Elon Musk’s Tesla proved to be the ultimate paper hands after the electric vehicle maker sold 75% of its Bitcoin () holdings in the second quarter. I say, good riddance. The cult of personality isn’t good for Bitcoin, and neither is a technologist who treats the asset as his plaything. As far as we are aware, Musk hasn’t sold any of his personal Bitcoin stash and Tesla still has an estimated 10,800 BTC on its books. Still, the less we have to 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 reports $64M profit from Bitcoin sale
Tesla’s decision towasn’t as boneheaded as it appeared at first. The company scored a . Aside from selling emission credits, the electric vehicle maker has routinely struggled to turn a profit over the years. In a form 10-K filing with the United States Securities and Exchange Commission (SEC), Tesla disclosed that it may “increase or decrease” its holdings of digital assets over time. Cynical prediction: ESG FUD will probably be the reason Tesla over time.
KuCoin CEO Johnny Lyu launches ‘Anti-FUD Fund’
Crypto exchange KuCoin has been at the receiving end of a nasty smear campaign from a self-styled whistleblower tweeting about the company’s alleged insolvency. KuCoin CEO Johnny Lyu has not only refuted claims that his company was facing a liquidity crisis, but he has alsoto track down and take legal action against so-called “FUDers.” The Twitter account responsible for the misinformation appears to have been deleted.
(1/5) FUD benefits no one except the FUDers. It misleads investors and harms the industry’s image and market confidence.
To build a crypto space with less FUD,is going to launch an Anti-FUD Fund.
Currently, the fund will mainly focus on…
— Johnny_KuCoin (@lyu_johnny)
Cathie Wood sells Coinbase shares 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 as of late June,over the next month. According to Bloomberg, Coinbase is being investigated by the SEC over its potential involvement in an ex-product manager’s insider trading scheme. Separately, and on an unrelated note, Coinbase is also being probed for . In the meantime, you won’t believe how badly COIN stock is down.
3AC: A $10B hedge fund gone bust with founders on the run
We’ve spent the past few months talking about the. The firm that also went by 3AC was revered for its investments, trading prowess and insights. The cult of personality surrounding its founders created an image of a company that could do no wrong. Then, it all came crashing down. As we wait for documentarians to make a movie about 3AC’s downfall, Cointelegraph has put together a . I’m talking timelines, analysis and information on who owes what to whom.
I’ve just seen the list of creditors toand noticed that has filed a claim for $5 million. While being on the run, he has somehow found the time to diligently and ruthlessly fill out forms to pursue a claim against his own Fund.
— Soldman Gachs ⌐◨-◨ (@DrSoldmanGachs)
Don’t miss it! Why does the FOMC meeting matter for crypto?
Have you been wondering why investors keep talking about the “FOMC?” Why are crypto people suddenly so enamored with this four-letter acronym? In this week’s, I break down exactly what the FOMC is and why investors need to monitor it. Consider it a crash course on the most powerful organization in the world (yes, really). You can watch the full replay below.
Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.