FBI’s $3.6 Billion Bitcoin Bust | Forbes Blockchain 50 Unveiled

FORBES RELEASES THE 2022 BLOCKCHAIN 50

This week Forbes released the fourth installment of its industry-leading list the Blockchain 50. The results, which identify the largest companies in the world making the best use of blockchain, will be surprising to some. While cryptocurrencies like bitcoin and ether grab all the headlines, especially after booming last year and then losing more than $1 trillion in value since November, in many ways speculative cryptocurrencies are the least intriguing blockchain application. In fact, a lot of the cutting-edge action is in the back office, verifying insurance claims or facilitating real estate deals. We had some major new entrants this year, including the first two venture capital firms, Andreessen Horowitz and Paradigm Ventures. Some notable companies also dropped off, including IBM, Microsoft and ING.

Further Links:
• 2022 Forbes Blockchain 50: A Closer Look
• Five Social Networks Defending Against Blockchain Disruption

Source: Forbes Digital Assets, powered by Nomics.  Prices as of 4:00 p.m. on February 11, 2022.

STEAL CRYPTO AND THE FEDS WILL FIND YOU

U.S. authorities arrested a New York City couple Tuesday for allegedly conspiring to launder $4.5 billion worth of bitcoin stolen during a hack of cryptocurrency exchange Bitfinex in 2016, $3.6 billion of which federal authorities have recovered in what the Department of Justice is calling the largest financial seizure ever. According to court filings, 34-year-old Ilya Lichtenstein and his wife, Heather Morgan, 31, conspired to launder the proceeds of 119,754 bitcoins—currently worth about $5 billion—that were stolen from the Bitfinex platform after a breach of the cryptocurrency exchange’s systems in 2016. In a statement, Deputy Attorney General Lisa Monaco said the recovered funds marked the DOJ's “largest financial seizure ever” and called the case proof that “cryptocurrency is not a safe haven for criminals.” People who knew the couple said they were shocked by the arrests.

AWS WARS

For companies so keen on disrupting the current version of the internet by breaking down walls and data silos compiled by its dominant companies, crypto firms seem to be especially keen on claiming the role of successor to one of its biggest players, Amazon Web Services (AWS), a major cloud operator and provider of developer tools. In December Coinbase announced its plan to become the AWS of crypto, following the lead of middleware company Alchemy, which raised $250 million at a $3 billion valuation in October. Now entering the race comes Polygon, a compatible blockchain platform with Ethereum, which is designed to increase its processing power. This week the company announced a $450 million token sale led by Sequoia Capital India (other investors included Softbank and Tiger Global), to help build the tools necessary to run decentralized applications at scale. Not to be outdone, this week Alchemy also closed another $200 million to bring the company’s valuation to $10.2 billion. Contradictions aside, these companies smell opportunity, as Amazon has not been featured on the Blockchain 50 in 2021 or 2022.

ELSEWHERE

Bitcoin Regains $43.5K As Funds Predict Bullish Month For Crypto [CoinDesk]

In Siberia, A Crypto Boom Made Of Ingenuity, Defiance And DIY [Financial Times]

CFTC Chair Asks Congress For Authority To Regulate Some Cryptocurrencies [WSJ] 

Steven Ehrlich
Editor 
Forbes CryptoAsset & Blockchain Advisor

Nina Bambysheva
Reporter
Forbes Money & Markets

Follow us on Twitter & Facebook