The Daily: David Sacks criticizes US government's past bitcoin sales, JPMorgan sees less than 50% chance of crypto reserve approval and more

The following article is adapted from The Block’s newsletter,  The Daily , which comes out on weekday afternoons.

Happy Thursday! Anticipation is building ahead of tomorrow's inaugural White House Crypto Summit, with speculation swirling over exactly which industry heavyweights will be in attendance. But will the event deliver something tangible — or just more hot air?

In today's newsletter, Mt. Gox bitcoin funds are on the move again, crypto czar David Sacks criticizes the U.S. government's past bitcoin sales, Trump-backed World Liberty Financial buys more WBTC, ETH and MOVE, plus more.

Meanwhile, blockchain oracle RedStone launches its RED token , enabling staking and paving the way for multi-asset rewards.

Let's get started.

Over $1 billion in Mt. Gox bitcoin on the move

Mt. Gox transferred 11,834 BTC, worth $1.1 billion, to an unlabeled address in its first large transaction since January ahead of potential payouts.

• The defunct exchange also moved 166.5 BTC, worth $15.1 million, to its cold wallet shortly after, according to data from blockchain analytics platform Arkham.
• Launched in 2010, the Tokyo-based platform gained popularity and became the largest bitcoin exchange by 2013, servicing 70% of all bitcoin trades worldwide.
• However, it stopped all withdrawals in early 2014 when the business suspended trading. The site soon went offline, and the company filed for bankruptcy protection after losing over 800,000 BTC.
• Thousands of creditors have been waiting to have their bitcoin returned. In October 2024, Mt. Gox announced the repayment deadline was pushed back by 12 months to Oct. 31, 2025.

David Sacks criticizes US government's past bitcoin sales

Trump's crypto czar, David Sacks, criticized the U.S. government's past handling of the country's seized bitcoin , noting that selling 195,000 BTC for $366 million instead of holding it cost billions in potential value.

• "If the government had held the bitcoin, it would be worth over $17 billion today. That's how much it has cost American taxpayers not to have a long-term strategy," he said.
• The U.S. government still holds 198,109 BTC, worth around $18 billion, according to Bitcoin Treasuries data.
• Sacks confirmed he sold all his cryptocurrency holdings, including BTC, ETH and SOL, before joining the administration amid conflict of interest concerns following Trump's broader digital asset reserve announcement on Sunday.

World Liberty Financial buys more WBTC, ETH and MOVE ahead of Crypto Summit

Trump family-backed World Liberty Financial acquired over $25 million in WBTC, ETH and MOVE ahead of the White House Crypto Summit, according to onchain data.

• World Liberty Financial bought $10 million in Wrapped Bitcoin (WBTC), $10 million in ETH and $1.5 million worth of MOVE, the native token of the Movement Network.
• Additionally, data from Arkham indicated that the DeFi project's ether holdings have surged over the past week — rising from about 2,200 ETH to over 7,000 ETH on Thursday.
• Meanwhile, the Sui Foundation announced a collaboration with World Liberty Financial on Thursday that could see SUI included in the project's "strategic token reserve."

JPMorgan sees less than 50% chance of a US crypto reserve approval

JPMorgan analysts see less than a 50% chance of a U.S. strategic crypto reserve gaining approval , citing congressional hurdles and skepticism from policymakers.

• The bank's analysts argued that including XRP, SOL and ADA in the reserve would be particularly difficult, citing concerns over risk and volatility, leaving BTC and ETH the only candidates.
• They also pointed out that previous state-level bitcoin reserve proposals in Montana, North Dakota, South Dakota and Wyoming have all failed, while global central banks remain hesitant to adopt any form of cryptocurrency as a reserve asset.
• The JPMorgan analysts further warned that doubts over the crypto reserve, record ETF outflows and declining institutional demand add to near-term pressure on the market.

Argentine prosecutor seeks to freeze $110 million tied to Libra memecoin scandal

Argentine federal prosecutor Eduardo Taiano is seeking to freeze over $110 million in proceeds tied to the Libra memecoin scandal, which sparked a political firestorm in the country due to its alleged connection with President Javier Milei, local media reported.

• The Solana-based Libra token's fully diluted market cap surged past $2 billion after Milei posted about it on X before crashing over 90%, prompting investigations into his involvement.
• Taiano also intends to recover deleted social media posts, including Milei's initial endorsement, and has requested phone records and visitor logs from the presidential residence and office.

In the next 24 hours

• Eurozone GDP data are released at 5 a.m. ET on Friday. U.S. nonfarm payroll figures follow at 8:30 a.m.
• ECB President Christine Lagarde and U.S. Federal Reserve Chair Jerome Powell will speak at 4:30 a.m. and 12:30 p.m., respectively. U.S. President Donald Trump follows at 1:30 p.m.
• The White House Crypto Summit gets underway at 1:30 p.m. tomorrow.
• Kaspa and Moca Network are set for token unlocks.

Never miss a beat with The Block's  daily digest  of the most influential events happening across the digital asset ecosystem.