Bitcoin $110K ‘bull trap’ concerns, James Wynn loses $25M BTC: Hodler’s Digest, June 1 – 7

Top Stories of The WeekJapans Strategy, Metaplanet, to buy 91K Bitcoin in next 18 monthsMetaplanet, also known as Japans Strategy, has updated its Bitcoin acquisition plans to acquiring 100,000 BTC by the end of 2026.Metaplanet on June 6 posted its new Bitcoin plan, increasing its previous target of 21,000 BTC.Our previous target to hold 21,000 BTC by the end of 2026 has now been dramatically revised upward. We now aim to hold 100,000 BTC by that time, Metaplanet CEO Simon Gerovich said in an announcement posted on X.Metaplanet holds 8,888 BTC following its latest 1,088 BTC acquisition announcement on June 2. The new target means it is committing to buy at least 91,112 BTC in the next 18 months.Winklevoss’ Gemini submits confidential IPO filing amid renewed investor confidenceCryptocurrency exchange Gemini, headed by Tyler and Cameron Winklevoss, has filed for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC), according to a June 6 press release. Gemini filed a confidential draft registration statement on SEC Form S-1, which allows a company to file for an IPO before publicly disclosing sensitive information. The filing comes amid renewed investor confidence as uncertainty due to trade wars has waned.The number of shares to be offered and the price range per share have not been determined. No date was mentioned for when the IPO might occur.Alleged French crypto kidnapping mastermind arrested in MoroccoA man suspected of being a key figure behind a series of recent crypto-related kidnappings in France has been arrested in Morocco.At the request of French authorities, Moroccos national police and intelligence service arrested Badiss Mohamed Amide Bajjou a 24-year-old French-Moroccan man who was reportedly found in possession of multiple bladed weapons and several mobile phones.Frances Minister of Justice, Grald Darmanin, praised the arrest in a June 4 X post after French news outlet Le Parisien reported the arrest.I sincerely thank Morocco for this arrest, which demonstrates the excellent judicial cooperation between our two countries, particularly against organized crime, Darmanin said.SEC wins $1.1M as alleged crypto conman a no-show in courtThe US Securities and Exchange Commission has been handed a $1.1 million court victory after a man it accused of running a crypto scam failed to answer the agencys lawsuit.A Georgia federal court judge submitted a default judgment in the SECs favor on June 3 in its case against Keith Crews, who failed to respond or defend himself against the SECs lawsuit that it filed in August 2023. Judge Tiffany Johnson ordered Crews to pay financial penalties of over $1.1 million, finding him liable for disgorgement of $530,000 in net profits from his alleged misconduct and ordered him to pay prejudgment interest of almost $51,000 and a civil penalty of $530,000. The judge ruled that Crews is also permanently banned from future violations of securities laws. Crypto leverage trader James Wynn loses $25M on Bitcoin betThe millionaire leveraged crypto trader James Wynn has been liquidated of nearly $25 million in Bitcoin after betting with leverage that the cryptocurrencys price would rise.Wynn was liquidated for 240 Bitcoin and had manually closed part of his position to lower the liquidation price, onchain analytics platform Lookonchainpostedto X on June 4.Lookonchain added that Wynn still held 770 Bitcoin worth around $80.5 million at a liquidation price of $104,035.Data from Hypurrscan shows that the trader is currently sitting on an unrealized loss of nearly $1 million on his 40x Bitcoin long position.Winners and LosersAt the end of the week, Bitcoin (BTC) is at $104,794, Ether (ETH) at $2,484 and XRP at $2.17. The total market cap is at $3.27 trillion, according to CoinMarketCap.Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are SPX6900 (SPX) at 18.11%, Sky (SKY) at 12.28% and Quant (QNT) at 12.11%.The top three altcoin losers of the week are DeXe (DEXE) at 25.74%, Stacks (STX) at 8.68% and Cronos (CRO) at 8.03%. For more info on crypto prices, make sure to read Cointelegraphs market analysis.Most Memorable QuotationsStablecoin will be one of the strongest places that I would invest long term.Alice Li, investment partner and head of North America at Foresight VenturesIf your business model cant handle a -80% Bitcoin drawdown, rework your business model right now, because I think were getting toward the very shaky ground of the top and the fall from it.Saifedean Ammous, author and Bitcoin educatorRetail investors appetite for risk is much lower because we know what happened with the stock market and every other aspect.Vugar Usi Zade, chief operating officer at BitgetWith long-term holders gradually applying sell pressure, the probability of a short-term correction continues to build, particularly in the absence of a strong upside catalyst to push Bitcoin decisively above [$111,800].GlassnodeWere still in the study phase, Id say, but stablecoin is one of the, for me, more interesting instantiations of crypto that has a practical benefit other than crypto as a store of value.Dara Khosrowshahi, CEO of UberThere are generals, especially in Southeast Asia, who believe its important to have a strategic Bitcoin stockpile because were doing an economic war with China and we have to prepare for a guns and bullets war. But we need both.Cynthia Lummis, US senatorTop Prediction of The WeekBitcoin rebounds to $105K, but is a ‘bull trap’ underway?Bitcoin climbed toward $105,000 on June 6 after plunging to its lowest level in four weeks the previous day. Traders questioned whether the sharp decline had been coordinated, especially following reports that US President Donald Trump and Chinese President Xi Jinping had resumed discussions over import tariffs. Read also Features Ethereum is destroying the competition in the $16.1T TradFi tokenization race Features Reformed altcoin slayer Eric Wall on shitposting and scaling Ethereum The reasons behind Bitcoins sudden drop on June 5 might never be fully clarified. Still, several contributing factors emerged, including fears of a potential economic recession, continued uncertainty surrounding the US Strategic Bitcoin Reserves, and speculation that custodians might be engaging in re-hypothecation practices.If these concerns are valid, a quick return to the $110,000 level appears unlikely.Top FUD of The WeekUS seizes 145 domains, crypto linked to BidenCash dark web marketUS authorities seized 145 domains and an undisclosed amount of cryptocurrency tied to BidenCash, a dark web marketplace accused of trafficking millions of stolen credit cards and personal data.The action, announced on June 5 by the US Attorneys Office for the Eastern District of Virginia, followed a court-authorized operation targeting the platforms infrastructure and financial flows. The seized domains are now redirected to a law enforcement-controlled server.BidenCash, launched in March 2022, had grown to over 117,000 users and facilitated the sale of more than 15 million stolen payment card numbers and other personally identifiable information. The platform generated over $17 million in revenue during its operation, according to US officials.Crypto.com sues Nevada gaming body over block on sports event contractsThe derivatives arm of crypto exchange Crypto.com has sued the Nevada gaming and gambling regulator over its restriction on the trading of sporting event contracts.North American Derivatives Exchange, Inc., which does business as Crypto.coms North American derivatives business, sued the Nevada Gaming Control Board in the states federal court on June 3, claiming it improperly blocked the exchange from offering derivative contracts that reference sporting events on its federally regulated market. Read also Features Real AI use cases in crypto, No. 3: Smart contract audits & cybersecurity Features What do crypto market makers actually do? Liquidity, or manipulation It claimed the regulator asserted jurisdiction with the mistaken premise that contracts traded on the exchange constitute wagering on sporting events subject to Nevada gaming laws. Crypto.com argued that federal law, specifically the Commodity Exchange Act, grants the Commodity Futures Trading Commission exclusive jurisdiction over these types of financial instruments.Ukraine arrests man for breaching hosting accounts to mine cryptoUkrainian police have arrested a man and accused him of hacking the accounts of an international hosting company and using its servers to mine crypto in an apparent case of cryptojacking. Cyber police officers from Ukraines National Police said in a June 4 statement that a 35-year-old man from the Poltava region had allegedly been probing for weaknesses in the online security of various international companies and gaining access to their servers since at least 2018. In particular, the defendant illegally gained access to over 5,000 customer accounts of an international hosting company that provides server rental services for the operation of various websites and online platforms, the police said.Top Magazine Stories of The WeekBaby boomers worth $79T are finally getting on board with BitcoinWealthier and highly financially literate Baby Boomers are having a big impact on Bitcoin markets, but the majority remain skeptical.China to ban owning Bitcoin? Gate.io to pay $30M over liquidations: Asia ExpressTraders get wrecked by Gate.ios LA token perpetual contract price bug, Philippines crypto influencer crackdown, and more.Ignore the AI jobs doomers, AI is good for employment says PWC: AI EyeOne expert tips AI will replace workers and cause a global population collapse, but PWC research shows you can get a big raise using AI at work. Subscribe The most engaging reads in blockchain. Delivered once a week. Email addressSUBSCRIBE