Caiyun Weekly: BTC price reaches 60,000, famous paintings are burned, NFT version is sold at high price

The main focus this week: The United States distributes epidemic subsidy funds, the price of Bitcoin breaks through 60,000, setting a record high; Musk is sued for tweeting about cryptocurrency; famous paintings are burned, and the digital version of NFT is sold at a sky-high price; Grayscale's parent company begins to buy GBTC; DODO is attacked, and the white hat hacker returns the funds; the EIP-1559 controversy continues to ferment, and miners plan to put forward new proposals.

7. Other unknown junk coins saw a sharp rise in price, doubling in price again in just a few days.

Cryptocurrency News

1. The U.S. Treasury Department begins distributing the first batch of $1,400 relief subsidies

The U.S. government began distributing the first batch of $1,400 subsidies under Biden's epidemic relief bill on Friday, and some Americans will receive the money this weekend. Economists expect that this is expected to help the U.S. economic recovery in the coming months. U.S. President Biden signed a $1.9 trillion stimulus bill on Thursday, which includes direct payments of more than $410 billion in relief subsidies to most Americans.

After the relief subsidies were distributed, the price of Bitcoin rose sharply on Saturday and has now reached a new high of over $60,000.

2. Musk and Tesla’s board of directors were sued for violating the tweeting agreement reached with the SEC

A Tesla investor sued CEO Musk and his board of directors in Delaware, alleging that Musk's continued sending of "implied" tweets and that Tesla's board of directors failed to control Musk's online behavior have caused Tesla potential billions of dollars in liability and market value losses.

Previously, Tesla CEO Musk frantically posted news about Bitcoin, Dogecoin, etc. on social media, and this behavior caused the price of Dogecoin to rise and fall sharply, so it was questioned by some people.

The lawsuit was made public in a Delaware court on Friday. Previously, Musk, Tesla's board of directors, and the U.S. Securities and Exchange Commission reached an agreement in 2018 regarding Musk's activities on social media. The SEC required Musk's actions to be approved in advance and ordered Musk and the company's board of directors to pay a fine of $20 million each.

3. French MPs sign a petition urging the central bank to buy Bitcoin

Jean-Michel Mis, a member of the French National Assembly (the lower house of the French parliament), has signed a petition to the French Senate that seeks to authorize the French central bank to buy Bitcoin and other cryptocurrencies.

The petition cites MicroStrategy and Tesla as companies that have purchased large amounts of Bitcoin, while also mentioning Miami’s possible plans to invest its reserves in Bitcoin. The petition says France must adopt a strategy in this regard and pass a law to implement it.

If the plan goes through, the Bank of France could be the first central bank in the world to publicly invest in its reserves in Bitcoin.

4. A Japanese man was sentenced to one year in prison and fined $202,000 for cryptocurrency tax evasion

On March 11, a 56-year-old Japanese man named Eiji Matsuda was sentenced to one year in prison and fined $202,000 for evading cryptocurrency taxes. The court said that the man deliberately evaded his Bitcoin tax returns from 2017 to 2018 and was suspected of falsifying tax data, owing more than $680,000 in taxes.

5. Grayscale parent company DCG plans to purchase $250 million of GBTC

On March 10, Grayscale’s parent company Digital Currency Group announced plans to purchase no more than $250 million worth of shares in Grayscale’s Bitcoin Trust Fund (GBTC).

DCG intends to fund the acquisition using existing cash and will make purchases in the open market, as specified, at management's discretion. The share purchase authorization does not require DCG to purchase any specific number of shares during any period and may be extended, extended, amended or terminated at any time. The actual timing, amount and value of the share purchases will depend entirely on many factors, including the level of available cash, price and then-current market conditions.

6. The French government will auction 611 bitcoins seized from hackers next week

Paris-based auction house Kapandji Morhange will auction 611 bitcoins on March 17.

The company said this is the first time the French government has auctioned seized bitcoins. At current prices, the bitcoins are worth nearly $34 million. According to its official website, the auction will be held in two sessions: one at 9 a.m. and the other at 2 p.m. The first session will offer 437 lots, each of which will include 0.11 to 2 bitcoins. The second session will offer 41 lots, each of which will include 5 to 20 bitcoins.

The bitcoins were seized from hackers by the French Agency for the Recovery and Administration of Confiscated Assets (AGRASC) in 2019 and 2020. Most of the bitcoins being auctioned were seized by the courts in the attack on the cryptocurrency platform Gatehub. The London-based exchange was hacked in 2019 and the bitcoins were subsequently stolen by hackers. The case is still ongoing.

7. DODO was attacked and the white hat attacker returned the funds

The decentralized exchange DODO officially announced that part of DODO's fund pool was attacked on the morning of March 9, Singapore time. The team immediately started an investigation after discovering it. DODO synchronized the current progress with the community: DODO found two attackers, a white hat attacker and a robot attacker. The white hat attacker has contacted the team through Samczsun and expressed his willingness to return part of the funds. The robot attacker's actions look very much like the automatic frontRun robot. The DODO team believes that there are no bad guys in this attack. However, it is necessary to contact the owner of the FrontRun robot, hoping that he can return this part of the funds.

8. The U.S. Wyoming Senate Committee formally voted to pass the DAO Act

According to a video of a recent hearing held by a Wyoming Senate committee, the Senate committee has voted to pass a bill to allow DAOs to be officially registered in the state. The bill aims to allow DAOs to be chartered and recognized by the state government, and limited liability companies can be transformed into DAOs. In addition, the terms DAO, LAO or DAO LLC can appear in the official registration agency when forming a limited liability company or limited liability company in the state. The bill was originally submitted in mid-January and submitted to the Joint Corporation, Elections and Political Subcommittee of the Wyoming Senate on February 3.

9. NFT auctions have become a craze, with many NFTs sold at sky-high prices

The winning bid for the NFT work "Everydays: The First 5000 Days" by the famous crypto artist Beeple reached a staggering $60.25 million at Christie's. The buyer's additional fees subsequently raised the final price to $69,346,250.

The auction of Twitter CEO's first tweet NFT will end on March 21, and the proceeds from the auction will be converted into BTC and donated to charity organizations

The work "Fool" by the world-renowned street artist Banksy was burned by a fan in an online live broadcast, and an NFT token was created, and then the ownership of the electronic version of the painting was auctioned. In the end, the NFT was sold at a high price of about RMB 2.47 million.

Regarding the EIP-3368 proposal, Ethereum core developer eric.eth said that in order to comply with Ethereum's commitment to the minimum necessary issuance, eric.eth said it is considering creating an EIP to reduce the block reward from 2 ETH to 1 ETH.

4. Bitmain poached TSMC engineers and was interviewed

Recently, it was revealed that Bitmain's branch in Taiwan has poached hundreds of chip engineers since 2017, most of whom came from MediaTek, ASE, TSMC, etc., and was interviewed by the local prosecutor's office. In addition, in response to this matter, TSMC required it to sign a special version of the declaration that there would be no infringement of trade secrets and intellectual property rights, otherwise it would not be put into production.