Crypto Biz: Elon Musk: The last word crypto vacationer

Elon Musk’s Tesla proved to be the final word paper palms after the electrical car maker offered 75% of its Bitcoin (BTC) holdings within the second quarter. I say, good riddance. The cult of character isn’t good for Bitcoin, and neither is a technologist who treats the asset as his plaything. So far as we’re conscious, Musk hasn’t offered any of his private Bitcoin stash and Tesla nonetheless has an estimated 10,800 BTC on its books. Nonetheless, the much less now we have to listen to about Musk and Bitcoin, the higher. 

On this week’s Crypto Biz, we chronicle Tesla’s sale of BTC, KuCoin’s struggle in opposition to pretend information and Cathie Wooden’s sale of Coinbase inventory.

Tesla studies $64M revenue from Bitcoin sale

Tesla’s choice to promote most of its Bitcoin wasn’t as boneheaded because it appeared at first. The corporate scored a $64 million revenue within the alternate. Apart from promoting emission credit, the electrical car maker has routinely struggled to show a revenue over time. In a type 10-Okay submitting with the US Securities and Trade Fee (SEC), Tesla disclosed that it could “improve or lower” its holdings of digital belongings over time. Cynical prediction: ESG FUD will in all probability be the explanation Tesla eliminates its remaining holdings over time.

KuCoin CEO Johnny Lyu launches ‘Anti-FUD Fund’

Crypto alternate KuCoin has been on the receiving finish of a nasty smear marketing campaign from a self-styled whistleblower tweeting in regards to the firm’s alleged insolvency. KuCoin CEO Johnny Lyu has not solely refuted claims that his firm was going through a liquidity disaster, however he has additionally launched an “Anti-FUD Fund” to trace down and take authorized motion in opposition to so-called “FUDers.” The Twitter account liable for the misinformation seems to have been deleted.

(1/5) FUD advantages nobody besides the FUDers. It misleads traders and harms the trade’s picture and market confidence.

To construct a crypto house with much less FUD, #KuCoin goes to launch an Anti-FUD Fund.

Presently, the fund will primarily give attention to…


— Johnny_KuCoin (@lyu_johnny) July 26, 2022

Cathie Wooden sells Coinbase shares amid insider buying and selling allegations

Cathie Wooden’s ARK Funding Administration seems to be distancing itself from Coinbase amid allegations that the cryptocurrency alternate was concerned in insider buying and selling. After holding almost $9 million in COIN inventory as of late June, ARK offloaded greater than 1.4 million shares over the subsequent month. In accordance with Bloomberg, Coinbase is being investigated by the SEC over its potential involvement in an ex-product supervisor’s insider buying and selling scheme. Individually, and on an unrelated word, Coinbase can also be being probed for allegedly promoting unregistered securities. Within the meantime, you received’t consider how badly COIN inventory is down.

3AC: A $10B hedge fund gone bust with founders on the run

We’ve spent the previous few months speaking in regards to the Three Arrows Capital debacle. The agency that additionally glided by 3AC was revered for its investments, buying and selling prowess and insights. The cult of character surrounding its founders created a picture of an organization that would do no mistaken. Then, all of it got here crashing down. As we watch for documentarians to make a film about 3AC’s downfall, Cointelegraph has put collectively a prolonged expose about the entire ordeal. I’m speaking timelines, evaluation and data on who owes what to whom.

I’ve simply seen the record of collectors to #3AC and observed that @zhusu has filed a declare for $5 million. Whereas being on the run, he has in some way discovered the time to diligently and ruthlessly fill out varieties to pursue a declare in opposition to his personal Fund.

— Soldman Gachs ⌐◨-◨ (@DrSoldmanGachs) July 18, 2022

Don’t miss it! Why does the FOMC assembly matter for crypto?

Have you ever been questioning why traders maintain speaking in regards to the “FOMC?” Why are crypto individuals all of a sudden so enamored with this four-letter acronym? On this week’s Market Report, I break down precisely what the FOMC is and why traders want to observe it. Contemplate it a crash course on probably the most highly effective group on the earth (sure, actually). You may watch the total replay under.

Crypto Biz is your weekly pulse of the enterprise behind blockchain and crypto delivered on to your inbox each Thursday.

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