From Bitcoin blunders to Truth Social rewards, from Vietnam to Germany, so much has happened in crypto yesterday.
Let’s dive right in!
Germany’s $5 Billion Bitcoin Oversight
In major crypto news, German authorities may have missed a massive opportunity with approximately 45,000 Bitcoin, worth roughly $5 B linked to the movie piracy site Movie2K.
You read that right! According to crypto analytics firm Arkham, these Bitcoins remain untouched in wallets tied to the site.
Last year’s haul was sold off before Bitcoin’s price nearly doubled, a decision that sparked criticism for costing Germany billions in potential gains.
Prosecutors defended the quick sale, citing German law’s requirement to liquidate volatile assets like cryptocurrencies to minimize risk.
Could this overlooked stash still be seized, or is it another missed chance?
I guess we will have to wait and see.
Truth Social Ties Rewards to Crypto
Turns out Trump Media and Technology Group is diving deeper into the crypto world with an update to its Truth Social platform.
Yesterday, the company announced that subscribers to its Patriot Package can now earn “Truth Gems” through platform activities.
Patriot Package is a premium tier of the Truth+ streaming service.
These digital rewards can be converted into Cronos, the native token of Crypto.com, using the exchange’s wallet infrastructure.
This also helps integrate cryptocurrency into Truth Social’s ecosystem.
It also offers users a novel way to engage with digital rewards while tapping into the growing crypto economy.
Vietnam Launches Crypto Regulation Pilot
As you know, Vietnam is a global leader in cryptocurrency adoption.
It is now tightening its grip on the industry with a new five-year pilot program.
Deputy Prime Minister Ho Duc Phoc signed a resolution that now mandates that all crypto transactions be conducted only in Vietnamese dong.
This extends to crypto issuance, trading, and payments.
This also means that Vietnamese enterprises, registered as limited liability or joint stock companies under the Law on Enterprises, can issue crypto assets.
The framework aims to bring order to the country’s booming crypto scene while ensuring compliance with national regulations.
South Korea’s Upbit Unveils Ethereum Layer-2 Giwa
In other big crypto news from yesterday, South Korea’s largest crypto exchange, Upbit, is launching Giwa.
Giwa (Global Infrastructure for Web3 Access) is an Ethereum layer-2 solution, on testnet.
It leverages the Optimism Foundation’s OP Stack to deliver one-second block times while maintaining Ethereum’s robust security for transaction settlement.
According to Giwa’s documentation, the platform aims to make Web3 infrastructure “easy and fun for everyone.”
