Ilya Lichtenstein, who played a role in the 2016 theft of approximately 120,000 Bitcoin from cryptocurrency exchange Bitfinex, was sentenced to five years in prison over the $4.5 billion theft.

Leading stablecoin issuer Tether has unveiled a new real-world asset tokenization platform called “Hadron” that allows asset managers, businesses, and nation-states to issue tokens backed by real-world financial instruments.

Pennsylvania lawmakers have cosponsored the Strategic Bitcoin Reserve Act, which would allow the state’s treasurer to invest in BTC, other digital assets, and crypto-based exchange-traded products.

Top stories in the Crypto Roundup today:

• Hacker Who Stole $4.5 Billion in Bitcoin Sentenced to Five Years
• Tether Launches New Platform for Real-World Asset Tokenization
• Pennsylvania Lawmakers Propose Bill to Invest in Bitcoin and Crypto ETFs
• Crypto Market Movers – DOGE, CRO, PEPE

Hacker Who Stole $4.5 Billion in Bitcoin Sentenced to Five Years

Ilya Lichtenstein, who played a role in the 2016 theft of approximately 120,000 Bitcoin from cryptocurrency exchange Bitfinex, was sentenced to five years in prison over the $4.5 billion theft.

Lichtenstein, 35, exploited the platform using “advanced hacking techniques” to infiltrate Bitfinex's network and authorize fraudulent transactions, then moving 119,754 BTC into his own digital wallet over more than 2,000 transactions.

He then proceeded to delete access credentials and other log files that could have revealed what happened. Lichtenstein then laundered the funds along with his wife, Heather Morgan. Morgan, known by her rapper moniker “Razzlekhan,” is set to be sentenced on November 18.

Prosecutors described the money laundering operations as using the “most complicated money laundering techniques” they had seen to date, using computer programs to automate transactions and deposit stolen funds into a variety of darknet markets and exchanges before withdrawing them, and converting BTC into other cryptocurrencies.

The funds were also sent to cryptocurrency mixing services, and the pair used a web of Eastern European bank accounts to further help hide the origin of the stolen funds in a bid to legitimize their own bank account activity. Some of the stolen funds were converted into gold coins.

In total, the couple laundered 25,111 BTC or around 21% of the total amount Lichtenstein stole from the cryptocurrency exchange. Neither Lichtenstein nor Morgan were charged in relation to the Bitfinex hack, with the former pleading guilty to one count of conspiracy to commit money laundering.

Tether Launches New Platform for Real-World Asset Tokenization

Leading stablecoin issuer Tether has unveiled a new real-world asset tokenization platform called “Hadron” that allows asset managers, businesses, and nation-states to issue tokens backed by real-world financial instruments.

Hadron is, according to the firm, designed to offer a secure and compliant environment for tokenization, with robust Know Your Customer (KYC) and Anti-Money Laundering (AML) controls in place. The platform can be used to tokenize stocks, bonds, stablecoins, loyalty points, and other real-world assets.

Tether CEO Paolo Ardoino suggested the platform is part of Tether’s “commitment to building a more inclusive future” after saying traditional financial institutions “have always pushed for closed ecosystems that are opaque to citizens.”

One of the platform’s features is “basket-collateralized products,” which allow asset issuers to tokenize baskets of commodities or other real-world assets.

Pennsylvania Lawmakers Propose Bill to Invest in Bitcoin and Crypto ETFs

Pennsylvania lawmakers have cosponsored the Strategic Bitcoin Reserve Act, which would allow the state’s treasurer to invest in BTC, other digital assets, and crypto-based exchange-traded products.

The bill, co-sponsored by Republican Reps Mike Cabell and Aaren Kaufer, is modeled after a similar federal proposal by Senator Cynthia Lummis (R-Wyo.), and aims to safeguard the state's financial future. Cabell stated in a memo that studies have suggested “that holding a small percentage of reserves in Bitcoin can contribute to a well-diversified and resilient portfolio.”

Cabell argued that Bitcoin can serve as a hedge against economic volatility and highlighted the increasing adoption of the cryptocurrency by major financial institutions.

On a Federal level, a bill called the “Boosting Innovation, Technology and Competitiveness through Optimized Investment Nationwide Act of 2024,” known as the BITCOIN Act, was introduced by Senator Lummis. If passed, this legislation would provide a framework for U.S. states and federal agencies to invest in Bitcoin.

Crypto Market Movers – DOGE, CRO, PEPE

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Dogecoin (DOGE) - Dogecoin is an open-source, peer-to-peer cryptocurrency launched in December 2013 by Billy Markus and Jackson Palmer. Initially created as a joke based on the "Doge" meme featuring a Shiba Inu named Kabosu, it quickly grew in popularity. 

Cronos (CRO) - Crypto.com is a cryptocurrency payment and investment platform that offers users a wide range of financial services, such as buying, selling, and storing cryptocurrencies, a mobile app, an exchange for trading cryptocurrencies, a wallet for storing digital assets, and a Visa card for spending cryptocurrencies. It also has its own EVM called CronosScan, and its native token is Cronos (CRO).

Pepe (PEPE) - Pepe is a digital currency that positions itself as the next step in meme coin evolution, leveraging the memetic power of the internet meme Pepe. Launched without presale or taxes, it aims to be a coin for the people, with liquidity provider tokens burned and contract renounced. The token has a roadmap with different phases, including community partnerships, launching a digital newsletter, and getting listed on exchanges.

State of the Crypto by Top Tier Exchange Volume

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