Crypto Biz: Elon Musk: The Ultimate Crypto Tourist
Elon Musk’s Tesla has proven to be the ultimate paper hand after the electric vehicle maker sold 75% of its Bitcoin (BTC) holdings in the second quarter. I say, good riddance. The cult of personality is not good for Bitcoin, nor is a technologist who treats the asset like his plaything. To our knowledge, Musk has not sold any of his personal Bitcoin stashes and Tesla still has around 10,800 BTC on its books. Still, the less we hear about Musk and Bitcoin, the better.
In this week’s Crypto Biz, we chronicle Tesla’s sale of BTC, KuCoin’s fight against fake news, and Cathie Wood’s sale of Coinbase stock.
Tesla Announces $64 Million Profit From Bitcoin Sale
Tesla’s decision to sell off most of its Bitcoins wasn’t as stupid as it first seemed. The company made a profit of $64 million on the exchange. In addition to selling emissions credits, the electric vehicle maker has consistently struggled to make a profit over the years. In a Form 10-K filed with the U.S. Securities and Exchange Commission (SEC), Tesla disclosed that it could “up or down” its holdings of digital assets over time. Cynical prediction: ESG FUD will likely be the reason Tesla dumps its remaining holdings over time.
KuCoin CEO Johnny Lyu Launches “Anti-FUD Fund”
Crypto exchange KuCoin has been the target of a vicious smear campaign by a self-proclaimed whistleblower tweeting about the company’s alleged insolvency. KuCoin CEO Johnny Lyu has not only refuted claims that his company is facing a liquidity crunch, but he has also launched an “anti-FUD fund” to track down and take legal action against self-defeaters. saying “FUders”. The Twitter account responsible for the misinformation appears to have been deleted.
(1/5) FUD benefits no one except FUDers. It misleads investors and damages the industry’s image and market confidence.
To build a crypto space with less FUD, #KuCoin will launch an anti-FUD fund.
Currently, the fund will primarily focus on…
— Johnny_KuCoin (@lyu_johnny) July 26, 2022
Cathie Wood Sells Coinbase Stock Amid Insider Trading Allegations
Cathie Wood’s ARK Investment Management appears to be distancing itself from Coinbase amid allegations that the cryptocurrency exchange was involved in insider trading. After holding nearly $9 million in COIN shares at the end of June, ARK sold over 1.4 million shares in the following month. According to Bloomberg, Coinbase is under investigation by the SEC over its possible involvement in the insider trading scheme of a former chief product officer. Separately, and on an unrelated note, Coinbase is also being investigated for allegedly selling unregistered securities.. In the meantime, you won’t believe how low COIN stock is.
3AC: $10 billion hedge fund goes bankrupt with fugitive founders
We’ve spent the past few months talking about the Three Arrows Capital debacle. The company that also went through 3AC was revered for its investments, business prowess and ideas. The cult of personality surrounding its founders created the image of a company that couldn’t be wrong. Then everything fell apart. While we wait for the documentarians to make a film about the fall of 3AC, Cointelegraph has prepared a lengthy exposé on the entire ordeal. I am talking about timelines, analyzes and information on who owes what to whom.
I just saw the list of creditors of #3AC and noticed that @zhusu filed a $5 million claim. While on the run, he somehow found the time to diligently and ruthlessly fill out forms to pursue a claim against his own fund. https://t.co/YFfWmYZOoM
—Soldman Gachs ⌐◨-◨ (@DrSoldmanGachs) July 18, 2022
Don’t miss it! Why is the FOMC meeting important for crypto?
Have you wondered why investors keep talking about the “FOMC?” Why are cryptocurrencies suddenly so in love with this four-letter acronym? In this week’s market report, I break down exactly what the FOMC is and why investors should watch it. Consider it a crash course in the most powerful organization in the world (yes, really). You can watch the full replay below.
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