- South Korea‘s central bank has ruled out Bitcoin as a foreign exchange reserve asset, citing high volatility and potential transaction costs during market instability.
- Casa’s security chief Jameson Lopp argues against using quantum computers to recover lost Bitcoin, stating it would undermine the network’s core values of censorship resistance and transaction immutability.
- Hayden Davis, creator of controversial LIBRA and MELANIA tokens, has launched another memecoin WOLF that experienced a 99% crash with evidence suggesting concerning insider activity.
Major cryptocurrency developments today highlight regulatory caution, security debates, and troubling patterns in the memecoin sector. South Korean central bankers have explicitly rejected Bitcoin as a potential reserve asset, while industry experts debate quantum computing’s role in recovering lost coins, and another memecoin from a controversial developer has collapsed dramatically.
South Korea Takes "Cautious Approach" on Bitcoin Reserves
The Bank of Korea has confirmed it has neither discussed nor reviewed the possibility of including Bitcoin in its foreign exchange reserves. Responding to a formal inquiry from Representative Cha Gyu-geun of the National Assembly’s Planning and Finance Committee, central bank officials cited Bitcoin’s extreme price volatility as a primary concern.
"Bitcoin’s price volatility is very high," the central bank stated, adding that "in the case of cryptocurrency market instability, transaction costs to cash out Bitcoins could rise drastically." This position was reported by the Korea Herald.
The clear stance from South Korea’s monetary authority comes amid growing discussions globally about Bitcoin’s potential role as a reserve asset for national banks.
Security Expert Rejects Quantum Recovery for Lost Bitcoin
Jameson Lopp, chief security officer at Bitcoin custody company Casa, has taken a firm position against using quantum computers to recover lost Bitcoin. In a March 16 article, Lopp argued that such recovery efforts would fundamentally undermine Bitcoin’s foundational principles.
"Does quantum recovery help anyone? I have yet to come across an argument that it is a net positive in any way. It certainly doesn’t add any security to the network," Lopp wrote.
The security expert further emphasized that quantum recovery would "greatly decreases the security of the network by allowing funds to be claimed by those who did not earn them."
Lopp’s position enters an ongoing industry debate sparked in February when Tether CEO Paolo Ardoino suggested quantum computers might eventually recover lost Bitcoin.
Controversial Developer’s New Memecoin Crashes 99%
Hayden Davis, the creator behind the controversial Libra (LIBRA) and Official Melania Meme (MELANIA) tokens, has launched another problematic memecoin that has subsequently collapsed in value.
Davis introduced the Solana-based Wolf (WOLF) token on March 8, attempting to capitalize on rumors about Jordan Belfort—known as the "Wolf of Wall Street"—potentially launching his own cryptocurrency. While the token briefly reached a $42 million market capitalization, it has since experienced a catastrophic 99% value drop.
On-chain analysis firm Bubblemaps revealed concerning patterns in the token’s distribution, noting that 82% of WOLF’s supply was controlled by a single entity. "The bubble map revealed something strange — $WOLF had the same pattern as $HOOD, a token launched by Hayden Davis. Was he behind this one too?" the analytics platform questioned.
This collapse follows similar patterns observed in Davis’s previous token projects, raising further concerns about transparency and insider trading in the memecoin sector.
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