Today in crypto, South Korea’s central bank has confirmed it has not discussed or reviewed the possibility of a Bitcoin reserve. Jameson Lopp says quantum computers should not be used to restore lost Bitcoin and Libra’s controversial co-creator, Hayden Davies, has launched another memecoin that led to a 99% collapse.
Bank of Korea to take ‘cautious approach’ to Bitcoin reserve
The Bank of Korea says it is taking a “cautious approach” to potentially including Bitcoin as a foreign exchange reserve.
Officials from the Korean central bank said in a March 16 response to a written inquiry that they have not looked into a potential Bitcoin (BTC) reserve, citing high volatility.
Responding to a question from Representative Cha Gyu-geun of the National Assembly’s Planning and Finance Committee, central bankers said that they have “neither discussed nor reviewed the possible inclusion of Bitcoin in foreign exchange reserves, adding that “a cautious approach is needed,” according to the Korea Herald.
“Bitcoin’s price volatility is very high,” the central bank noted, before adding that “in the case of cryptocurrency market instability, transaction costs to cash out Bitcoins could rise drastically.”
Jameson Lopp says we shouldn’t allow quantum computers to restore lost BTC
Jameson Lopp, chief security officer at Bitcoin (BTC) custody company Casa, recently argued that Quantum computers should not be used to restore lost BTC.
According to a March 16 article from Lopp, allowing quantum computers to restore Bitcoin that was previously thought to be lost would violate the core value propositions of the network, including censorship resistance, transaction immutability, and conservatism. Lopp added:
“Does quantum recovery help anyone? I have yet to come across an argument that it is a net positive in any way. It certainly doesn’t add any security to the network.”
“If anything, it greatly decreases the security of the network by allowing funds to be claimed by those who did not earn them,” the executive continued.
The cypherpunk and industry executive added to the ongoing debate about the potential for quantum computers to restore lost BTC after Tether CEO Paolo Ardoino pitched the idea in February.
Libra, Melania creator’s ‘Wolf of Wall Street’ memecoin crashes 99%
The creator of the Libra (LIBRA) token has launched another memecoin with some of the same concerning onchain patterns that pointed to significant insider trading activity ahead of the coin’s 99% collapse.
Hayden Davis, the co-creator of the Official Melania Meme (MELANIA) and the Libra token, has launched a new Solana-based memecoin, with an over 80% insider supply.
Davis launched the Wolf (WOLF) memecoin on March 8, banking on rumors of Jordan Belfort, known as the Wolf of Wall Street, launching his own token.
The token reached a peak $42 million market cap, however, 82% of the WOLF token’s supply was bundled under the same entity, according to a March 15 X post by Bubblemaps, which wrote:
“The bubble map revealed something strange — $WOLF had the same pattern as $HOOD, a token launched by Hayden Davis. Was he behind this one too?”
