Largest Bitcoin Seizure by DOJ, NFTs Transforming HealthCare, Cloud Computing War
$3.6Bn Bitcoin recovered, NFTs for HealthCare, Cloud Computing Industry remains Strong
Happy Wednesday Everyone! 🌠
3 Things This Week
1.) The Department of Justice (DOJ) seized Bitcoins worth $3.6 Bn. linked to Bitfinex Hack
This week, the US Department of Justice seized 94k worth of Bitcoins the largest crypto seizure in history
How It Started
Back in 2016, Time reported that Bitfinex exchange was hacked and approximately $72 Million of Bitcoin was drained from user’s account. Back in 2017, Lichenstein and Morgan “approved” approximately 2,000 transactions amounting to amount 120k bitcoin to the hacker’s wallet. When the Bitfinex hack surfaced, the value of Bitcoin plunged about 20% within hours according to TIME. The hack, and funds laundered was traced back to Alphabay, a darknet marketplace similar to Silk Road. After US law enforcements shut down Alphabay by the FBI the same year, laundering started to happen on Hydra, a Russian darknet marketplace.
Today, that $72 Million worth of Bitcoin is worth about $4.5 Billion thanks to the bullish run on Bitcoin that’s a six-fold increase! Now back to how the DOJ tracked down the stolen Bitcoins… While cryptocurrencies are decentralized in nature, everything is still tracked on-chain meaning the DOJ traced some 2,000 transactions approved from just one user account…😬
More upcoming articles on how DeFi is waking up eating TradFi due to its transparency and trustless design. Blockchain allows anyone to track bitcoin transactions in real-time unlike centralized entities and counterparty risks leading up to a financial crises like what we have seen in 08-09.
2.) How NFTs can Transform Health Information
Last year, we saw Non-Fungible Tokens or NFTs exploded with its utility equivalent of a certificate of authenticity. Now imagine NFTs disrupting the Healthcare industry. The current healthcare industry's huge lack of data transparency could open doors for corruption, fraud, and administration errors. So how can blockchain technologies fix that? Well, it’s already happening, blood organizations are using NFTs for blood donations.
Enter NFTs for Healthcare. This week, Harvard Medical School and the Technical University of Munich published a report that outlines how NFT can potentially transform health data giving consumers more control over ownership and control.
With a $4.1 Trillion Market Size and 20% of GDP spent on healthcare in the US alone, Singular believes NFTs and blockchain technologies can potentially disrupt the current healthcare data industry wherein most part are inefficient, centralized, and still uses outdated data management systems.
3.) Cloud Earnings is Strong with MSFT’s Stellar Earnings
According to Studies, the global cloud computing market size is expected to grow from USD 445.3 billion in 2021 to USD 947.3 billion by 2026, a CAGR of 16.3%. We heard a lot of flaky arguments that cloud business is slowing but data has shown that the cloud business remains strong due to the work from home initiative as demand for communicating and streaming services are here to stay.
Here’s an Overview of Microsoft Cloud’s Strength
· Azure grew 50% YoY in the Quarter
· Operating income was $22.2 billion and increased 24%
· Net income was $18.8 billion and increased 21%
· Diluted earnings per share was $2.48 and increased 22%
Until next time,
Always listen to the Wind of Change…