News

Crypto Biz: Elon Musk: The Ultimate Crypto Tourist

No Comments4 Mins Read

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 most of your bitcoins wasn’t as stupid as it first seemed. The company scored a $64 million profit 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 why Tesla gets rid of his remaining assets overtime.

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 not only refuted claims that his company was facing a liquidity crunch, but he also launched an “anti-FUD fund” to track down and take legal action against the so-called “FUDers”. The Twitter account responsible for the misinformation appears to have been deleted.

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 stock at the end of June, ARK sold over 1.4 million shares over the next 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 probed for allegedly sold 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 have spent the last few months talking about the Three Spire 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 documentarians to make a film about the fall of 3AC, Cointelegraph has put together a long presentation on the whole event. I am talking about timelines, analyzes and information on who owes what to whom.

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 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.

Crypto Biz is your weekly pulse of the activity behind blockchain and crypto delivered straight to your inbox every Thursday.