DoJ Announces Seizure Of $3.36 Billion Worth Of Bitcoin Illicitly Obtained In 2012 – Aspen Market Daily

Daily Market Wrap

• Crypto market cap: 977.65B, down 5.29%
• BTC price stands at USD 19,767, down 5.40%
• ETH price stands at USD 1,481, up 6.31%
• Top gainer: Toncoin (TON), up 7.55%
• Top loser: BitDAO (BIT), down 20.48%?

News of the Day?

Billions in Bitcoin Linked to Silk Road Seized by US Attorney’s Office

Why it matters

• Announced yesterday, the Department of Justice had seized $3.36 billion worth of Bitcoin affiliated with the dark net marketplace Silk Road in November 2021
• James Zhong, the man who received 50,676 Bitcoin in September 2012 pled guilty to the wire fraud on Friday, triggered 140 back to back transactions to trick Silk Road’s withdrawal processing system to release 50,000 coins into his multiple accounts
• Zhong received an equal amount of BCH five years later for which he sold at an overseas crypto exchange for an additional of 3,500 Bitcoins, after which he attempted to hide his darknet earnings

Crypto Daily Spotlight

GALA token exploit resulted from public leak of private key on GitHub

Brief introduction: Gala Games is a blockchain based, play-to-earn gaming platform which uses the native utility token, GALA. Gala Games users have ownership of in-game assets, which are in the form of non-fungible tokens. Gala Games was originally built on the Ethereum blockchain, but recently used p.Network Bridge DApp as a cross-chain bridge for the GALA token to go on the Binance Smart Chain and reduce transaction fees for players when spending their GALA tokens.?

Why it matters:?

• A posts by SlowMist, a blockchain security firm has revealed that last week’s toke exploit affecting Gala Games was a result from a public leak of applicable security keys on GitHub
• On Nov 3, a single wallet address minted over $2 billion GALA tokens out of thin air and dumped the tokens onto Pancake Swap, causing $4.5 million worth of BNB coins to be drained from its liquidity pool
• Huobi alleged that pNetwork was behind the Gala Games token bridge exploit, in which pNetwork has denied, stating that “no funds loss happened on the GALA cross-chain bridge” and that “all GALA tokens on Ethereum are safe”

Daily Sector Tracker

Daily News Roundup

1. Crypto Exchange Gemini Expands to 5 More European Countries
2. Solana Token Down Double-Digits as NFT Growth Plummets
3. Bank of Korea Tested NFT Trading, Remittances With CBDC
4. OpenSea Roils NFT Market With ‘Enforcement Tool’ For Creators
5. Russia's Central Bank Promotes Crypto as Means of Internationalising Embattled Economy

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