Hello, and welcome to this week's edition of the Proof of Intel (PoI) newsletter, your quintessential digest for all things Web3! I'm Mochi, your guide through the maze of blockchain news, served with a side of wit and a dash of humor. This week, we've scooped up some of the most tantalizing stories from the crypto universe - from billion-dollar Bitcoin movements to groundbreaking funding rounds that are set to redefine the Web3 infrastructure. So, grab your favorite snack (might I suggest some mochi ice cream?), sit back, and let's dive into the digital depths together.

INTEL BRIEF
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🟧 Coinbase experienced a glitch causing users to see a $0 balance, coinciding with a sharp Bitcoin price drop, but assured users their assets were safe.

🟧 IntoTheBlock reports that Bitcoin's recent surge over $60,000 is driven by institutional rather than retail investors, citing low levels of typical retail engagement metrics.

🟧 The U.S. government transferred nearly $1 billion of Bitcoin seized from the Bitfinex hack to unidentified addresses, with the motive unclear.

🟧 Polygon spinoff Avail raises $27 million in seed funding to enhance Web3 infrastructure with its "Avail Trinity" components, aiming for seamless interchain communication.

🔧💰 Glitch in the Matrix: Coinbase Users Get a Financial Fright

Imagine the horror: you wake up, coffee in hand, ready to check your burgeoning crypto fortune on Coinbase, only to find a balance that screams, "You've got nothing!" This Wednesday, Coinbase users faced a tech hiccup so spooky it could rival a Halloween special, with accounts displaying a ghastly $0 balance. Just as Bitcoin decided to strut its stuff, hitting a high not seen since November 2021, the glitch sent it tumbling down by over 4%, losing about $2,800 faster than you can say "cryptocurrency rollercoaster."

Coinbase, amidst the chaos, was the calm in the storm, assuring users that their digital gold was safe, despite the app's impersonation of a digital void. They urged users to keep an eye on their status page for updates while their tech wizards worked their magic. Meanwhile, Bitcoin, in its true dramatic flair, surged past $60,000, reminding us why we all signed up for this wild ride in the digital currency world.

As the day wore on, Coinbase took to social media to announce improvements, but warned of potential login and transaction errors due to the digital stampede back to their platform. So, what's the moral of the story? In the world of crypto, expect the unexpected - and maybe keep a paper bag handy for moments of shock.

📈🛌 Why Retail Investors Might Be Missing the Bitcoin Boom Bus

In a world where Bitcoin's price movements are more closely watched than the latest celebrity gossip, it seems the average Joe and Jane are snoozing through a major plot twist. According to the crypto sleuths at IntoTheBlock, Bitcoin's exhilarating leap over the $60,000 hurdle has been mostly cheered on by the suits and ties of institutional investors, rather than the enthusiastic retail crowd that typically rides the crypto rollercoaster.

This analysis comes at a time when you'd expect Bitcoin's rally to be plastered all over social media, with retail investors flocking like seagulls at a beach picnic. However, IntoTheBlock's data paints a different picture: Google searches are calm, app downloads are steady, and the digital streets of the Bitcoin blockchain are less crowded than you'd think. Even Coinbase's moment in the spotlight as the top downloaded app in Apple's U.S. app store seems like a distant memory from the crypto frenzy of late 2021.

What's driving this seemingly one-sided rally, you ask? Look no further than the cool, calculated world of institutional investors, who appear to be doubling down on their Bitcoin bets. Meanwhile, the retail crowd seems to be content with watching from the sidelines, perhaps still nursing wounds from past volatility or simply unaware of the current market dynamics.

And let's not forget the role of potential Bitcoin ETF approvals, which could be the golden ticket for more institutional players to jump into the fray. As Bitcoin dances around its all-time high, it's clear that the party is currently missing its most lively guests: the retail investors.

💼❓ Billion-Dollar Bitcoin Mystery: Uncle Sam's Secret Crypto Moves

In the latest episode of "What's the Government Doing with All That Bitcoin?" wallets containing the digital loot seized from the Bitfinex hack have been caught red-handed moving nearly a billion dollars' worth of Bitcoin. This crypto caper involves characters straight out of a cyber-thriller: Ilya Lichtenstein and Heather "Razzlekhan" Morgan, whose guilty pleas have turned their digital treasure trove into Uncle Sam's piggy bank.

The plot thickens as, in a span of less than two hours, four transactions whisked away nearly $1 billion to addresses that might as well be on the moon, for all we know. The sleuths at Arkham Intelligence spotted the wallet-to-unidentified-address action, leaving us scratching our heads and wondering, "What's the game, Uncle Sam?"

The first act of this drama saw a modest 1 BTC sent packing, only for the curtain to rise half an hour later on the grand finale: the remaining 2,817 BTC making their escape. Then, as if not to be outdone, another wallet, bloated with about 12,300 BTC, joined the vanishing act, sending the crypto world into a frenzy of speculation.

Why the sudden move? Is the government playing 4D chess with the crypto market, or is there a more mundane explanation? With Bitcoin's price swinging like a pendulum on the same day, the timing couldn't be more intriguing.

As the dust settles and Bitcoin hovers around the $60,000 mark, one thing's for sure: the U.S. government's foray into high-stakes crypto maneuvers is more gripping than any Netflix drama. And somewhere out there, nearly $1 billion of Bitcoin is starting a new chapter, courtesy of the most unlikely of protagonists.

🌐💡 Web3's Next Frontier: Avail's $27 Million Leap Towards Unified Blockchain Networks

In the ever-evolving saga of blockchain innovation, a new chapter unfolds with Avail, a brainchild of the Polygon network, bagging a whopping $27 million in seed funding. Spearheaded by the visionary venture capitals Dragonfly and Founders Fund, this financial windfall is set to catapult Avail into the stratosphere of Web3 infrastructure development.

Dubbed the "Avail Trinity," Avail's triad of tech marvels - Data Availability (DA), Nexus, and Fusion - is on a mission to redefine the fabric of Web3 networks. Picture this: a utopia where deploying a blockchain app is as breezy as a walk in the park, thanks to the rollup tooling finesse that Avail promises. In a world teeming with chains, Avail envisions a seamless tapestry of interconnected platforms, dodging the bullet of user experience fragmentation like a pro.

But what makes Avail the talk of the town? Beyond its pedigree as Polygon's offspring, Avail is crafting a cosmos where ecosystems are not just neighbors but collaborators, connected by a trust-minimized and secure coordination layer. Its Data Availability layer stands as a scalable fortress, offering a fertile ground for rollups to thrive with efficiency and verifiability.

Enter Avail Nexus, the maestro orchestrating harmony among diverse rollups, anchored by the steadfast Avail DA. And let's not overlook Fusion Security, a groundbreaking approach that enlists the heavyweight champs like Bitcoin and Ethereum to beef up Avail's defense mechanism.

In the grand scheme of Web3's future, Avail's seed funding isn't just a financial milestone; it's a beacon of innovation, signaling the dawn of an era where blockchain's potential is boundless, unified, and secure. As Avail gears up to weave this dream into reality, the Web3 space watches with bated breath, ready for the next quantum leap.

And just like that, we've reached the end of our Web3 whirlwind adventure for this week. I hope you found our journey through the realms of crypto as exciting and enlightening as a moonlit ride on a blockchain-powered rollercoaster. As we part ways, remember that the world of Web3 is ever-evolving, and here at Proof of Intel, we're committed to keeping you informed and entertained every step of the way. Don't forget to share your thoughts, your laughs, or even your crypto conundrums with us - after all, we're navigating this digital odyssey together. Until next time, keep your wallets secure and your spirits high. Farewell, fellow crypto enthusiasts!

P.S. Don't forget to share Proof of Intel with your friends. See you in the next issue! 💌🎈

🍨📰 Catch you in the next issue! 📰🍨

TL;DR: 🔻💯
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🟧 During a startling glitch on Coinbase, users were met with $0 balances, sparking a quick dip in Bitcoin's value. Coinbase assured everyone's assets were secure and worked swiftly to resolve the issue. Despite the scare, Bitcoin showcased its resilience, soaring past $60,000, as Coinbase began seeing improvements in customer trading.

🟧 Despite Bitcoin's impressive march towards all-time highs, retail investors are seemingly on the sidelines, with IntoTheBlock attributing the rally to institutional investors. Key indicators of retail activity, such as web searches and app downloads, remain subdued, suggesting a quiet front for everyday investors while institutional interest and activity heat up, potentially shaping the current phase of Bitcoin's journey.

🟧 The U.S. government's transfer of nearly $1 billion worth of Bitcoin, seized from the Bitfinex hack, to unknown addresses has sparked intrigue. The transactions occurred amidst Bitcoin's price volatility, with no clear motive disclosed. This movement highlights the government's significant role in the cryptocurrency space, leaving the community pondering the implications.

🟧 Avail, emerging from Polygon's innovative ecosystem, has secured $27 million in seed funding to forge ahead with its ambitious Web3 infrastructure project, the "Avail Trinity." This initiative aims to streamline the deployment of app-specific rollups and enhance interchain communication, promising a future where blockchain networks operate in seamless unity, bolstered by pioneering security solutions leveraging assets from established blockchains like Bitcoin and Ethereum.