Elon Musk’s Tesla proved to be the last word paper arms after the electrical automobile 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 we have now 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 towards 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 trade. Apart from promoting emission credit, the electrical automobile maker has routinely struggled to show a revenue over time. In a kind 10-Ok submitting with america Securities and Trade Fee (SEC), Tesla disclosed that it could “enhance or lower” its holdings of digital property over time. Cynical prediction: ESG FUD will most likely be the explanation Tesla removes its remaining holdings over time.

KuCoin CEO Johnny Lyu launches ‘Anti-FUD Fund’

Crypto trade 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 towards 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 business’s picture and market confidence.

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

At the moment, the fund will primarily concentrate on…

thread pic.twitter.com/dWA93nEmHz

— 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 trade 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 following 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 observe, Coinbase can be being probed for allegedly promoting unregistered securities. Within the meantime, you gained’t imagine 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 might do no flawed. Then, all of it got here crashing down. As we await 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 knowledge on who owes what to whom.

I’ve simply seen the checklist of collectors to #3AC and seen that @zhusu has filed a declare for $5 million. Whereas being on the run, he has one way or the other discovered the time to diligently and ruthlessly fill out kinds to pursue a declare towards his personal Fund. https://t.co/YFfWmYZOoM

— 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 preserve speaking in regards to the “FOMC?” Why are crypto individuals out of the blue 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. Take into account it a crash course on essentially the most highly effective group on the planet (sure, actually). You’ll be able to watch the complete replay under.

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