Today in the crypto space, Coinbase Ventures invests in Indian exchange CoinDCX at a valuation of $2.45 billion as the US cryptocurrency company expands into India and the Middle East, BitMine’s Tom Lee and BitMEX’s Arthur Hayes doubled their forecast for $10,000 worth of ether for the end of the year, and the US Department of Justice moves to seize 127,271 Bitcoin, worth about $14.4 billion. Related to a fraud case.
Coinbase is investing in Indian cryptocurrency exchange CoinDCX at a valuation of $2.45 billion
Coinbase Ventures, the investment arm of US-based cryptocurrency exchange Coinbase, did just that I invested an undisclosed amount On the Indian cryptocurrency platform CoinDCX.
According to Coinbase on Wednesday advertisementThe IPO was conducted through the exchange’s investment arm, Coinbase Ventures. CoinDCX co-founder and CEO Sumit Gupta wrote in an X letter mail The investment was made at a post-money valuation of $2.45 billion.
In a separate announcement, CoinDCX claimed to serve more than 20 million customers in India and the UAE, after late 2024. Acquisition of local cryptocurrency exchange BitOasis.
Coinbase noted in its announcement that as of July, CoinDCX’s annual revenue was approximately $141 million, and its annual transaction volume across products reached $165 billion. Assets held by the Indian Stock Exchange were reportedly $1.2 billion at the time.
Tom Lee and Arthur Hayes double $10,000 worth of ether this year
BitMine President Tom Lee and BitMEX Co-Founder Arthur Hayes serve as CEO of BitMine Strong on their expectations Ether will hit $10,000 this year, despite the recent cryptocurrency collapse, with less than three months left on the clock.
“For Ethereum, it’s somewhere in between [$10,000] And $12,000,” Lee said He said On the Bankless podcast on Tuesday, when he was asked about his predictions for the price of the cryptocurrency by the end of this year.
Hayes, who also appeared on the same podcast episode, said he would “stay consistent” with his $10,000 prediction by the end of the year.
Lee stressed that a spike like this wouldn’t indicate excessive froth in the market either, as Ethereum has largely consolidated within a range since hitting an all-time high of $4,878 in 2021.
“Ethereum has basically been around for four years now, and it just got out of the range, so for me, it wouldn’t be a slam dunk, basically seeking to discover the price at a new level,” Lee said.
The US government could add $14 billion to cryptocurrency reserves as part of the forfeiture case
A US federal court has unsealed a criminal indictment involving a widespread fraud scheme that may implicate the government Increase national reserves of Bitcoin By $14 billion.
In a notice Tuesday from the U.S. Department of Justice, authorities said He said They have filed a forfeiture complaint against 127,271 bitcoins (BTC), worth about $14.4 billion at press time. Bitcoin has been linked to an indictment against Chen Qi, the founder and president of a Cambodia-based company allegedly responsible for organizing “pig slaughter” cryptocurrency investment schemes.
The US Department of the Treasury’s Office of Foreign Assets Control imposed sanctions on Zhi’s company, Al-Amir Holding Group, and its subsidiaries on the same day the indictment was unsealed.
According to the complaint, the United States will seek to forfeit the funds upon Chi’s conviction in the U.S. District Court for the Eastern District of New York, where he faces charges of wire fraud conspiracy and money laundering conspiracy. The Justice Department said bitcoin is “currently in the custody of the U.S. government” amid the criminal case.
If approved by the court following Zhi’s potential conviction, the Bitcoin seizure would represent one of the cryptocurrency’s most significant additions to the US strategic reserve since its inception. US President Donald Trump Creating national reserves of Bitcoin and cryptocurrencies By executive order in March.
