9000 BTC moved to exchanges has traders watching the price
 
 
This week’s top headlines:
  • Wirecard $2 billion scandal update
  • Miners moving 9,000 BTC ($86 million)
  • Will quantum computing break Bitcoin?
  • New Zealand police seize $91 million From Russian Bitcoin exchange
  • SEC shakeup has the crypto industry hopeful for Bitcoin ETF
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Wirecard: Crypto card users' funds locked as UK regulator suspends subsidiary

The UK Financial Conduct Authority (FCA) on Friday suspended the license of Wirecard Card Solutions (WCS), the business unit responsible for issuing Visa cryptocurrency debit cards.

This resulted in some users of cards issued by WCS
such as Crypto.com’s Mco Visa debit card and Tenx’s Visa debit card being unable to access their funds.

Trading of Wirecard shares was suspended from the Frankfurt Stock Exchange ahead of an insolvency filing. The stock has tumbled more than 90% since news of the missing billions broke out on June 18, with Wirecard owing its creditors around $3.9 billion.

Miners start selling 9,000 BTC, possibly opening bear cycle

According to on-chain monitoring services, more than 9,000 BTC valued at around $86 million moved last Tuesday with 2,650 BTC sent directly to Bitfinex exchange. This representing the largest flow of bitcoin (BTC) from miners to such platforms in over a year.

The moves coincided with a sharp drop in the price of bitcoin on Wednesday, falling 4% in 24 hours from $9,700 to about $9,300.
Breaking Bitcoin: Crypto proponents discuss Honeywell's 6 qubit quantum computer
The massive firm Honeywell told the public this week they are running a quantum computer that leverages six effective quantum bits, or qubits.

While the most powerful supercomputer would take thousands of years to crack Bitcoin’s encryption, skeptics have already started discussing the future effects of quantum computing on Bitcoin and 256-bit encryption.

Even though Honeywell's quantum computer is quite powerful with six effective quantum bits, it’s estimated in order to break Bitcoin's 256-bit cryptography, it would take anywhere between 2,000 to 3,000 qubits of computing power.

New Zealand Police Seize $91 Million From Russian Bitcoin Exchange Operator
Police in New Zealand confiscated NZ$140 million (USD$91 million) from Russian bitcoin exchange operator Alexander Vinnik.

Vinnik is the alleged owner of the collapsed BTC-e exchange. The funds were seized from bank accounts held by Canton Business Corporation, a New Zealand-registered company managing the exchange.

Arrested in Greece in 2017 while holidaying with his family, Vinnik was later extradited to France, where he remains in jail charged with counts of aggravated money laundering, extortion, conspiracy, and data manipulation.

Jay Clayton Leaving SEC: Crypto Industry Hopeful for Bitcoin ETF Approval
Chairman Jay Clayton is geared to leave the U.S. Securities and Exchange Commission (SEC) after President Donald Trump nominated him to serve as the next U.S. attorney for the Southern District of New York. With his potential departure, there are some notable people in the cryptocurrency industry that seem hopeful the SEC will finally approve a bitcoin exchange-traded fund (ETF).

Jake Chervinsky, general counsel at Compound and an adjunct professor at Georgetown University Law Center, tweeted: "The SEC chair is one of the most important U.S. officials for crypto regulation. Chairman Clayton’s replacement will have a massive impact on the industry (for better or worse). Our chance at ETF approval & clarity on a wide range of issues for years to come hangs in the balance."

Billionaire investor and CEO of Galaxy Digital Mike Novogratz said: "Have to think [Jay Clayton] leaving the SEC is good for BTC. Makes ETF more likely. Let’s hope his successor is a futurist."

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