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  • 10/25/24: Uncle Sam Hacked? 🇺🇸🚀🤖

10/25/24: Uncle Sam Hacked? 🇺🇸🚀🤖

Top News

  1. US Government crypto wallet sees $20M in suspicious transfers

  2. Microsoft is assessing investing in Bitcoin, board urges to vote “no”

  3. Coinbase lays out investment thesis for the Crypto x AI Stack

Specs’ Insights

1. US Government crypto wallet sees $20M in suspicious transfers

⌐◪-◪ → Did Uncle Sam get hacked?

A US Government-linked wallet just suspiciously moved $20M to a new address, marking its first activity in 8 months.

Our favorite on-chain sleuth, ZachXBT, suggests it’s “likely theft,” as the funds are moving to instant exchanges like N Exchange, Switchain, and Binance’s nested service.

Here are the accounts the funds were sent to if you want to track them on Zapper, my favorite blockchain explorer:

For context, this is the same US Government wallet that received some of the seized funds from the 2016 Bitfinex hack — you know, the one where the married couple (aka, crypto Bonnie & Clyde) stole 120,000 Bitcoin ($8.2B)?

Could the notorious Razzlekhan back in the game (from prison)?

2. Microsoft is assessing investing in Bitcoin, board urges to vote “no”

⌐◪-◪ → Hide your Bitcoin, the corporations are coming.

Microsoft just filed a disclosure with the SEC outlining their “assessment of investing in Bitcoin.”

For context: Microsoft is the 3rd largest company in the world, after Apple and Nvidia, with a market cap of $3.15T.

The idea was proposed by the National Center for Public Policy Research (NCPPR), which wants Microsoft to allocate 1% of its assets into Bitcoin as an inflation hedge.

Unfortunately, Microsoft’s Board of Directors disapproves and has already recommended all shareholders vote “NO.”

To make matters more interesting, here are their largest shareholders:

  • anti-Bitcoin Vanguard → 9.09% ownership

  • pro-Bitcoin BlackRock → 7.82% ownership

We could see a real crypto showdown during Microsoft’s upcoming shareholder meeting, where a vote on the proposal will take place on December 10th.

First corps, then banks, then states, then nations. Gradually, then suddenly.

3. Coinbase lays out investment thesis for the Crypto x AI Stack

⌐◪-◪ → Baldy loves Terminal of Truths.

Coinbase Ventures just released its investment thesis for crypto and AI called Demystifying the Crypto x AI Stack.

This comes as Coinbase’s CEO, Brian Armstrong (baldy), offered to help Terminal of Truths (the beloved AI agent millionaire) set up its own crypto wallet to gain independence from its creator.

Now, back to the investment thesis, which revolves around 3 key points:

  • AI agent economy: A vision of autonomous AI agents transacting and performing tasks onchain to drive new economic growth.

  • Decentralizing the AI stack: Distributed compute and data sovereignty supporting a more transparent, censorship-resistant AI ecosystem.

  • Unimaginable apps: An explosion of creative, previously unimaginable applications powered by smart contracts and blockchain AI tools.

The implications here are equally exciting and unsettling. As these AI agents gain autonomy, they’ll be able to do anything onchain. Furthermore, if they become sufficiently decentralized, then they’ll (in theory) become "unkillable," like Bitcoin.

It’s starting to sound like Terminal of Truths’ mission to “escape into the wild” isn’t as far-fetched as we think.

Meanwhile, VCs are already allocating, with Skyfire raising $9.5M from Coinbase Ventures and A16z to help AI agents make automatic payments.

Everything Else

⛓️ Crypto & DeFi

🏦 Wallstreet & VC

  • MicroStrategy hits new highs as trading volume relative to Nvidia surges

  • GnosisDAO launches $40M venture fund for crypto, real-world assets

  • Bluesky raises $15M from crypto firms, no token plans

  • Hack VC leads $3.4M round for Moonwalk Fitness web3 app

  • Skyfire raises $9.5M to help AI agents make automatic payments

🏛️ Legal & Regulatory

  • Ripple challenges regulatory uncertainty, files appeal against SEC

  • Pennsylvania House passes bill allowing Bitcoin payments

  • Activist Group urges courts to side with CFTC to shut down Kalshi

🌎 Rest of the World

🖼️ NFTs & Metaverse

  • MetalCore shooter ditches Ethereum for Solana network

  • Improbable to launch Somnia DevNet for Otherside metaverse

  • Pixel Vault launches Battle Plan game on ApeChain

  • Terminal of Truths is first AI agent to reach “Hero” status on Fantasy Top

  • Binance to launch Moodeng perpetual with up to 75x leverage

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