### Overview  
Millions of dollars seized by the government from a **$47.1 million cryptocurrency scheme** will be allocated to investors who faced financial losses.  
  
### Court Ruling  
A **federal judge** has ordered the restitution following the case that led to the failure of a **Kansas bank**.  
  
### Sentencing of Shan Hanes  
In **August 2024**, **Shan Hanes**, 53, of Elkhart, was sentenced to **293 months in prison** after pleading guilty to **embezzlement** as a bank officer.  
  
### The Scheme  
As the **CEO** of **Heartland Tri-State Bank (HTSB)**, Hanes initiated wire transfers of bank funds to a cryptocurrency wallet belonging to third parties, which resulted in a loss of approximately **$9 million** for bank investors.  
  
### Recovery Efforts  
The **FBI** managed to recover **$8 million** linked to the fraud.  
  
### Statement from U.S. Attorney  
U.S. Attorney **Kate E. Brubacher** stated, “The U.S. Attorney’s Office – District of Kansas thanks the FBI for its diligent investigations that led to the discovery and recovery of over **$8 million** in stolen funds. Through Hanes’ conviction and prison sentence, the Department of Justice obtained justice for the victims, and now with this court order, those victims will receive some financial relief.”  
  
### Investigation Team  
The case was investigated by the **FBI**, **FDIC-OIG**, **FRB-OIG**, and **FHFA-OIG**.  
  
Assistant U.S. Attorney **Aaron Smith** was responsible for prosecuting the case.

Millions of dollars seized by the government as the result of a $47.1 million cryptocurrency scheme will be divided among investors who suffered financial losses. 

Victims of Kansas Bank Scam to Receive Restitution After $47 Million Cryptocurrency Fraud

### **The Rise of Cryptocurrency and the Scammers’ Playground**  
The **Federal Trade Commission (FTC)** recently released a report shedding light on the growing concerns surrounding **Bitcoin ATM scams**. As cryptocurrency continues to revolutionize the financial landscape, it has unfortunately also become a fertile ground for **scammers** and **illicit actors**.  

### **Key Findings from the FTC Report**  
According to attorneys at DLA Piper, the FTC's insights reveal:  
- **Technical Evolution of Fraud**: Scammers are adapting their tactics to exploit new technologies, making it crucial for consumers to stay informed.  
- **Old Scams, New Technology**: Many traditional scams are being repurposed for the cryptocurrency world, showcasing the need for vigilance.  
- **Financial Impact on Victims**: The report highlights the persistent financial harm inflicted on victims, emphasizing the importance of consumer awareness and protection.  

### **What This Means for the Future**  
The FTC's report serves as a critical reminder for all cryptocurrency users to be aware of potential scams and to take necessary precautions when using Bitcoin ATMs. As technology evolves, so do the methods used by fraudsters, making it essential to remain cautious in this rapidly changing environment.

The Federal Trade Commission's recent insights into bitcoin ATM scams highlight the technical evolution of fraudsters, the application of old scams to new technology, and the persistent financial impact on victims, say attorneys at DLA Piper.

Unveiling the Dark Side of Bitcoin ATMs: Insights from the FTC's Latest Report

### Bitcoin: Gold With Wings

Longtime crypto bull **Anthony Pompliano** asserts that the flagship digital asset **Bitcoin (BTC)** is akin to **gold on steroids**. In a recent interview on **Fox Business**, he discussed the implications of the **US dollar's debasement** for both Bitcoin and gold. He believes that while both assets benefit from this debasement, Bitcoin has the potential to significantly **outperform gold** due to its increasing **adoption**.

> *"If you look at gold and the S&P 500 over the last five years, the compound annual growth rate is about the same. Gold is up 13% and the S&P is up 14%. Bitcoin has destroyed that. So I like to say that Bitcoin is gold with wings. Bitcoin and gold both go up for the same reason. They’re debasing the dollar. But Bitcoin is much more sensitive. It’s an earlier asset that the world is trying to price in."*

Pompliano highlights the **unique adoption curve** of Bitcoin:
- **Individuals were the first adopters**, contrary to traditional technologies that begin with governments and corporations.
- **Corporations and financial institutions** like **BlackRock** and **Fidelity** are now starting to embrace Bitcoin, with the expectation that **central banks** will follow suit.

> *"Central banks today own 12% of the global gold supply. I believe that they will eventually start to buy Bitcoin. That would be very bullish for the price of Bitcoin."*

He predicts a shift in how people store wealth, suggesting that **stablecoins** will replace checking accounts and **Bitcoin** will evolve into the **savings account** of the future:
- More than **one out of every two Bitcoin** has not moved in the last two years, indicating a growing trend of holding rather than trading.

As of now, Bitcoin is trading at **$67,694**, reflecting a **1.5%** drop in the last 24 hours.

![Bitcoin: Gold With Wings](https://dailyhodl.com/wp-content/uploads/2024/11/Gold-With-Wings.jpg)

### Watch the Full Interview

[![Watch the Interview](https://img.youtube.com/vi/I4NAFApSV_E/0.jpg)](https://www.youtube.com/watch?v=I4NAFApSV_E)

*Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets.*

Longtime crypto bull Anthony Pompliano believes that the flagship digital asset Bitcoin (BTC) is gold on steroids. 

Why Anthony Pompliano Calls Bitcoin the Future's Gold: Insights on BTC as the Ultimate Savings Account

### The Evolution of Bitcoin

**Bitcoin**, the digital currency that began as a **cypherpunk experiment** in **2009**, has faced a turbulent path to acceptance. Initially dismissed as a niche, unregulated asset prone to illegal transactions, Bitcoin has evolved into a **globally recognized asset** over the past 15 years. This shift has been highlighted by significant milestones, such as the recent **SEC approval** of Bitcoin (BTC) and **Ethereum (ETH) ETFs**, allowing traditional investors to engage with cryptocurrencies in a regulated environment.

### Philosophical Insights from Andrew Bailey

The philosophical and practical dimensions of Bitcoin's journey are explored in **Resistance Money: A Philosophical Case for Bitcoin**, a book by **Andrew Bailey**, Professor at Yale-NUS College and Senior Fellow at the Bitcoin Policy Institute. Bailey’s analysis emphasizes Bitcoin’s potential to bypass traditional financial and governmental systems, showcasing both **technological innovation** and ideological foundations that have solidified Bitcoin as a symbol of financial resistance.

### The Birth of Bitcoin

Bitcoin's inception traces back to **January 3, 2009**, when **Satoshi Nakamoto** launched the Bitcoin network following the release of a white paper on **October 31, 2008**. Early adopters viewed it as a decentralized form of money, immune to traditional banking systems and state control. Bailey reflects on those initial years, portraying Bitcoin as the embodiment of the **cypherpunk dream**: digital cash that operates without third-party oversight.

### Overcoming Stigmas

For years, Bitcoin remained on the **periphery** of the financial world, often stigmatized as an asset used by criminals or as speculative **digital gold**. The early 2010s were marked by catastrophic events like the **Mt. Gox collapse**, which drew negative attention from financial leaders. Bailey notes that institutional resistance stemmed from Bitcoin's challenge to the **financial status quo**: “Bitcoin routes around the makers, managers, and intermediaries—the essence of traditional financial power.”

### Mainstream Acceptance

Despite skepticism, Bitcoin surged during the **mid-2010s**, flirting with **$20,000** per coin in 2017. It wasn't until recent years that the broader financial world began acknowledging Bitcoin's permanence, especially following the **SEC’s approval** of ETFs in **2024**, indicating traditional powerhouses conceding to the crypto market's influence.

### Political Engagement

Bitcoin's trajectory towards mainstream acceptance has influenced **financial markets** and entered **politics**. The **2024 presidential race** has brought crypto policy to the forefront, with **Trump's pro-Bitcoin stance** suggesting that crypto adoption is now a pivotal issue in swing states. His pledge to position the U.S. as a leader in Bitcoin policies resonated with many attendees at a major Bitcoin conference in Nashville.

### Public Understanding and Resistance Money

Despite significant milestones, the general public's understanding of Bitcoin and crypto remains limited. Approximately **50 million Americans** have owned crypto, but a proper understanding and long-term investment remain niche. Bailey emphasizes that Bitcoin is not just an investment vehicle but a form of **‘resistance money’**, safeguarding individuals in authoritarian regimes and ensuring privacy against institutional misuse.

### Conclusion: A Long-term Game

As Bitcoin becomes embedded in mainstream financial instruments, its evolution from outsider status to a challenger of central banks is evident. Bailey asserts that Bitcoin is a long-term game best understood through its core principles: autonomy, resistance, and freedom. Whether through the adoption of ETFs or the political discourse, Bitcoin's trajectory stands as a testament to its foundational ethos—a new form of money that has weathered significant resistance to reach the mainstream.

Bitcoin, the digital currency that began as a cypherpunk experiment in 2009, has faced a turbulent path to acceptance. Initially dismissed as a niche, unregulat

From Experiment to Revolution: Bitcoin's Impact on Finance and Politics

## **Bitcoin Price Today: $68,800**

- **Bitcoin** recovered slightly on Tuesday as **Donald Trump** took the poll lead.
- **US spot Bitcoin ETFs** registered an outflow of **$541.10 million** on Monday.
- **Grayscale’s report** highlights that cross-asset returns in October mirror trends usually associated with a **“Trump trade.”**

Bitcoin (BTC) slightly recovered to around **$68,800** on Tuesday, following a shift in the United States presidential race that saw **former President Donald Trump regain the lead** after significant outflows from US spot Bitcoin ETFs on Monday. Grayscale’s report indicates that **cross-asset returns** in October align with patterns typically seen during a **“Trump trade.”** This includes growing positions in the dollar, crypto, and expectations of higher Treasury yields, gaining momentum as Trump’s lead strengthened in prediction markets ahead of the election.

## **Donald Trump Takes the Lead as Bitcoin Recovers**

Bitcoin price recovered slightly on Tuesday, coinciding with Trump’s lead in polls. This followed a substantial outflow of **$541.10 million** from spot ETFs on Monday, as reported by Coinglass data. Analysts suggest that the crypto community views Trump’s proposals as more detailed compared to his opponents.

![Total Bitcoin Spot ETF Net Inflow chart. Source: Coinglass](https://editorial.fxstreet.com/miscelaneous/Screenshot%202024-11-05%20172317-638664129226031469.png)

According to an analyst at FXStreet, on the election day, PredictIt shows Trump back in the lead, though by a slim margin. Other platforms indicate stronger odds for Trump’s victory, with RealClearPolling’s averages currently placing Trump at **57.7%** and Harris at **40.7%**.

Polls suggest a closer race than betting odds indicate, with various polls showing Trump and Harris in a tight competition.

![Betting Odds data](https://editorial.fxstreet.com/miscelaneous/image-638663947477374804-638664130516547011.png)

Grayscale’s report suggests that while it’s difficult to ascertain whether markets are pricing in a higher probability of a Trump win, the observed cross-asset returns in October align with a **“Trump trade.”** This trade includes long positions in the dollar, crypto, and expectations of rising Treasury yields, bolstered by Trump’s lead in prediction markets. However, a Harris victory could reverse these gains, potentially causing significant market fluctuations.

From a macro perspective, the **US Dollar** appreciated while the **Chinese Yuan** depreciated, perhaps reflecting higher perceived tariff risks. Bond yields increased, and the price of **gold** also rose, indicating expectations for larger budget deficits and more inflation under a Trump presidency. During this period, Bitcoin appreciated **9.6%**, ranking among the better-performing assets on a risk-adjusted basis.

The former president has shown enthusiasm for Bitcoin and crypto, suggesting expectations of a **pro-Bitcoin regulatory environment** under his presidency. Additionally, Bitcoin’s performance may be reacting to potential macro policy changes anticipated with a Trump administration.

![October Risk-Adjusted Returns chart. Source: Grayscale](https://editorial.fxstreet.com/miscelaneous/Screenshot%202024-11-05%20180915-638664131989030281.png)

The outcome of the US election could significantly impact the digital assets industry, as the next president and Congress may enact crypto-specific legislation and alter tax and spending policies affecting broader financial markets. Grayscale Research emphasizes that changes in Senate control could be particularly relevant for crypto, as the Senate confirms key regulatory appointments.

## **Bitcoin Price Forecast: Signs of Recovery**

Bitcoin encountered resistance at its all-time high (ATH) of **$73,777** on October 29, declining **6.65%** over the following six days. However, it showed signs of recovery on Tuesday after finding support around **$67,000** on Monday.

If BTC fails to recover and continues to decline, it may retest the critical psychological level of **$66,000**. The **Moving Average Convergence Divergence (MACD)** indicator suggests a bearish crossover, indicating potential downward momentum, while the **Relative Strength Index (RSI)** indicates some recovery signs among bulls.

![BTC/USDT daily chart](https://editorial.fxstreet.com/miscelaneous/BTCUSDT_2024-11-05_18-13-23-638664133088152159.png)

If BTC breaks and closes above the **October 21** high of **$69,519**, it could rise to retest its ATH at **$73,777**.

### **Bitcoin, Altcoins, Stablecoins FAQs**

- **Bitcoin** is the largest cryptocurrency by market capitalization, designed as a decentralized form of money.
- **Altcoins** refer to any cryptocurrency apart from Bitcoin, with Ethereum sometimes considered the exception.
- **Stablecoins** are cryptocurrencies designed to have stable prices, often pegged to assets like the US Dollar.
- **Bitcoin dominance** indicates Bitcoin's market share relative to all cryptocurrencies, often rising before a bull run.

Information on this page contains forward-looking statements and should not be seen as investment advice. Always conduct thorough research before making investment decisions.

Bitcoin (BTC) slightly recovered to around $68,800 on Tuesday, following a shift in the United States presidential race that saw former President Donald Trump regain the lead, after US spot Bitcoin ETFs experienced an outflow of over $540 million on Monday. 

Bitcoin Bounces Back: Trump's Poll Lead Fuels Market Recovery

### Bitcoin and Market Overview

**Cryptocurrencies** experienced a slight increase on Tuesday as investors eagerly awaited the results of the **U.S. presidential election**. 

**Bitcoin** rose **3%** to **$70,053.56**, just **5% off its all-time high**, following a boost from rising stocks. Last week, Bitcoin was close to hitting its previous peak again. Meanwhile, **Ether** climbed **2%** to **$2,473.40**, and **Solana**’s token surged by over **5%**. Notably, memecoins like **Dogecoin** and **Shiba Inu** saw impressive gains of **12%** and **8%**, respectively.

### Election Day Dynamics

On election day, the battle between **Vice President Kamala Harris** and **former President Donald Trump** is viewed as a pivotal moment for the **crypto industry**. Many analysts suggest that a win for Harris could pose risks for crypto, while Trump is seen as more favorable, having positioned himself as a pro-crypto candidate. 

Despite the outcome, **Bernstein analyst Gautam Chhugani** believes Bitcoin will persist and thrive, citing ongoing U.S. fiscal indiscipline and demand for hard assets like gold and Bitcoin as key drivers. Chhugani predicts a **$200,000 price target for Bitcoin by 2025**, with potential fluctuations depending on election results. He anticipates a short-term rally to **$90,000** if Trump wins, but a drop to **$50,000** if Harris prevails.

### Broader Market Implications

Chhugani also notes the success of Bitcoin **ETFs**, which have attracted over **$23 billion** in inflows this year. A supportive SEC could open up opportunities for all cryptocurrencies beyond just Bitcoin. The key to a thriving crypto market lies in bipartisan support for crypto regulations, which could be influenced by the election outcome. 

While Trump is expected to push for a crypto-friendly SEC, Harris has pledged to defend crypto asset ownership, although the community is seeking more specific policies from her camp. 

The sentiment is shifting as some analysts believe that a Harris presidency may not be as damaging to crypto as previously thought, despite fears stemming from the current administration's regulatory stance under **Gary Gensler** and vocal opposition from figures like **Sen. Elizabeth Warren**.

Cryptocurrencies inched higher as investors looked forward to results from the U.S. presidential election.

Bitcoin Surges as Investors Anticipate U.S. Election Results: What It Means for Crypto

### Mt. Gox Repayment Deadline Extended

**Mt. Gox** has recently delayed its repayment deadline to **late 2025**. This decision comes as the exchange continues to navigate its complex recovery process.

![Mt. Gox Bitcoin](https://u.today/sites/default/files/styles/736/public/2024-11/50369.jpg)

### Major Bitcoin Transfers

According to **Spot On Chain**, wallets linked to the now-defunct Mt. Gox have **transferred over $2 billion** worth of Bitcoin to three new addresses. As reported by **CoinGecko**, the price of Bitcoin fell to **$66,853** earlier today.

Despite these transfers, there remains **$810 million** in Bitcoin across known wallets associated with Mt. Gox. The exchange has been a significant **bearish catalyst** in the market, impacting Bitcoin prices as it began repaying creditors in **Bitcoin** and **Bitcoin Cash** after nearly a decade of waiting for many customers.

### Repayment Process

In total, Mt. Gox has repaid more than **$6 billion** worth of Bitcoin from July to August. By early September, the exchange had about **30% of its initial holdings** left. With the repayment process nearing completion, it is expected that the exchange will no longer exert significant selling pressure on Bitcoin.

### Future Developments

Last month, the exchange's managing trustee announced the new deadline for repayments is **October 31, 2025**. This extension was attributed to many creditors failing to complete necessary procedures and some complications encountered during the repayment process.

In related news, **Mark Karpeles**, the former CEO of Mt. Gox, is set to launch a new exchange called **EllipX**. Karpeles recently claimed that the Mt. Gox hack could have been avoided with modern security measures, such as **hierarchical deterministic (HD) wallets**.

Mt. Gox recently pushed back the repayment deadline to late 2025

Mt. Gox's Bitcoin Movement Amidst $66K Price Drop: What It Means for Investors

The medical device company has made a peculiar bet on a popular cryptocurrency.

**Semler Scientific** shot up **24.5%** in October, according to data from [S&P Global Market Intelligence](http://marketintelligence.spglobal.com). The **medical device** company has started buying up **Bitcoin** with cash on its balance sheet, which is correlating its stock price to the popular cryptocurrency. Even after the price jump last month, the stock is still down **35.4%** in the last five years as it saw slowing revenue and declining operating margins.

### Adding Bitcoin to the balance sheet

The reason Semler Scientific stock jumped in October had nothing to do with its underlying business. In fact, the company had no material updates to give investors in the month. The only reason the stock rose is because management has decided to put most of the company's liquid assets in Bitcoin. In October, the price of Bitcoin rose to over **$72,000**, or close to an all-time high. In its recent quarterly update, Semler Scientific told investors that it now owns **1,058 Bitcoins**, which equates to a value of **$76 million** at a Bitcoin price of **$72,000**.

This is a large portion of Semler Scientific's market value at the moment. As of this writing, the company has a market cap of **$219 million**, meaning **35%** of its value is derived from its Bitcoin holdings. If the price of Bitcoin keeps going up, Semler's stock will keep going up. It's that simple.

![Semler Scientific Logo](https://g.foolcdn.com/art/companylogos/mark/SMLR.png)

### How is the healthcare business doing?

Even though Semler Scientific seems to have fallen in love with Bitcoin, the company still operates a medical device segment with its **QuantaFlo** product, serving the peripheral artery disease (PAD) market. Revenue for the division over the last **12 months** is **$61.7 million** and fell **17% year over year** in the third quarter. Declining revenue is never a good thing, and this could be why Semler Scientific has pivoted to investing in Bitcoin.

However, the company is still posting positive operating income, and has been for the last five years. Last quarter, it had a positive operating income of **$5.1 million** and **$22 million** over the last **12 months**.

On the whole, Semler Scientific has taken a big risk with its business. Investing in Bitcoin can be volatile as the price can move up or down in rapid succession, and it is not guaranteed the company will make money with its operations. For now, its medical device division is generating a profit, but the revenue declines should be a big concern for shareholders. There's no reason to invest in Semler Scientific after its pivot to Bitcoin.

The medical device company has made a peculiar bet on a popular cryptocurrency.

Victims of Kansas Bank Scam to Receive Restitution After $47 Million Cryptocurrency Fraud

Summary:

Overview

Court Ruling

Sentencing of Shan Hanes

The Scheme

Recovery Efforts

Statement from U.S. Attorney

Investigation Team

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