A well-known advocate for Bitcoin is leading a funding round for a Swedish company’s plans to acquire BTC. Meanwhile, Coinbase is facing legal issues after disclosing a major breach and facing regulatory consequences. In other news, a Manhattan investor in the crypto space has been arrested in connection with a violent kidnapping related to Bitcoin. More details on these stories to come. Blockstream CEO and Bitcoin supporter Adam Back has taken the lead in a 21 million SEK (approximately $2.2 million) funding round for H100 Group AB, a health tech firm based in Sweden. The company announced on May 25 that the funds, raised through interest-free convertible loans, will be used to purchase Bitcoin following their recent strategic shift. Back contributed about $1.4 million, with the rest coming from firms such as Morten Klein, Alundo Invest AS, Race Venture Scandinavia AB, and Crafoord Capital Partners. With this funding, H100 plans to acquire around 20.18 BTC, in addition to the 4.39 BTC they already purchased on May 22, bringing their total holdings to approximately 24.57 BTC. The loans will mature on June 15, 2028. After disclosing a data breach and extortion attempt, Coinbase is facing a new class-action lawsuit from an investor accusing the company of not disclosing the incident and a regulatory issue with the UK’s FCA, which allegedly caused a significant drop in their stock price. The lawsuit, filed by investor Brady Nessler on May 22 in a Pennsylvania court, claims that these events led to a significant decrease in shareholder value. On May 15, Coinbase announced that they could face up to $400 million in damages after a $20 million extortion attempt and internal system compromise by bribed customer support staff. This caused their shares to drop by 7.2% to $244. This new lawsuit adds to the growing legal troubles for the crypto exchange, as multiple lawsuits accuse them of mishandling the data breach and not properly protecting user information. A 37-year-old cryptocurrency investor, John Woeltz, has been arrested for kidnapping and torturing a man in a luxury Manhattan townhouse. The victim, a 28-year-old who had recently arrived from Italy, was allegedly held captive for several weeks, beaten, shocked with electric wires, and threatened with death unless he gave up his Bitcoin password. According to prosecutors, Woeltz and his accomplices drugged and physically assaulted the victim. The victim managed to escape after agreeing to reveal his password, which was stored on a laptop. When Woeltz turned away, the victim fled and flagged down a police officer for help. Medical examinations confirmed injuries consistent with the victim’s account of being bound and assaulted. Police also found drugs, weapons, body armor, and other items in Woeltz’s possession.
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