Soccer has the World Cup. Athletics and many other sports have the Olympics. Crypto has the halving. The milestone in the blockchain's 15-year history technically means a cut in rewards for crypto miners with each block – a feature designed to minimize inflation.

According to court documents, Chirag Tomar used his ill-gotten gains to buy Rolexes, Lamborghinis, Porches and more.

Large bitcoin investors substantially increased their holdings as prices dipped below $60,000 in early Friday's panicky action on the crypto markets ahead of the asset's much-anticipated halving event.