involving around 40,000 investors, revolved around fraudulent investment schemes such as the EXW Wallet and EXW crypto token. After a significant trial, sentences were handed down, marking the largest fraud case in Austrian history.
Radiant Capital Hacker Moves $52M in Stolen Funds
The hacker responsible for a recent theft from Radiant Capital has transferred nearly all the stolen funds to the Ethereum network. Blockchain security firm PeckShield reported that the hacker moved approximately 20,500 Ether, valued at around $52 million, from layer-2 networks to Ethereum.
Radiant Capital has urged users to secure their wallets by revoking approvals to affected smart contracts, warning of potential risks to their funds.
Lazarus Group Exploits Chrome Vulnerability with Fake NFT Game
The Lazarus Group, a North Korean hacking collective, exploited a zero-day vulnerability in Google’s Chrome browser through a fake blockchain-based game. The game, promoted under names like DeTankZone or DeTankWar, was used to spread spyware that stole wallet credentials.
Kaspersky Lab analysts identified the exploit, leading to its disclosure to Google, which has since patched the vulnerability. The hackers utilized a malware known as Manuscrypt, combined with a new type confusion bug, to compromise users.
Magazine Stories of The Week
The Rise of Mert Mumtaz: Solana’s Unconventional Proponent
Mert Mumtaz, a notable figure in Solana’s resurgence, has played a pivotal role in the blockchain’s comeback. Despite his influence, Mumtaz maintains a balanced perspective, not aligning himself as a Solana maximalist.
India’s Crypto Ban and Lazarus Group’s Continued Threat: Asia Express
India revisits its stance on a crypto ban, while the Lazarus Group remains a persistent threat with suspected involvement in the BingX hack.
The Curious Cult of AI-Created Memecoin ‘Religions’: AI Eye
Exploring whether the fascination with AI-created religions is genuine or just a meme, amidst speculations of an impending burst in the AI bubble.
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Cointelegraph Magazine writers and reporters contributed to this article.
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