Daily News | Mixin Was Stolen for $200 Million, MicroStrategy Adding 140 Million BTC Positions Again, Crypto VC Institutional Investment Revitalizes

2023-09-26, 03:58

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## Crypto Daily Digest: MicroStrategy once again increased its holdings in Bitcoin, Mixin has been stolen for $200 million
Recently, MicroStrategy disclosed in a report submitted to the SEC that it purchased 5445 BTCs again from August 1st to September 24th for approximately $147.3 million, with an average price of $27,053. As of September 4, 2023, MicroStrategy holds a total of 158245 BTCs, with a purchase cost of approximately $4.68 billion and an average purchase price of $29,582.

In the first quarter of 2023, a16z completed 13 investments, and the total amount of project financing involved in the investment decreased by 86.7% compared to last year. The degree of contraction can be imagined. By the second quarter, a16z had fallen into a relatively quiet period. From April to August, a16z only completed four lead investment and financing transactions, namely the on-chain IP infrastructure Store Protocol, the blockchain-based artificial intelligence computing protocol Gensyn, the open source software security solution Socket, and the generative AI tool Ideogram AI.

With Paradigm's high-profile return, a16z has also regained its vitality. Starting from August, a16z has become active again, increasing from 2 investments in August to 5 investments in September, equivalent to the total of the past few months. And only in mid to late September, a16z made four consecutive investments within 10 days, including Pahdo Labs, a metaverse platform development studio, Bastion, a startup that provides cryptocurrency custody and other services, Freatic, a decentralized information market protocol, and Proof of Play, a GameFi startup.

Under the deep bear, hacker actions are frequent.

Mixin Network announced that in the early hours of September 23, Hong Kong time, the database of Mixin Network's cloud service provider was hacked, resulting in partial asset losses on the main network. Mixin Network has contacted Google and blockchain security company SlowMist to assist in the investigation. After preliminary verification, the funds involved are approximately $200 million. The Mixin Network recharge service has been temporarily stopped.

After all nodes have discussed and reached a consensus, once the vulnerability is confirmed and fixed, these services will be reopened. During this period, the transfer will not be affected. The Mixin team will announce a solution for handling lost assets in the future. Mixin founder Cedric Fung will explain the incident in a public Mandarin live broadcast this afternoon. Mixin will summarize the content in English afterward for your reference. Mixin will make every effort to reduce losses and deeply apologize for this.

Mixin founder Cedric Fung stated that the damaged assets this time are mainly <a href="/es/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> core assets, and there has been no serious theft of assets such as BOX and XIN. The specific attack situation cannot be disclosed yet. The official stated they would compensate up to 50% of the loss, with the remaining portion being paid in bond tokens and repurchased with profits. In addition, Mixin will launch a new system for user asset migration, but currently, only half of the user balance can be transferred.

According to the Tianyancha App, the official website of Fegman (Beijing) Technology Co., Ltd. shows it as Mixin. Li Xiaolai and Mixin founder Cedric Fung are both shareholders of Fegman (Beijing) Technology Co., Ltd. Currently, Cedric Fung holds 94% of the shares, while Li Xiaolai holds 5%.

According to information, in February 2016, Luo Yonghao joined the shareholders of Fegman and held a 4% stake; In February 2023, Luo Yonghao withdrew from the ranks of Fegman shareholders. Luo Yonghao posted on Weibo in 2018, "I once invested over $1 million yuan in coin speculation, but I have never cared about it since then, and these coins have risen to over $30 million.”

Recently, there have been frequent security incidents, such as the aforementioned Mixin theft involving $200 million in funds, and the HTX theft involving approximately $8 million in funds.

So everyone must attach great importance to it. Whether individual investors or institutions, large assets must be kept by themselves, and there are many ways to keep them. I won't continue to be verbose.

If the funds of individual investors are small, they should also be placed in frontline large institutions and cultivate the habit of keeping their own funds. It is safer to transfer the funds to their own wallets when nothing is wrong and try not to interact with the wallets where the funds are placed.
## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1695706730BTC 11.37.10.png)
Last week, a demand rebound was completed, and yesterday, after falling below the upper boundary of the trading range, there was a slight bounce. In the short term, it has not stabilized above the $26,510 mark. The trading volume remains weak, and the short-term direction appears bearish. A conservative strategy should wait for a break below the $25,281 level before considering a short position with a target of $24,225 as support.

### LOOM
![](https://gimg2.gateimg.com/image/article/1695706748LOOM 11.37.10.png)
The daily chart has formed the final rising wave in a five-wave three-rising pattern. The daily chart setup at the $0.06202 level is sustainable. The first short-term target at $0.12525 has been reached. A breakout could lead to $0.15950, $0.17749, and the peak at $0.235. It is recommended to use a trailing stop-loss strategy.

### WLD
![](https://gimg2.gateimg.com/image/article/1695706767WLD 11.37.10.png)
The four-hour chart has broken out of a large ascending triangle, but the short-term upward movement is accompanied by weak volume. The near-term target is set at $1.845. However, there is a possibility of a rapid drop after a false breakout. In the short term, it is advisable to hold above the key support of $1.665.
## Macro: 100% probability of US government shutdown, with Moody's warning of downgrade
The comments of Federal Reserve officials have reinforced expectations that US interest rates will remain high for a long time, and the US dollar index has soared, reaching 106 for the first time since November 30 last year. It has since slightly pared off its gains in the late trading session and ended up 0.341% higher at 105.96. The 10-year US Treasury yield briefly rose by over 10 basis points during the day, once again reaching its highest level since October 2007, and ultimately closing at 4.539%.

The three major stock indices of the US stock market closed higher in a volatile session, with the Dow Jones Industrial Average up 0.13%, the Nasdaq up 0.45%, and the S&P 500 index up 0.4%.

Yesterday, Moody's issued another warning that if the US government fails to pass the spending bill before the end of the month and suspends operations, it will hurt the US credit rating. The US federal government's fiscal year 2023 will end on September 30th, and if there is no budget plan at that time, the US government will face a "shutdown."

Currently, many analysts believe that the probability of the US government shutting down on October 1st is 100%.

Moody's stated on the same day that the government shutdown will highlight the weak institutional and governance strength of the United States. However, Moody's stated that the suspension is unlikely to have a significant impact on the United States' debt repayment ability, and it is expected that the government's suspension period will be relatively brief, with limited interference with the government.

These days, we have been tracking the issue of bipartisan spending bills, and we have also kept telling you why the US government suspended operations and the impact after the suspension. Today, we will briefly list the potential impacts after the suspension:

Government department closure: When the government suspends, some departments and agencies of the federal government will be closed, resulting in an impact on their daily operations. These departments may include national parks, museums, courts, tax services, visa and passport processing, etc.

Government Employees: A government suspension may result in some government employees being temporarily laid off or being required to work without pay, which could affect millions of federal employees. These employees may not be able to pay bills, purchase essential goods, or fulfill financial responsibilities.

Economic impact: The government's suspension may have a negative impact on the economy. Because the closure of government agencies may lead to a decrease in some economic activities, enterprises may be affected by the suspension of government contracts. The unemployment of government employees may also lead to a decrease in their expenses, thereby slowing down consumption.

Social service interruption: The government's suspension may lead to the interruption of some social services, including welfare payments, food voucher distribution, medical security, etc. This may create difficulties for those who rely on these services.

National security concerns: Some national security agencies may be affected by government suspensions, affecting intelligence collection, border security, and defense work.

Confidence and Uncertainty: a government shutdown may lead to increased market uncertainty, and investors and businesses may feel uneasy about the future, which may affect financial markets and business decisions.

Political impact: Government suspensions often lead to political disputes and disagreements, which may have a negative impact on the political atmosphere and affect the government's reputation.

Whether it's a strike by the American Automobile Association, a shutdown by the US government, or how hawkish the Federal Reserve is, we can't mess around. The result of high-interest rates is an increase in various costs, and it's difficult for institutions or individuals to bear the 9% borrowing cost. Therefore, the US real estate market is not as hot as before, so the Federal Reserve will return to reality after this year. It's definitely not like the dot matrix chart shows that interest rates will only be lowered twice next year.

Presently, it is no longer important for us to focus on whether or how much interest rate hikes will be made this year. More importantly, we need to analyze and judge how many interest rate cuts will be made next year and when they will be cut, as this directly affects the trend of the financial market.

<div class="blog-details-info">
<div>Author:**Byron B.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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