GM Explorer,

Federal Reserve chair Jerome Powell will soon take the stage at the Jackson Hole Economic Policy Symposium in Wyoming, and word on the street is that his words could either make or break the crypto and stock markets!

Here’s what we got for you today:

• 🤯 A pivotal moment for Crypto

• 👺 $238 Million vanishes in crypto heist!

• 🧱 Around The Block: No mention of crypto in the US Democratic Party’s 2024 platform.

🤯 A Pivotal Moment for Crypto

It's no secret that Bitcoin and the entire cryptocurrency market have been experiencing a rough time lately. Everyone eagerly awaits a much-needed surge, and it seems like all eyes are on Jerome Powell.

He is delivering a keynote speech this Friday, and word on the street is that his words could either make or break the crypto and stock markets!

Powell is “expected” to signal whether he'll cut interest rates in September!

So, the entire crypto community will be watching his every word, looking for clues about the direction of rate cuts.

Economists at Goldman Sachs predict a 0.25% cut in September, but there’s also talk that a weak jobs report in early September could push the Fed to slash rates by 0.5%.

Whatever the case, we’ll know soon enough!

But get this - any surprises could send shockwaves through the markets, affecting everything from borrowing costs to market sentiment.

We just hope that Powell’s words bring some clarity rather than add to the uncertainty.🤞

One thing’s for sure, though - Friday’s speech is a must-watch for anyone with a stake in the markets!

You should read the full details here!

👺 $238 Million Vanishes in Crypto Heist!

Imagine waking up to find nearly a quarter billion dollars gone!

On August 19th, a Bitcoin whale experienced just that — a staggering loss of 4,064 Bitcoin, valued at $238 million.

Crypto investigator ZachXBT spotted a suspicious transfer spreading these funds across platforms like THORChain, KuCoin, and Railgun.

According to on-chain data, the victim may be a Genesis Trading bankruptcy claimant.

This is because the wallet in question received a distribution of 642.3 BTC worth $37.7 million from the Genesis creditor distribution about two weeks ago.

…and two years before that, another affiliated address was sent 2,173 Bitcoin, valued at over $127 million.

So, how did the hackers manage to pull this off?

Check out the full story here!

🧱 Around The Block

• No mention of crypto in the US Democratic Party’s 2024 platform.

• $238M in stolen Bitcoin sent back to the original wallet.

• The ex-CEO who caused his bank to fail after falling for a crypto scam gets 24 years in prison.

• Japan’s Metaplanet buys $3.4 million more in Bitcoin to total 360 BTC.

• Pro-crypto young voters could sway the 2024 election.

• Indian investor kidnaps BitConnect employees to recover losses

• Malaysian Police steamroll 985 Bitcoin miners again in power theft crackdown.

That's all we've got for you today.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.