The Bitcoin art world has suffered a blow as the enigmatic statue of Bitcoin’s pseudonymous creator, Satoshi Nakamoto, has vanished from its current home in Lugano, Switzerland. The Satoshigallery, which curated and displayed the piece, has announced a reward of 0.1 BTC to anyone who can help recover the stolen statue, further deepening the mystery that shrouds both Satoshi Nakamoto and this distinctive work of art.

The Satoshigallery team took to X following the theft to offer a reward for its recovery and to reinforce its determination to place 21 Satoshi statues around the world. This mission is meant to echo Bitcoin’s 21 million coin limit, reinforcing the principles of scarcity, decentralization, and indestructibility. The gallery wrote:

“You can steal our symbol but you will never be able to steal our souls.”

Embodying the spirit of Satoshi Nakamoto

The statue was celebrated not just as a physical memorial, but for its conceptual brilliance. Designed to embody the spirit of Bitcoin’s elusive creator, the piece plays with perception and meaning, appearing invisible from the front, a clever nod to Nakamoto’s anonymity.

When viewed from the side, the form emerges, reminding viewers that Satoshi may be hidden, but always present within Bitcoin’s ethos, capturing how Nakamoto’s indelible impact remains at the very core of the crypto movement.

Support from the Bitcoin community

Messages of support have poured in from around the world, with members of the Bitcoin community expressing solidarity. For many, the statue is more than just art; it is a symbol of resilience, innovation, and the ongoing quest for financial sovereignty.

Tuur Demeester, Blockstream advisor and Bitcoin OG, commented:

“Very sad… Next one should maybe be in a few cubics of granite”

Founder of TIP Preston Pysh simply said:

“Even his statue disappears…”

As the search continues, the story of Satoshi (the person and the statue) reaffirms that some mysteries, in the digital age, only grow stronger with every attempt to erase them.

Anyone with information regarding the whereabouts of the statue of Satoshi Nakamoto is encouraged to contact the Satoshigallery team.

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Author

Sujha Sundararajan

Author

Sujha Sundararajan

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Sujha has been recognised as Women In Crypto 2024 by BeInCrypto for her leadership in crypto journalism.

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Last updated: 

July 8, 2025

Stablecoin issuer Tether has built a gold vault empire worth around $8 billion, stored in a private vault in Switzerland, CEO Paolo Ardoino told Bloomberg in an interview.

The USDT issuer directly owns the vast majority of about 80 tons of gold stockpile outright. However, precious metals represent only 5% of Tether’s $112 billion reserve portfolio, per the company’s March attestation.

“We have our own vault. I believe it’s the most secure vault in the world,” Ardoino noted, declining to reveal the whereabouts of the Swiss vault due to security concerns.

USDT stablecoin reached a market cap of $159 billion last month, claiming 62.43% of the entire $255 billion stablecoin ecosystem.

The company’s gold reserves match the UBS Group’s total precious metals and commodities exposure, the report added.

Tether Gold Reserves Signals Pivot From Pure Fiat Exposure

In Ardoino’s books, gold’s safe-haven status helps buffer against fiat or regulatory turbulence. He said that the precious metal is a safer asset than any national currency.

“Eventually, I think that if people start to get concerned about the potential increase of the debt of the US, they might look at alternatives,” he told Bloomberg.

Further, the recent surge in gold prices is fueled by central bank buying and a return of investor interest in gold ETFs, according to a report from J.P. Morgan.

“Every single central bank in the BRICS countries is buying gold,” Ardoino added.

Gold Reserves Could Lower Custody Costs

Tether has been widely known for its association with gold, launching a gold-based token, Tether Gold, that recently showed stable gains.

According to Ardoino, the company’s decision to own its own gold vault is due to the high costs that precious metal vault operators charge.

If Tether’s gold token were to grow to $100 billion in circulation, “it’s a lot of money to pay 50 basis points,” said Ardoino.

“If you have your own vault, eventually with the size, it gets much cheaper to do custody.”

Tether CEO Paolo Ardoino revealed that the firm holds roughly $8 billion in gold in a Swiss vault during an interview with Bloomberg News on July 7.

Ardoino called the site “the most secure vault in the world” and said the company owns almost the entire 80-ton stockpile outright, placing the El Salvador-based issuer among the largest private gold holders globally.

According to a March attestation, gold now represents nearly 5% of Tether’s $112 billion reserve portfolio. The stash’s dollar value matches the precious metals book at UBS Group AG, one of the few bullion-dealing banks that break out those holdings.

Tether’s USDT reached a market capitalization of $159 billion last month, following nearly $5 billion in monthly growth.

Ardoino argued that Tether can scale a gold program without proportionally higher fees by self-custodying bullion instead of using commercial vault operators, which charge about 50 basis points.

Regulatory headwinds in key markets

Lawmakers on both sides of the Atlantic are moving in the opposite direction. Draft US bills such as the GENIUS Act and Europe’s Markets in Crypto-Assets (MiCA) framework allow only cash or near-cash instruments to collateralize fiat-referenced stablecoins, excluding commodities like gold.

If those rules take effect and Tether seeks licenses in those jurisdictions, it would have to liquidate the bullion that backs USDT, although the company could retain metal tied to its gold-backed token, XAUT.

Notably, MiCA granted licenses to 53 crypto firms in the first six months of regulation but excluded Tether.

XAUT circulates against 7.7 tons of gold, worth approximately $819 million, which is well below the 950-ton giant among exchange-traded gold funds but large enough to make redemptions viable at vault doors in Switzerland.

Ardoino said demand could accelerate if investors lose confidence in US fiscal sustainability and seek alternatives that avoid bank-deposit risk while remaining on-chain.

Market context and outlook for bullion-linked tokens

Spot gold has advanced by roughly 25% in 2025 as traders hedge tariff-driven trade friction and wider geopolitical tension.

Ardoino said:

“Every single central bank in the BRICS countries is buying gold, so that is why the price went up in our opinion.”

Tether must still convince regulators that a metal-heavy reserve would not impede USDT’s liquidity under stress.

For now, the firm holds the metal, earns yield on Treasurys, and keeps a separate token directly convertible into vaulted bars, combining traditional bullion economics with blockchain settlement.

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Amina Bank, a financial institution focused on Swiss Crypto, has announced that it will provide custody and trading services to Ripple’s RLUSD Stablecoin.

On July 3, 2025, Crypto Bank, regulated by Swiss Finma (financial market regulator), said in a press release:

Commenting on the development, Myles Harrison, Chief Product Officer of Amina Bank, said, “We are proud to be the first bank to support RLUSD and give our clients access to one of the most anticipated digital assets on the market.”

In: Becomes the first global bank supported by Switzerland-based Amina Bank @rippleNew Stablecoin $ rlusd -Coindesk

strong #xrp pic.twitter.com/e0ehfaah7x

– amonyx (@amonbuy) July 3, 2025

“Ripple’s commitment to transparency and compliance will be an ideal collaborator as we continue our mission to expand agency-grade digital asset services,” added Harrison.

Discover: Best Meme Coin ICO to Invest today

Amina targets institutional clients and professional investors

Additionally, Amina plans to expand its RLUSD-related services in the coming months. This reflects the growing demand for digital assets in the financial sector. Importantly, Switzerland has established itself as a global leader in crypto innovation, and Zug is often referred to as the “Crypto Valley.”

“Our goal is to bridge the gap between traditional banking and the emerging world of digital assets, providing clients with secure, regulated access to innovative financial products,” said Amina Bank CEO.

Therefore, banks that have developed Ripple stubcoin can encourage other Switzerlands And then the international banks chase the lead.

Discovery: Next 1000x Ciphers: 10+ Ciphers tokens that could hit 1000X in 2025

U.S. Bank License Ripple Files for XRP and RLUSD

Ripple drives power

➤ $ xrp Breaking down trends for several months

➤ $ rlusd Supported by Amina Bank

➤ Ripple applies to US Bank Charters

XRP is becoming part of the US banking system. pic.twitter.com/0ak9cdib9f

– Alexia (@alex1i9) July 4, 2025

In particular, the company behind XRP has applied for a national banking charter in the US, aiming to put RLUSD Stablecoin directly under federal oversight. this It’s not just about checking the boxes. This is a strategic attempt to give RLUSD a stronger foundation. It also opens the door to a deeper role in the financial system. If approved, the Ripple Banking license allows the company to retain its Fed and direct RLUSD reserves.

Ripple CEO, Blood Girling House, RLUSD has publicly confirmed the application, noting that it is already operating under New York’s financial regulator. Obtaining a national charter through the Office of the Secretary of Currency (OCC) will expand its coverage and state-level approval will blend federal government credibility. It is also a signal to investors, regulators and institutions who want RLUSD. I’ll be taken away Seriously.

Read more: US Bank License Ripple Files for XRP and RLUSD

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Peter Märkl, general counsel at Swiss crypto exchange Bitcoin Suisse, said the European Union and Switzerland lack clarity in their respective stablecoin regulatory frameworks.

Märkl told Cointelegraph on the sidelines of the German Blockchain Week that “there’s a lot to be done” when it comes to the classification and the rules applying to stablecoins under the EU’s Markets in Crypto-Assets Regulation (MiCA) framework.

He said MiCA provides “a comprehensive, harmonized regulatory framework” for stablecoin issuance, offering and custody. However, “due to the rapidly evolving nature of crypto-assets and their use cases, classification remains dynamic and can, in certain cases, shift over time,” Märkl added.

He highlighted, among other things, that it puts players from outside the EU at a disadvantage:

“Foreign stablecoin issuers need to seriously consider a license under MiCA as recent supervisory actions in Germany point to a strict enforcement of the rules.”

Concerning Switzerland’s rules, Märkl said they are unfriendly to issuers. This is because the regulators put the Know Your Customer (KYC) burden on the issuers, essentially requiring the stablecoin issuer to know the identity of individual holders, which he views as “unreasonable.”

Related: Euro stablecoin by DWS and Deutsche Bank gets regulatory approval

Overall, Märkl said that four years after Switzerland’s DLT Act introduction — which he recognized as “a great legislative platform — there are still holes in the local regulatory framework. He highlighted the need to “put a focus on the regulation of stablecoins” and provide “a set of rules that is comfortable for the players.”

He added, “We know that there is a legislative process ongoing, but the outcome needs to be assessed.”

Related: ‘Policy procrastination’ leaves UK trailing EU, US in crypto regulation: Experts

Bitcoin Suisse’s EU ambitions

Märkl also said Bitcoin Suisse will leverage its five-year-old Liechtenstein Crypto-Asset Service Provider registration to seek a full MiCA license:

“In terms of Bitcoin Suisse, we have run a subsidiary in Liechtenstein for five years, which is nationally registered under the TV2 law. It’s a registered CASP, and it would be a natural choice to extend this to a MiCA license.”

Middle East, UK and US also in the crosshairs

Bitcoin Suisse is also eyeing international expansion beyond Europe. The company received in-principle approval from the Abu Dhabi Global Market (ADGM) back in May. Now, Märkl said that the firm’s CEO, Andrej Majcen, relocated to Abu Dhabi one and a half years ago, and that the company sees “a tremendous attraction” toward the Middle East.

The company is also exploring opportunities in the United Kingdom and the United States, although final decisions will depend on regulatory developments, Märkl said.

Magazine: How crypto laws are changing across the world in 2025

]]> https://earlybirdsinvest.com/bitcoin-suisse-legal-chief-flags-gaps-in-eu-swiss-stablecoin-rules/feed/ 0 45526 https://earlybirdsinvest.com/swiss-crypto-investor-linked-to-new-york-kidnapping-may-turn-himself-in/ https://earlybirdsinvest.com/swiss-crypto-investor-linked-to-new-york-kidnapping-may-turn-himself-in/#respond Tue, 27 May 2025 15:25:52 +0000 https://earlybirdsinvest.com/swiss-crypto-investor-linked-to-new-york-kidnapping-may-turn-himself-in/

A second man tied to a recent crypto-related kidnapping in New York is expected to turn himself in, according to ABC7 New York’s report on May 26.

He is believed to be a Swiss crypto investor who worked closely with John Woeltz, the main suspect in the case.

The suspect’s name has not been publicly shared, but he is reportedly a co-founder of a trading company based in Switzerland. While a report from NBC says he plans to report to police within the week, FOX5 New York suggests he might already be in custody.

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The case centers around Michael Valentino Teofrasto Carturan, a 28-year-old from Italy, who said he was kidnapped in a SoHo apartment for over two weeks.

According to the police, Carturan was allegedly tortured and pressured to hand over the recovery phrase to his cryptocurrency wallet. His estimated net worth is around $30 million.

Carturan told officers that he arrived in New York on May 6 to meet business partners. He said his passport was taken, and he was beaten until he agreed to share his crypto access details.

He told his captors he needed to retrieve the recovery phrase from a laptop in another room. As he walked away to get it, he saw an opportunity to run. That escape led to the arrests and helped police connect Woeltz to his Swiss business partner.

On May 19, Festo Ivaibi, founder of Mitroplus Labs, was kidnapped and forced to transfer $500,000 in crypto. How did the case unfold? Read the full story.

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The Swiss National Bank has refused to hold Bitcoin reserves, citing concerns over liquidity and volatility in the cryptocurrency market.

“In the case of cryptocurrencies, market liquidity may sometimes seem ok, especially during a crisis that is naturally questioned.”

“Cryptocurrencies are also known for their high volatility, a risk of long-term value retention. In short, cryptocurrencies do not meet the high requirements for currency reserves at this time.”

Schlegel’s comments were prompted by the Bitcoin Initiative, a Bitcoin advocacy group. The study adds Bitcoin to the Swiss Treasury, which complements the overall portfolio, minimizing volatility and brings substantial returns.

Without Bitcoin, investments at the Swiss National Bank have increased by around 10% since 2015. According to the Bitcoin Initiative Portfolio Simulation, the 1% Bitcoin allocation to central bank portfolios has almost doubled over the same period. The annual volatility would have increased slightly.

The Bitcoin Initiative emphasized that Bitcoin volatility should not be evaluated on its own, but should be evaluated in terms of the overall dynamics and impact on performance of the investment portfolio.

“(Bitcoin) prices have reached new highs, showing resilience under market stress, and even on bank holidays, double-digit trading volumes remain extremely liquid every day and evening.”

“The Bitcoin Network continues to be one of the most reliable and secure IT systems ever created. Most surprising is that the US has launched a strategic Bitcoin stockpile.”

In an email statement to Coindesk, Bitcoin initiative suggested that the Swiss National Bank’s dislike for Bitcoin could be political. This is because it can harm “an expression of distrust over other currencies” and sensitive relations between Switzerland and the European Union.

The president of European Central Bank Christine Lagarde has consistently criticised Bitcoin, calling it “no value” and a “highly speculative asset” associated with money laundering. In January, Lagarde said “Bitcoin will not be in the central bank reserves of the ECB’s General Council.”

It responded to comments made by Czech National Bank Governor Yale Mickle, who appreciated his agency’s assessment of the addition of Bitcoin in its preparation. Lagarde argued that Bitcoin did not meet the ECB’s standards for liquidity, security and safety from the Criminal Association.

In February, the Polish central bank ruled out “maintaining Bitcoin reserves under all circumstances,” and the Romanian central bank warned the bank not to issue loans to crypto companies.

Federal Reserve Chairman Jerome Powell said in December 2024 that the US Central Bank is “not permitted to own Bitcoin” in accordance with the Federal Reserve Act, and that it is not attempting to change the law.

The Swiss National Bank has indirect Bitcoin exposure through shares owned by the company’s Bitcoin Treasury, including 520,000 shares of the strategy, 8.12 million shares of Tesla, 580,000 shares of Mara Holdings and 500,000 shares of CleanSpark, according to Fintel Data.

Schlegel, like last month, refused citizens’ calls to add Bitcoin reserves to the Swiss Central Bank’s financial resources. Regarding technological advancements, Schlegel noted on Thursday that SNB is using central bank digital currency to implement pilot projects to promote payments between financial institutions.

In contrast, US President Donald Trump signed an executive order this year to establish strategic Bitcoin reserves and cryptocurrency reserves, and signed the Cryptocourt Council, which evaluates budget-rigid ways to compensate for US digital reserves. The order further prohibits government agencies from creating or promoting digital currency for US central banks out of citizen privacy concerns.