ChainCatcher news, a British man who gave up trying to recover a landfill containing 8,000 BTC hard drives stated that he will tokenize the Bitcoin from his lost wallet, converting it into 800 billion Ceiniog Coin (INI), locking the value at a 1:1 ratio with satoshis. Ceiniog Coin will be built on top of Bitcoin; implemented based on OP_RETURN; integrated with Stacks; Runes; and Ordinals; and is set to launch by the end of 2025.
On May 29, the man also stated that he will tokenize 21% of the lost 8,000 Bitcoin wallet into LTT tokens, raising $75 million through multiple issuance tiers, with the issuance scheduled for October 1 during the TOKEN2049 conference in Singapore.
Note: This British man has announced twice that he will 'tokenize' the Bitcoin he claims to own, raising doubts about the authenticity of the project and the actual control over the Bitcoin. Investors should be aware of the associated risks.
