Arkham Identifies BTC ETF Addresses, Lawmakers Probe Meta's Crypto Plans, Alameda Drops Grayscale Suit
Summary:
Blockchain research firm, Arkham Intelligence, has reportedly found the on-chain Bitcoin addresses of several U.S. spot BTC exchange-traded funds. U.S. lawmakers are demanding that Meta, led by Mark Zuckerberg, disclose its plans for its five crypto and blockchain-related trademarks. Meanwhile, litigation between Alameda Research and Grayscale Investments has been withdrawn by Alameda. Despite benefits from transparency, concerns over security risks from disclosing on-chain Bitcoin ETF addresses persist.
Blockchain research entity, Arkham Intelligence, has reportedly pinpointed the on-chain Bitcoin (BTC) addresses associated with a number of spot BTC exchange-traded funds (ETF) within the U.S. Simultaneously, Mark Zuckerberg's Meta is facing scrutiny from U.S. Congress members relating to its plans for utilization of its five filings related to crypto and blockchain trademarks. Meanwhile, the litigation between Alamada Research and Grayscale Investments has been dismissed by Alamada Research.
According to reports, Arkham Intelligence has successfully singled out the on-chain Bitcoin (BTC) addresses linked to multiple spot BTC exchange-traded funds (ETFs) within the U.S. As shown in findings provided by Arkham, BlackRock’s iShares Bitcoin Trust (IBIT) presently possesses 33,430 BTC, valuing roughly $1.3 billion. Data provided correlates with public figures on IBIT assets stated on BlackRock’s site. GBTC is considered the leading spot Bitcoin ETF with approved funds amounting to 558,280 BTC, or approximately $29 billion as per when the report was written. While transparency has its merits, some officials have shown concern about potential security threats relating to the exposure of on-chain Bitcoin ETFs addresses.
In other news, Meta is receiving pressure from the U.S. House Financial Services Committee to disclose any plans concerning Blockchain or crypto. This comes following five active crypto and blockchain-related trademark applications filed in 2022. Ranking Committee member, Maxine Waters, in a letter submitted on January 22 to Meta CEO Mark Zuckerberg and COO Javier Olivan, indicated that the applications point to a continued aspiration to increase Meta's involvement in digital assets. However, Meta had previously conveyed to the Democratic Financial Services Committee staff on October 12, 2023, that no digital asset work was ongoing at Meta.
Alameda Research has surprisingly withdrawn its lawsuit against Grayscale Investments, less than a fortnight after Grayscale converted its Grayscale Bitcoin Trust (GBTC) into a spot ETF. A Grayscale spokesperson confirmed to Cointelegraph the voluntary dismissal of the lawsuit by Alameda Research. While the reason behind Alameda's action remains unclear, the GBTC continues to witness significant outflows, impacting negatively on Bitcoin prices. Originally, Alameda Research launched the lawsuit back in March 2023, with the aim of obtaining a court injunction against the management fees charged by Grayscale. It is important to note that investment decisions should be based on thorough research due to the risk factor involved.
Published At
1/23/2024 3:12:48 PM
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