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Bitcoin scarcity rises as bad exchanges take 1.2M BTC out of circulation

November 19, 2022 Coin Telegraph

Coin Telegraph

Historical data around crypto crashes revealed that 14 crypto exchanges, together, were responsible for the loss of at least 1,195,000 BTC, representing 6.3% of the 19.2 Bitcoin currently in circulation.

One of the biggest factors differentiating Bitcoin (BTC) from fiat currency and most cryptocurrencies is the hard limit of 21 million on its total circulating supply. However, the demise of numerous crypto exchanges over the last decade has permanently taken out at least 5.7% (1.2 million BTC) of the total issuable Bitcoin from circulation.

The lack of clarity around a crypto exchange’s proof-of-reserves came out as the primary reason for their sudden collapses, as seen recently with FTX. Historical data around crypto crashes revealed that 14 crypto exchanges, together, were responsible for the loss of 1,195,000 BTC, which represents 6.3% of the 19.2 Bitcoin currently in circulation.

*Bitcoin lost due to defunct crypto exchanges. Source: Casa Blog*

An investigation conducted by Jameson Lopp, co-founder and CTO of Bitcoin storage platform CasaHODL, revealed that Mt. Gox maintains the top position when it comes to exchanges losing BTC holdings.

While the scarcity of Bitcoin is directly related to its value as an asset, Lopp pointed out that fake Bitcoin offerings currently threaten the ecosystem, adding that “Bitcoin will not be a great store of value if most people are buying fake bitcoin.” Investigations confirm that at least 80 crypto assets have “Bitcoin” in their names, aimed purely to mislead BTC investors.

As a result, investors purchasing fake Bitcoin assets negatively impact the price appreciation of the original Bitcoin.

80+ crypto assets have the word "bitcoin" in their name.
14 have a market cap over $1,000,000.
3 claim to be Bitcoin.
1 is Bitcoin.
— Jameson Lopp (@lopp) September 22, 2022

To ensure Bitcoin’s position as sound money, self-custody comes out as the most effective way to reduce reliance on crypto exchanges and corporate “paper Bitcoin” contracts.

Salvadorean President Nayib Bukele announced plans to acquire 1 BTC every day starting from Nov. 17, 2022.

We are buying one #Bitcoin every day starting tomorrow.
— Nayib Bukele (@nayibbukele) November 17, 2022

Public records show that El Salvador currently holds 2,381 BTC at an average buying price of $43,357. However, stagnant Bitcoin performance opened up a window of opportunity for the country to substantially bring down its average price of Bitcoin acquisition.

AMM protocol SudoRare disappears from the internet with 519 ETH

August 23, 2022 Coin Telegraph

Coin Telegraph

SudoRare suddenly shut down its services and social media accounts after reportedly making away with 519 Ether, worth roughly $815,000.

SudoRare, an automated market maker (AMM) protocol for ERC-721 to ERC-20 swaps, suddenly shut down its services and social media accounts after reportedly making away with 519 Ether (ETH), worth roughly $815,000.

A crypto community member, sungjae_han, was first to point out a suspicious transaction that drained substantial funds off SudoRare using LooksRare (LOOKS) and USD Coin (USDC) tokens.

#PeckShieldAlert #rugpull Seems like @SudoRare rugged 519 $ETH (~$815k).
SudoRare already deleted its social accounts/groups, sudorare[.]xyz is down
Stole funds already transferred to 3 new addresses (173 $ETH/address):
0x75c3b2...3981
0x0498d1...8074
0xbFb784...7EAa https://t.co/mPC4bl4k6W pic.twitter.com/O5D7jThYvm
— PeckShieldAlert (@PeckShieldAlert) August 23, 2022

A subsequent intervention from blockchain investigator Peckshield hinted toward the possibility of a small-scale rug pull involving the loss of 519 ETH. Strengthening PeckShield’s suspicions, SudoRare decided to go offline from the internet — deleting all social media accounts and the main website, sudorare.xyz.

*SudoRare website down along with all other social media presence. Source: sudorare.xyz*

The following screenshot shows that the alleged stolen fund was equally divided and transferred to three different accounts, each receiving 173 ETH.

*Stolen funds transferred to three different accounts in ETH. Source: @PeckShield*

While investigations into the matter are still underway, the disappearance of SudoRare comes as a reminder to investors to “do your own research” (DYOR) before investing in projects pitching unrealistic returns.

A recent hack on Velodrome Finance was traced back to one of its team members, Gabagool, who later returned the stolen funds worth $350,000.

Gabagool, too, released a note revealing various events that led him to attempt theft, which involved losing funds during the 2022 crypto crash. He added:

“Not much else to say. I’m extremely stupid, incredibly disappointed in myself and (frankly) unsure about what next, legally speaking.”

Velodrome is yet to take legal action against the crime and has revealed working with the legal counsel to determine the next steps.

Analyst Says One Altcoin That Rallied 278% Last Week Could Be Showing Crypto the Way – Here’s His Forecast

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