The Daily: Bitcoin whipsaws amid Lummis announcement and Trump WEF remarks, Ledger co-founder freed after kidnapping and more

Happy Thursday! John McAfee is back from the dead in the form of a new AI-powered crypto project. While it may not replicate the late antivirus pioneer's controversial "token of the day" advice, concerns are already swirling around the " AIntivirus " memecoin's supply.

In today's newsletter, bitcoin whipsaws amid a teased announcement from Senator Lummis and President Trump's World Economic Forum address, Ledger co-founder David Ballard is rescued after a kidnapping attempt, CZ takes an "active role" in a rebranded Binance Labs venture and more.

Meanwhile, half of TRUMP and MELANIA memecoin holders had never bought a "Solana altcoin" before, according to blockchain analytics firm Chainalysis.

Let's get started.

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

Bitcoin whipsaws amid Lummis announcement and Trump WEF remarks

Bitcoin briefly spiked to $106,000 earlier on Thursday after Sen. Cynthia Lummis — a key proponent for a national bitcoin reserve in the U.S. — teased an announcement, posting "₿ig things are coming" on 𝕏.

• However, the price dropped back once it was clear the news wasn't regarding such a reserve.
• Instead, Lummis simply confirmed she will chair the Senate Banking Committee's new digital asset subcommittee in a widely expected move.
• The digital asset subcommittee also includes fellow crypto-friendly lawmakers, Sen. Bill Hagerty and the newly-elected Sen. Bernie Moreno.
• Lummis introduced a draft bill last summer aiming to create a "Bitcoin Purchase Program" to buy 200,000 BTC a year over five years, amounting to 1 million BTC.
• Bitcoin then surged back above $106,000 again amid President Trump's " America will be the world capital of AI and crypto " remark during a World Economic Forum address, reiterating his previous comments.
• Trump is also expected to hold a call with El Salvador President Nayib Bukele later today — the country that made bitcoin legal tender in 2021.

Ledger co-founder freed after kidnapping

David Balland, retired co-founder of France-based crypto hardware wallet manufacturer Ledger, has been released after being kidnapped , Bloomberg reported.

• Balland was allegedly taken from his home in the early hours of Tuesday morning and held captive for a day, during which the kidnappers reportedly demanded a substantial ransom in cryptocurrency.
• Balland was freed on Wednesday night following a police operation, according to the Paris Prosecutor's Office, and emergency services are currently treating him.
• Rumors surfaced on Wednesday about the kidnapping of Ledger's other co-founder, Eric Larchevêque, later debunked by Grégory Raymond, co-founder of French crypto news and research outlet The Big Whale.

CZ returns to Binance-related role

Changpeng "CZ" Zhao is set to take on an "active role" at YZi Labs , rebranded from Binance Labs, with a shift in focus to investments beyond crypto, including biotech and AI.

• Binance Labs was among the most influential venture firms in crypto, having invested in CertiK, Dune Analytics, Elrond, Injective, Nym and Polygon, among others.
• In 2023, Zhao resigned as Binance CEO and agreed to pay a $50 million fine amid money laundering charges, subsequently serving four months in prison, while the crypto exchange itself paid over $4 billion to settle the case with U.S. authorities.
• The settlement terms effectively barred Zhao from being involved in Binance's operations.
  However, a play on the Binance co-founders' names, YZi Labs is now "purely a family office investment vehicle," Zhang said.

Jump sues former Firedancer engineer

Jump Trading sued Liam Heeger , its former software engineer and Firedancer co-lead, for allegedly breaching his non-compete agreement by launching Unto Labs, a rival blockchain venture.

• Jump accused Heeger of raising $3 million for Unto Labs from Framework Ventures and others following secret meetings at the Breakpoint conference in Singapore while still employed by the company and misappropriating its proprietary information.
• Jump alleged Heeger cited California law to justify non-compliance with his Illinois-based agreement after leaving the company and moving to the West Coast state.
• Heeger and Unto Labs strongly denied Jump's allegations, saying it is building "something entirely new."

Bitwise confirms Dogecoin ETF entity registration

Bitwise filed a registration for a Dogecoin ETF entity in Delaware , confirmed by its Chief Investment Officer Matt Hougan late Wednesday.

• With a market cap of $53 billion, DOGE is the seventh-largest cryptocurrency, gaining renewed attention recently due to a connection with its Department of Government Efficiency namesake under the leadership of Dogecoin-enthusiast Elon Musk.
• In fact, the memecoin's logo even appeared on the website of President Trump's new cost-saving unit earlier this week before being removed.

In the next 24 hours

• ECB President Christine Lagarde is scheduled to speak at 5 a.m. ET on Friday.
• Davos 2025 concludes in Switzerland.
• Immutable is set to unlock 24.52 million IMX tokens worth $29.2 million, representing 1.43% of the circulating supply. Moca Network will release 2.43 million MOCA tokens, 0.15% of its circulating supply.

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