MicroStrategy’s Bitcoin reserves fell by more than $1 billion. The company has entered into an agreement with two agents to reinvest the sale of Class A shares in BTC. The FBI is working with CISA and MS-ISAC to determine where hackers are to blame for the downfall.
MicroStrategy is the largest institutional Bitcoin investor. The company owns nearly 129,699 bitcoins, which has lost more than $1 billion in value. An institution needs to buy at dips to maintain its BTC reserves. Institutions owned by Cowen and Company and BTIG – both agents have agreed to sell their common Class A shares and reinvest the amount in their Bitcoin reserves. The US Securities and Exchange Commission (SEC) disclosed the value of the transaction at US$500 million. Over several years, MicroStrategy has managed to collect approximately 129,699 BTC. The total purchase price of the reserve was $3.977 billion. Despite market uncertainty, the company continued to buy bitcoins while the company sold shares.
However, on the same day of the SEC filing, BTC rose 11% to $21,500 in US dollars. The FBI, along with CISA and MS-ISAC, have been investigating the matter and are asking US citizens to report suspicious activity to help find the hackers. The evidence obtained will be key to tracking down these criminals and bringing them to justice.
Bad actors tend to use fiat currencies because the blockchain nature of cryptocurrencies makes it easy for authorities to catch them quickly.
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