Bitcoin Hits $87K as SBF Gets New Home
Bitcoin did give the Bears something to get excited about for a while, but the party’s over now, and our favorite digital coin is on a breakthrough move.
And speaking of breakthrough moves, you remember that Bybit hack that would make even the most hardened crypto veterans wince? Yeah, some of that crypto just went incognito…. Gone gone gone for good!
Meanwhile, SBF has a new address now, and it's not in the Bahamas this time. We’re talking penthouse to prison… What a journey!
Here are the Highlights:
- Bitcoin 'breaking out' as it retakes $87K after early April slump
- Over $380M Worth of Crypto Stolen During Bybit's $1.4B Hack Has Gone Dark
- FTX Founder Sam Bankman-Fried Transferred to Low-Security Federal Prison in Los Angeles
- Oregon attorney general sues Coinbase months after SEC drops case
Bitcoin 'breaking out' as it retakes $87K after early April slump
Bitcoin prices appear to be breaking out of an extended period of consolidation as the asset climbs to its highest level since late March. surged above $87,400 on April 21, its highest price since March 28, according to TradingView. It has climbed by more than $3,000 from an intraday low of just over $84,000 on April 20. The asset has now gained 16% since its 2025 low of just below $75,000 on April 9, and the distance from its peak price has been reduced to 20%. While a 2.4% daily gain is not out of the ordinary for Bitcoin, it has moved the asset to the upper bounds of a range-bound channel that began in early March. “Bitcoin is breaking out,” while Nasdaq futures are down 1%, observed Scott Melker, aka “The Wolf Of All Streets.”
Over $380M Worth of Crypto Stolen During Bybit's $1.4B Hack Has Gone Dark
Cryptocurrency exchange Bybit's CEO Ben Zhou said that 27.95% of the funds lost in the $1.4 billion exploit engineered by the North Korean Lazarus Group have gone dark or become untraceable. "Total hacked funds of USD 1.4bn around 500k ETH. 68.57% remain traceable, 27.59% have gone dark, 3.84% have been frozen. The untraceable funds primarily flowed into mixers then through bridges to P2P and OTC platforms," Zhou said in an executive summary published on X on Monday. The untraceable funds were moved into mixers before being transferred through bridges to P2P (peer-to-peer) and OTC (over-the-counter) platforms, the post explained, mentioning the use of Wasabi, a crypto mixer, to wash off a certain amount of BTC, following which a portion of these funds entered into other mixers, including Railgun, Tornado Cash and CryptoMixer.
FTX Founder Sam Bankman-Fried Transferred to Low-Security Federal Prison in Los Angeles
The incarcerated founder of bankrupt crypto exchange FTX is now detained in a correctional facility in Los Angeles, California. According to the inmate database of the Federal Bureau of Prisons (BOP), Sam Bankman-Fried is currently serving time at the Federal Correctional Institution (FCI) Terminal Island. The 33-year-old was previously held at the Metropolitan Detention Center in Brooklyn, but the BOP moved him to a series of locations. FCI Terminal Island houses more than 900 low-security male inmates. Last month, Bankman-Fried was brought to the Federal Transfer Center in Oklahoma City, which houses inmates who are being transported through the prison system. He was then taken to a medium-security federal prison in Victorville, California, before his subsequent move FCI Terminal Island.
Oregon attorney general sues Coinbase months after SEC drops case
Oregon Attorney General Dan Rayfield filed a securities enforcement action against cryptocurrency exchange Coinbase, echoing federal charges that were brought under the Biden administration but dropped earlier this year. The U.S. Securities and Exchange Commission dropped its case against Coinbase in February. In 2023, the agency charged the exchange with operating as an unregistered broker, exchange and clearing agency and claimed its staking-as-a-service program was also improperly registered. "Oregon’s holdout campaign is obstruction for the sake of obstruction," Coinbase Chief Legal Officer Paul Grewal said in a blog post on Friday. "It is a desperate scheme that does nothing to move the crypto conversation forward, and in fact takes us a giant leap backwards from hard-won progress."
Other Highlights Worth Mentioning
Vietnam plans pilot crypto trading platform with Bybit support - Cryptoslate
Brazilian Bitcoin Scammers Hit With Combined 170 Years in Prison - Decrypt
US Appeals Court Dismisses $751,000 Crypto Lawsuit Against Santander Bank - Beincrypto
Kyrgyzstan appoints Binance founder CZ as advisor on national blockchain policy and Web3 strategy - Cointelegraph