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A prominent Bitcoin supporter spearheads funding for a Swedish company’s BTC acquisition plans. Meanwhile, Coinbase faces escalating legal troubles after disclosing a significant breach and regulatory fallout. In other news, a Manhattan crypto investor is arrested in connection with a violent Bitcoin-related kidnapping.
More details on these stories ahead.
Adam Back Joins Investors in $2.2M Capital Raise for H100 Bitcoin Push
Blockstream CEO and Bitcoin advocate Adam Back has led a 21 million SEK (approximately $2.2 million) funding round for Sweden-based health tech firm H100 Group AB. The company revealed on May 25 that the funds, which were raised through interest-free convertible loans, would be allocated toward acquiring Bitcoin, following its strategic shift announced on May 22.
Back contributed about $1.4 million, with the rest supplied by firms including Morten Klein, Alundo Invest AS, Race Venture Scandinavia AB, and Crafoord Capital Partners.
With this capital, H100 aims to purchase around 20.18 BTC, adding to the 4.39 BTC it already acquired on May 22. This brings its total holdings to about 24.57 BTC. The zero-interest loans will mature on June 15, 2028.
Coinbase Faces Growing Legal Pressure After Revealing Extortion and Data Breach
A fresh class-action lawsuit has been filed against Coinbase and two of its executives, accusing the company of failing to disclose a serious user data breach and a regulatory issue with the UK’s FCA, which allegedly triggered a steep drop in its stock price.
Filed by investor Brady Nessler on May 22 in a Pennsylvania court, the complaint alleges that the events led to a significant decline in shareholder value. Coinbase had disclosed on May 15 that it could incur up to $400 million in damages after a $20 million extortion attempt and internal system compromise by bribed customer support staff. Shares fell by 7.2% to $244 on the same day.
The latest development adds to the crypto exchange’s increasing legal troubles in the wake of the data breach announcement, as multiple lawsuits accuse the company of failing to properly manage the incident and safeguard user information.
Crypto Investor Arrested for Kidnapping and Torture in Bitcoin Theft Case
John Woeltz, a 37-year-old cryptocurrency investor, was arrested for kidnapping and torturing a man in an upscale Manhattan townhouse. The victim, a 28-year-old who recently arrived from Italy, was allegedly held captive for weeks, beaten, shocked with electric wires, and threatened with death unless he surrendered his Bitcoin password.
Prosecutors revealed that Woeltz and his accomplices drugged the victim and physically assaulted him. The victim managed to escape after agreeing to reveal his password stored on a laptop. When Woeltz turned away, the victim fled and flagged down a police officer for help.
Medical examination confirmed injuries consistent with the victim’s account of being bound and assaulted. Police seized drugs, weapons, body armor, night vision gear, and photos showing the victim with a gun to his head during a search of the residence.
Woeltz faces charges of kidnapping, assault, unlawful imprisonment, and firearm possession. He was denied bail and required to surrender his passport, as prosecutors warned he has access to private aircraft and helicopters, which raises flight risks. Authorities also cited an unidentified accomplice still at large.
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