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Market Crash Coming? US Government Transfers Nearly $2 Billion In Silk Road Bitcoin To Coinbase

Nearly $2 billion worth of Bitcoin (BTC) linked to the now-defunct dark web marketplace Silk Road were moved by the Feds to America’s largest crypto exchange Coinbase on Monday. This marks the latest high-profile transfer of the United States government’s Bitcoin holdings. Notably, even the indication that a gigantic Bitcoin whale such as a government is about to dump large amounts of the premier crypto is enough to send markets tumbling. Inside US Government’s Latest BTC Transfer According to data from on-chain intelligence firm Arkham Intelligence, a wallet tagged as “U.S. Government: Silk Road DOJ Confiscated Funds” sent some 19,800 BTC, worth around $1.92 billion, to a Coinbase Prime deposit address. U.S. authorities confiscated the BTC in a 2021 investigation of James Zhong, who last year pleaded guilty to wire fraud related to the Silk Road marketplace. Zhong manipulated the Silk Road transaction system in 2012 to steal 50,676 Bitcoins. The Department of Justice seized the stash in 2022 after BTC’s price had surged significantly, making it one of the biggest Bitcoin seizures in history. The Monday transfer likely signals that the government is preparing to sell the assets. Previous transfers by the Feds have triggered substantial sell-offs in Bitcoin. The BTC price is now up 0.4% over a 24-hour period, according to CoinGecko. Its price hovers at $95,389 at the publication time. The US government still held roughly $18 billion worth of Bitcoin at the time of writing this, meaning it is the largest geopolitical holder of the flagship cryptocurrency. U.S. Government Selling Its Bitcoin Holdings Is A “Huge Strategic Mistake” Crypto industry observers quickly reacted to the U.S. government’s decision to shift almost $2B in BTC to Coinbase. “This is a huge strategic mistake,” wrote Jason Lowery, the author of Softwar: A Novel Theory on Power Projection and the National Strategic Significance of Bitcoin. “There is no price where it makes sense for the US to sell any Bitcoin it has under its control. They have no idea what they own, and it shows.” Lowery added: “Remember this post when they inevitably try to justify a new version of EO 6102 to reclaim the Bitcoin they sold off due to their ignorance about the true significance of this technology.” For those unaware, EO 6102 authorized President Franklin D. Roosevelt to force American citizens to relinquish their gold coins, gold bullion, and gold certificates. The executive order was implemented so that the U.S. government could devalue the dollar more aggressively to stimulate the economy during the Great Depression. Coinbase CEO Brian Armstrong agreed with Lowery, noting that the government shouldn’t dump its BTC. Notably, US lawmakers like Senator Cynthia Lummis and the incoming president Donald Trump, have proposed passing legislation to create a strategic Bitcoin reserve in the United States. The Wyoming Republican officially introduced the Bitcoin Act in August for the government to purchase 1 million BTC — approximately 5% of the total circulating supply — for five years to match the country’s gold reserves. Finbold

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India Blockchain Month 2024 Kicks Off Yesterday with 50+ Events Across 15 Cities

New Delhi, Delhi – 03/12/2024 — India Blockchain Month (INBM) 2024, the most extensive celebration of blockchain technology in India’s history, is underway! The INBM Delhi Conference, held yesterday at The Ashok Hotel, marked the beginning of this month-long event spanning 15 cities across India. INBM features over 50 events designed to empower individuals, businesses, and communities to harness the transformative power of blockchain. The INBM Delhi Conference kicked off with a dynamic panel discussion on “India’s Web3 Landscape – Opportunities and Challenges.” Moderated by Captain Ajay Ahlawat, COO of BlockOn Ventures, the panel featured insights from Ashwin Nandapurkar (EX-Fusion Inc.), Samarth Bhardwaj (Nextus Exchange), Thiruvengadam Pillai (Peerhive), Alekh Johari (Anemoi Solution), and Vedang Vatsa (Hashtag Web3). The discussion explored key trends, opportunities, and challenges facing the Indian blockchain ecosystem. In Picture, panel discussion on “India’s Web3 Landscape – Opportunities and Challenges.” Moderated by Captain Ajay Ahlawat, COO of BlockOn Ventures, the panel featured insights from Ashwin Nandapurkar (EX-Fusion Inc.), Samarth Bhardwaj (Nextus Exchange), Thiruvengadam Pillai (Peerhive), Alekh Johari (Anemoi Solution), and Vedang Vatsa (Hashtag Web3) Following the panel, Petr Liberland, President of Liberland, delivered an enriching keynote address on “Building a Country for the 21st Century,” sharing his vision for a nation built on blockchain principles. In Picture, Petr Liberland, President of Liberland, delivered an enriching keynote address on “Building a Country for the 21st Century” The afternoon session featured an insightful fireside chat on “Crypto Regulations and India” with Varun Sethi, Blockchain India Lawyer, and Avinash, CEO of Pi42, a leading derivatives platform in India. The discussion provided valuable perspectives on the evolving regulatory landscape and its impact on the Indian crypto industry. In Picture, fireside chat on “Crypto Regulations and India” with Varun Sethi, Blockchain India Lawyer, and Avinash, CEO of Pi42 INBM 2024 builds on the success of the previous India Blockchain Week events held in 2022 and 2023. These events, hosted by BlockOn, featured industry leaders like Vijay Shekhar Sharma (Paytm CEO), Manoj Tiwari (Member of Parliament), and Subhash Chandra Garg (former Finance Secretary), whose insights and expertise paved the way for INBM’s expansion. INBM 2024 is the world’s first blockchain month, a testament to India’s growing prominence in the global Web3 landscape. The event will bring blockchain education and innovation to all corners of India with a diverse range of conferences, hackathons, workshops, and networking sessions. INBM is collaborating with over 20 organizations across India to foster community building and local engagement. BlockOn has been curating exclusive Web3 experiences since 2017, hosting over 140 events with 65,000+ attendees and 2,300+ speakers. BlockOn’s initiatives include GLOBLA, Web3Preneur, Women.Web3Preneur, IOV2055, and Sanctuary. To date, BlockOn has partnered with over 200 organizations and collaborated with over 150 media partners, solidifying its position as a leader in the Web3 space. Key Sponsors and Partners INBM 2024 is supported by leading organizations in the blockchain space, including NuChain, Nextus, Ledger, and Pi42. Featured Events Across India INBM 2024 will host a diverse range of events across India. The Women.Web3Preneur – Delhi Edition and INBM Delhi Conference successfully concluded yesterday. Bangalore will host a series of events, including the Ledger 10-Year Anniversary Tour, The Bitcoin Breakout Party, Web3Preneur, I RWA, IOV2055 Symposium, and Women.Web3Preneur – Bengaluru Edition, as well as an I Hackathon. Goa will host a Web3Preneur event and I RWA. Kolkata and Mumbai will also have their own Web3Preneur events. Chandigarh will round out the Web3Preneur series. The I Hackathon series will make stops in Indore, Chennai, Bhubaneswar, and Pune. The INBM journey has just begun! With events planned throughout December, including flagship conferences in Delhi and Bangalore, the blockchain revolution is sweeping across 15 cities in India. Don’t miss your chance to be a part of this historic movement. Register now and shape the future of Web3 in India! Contact for sponsorship/partnership: Avni — Head of Events, BlockOn Avni@blockonventures.com +91 91 671 026 02 About BlockOn Blockon Ventures, is a pioneer in the blockchain and crypto events space since 2017 with a proven track record of organizing successful events such as India Blockchain Week, Malaysia Blockchain Week, and Thailand Blockchain Week. As a leading force in Asia’s dynamic Web3 landscape, Blockon Ventures has orchestrated over 125+ events in 10+ countries, bringing together a community of 70,000+ attendees, 2,500+ influential speakers, and backed by 700+ supportive sponsors and 125+ leading media outlets including Forbes, Entrepreneur, CNN, and Bloomberg. About Nuchain ​NuChain offers best-in-class Blockchain technology for Public and Private Enterprises including Governments and Corporations. We offer a developer-friendly, plug-and-play platform that enables Industry and the Governing bodies full exploitation of Blockchain’s enormous potential. ​About Web3Preneur ​Web3preneur, a BlockOn initiative, is redefining networking within the Web3 space. Born as a series of premium side-events alongside major conferences like Token2049 Singapore, ETH Dubai, and more, Web3preneur is known for its unique “stage-less, speaker-less, no-frills” format. This approach encourages meaningful conversations and genuine connections among a curated group of 100 industry leaders, investors, and entrepreneurs. Through our series of curated events, we bring together the brightest minds and most innovative projects in the decentralized world Finbold