Top Stories of The Week Japan’s ‘Strategy,’ Metaplanet, to buy 91K Bitcoin in next 18 months Metaplanet, also known as Japan
Top Stories of The Week
Japan’s ‘Strategy,’ Metaplanet, to buy 91K Bitcoin in next 18 months
Metaplanet, also known as Japan’s Strategy, has updated its Bitcoin acquisition plans to acquiring 100,000 BTC by the end of 2026.
Metaplanet on June 6 posted its new Bitcoin plan, increasing its previous target of 21,000 BTC.
“Our previous target — to hold 21,000 BTC by the end of 2026 — has now been dramatically revised upward. We now aim to hold 100,000 BTC by that time,” Metaplanet CEO Simon Gerovich said in an announcement posted on X.
Metaplanet holds 8,888 BTC following its latest 1,088 BTC acquisition announcement on June 2. The new target means it is committing to buy at least 91,112 BTC in the next 18 months.
Winklevoss’ Gemini submits confidential IPO filing amid renewed investor confidence
Cryptocurrency exchange Gemini, headed by Tyler and Cameron Winklevoss, has filed for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC), according to a June 6 press release.
Gemini filed a confidential draft registration statement on SEC Form S-1, which allows a company to file for an IPO before publicly disclosing sensitive information. The filing comes amid renewed investor confidence as uncertainty due to trade wars has waned.
The number of shares to be offered and the price range per share have not been determined. No date was mentioned for when the IPO might occur.
Alleged French crypto kidnapping mastermind arrested in Morocco
A man suspected of being a key figure behind a series of recent crypto-related kidnappings in France has been arrested in Morocco.
At the request of French authorities, Morocco’s national police and intelligence service arrested Badiss Mohamed Amide Bajjou — a 24-year-old French-Moroccan man who was reportedly found in possession of multiple bladed weapons and several mobile phones.
France’s Minister of Justice, Gérald Darmanin, praised the arrest in a June 4 X post after French news outlet Le Parisien reported the arrest.
“I sincerely thank Morocco for this arrest, which demonstrates the excellent judicial cooperation between our two countries, particularly against organized crime,” Darmanin said.
SEC wins $1.1M as alleged crypto conman a no-show in court
The US Securities and Exchange Commission has been handed a $1.1 million court victory after a man it accused of running a crypto scam failed to answer the agency’s lawsuit.
A Georgia federal court judge submitted a default judgment in the SEC’s favor on June 3 in its case against Keith Crews, who failed to respond or defend himself against the SEC’s lawsuit that it filed in August 2023.
Judge Tiffany Johnson ordered Crews to pay financial penalties of over $1.1 million, finding him liable for disgorgement of $530,000 in net profits from his alleged misconduct and ordered him to pay prejudgment interest of almost $51,000 and a civil penalty of $530,000.
The judge ruled that Crews is also permanently banned from future violations of securities laws.
Crypto leverage trader James Wynn loses $25M on Bitcoin bet
The millionaire leveraged crypto trader James Wynn has been liquidated of nearly $25 million in Bitcoin after betting with leverage that the cryptocurrency’s price would rise.
Wynn was liquidated for 240 Bitcoin and had “manually closed part of his position to lower the liquidation price,” onchain analytics platform Lookonchainpostedto X on June 4.
Lookonchain added that Wynn still held 770 Bitcoin worth around $80.5 million at a liquidation price of $104,035.
Data from Hypurrscan shows that the trader is currently sitting on an unrealized loss of nearly $1 million on his 40x Bitcoin long position.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $104,794, Ether (ETH) at $2,484 and XRP at $2.17. The total market cap is at $3.27 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are SPX6900 (SPX) at 18.11%, Sky (SKY) at 12.28% and Quant (QNT) at 12.11%.
The top three altcoin losers of the week are DeXe (DEXE) at 25.74%, Stacks (STX) at 8.68% and Cronos (CRO) at 8.03%. For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
Most Memorable Quotations
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Saifedean Ammous, author and Bitcoin educator
“Retail investors’ appetite for risk is much lower because we know what happened with the stock market and every other aspect.”
Vugar Usi Zade, chief…
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