Bitcoin&#8217;s surge highlights the growing institutional trust and potential for significant economic shifts as major entities reap substantial gains. The post Strategy&#8217;s Bitcoin bet sees over $23B in gains as BTC tops record $110K appeared first on Crypto Briefing.

Strategy’s Bitcoin bet sees over $23B in gains as BTC tops record $110K

A US grand jury has indicted the founder of blockchain startup Amalgam Capital 
Ventures over allegations he defrauded investors out of over $1 million with a 
fake blockchain.
Jeremy Jordan-Jones was arrested and indicted on May 21 and charged with wire 
fraud, securities fraud, making false statements to a bank, and aggravated 
identity theft, the Department of Justice said on May 21. 
Manhattan US Attorney Jay Clayton claimed Jordan-Jones &#8220;touted his company as 
a groundbreaking blockchain startup,&#8221; but alleged that, in reality, the 
&#8220;company was a sham, and investors&#8217; funds were siphoned off to bankroll his 
lavish lifestyle.&#8221;
FBI Assistant Director Christopher Raia alleged that Jordan-Jones defrauded 
investors of more than 1 million dollars through &#8220;misrepresentations of his 
purported company&#8217;s capabilities, partnerships, and investment intentions.&#8221;
Raia claimed the Amalgam founder&#8217;s &#8220;blatant lies&#8221; funded his personal 
lifestyle at the expense of unknowing victims.
_An excerpt from the indictment of Jeremy Jordan-Jones. Source:__US Department 
of Justice_
According to an indictment filed in a Manhattan federal court, from January 
2021 to November 2022, Jordan-Jones deceived investors and financial 
institutions using fabricated documents, fake sports partnerships, and 
misleading claims, ultimately misappropriating over $1 million for personal 
use.
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Amalgam claimed to offer point-of-sale systems and blockchain-based payment 
and security solutions, the filing states.
The indictment alleged the firm had &#8220;no operable products, few, if any, 
customers, and zero legitimate business partnerships.&#8221;
The filing alleged that instead of channeling the funds into tech development 
and crypto exchange listings as promised, Jordan-Jones spent the money on 
luxury vehicles, high-end vacations, clothing and fancy restaurants in Miami.
## Charges carry decades in prison
Jordan-Jones was also accused of submitting a fake bank statement claiming 
Amalgam held over $18 million in order to secure a company credit card, but 
prosecutors claimed there were no funds in the bank account and it had been 
closed in late 2021.
Wire fraud and security fraud carry potential penalties of up to 20 years in 
prison per count, while making false statements to a bank carries up to 30 
years.
Jordan-Jones was also charged with one count of aggravated identity theft, 
which carries a mandatory sentence of two years in prison.
The government is seeking forfeiture of any property or money traceable to the 
fraud, including substitute assets if the original funds are unavailable.
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Feds charge Amalgam founder with stealing $1M via ‘sham’ blockchain

Binance will list World Liberty Financial’s USD1 stablecoin on May 22, marking 
a major milestone for the controversial digital dollar alternative. According 
to the official announcement, USD1 will begin trading at 12:00 UTC on May 22 
and withdrawals will open…

Binance to list World Liberty Financial’s USD1 stablecoin on May 22

The Bitcoin Network Value to Transactions (NVT) Golden Cross could indicate 
that the asset isn&#8217;t overheated yet, despite its price marching to a new all- 
time high (ATH). Bitcoin NVT Golden Cross Still Outside Of Overbought Zone In 
a CryptoQuant Quicktake post, an analyst has talked about the latest trend in 
the NVT Golden Cross for Bitcoin. The NVT Ratio is an on-chain indicator that 
keeps track of the ratio between the BTC market cap and transaction volume. If 
the utility of the network (measured in terms of the transfer volume) is 
considered as a reflection of its &#8216;true&#8217; value, then this ratio can be used 
for judging whether the price is undervalued or overvalued. Related Reading: 
$3.8 Billion In Capital Inflows Behind Ethereum’s Post-Pectra Surge, Data 
Shows When the value of the indicator is high, it means the value of the 
network (that is, the market cap) is high compared to its ability to transact 
coins. Such a trend may be a sign that the asset is becoming overpriced. On 
the other hand, the indicator being low could imply room for growth in the 
cryptocurrency&#8217;s market cap, as its value is low when compared to the 
transaction volume. In the context of the current topic, a derivative form of 
the NVT Ratio is the indicator of interest. This metric, known as the NVT 
Golden Cross, is a signaling indicator for the NVT Ratio similar to the 
Bollinger Bands, telling us about whether the ratio&#8217;s value is near a top or 
bottom. The NVT Golden Cross compares two moving averages (MAs) of the NVT 
Ratio in order to determine this: the 10-day MA to gauge the short-term trend 
and the 30-day MA for the long-term one. Now, here is a chart that shows the 
trend in the Bitcoin NVT Golden Cross over the last few months: As displayed 
in the above graph, the Bitcoin NVT Golden Cross has been on the rise recently 
as the cryptocurrency&#8217;s price has rallied to a new ATH. At present, the 
indicator is sitting at a value of 1.5. In the chart, the quant has 
highlighted two zones for the metric that have been of significance in the 
past. The region beyond 2.2 (shaded in red) corresponds to the territory where 
tops generally occur for BTC and that under -1.6 (green) to the bottoming 
zone. Related Reading: Is Bitcoin Ready For New ATHs? What The Charts Say 
Clearly, despite the recent uptrend, the NVT Golden Cross hasn&#8217;t yet broken 
into the red zone, a potential sign that the cryptocurrency may still not be 
too overpriced. Naturally, this could allow room for the run to continue 
further. BTC Price Bitcoin set a new record earlier today as its price briefly 
went to $109,400, surpassing the previous ATH around $109,200. Featured image 
from Dall-E, CryptoQuant.com, chart from TradingView.com

Bitcoin Sets New ATH, But This Metric Says No Overheating Yet

World Assets, a subsidiary of the World Foundation, has sold $135 million in 
its WLD token to investors Andreessen Horowitz and Bain Capital Crypto. 
Funding to Support World Network Expansion World Assets, a subsidiary of the 
World Foundation, has announced the sale of $135 million worth of its native 
WLD token to prominent investors Andreessen […]

Andreessen Horowitz, Bain Capital Crypto Invest $135M in World Assets

A crypto whale has expanded an existing 40x leverage long Bitcoin bet to $1.1 
billion on the decentralized exchange Hyperliquid, which has stunned the 
crypto community and is believed to be the first-ever position exceeding $1 
billion on the platform.
The X account &#8220;James Wynn&#8221; claims to be behind the position, which is now up 
$36 million on the trade, data from Hypurrscan&#8217;s block explorer shows.
A $28.4 million margin position was used across several trades to increase the 
Bitcoin (BTC) position, now worth $1.13 billion. The average Bitcoin entry 
price was $108,065.
_Perp futures positions of wallet address &#8220;0x507.&#8221; Source: __Hypurrscan_
&#8220;He did it fellas,&#8221; crypto analyst Sigma^2 wrote on X. &#8220;First position [on 
Hyperliquid] to exceed $1B.&#8221;
Wynn&#8217;s long position was at a loss of about $16.3 million before it shot back 
up as Bitcoin broke through $110,000 on May 21. The position sits comfortably 
above its liquidation price of $103,790, as Bitcoin has well surpassed 
$110,000 and neared $112,000 in early trading on May 22.
HyperDash data shows the crypto whale started closing some Bitcoin long 
positions when Bitcoin was trading around $106,000 on May 20.
_Change in profit and loss (PnL) from Wynn &#8216;s wallet over the last 24 hours. A 
small amount of that PnL includes a position held in kPEPE. Source: 
__HyperDash_
&#8220;That mfer has nerves of steel,&#8221; crypto influencer Follis wrote, while others 
called the trader an &#8220;absolute mad man&#8221; or questioned his sense in making the 
trade.
## Who is &#8220;James Wynn&#8221;?
Wynn describes himself as a high-risk leverage trader and memecoin maxi who 
supposedly called Pepe (PEPE) a buy when its market cap was at $600,000.
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help traders decide**_
The crypto whale started using Hyperliquid two months ago, depositing $4.65 
million worth of the stablecoin USDC (USDC) onto the platform, Hypurrscan data 
shows.
They&#8217;ve completed 32 trades since then, which have included long positions on 
XRP (XRP), the Official Trump (TRUMP) token, Fartcoin (FARTCOIN) and Toncoin 
(TON).
Hyperliquid&#8217;s DEX is the flagship product on the Hyperliquid layer 1 
blockchain, which also offers spot trading and borrowing and lending services, 
among other things.
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