4th June 2024 > > Exchange hacks & elections.

tl;dr

A couple of new exchange hacks to be aware of. Cryptos are increasingly a key battleground of the US Presidential election.

Market Snap

Market Wrap

Another brief foray into the 7-handle was met with a wall of profit-taking. Those sellers will run out of ammo soon.

Occasional Series – UK election

The announcement yesterday that Nigel Farage has joined the fray guarantees the largest majority ever seen in favour of Labour.

It matters not your political leaning. What does matter is that wealth taxes will happen this year, though initially not on your residential home. By year two or three, your house will be included in the calculation. You need to start planning, and you need to start planning now.

Curious Cryptos’ Commentary – Binance account hack

h/t Ahmed Lancer.

Curious Cryptos’ Commentary – OKx account hack

h/t Ahmed Lancer.

Curious Cryptos’ Commentary – Message

To all the feral scumbag hackers out there I have one message for you, apart from hoping that you will die a very slow and very painful death, preferably at the hands of your loved ones.

Don’t bother wasting your time on my CEX accounts for I just do not keep any material amount of cryptos at any exchange. I am also quietly confident that nor does any member of the CC community.

Curious Cryptos’ Commentary – US Presidential election

Just the other day the CCC reported an improbable rumour that one of the two leading candidates for the next US President is exploring how BTC may help with the US debt problem. It turns out he is not the only one.

The third runner, Robert F. Kennedy, Jr., has made a surprisingly bold move.

He wishes to start building reserves of “… hard assets including BTC” held against the issuance of US debt.

He proposes starting with 1% of the total amount outstanding, increasing by 1% each year. With total debt of nearly $35 TRILLION (and that’s just the on-balance sheet items) this implies spending $350 billion in just the first year buying hard assets. He hasn’t said what proportion will be in BTC, but outside of gold, real-estate, and stocks, I am not sure there are many other options.

This election gets ever more crypto-friendly.