By Christopher Hamman
Crypto winter is thawing out, or so it seems.
Shocking revelations showed that 86% of Tether Holdings was controlled by only four people in 2018.
Charlie Munger continued his anti-crypto stance, and most institutional traders haven’t warmed up to crypto (not yet).
Here are the Decentralized Diaries for last week.
Bitcoin Remained in Positive Territory, with Prices Hitting New Resistance Levels
Bitcoin prices hit a high of $24,082.53, showing a return of momentum to the digital asset markets, but prices have ranged with a low of $22,768.51 and a current price of $22,980.89.
The Altcoins have kept their pace and are ranging, with Ethereum at $1,644.36, Polkadot at $6.71, Solana at $23.23, and Avalanche at $20.20.
Gemini Faces Investigation by New York Authorities Over FDIC Claims
Cryptocurrency exchange Gemini is facing an investigation by the New York Department of Financial Services (NYDFS) over user claims that the Federal Deposit Insurance Corporation (FDIC) insured its “Gemini Earn” program.
Several users allege that the Winklevoss-backed exchange had made such claims. The NYDFS has previously ordered other crypto firms from making such claims.
LevelField to Acquire Burling Bank
Crypto financial firm LevelField is in the process of completing the acquisition of Burling Bank, an Illinois-based FDIC-insured bank.
Once the $50 million deal gets completed, the combined entity will offer full crypto-based services, including purchasing, lending, and selling cryptocurrencies.
Lawsuit Filed Against Logan Paul Over CryptoZoo NFT Project
Popular YouTube influencer Logan Paul got slammed with a lawsuit by Texas-based Dan Holland, a police officer concerning his failed CryptoZoo NFT project.
The court filing accuses Paul of fraud, breach of contract, unjust enrichment, and violating the Texas Deceptive Trade Practices Act (DTPA).
The filing also asserts that Logan and members of the CryptoZoo Project executed a rug pull.
J.P. Morgan Survey Indicates 72% of Institutional Traders are Not Interested in Trading Crypto
A recent J.P. Morgan survey of 835 institutional traders showed that 72% were disinterested in trading cryptocurrencies, citing poor market performance, volatility, and uneven regulatory environments, among other factors.
According to the survey, 14% of respondents were not currently trading cryptocurrencies but planned to do so within five years, 6% planned to do so within a year, and only 14% were currently trading.
Chainalysis to Axe 5% of its Human Resources
Cryptocurrency analysis firm Chainalysis revealed that it was cutting back on its staff, with job losses affecting about 5% of its people.
The New York-based firm told sources that the “reorganization” is in tandem with the current market situation.
Berkshire Hathaway’s Charlie Munger Called for American Crypto Ban
In a Wall Street Journal op-ed, Charlie Munger called for a blanket ban on cryptocurrencies, indicating that the United States should follow in China’s footsteps in banning cryptocurrencies.
Munger compared cryptocurrencies to “gambling contracts” and the cryptocurrency markets to a casino, where the house holds all the odds.
Documents Revealed that 86% of Tether Holdings was Controlled by Four People in 2018
Media reports show four people controlled 86% of Tether Holdings, the largest stablecoin issuer in 2018.
Based on probes by the New York Attorney General and the CFTC, Tether was at the time owned by Giancarlo Devasini and Bitcoin Foundation Chairman Brock Pierce (43%), Jean-Louis van Der Velde (15%), Stuart Hoegner (15%), and Christopher Harborne A.K.A Chakrit Sakunkri (13%).
In response to the reports, Paulo Ardoino Tether’s CTO tweeted,” The more clown articles the more tether grows. People understand that Tether is standing for freedom and inclusion. This is upsetting MSM. Eventually holepunch will break media as well.”
Celsius US Examiner Disclosed Celsius Insolvency Since US Formation
Reports from the Court-appointed bankruptcy examiner Celsius Network show that the failed cryptocurrency lender had been insolvent from the first day of its US inception.
The examiner also asserted that Celsius Network was incorporated in the United States after regulatory denials in the United Kingdom.
In a related update, the troubled lender published the list of eligible users who can receive the 94% of crypto assets that are available for withdrawal.
Marathon Digital Holdings Makes First-Time Mined Bitcoin Sale
Bitcoin miner Marathon Digital (MARA) sold 1500 of its mined Bitcoins. The sale, a first for the publicly listed entity, was planned and will be used to cover expenses.
Fred Thiel, Marathon Digital’s CEO, said in a statement, “With bitcoin production increasing and becoming more consistent, we made the strategic decision to sell some of our bitcoin, as previously planned, to cover some of our operating expenses and for general corporate purposes.”
There are still 11,418 Bitcoins in the miner’s reserve.
MicroStrategy Reported $249.7 Million in Net Losses
Software and business intelligence firm MicroStrategy disclosed a $249.7 million loss for Q4 2022 as compared to $90 million for Q4 2021.
Revenues came in at $132.6 million, compared with $134.5 million in Q4 2021.
The firm, known for its long-term bullish stance towards Bitcoin, indicated losses occurred due to $197.6 million in digital asset impairment charges.
MicroStrategy holds 132,500 Bitcoins.
BlackRock Increased its Stake in Silvergate Capital
Recen SEC filings from investment behemoth BlackRock showed an increased stake to 7.2% from 5.9%.
The latest numbers from the crypto-friendly bank indicated $1 billion in losses in Q4 2022.
Silvergate had issues following the fallout and bankruptcy of FTX.
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