Hyperbitcoinization is underway, RFK seeks Bitcoin donations and other news: Hodler’s Digest, May 14-20
has crossed a significant threshold this month there are over 1 million addresses that hold at least 1 BTC. Data from Glassnode shows an escalating pattern with regard to the amount of so-called Bitcoin wholecoiners. If the trend continues, Bitcoin price escalation could soon make buying it not only a luxury but something potentially unattainable altogether, according to Adam Back, co-founder and CEO of Bitcoin firm Blockstream. This hyperbitcoinization refers to the moment when the benefits of Bitcoin for financial transactions will eventually lead to the replacement of established financial institutions by a public-driven system, with Bitcoin becoming the world’s default value system.
FTXs leadership is looking to claw back more than $240 million from insiders and executives that benefited from FTX’s wildly inflated acquisition of stock-clearing platform Embed in September. According to court filings, Embeds own chief technology officer, Laurence Beal, was stunned that FTX paid so much for the company after one short meeting with its then-CEO, Michael Giles. Beal described FTXs due diligence process with a cowboy emoji. Lawyers accused FTX insiders of disproportionate payouts to Embed shareholders, including $55 million paid to its CEO.
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This story originally appeared on Investing