Crypto Compass by BitcoinWalletSG #91

Hello Fam,

Since the creation of Bitcoin in 2008, the identity of its pseudonymous creator, Satoshi Nakamoto, has been one of the greatest mysteries in the crypto world. Over the years, numerous figures have been speculated to be Nakamoto, ranging from well-known cryptographers like Hal Finney and Nick Szabo to lesser-known individuals like Dorian Nakamoto, who denied any involvement despite being the subject of intense media speculation.

One of the more recent theories involves Len Sassaman, a cryptographer and privacy advocate, whose tragic death in 2011 fueled further speculation due to the timing of Nakamoto’s disappearance from the internet. Despite various claims and investigations, the true identity of Satoshi Nakamoto remains elusive, adding to the allure and mythos surrounding Bitcoin’s origins.

Upcoming HBO Documentary to Reveal Satoshi Nakamoto's Identity?

A new HBO documentary, "Money Electric: The Bitcoin Mystery", set to premiere on Oct. 8, promises to unveil the true identity of Bitcoin’s creator, Satoshi Nakamoto. The film, directed by Cullen Hoback, who previously directed "Q: Into the Storm," dives deep into the mysterious figure behind Bitcoin. With speculation about Nakamoto’s control over 1.1 million bitcoin, worth around $67 billion, the documentary is sure to stir controversy. Early hints suggest that Len Sassaman, a cryptographer who passed away in 2011, could be revealed as the man behind Bitcoin, a claim that has sparked intense online debate.

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PayPal Completes First Business Transaction Using PYUSD Stablecoin

PayPal has completed its first business-to-business transaction using its U.S. dollar-pegged stablecoin, PYUSD, by paying an invoice to multinational accounting firm Ernst & Young. The transaction, aimed at demonstrating the ease and potential of using digital currencies for commercial payments, was completed via a digital currency hub and deposited into Ernst & Young's Coinbase account. While PYUSD once surpassed a market cap of $1 billion, it now stands at around $716 million. PayPal continues to push for greater adoption of its stablecoin through new initiatives and partnerships, hoping to innovate business payments with digital currencies.

Coinbase to De-List Unauthorized Stablecoins in the EU by December

Coinbase announced plans to de-list any stablecoins that fail to meet the EU’s Markets in Crypto Assets (MiCA) requirements by December 30, 2024. The move is part of the exchange’s efforts to comply with the European Union’s new crypto regulations, which mandate that stablecoin issuers must hold an e-money license in at least one EU country. While Circle became the first global stablecoin issuer to secure such a license, Tether, the largest stablecoin issuer, has yet to do so, citing concerns over MiCA's complexities. Coinbase will offer users in the European Economic Area options to switch to authorized stablecoins like USDC and EURC later this year.

Happenings of the week

• UAE eliminates 5% value-added tax on crypto transactions

• EigenLayer investigates suspicious wallet that sold $5.5M locked EIGEN

• US spot bitcoin ETFs see third straight day of outflows with $54 million exiting

• Mark Cuban says every memecoin is a rug pull in the works

Grayscale Launches New Fund Offering Exposure to Aave’s AAVE Token

Grayscale has introduced a new fund that provides exposure to Aave’s AAVE token, adding to its portfolio of crypto investment products. Aave is a decentralized lending platform on the Ethereum blockchain, allowing users to borrow or lend cryptocurrency using tokens as collateral. While Aave’s market cap stands at $2.3 billion, it is the largest lending protocol by total value locked (TVL), according to DeFiLlama. Grayscale’s launch of this fund follows its recent Avalanche Trust and continues the company's expansion of over 20 crypto investment products, including popular offerings like the Grayscale Bitcoin Trust (GBTC) and Ethereum Trust (ETHE).

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