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Germany Transfers $80M in BTC, Vitalik Donates 100 ETH, and Other Highlights

ByDayne Lee

Jul 9, 2024

Germany Transfers $80M in BTC, Vitalik Donates 100 ETH, and Other Highlights

The German government has made another significant transfer of Bitcoin, moving 1,400 BTC—worth $80 million at current prices—in its latest string of Bitcoin movements.

On July 6, a wallet address associated with the German government transferred 700 BTC to an unknown wallet address. The following day, on July 7, the same address moved an additional 700 BTC to the same address. According to data from the blockchain analytics platform Arkham Intelligence, this wallet now holds a total of 1,400 BTC. This marks the 14th major movement from the government-linked BTC address to external wallets in the last week.

Despite these recent transfers, the German government still holds a substantial reserve of 39,800 BTC, valued at approximately $2.2 billion. On July 5, German lawmaker and Bitcoin activist Joana Cotar urged the government to halt its “hasty” Bitcoin selling spree, advocating for maintaining Bitcoin holdings as a “strategic reserve currency” to protect against risks in the traditional financial system.

Vitalik Buterin’s Ethereum Transfers

Ethereum co-founder Vitalik Buterin has also been active with his cryptocurrency transfers. On July 6, Buterin transferred 100 Ether (ETH) to a Gnosis Safesmart contract, according to Arkham Intelligence data. This transaction was later confirmed to be a donation to the Ethereum marketing studio Collective 2077. Describing itself as Ethereum’s unofficial marketing studio, Collective 2077 is a group of researchers, developers, and marketers with the goal to “make Ethereum great again.”

In a July 6 post on X, the official account for Collective 2077 thanked Buterin for his donation, stating that the funds would support efforts to “improve Ethereum’s presence and appeal through innovative initiatives and community-driven efforts.”

Ryan Selkis’s Declaration Against the SEC

Ryan Selkis, CEO and founder of crypto intelligence firm Messari, has declared himself an adversary of the SEC in a draft letter to the United States Congress. Posting a draft version of the letter on X on July 6, Selkis stated his intention to “declare independence” from the SEC, indicating that his firm would be “operationalizing a war against this illegitimate and corrupt agency” in the coming months.

In the letter, Selkis criticized SEC Chair Gary Gensler, calling him corrupt and incompetent, and argued that the SEC has “no legitimate claim” to regulate crypto markets. He accused the regulator of ensuring continued losses for U.S.-based crypto firms. Selkis mentioned that the draft version of the letter would be “polished” and sent to Congress in the coming weeks.

Inferno Drainer’s Major Transfer

The notorious crypto wallet drainer group Inferno Drainer has made its first significant transfer in several months, sending 303 ETH to the Ethereum privacy protocol Railgun on July 7. In a post on X, crypto analytics service MistTrack highlighted this recent transfer from a wallet associated with the drainer group. According to MistTrack, the group transferred 303 ETH—worth $880,000 at current prices—to Railgun, a privacy-preserving protocol that prevents blockchain transfers from being easily traced.

Inferno Drainer last made a series of transfers on May 18, sending a total of 200 ETH—worth $618,000 at the time—to the CoW protocol, which includes a decentralized exchange aggregator and automated market maker. According to data from ScamSniffer on Dune Analytics, Inferno Drainer has stolen more than $180 million in crypto from over 189,000 victims since its inception in August 2023.

German Government BTC Transfer1,400 BTC transferred on July 6-7, holding 39,800 BTC in reserve
Vitalik Buterin’s ETH Donation100 ETH transferred to Gnosis Safesmart contract for Collective 2077 on July 6
Ryan Selkis’s SEC DeclarationDraft letter declaring “independence” from the SEC, criticizing Chair Gary Gensler
Inferno Drainer’s Transfer303 ETH transferred to Railgun on July 7, totaling over $180 million stolen since August 2023

The movements and declarations within the cryptocurrency community highlight the ongoing tensions and activities in the sector. The German government’s substantial Bitcoin holdings and transfers indicate strategic financial maneuvers, while Vitalik Buterin’s donation underscores the community-driven efforts to enhance Ethereum’s ecosystem.

Ryan Selkis’s strong stance against the SEC reflects broader industry frustrations with regulatory approaches perceived as stifling innovation. His declaration could inspire other industry leaders to voice their concerns and advocate for more favorable regulatory frameworks.

Inferno Drainer’s continued activities emphasize the persistent security challenges in the crypto space. The use of privacy protocols like Railgun to obscure stolen funds’ trails showcases the need for advanced tracking and preventive measures within the industry.

The recent activities of significant players in the cryptocurrency sector—from government movements and major donations to regulatory critiques and security breaches—underscore the dynamic and complex nature of the market. As these events unfold, they will undoubtedly shape the future landscape of cryptocurrency regulation, security, and innovation.

Featured image credit: Christian Wiediger via Unsplash

Dayne Lee

With a foundation in financial day trading, I transitioned to my current role as an editor, where I prioritize accuracy and reader engagement in our content. I excel in collaborating with writers to ensure top-quality news coverage. This shift from finance to journalism has been both challenging and rewarding, driving my commitment to editorial excellence.

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