Today in the cryptocurrency world, significant events unfolded impacting key sectors like Bitcoin, blockchain, DeFi, NFTs, Web3, and regulatory frameworks.
An Indian court handed life imprisonment to 14 individuals, including 11 police officers and a former BJP legislator, for their roles in a 2018 Bitcoin extortion case targeting a businessman in Surat. This conviction highlights ongoing efforts against crimes involving digital assets.
El Salvador has enhanced the security of its sizeable Bitcoin holdings by distributing 6,274 BTC across 14 new wallet addresses. This strategic move aims to mitigate the risk posed by future quantum computing attacks on cryptocurrency security protocols.
Meanwhile, facing a surge in grant applications, the Ethereum Foundation has temporarily suspended its open grant application process. The pause allows reallocation of resources towards a refined, strategic funding approach to better support ecosystem development.
Indian Court Sentences 14 in Bitcoin Extortion Case
The Indian anti-corruption court convicted former Amreli district police superintendent Jagdish Patel, ex-MLA Nalin Kotadiya, and other officials for conspiracy, kidnapping, illegal detention, and assault. The case involved the abduction and crypto extortion of businessman Shailesh Bhatt, who recovered part of his investment from BitConnect, a failed cryptocurrency platform.
El Salvador’s Quantum Attack Mitigation Strategy
El Salvador’s Bitcoin Office explained that splitting funds into smaller amounts across multiple wallets reduces the impact of potential quantum attacks, which could compromise exposed public keys. Each new address holds up to 500 BTC to limit vulnerabilities.
Research by Project Eleven indicates that over 6 million Bitcoins, valued at approximately $650 billion, could be at risk if quantum computers advance sufficiently to break elliptic curve cryptography.
Ethereum Foundation Pauses Open Grants Amid Growing Demand
The Ethereum Foundation’s Ecosystem Support Program, which granted nearly $3 million across 105 projects in 2024, is temporarily halting open grant submissions. The decision aims to transition toward targeted, strategic funding better aligned with ecosystem priorities.
Despite the pause, the Foundation continues to fund new projects, with detailed plans for the evolved grant framework expected in the fourth quarter of 2025.
