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- Reddit's Sneaky Investments, Coinbase's Profit, and Elon Musk's Bitcoin Stash
Reddit's Sneaky Investments, Coinbase's Profit, and Elon Musk's Bitcoin Stash
Ritesh Chauhan
March 08, 2024
In today’s update, Tesla and SpaceX surprise the world with their $1.3 billion Bitcoin stash, while Argo Blockchain finds itself in legal turmoil. While Injective's successful mainnet launch boosts INJ prices by 17%, BlackCat Ransomware's exit scam allegations tarnished its reputation. Fetch.ai, peaq & Bosch team up for a smart home revolution, as Reddit's secret crypto investments grab headlines. Meanwhile, Coinbase breaks its two-year profit drought thanks to bustling trading activity.
And as usual, explore opportunities to claim free coins in our Alpha section. Read on for more…
Meme of the Day
Elon Musk’s companies Stashing BTC and ETH
Market Movements - 08 Mar 2024
BTC hovered under 68K, while the rest of the crypto market continued to outperform, with Solana (+14%), Binance (+10%), and Algorand (+8%) leading the surge. Major indices climbed, with the S&P 500 and Nasdaq hitting new highs. Powell hinted at the Fed cutting rates this year, while jobless claims edged up slightly, and labor costs were revised lower.
Trivia: What significant transaction, involving Laszlo Hanyecz and 10,000 bitcoins, took place on May 22, 2010, marking a notable event in Bitcoin's early history??
What moved in the Crypto World Today
Elon Musk's companies, Tesla and SpaceX, hold over $1.3 billion worth of Bitcoin in their possession
Arkham, the crypto detective agency, just cracked the code on Tesla and SpaceX's Bitcoin stash! Apparently, their on-chain revealed some interesting connections. Their analysis suggests that Bitcoin transactions from these two companies look eerily similar to their balance sheets.!
Our Canary bird, Arkham's trusty investigator, chirped excitedly as it uncovered the details. Tesla supposedly snagged $1.5 billion worth of Bitcoin back in January 2021. Then, a few months later, they let people buy those sleek electric cars with the same digital gold.
SpaceX also jumped on the Bitcoin bandwagon in 2021, but they cashed out for a cool $450 million in 2022. They're still holding onto over $555 million in BTC, though. With a triumphant chirp, Canary bird signaled another case cracked for Arkham.
Read more here
Argo Blockchain Enters Legal Thunderdome for Securities Slip
Looks like Canary Bird just spotted some turbulence in the crypto skies! Argo Blockchain, a crypto mining company, just landed in hot water! Pomerantz LLP, a law firm is sniffing around, investigating claims from Argo investors who say the company did some shady business.
This comes right after Argo sold their data center in Mirabel, Quebec for a measly $6.1 million. The investigation is still ongoing, but one thing's for sure: it's not looking good for Argo right now.
Read more here
Injective Blasts Off on Mainnet, Taking INJ Prices Up 17%
Injective just launched their inEVM layer 2 on the mainnet. This basically means Ethereum developers can now party on Injective's blockchain without having to rewrite all their code.
This is a big deal because it allows for "true composability" between Injective and Ethereum. Back in September, Injective and Caldera teamed up to test out the inEVM on a testnet.
The Injective token (INJ) is celebrating too! It jumped a whopping 17% after the news, currently chilling at around $43.40. With this launch, Injective's market cap is now a cool $4 billion.
Read more here
BlackCat Ransomware Gang Accused of Exit Scam Maneuvers
Looks like BlackCat, the notorious cybercrime gang, has pulled a disappearing act! Cybersecurity experts are saying it's probably an exit scam. The gang leaders allegedly pocketed a $22 million ransom and then dipped, leaving their affiliates high and dry. Canary bird, our vigilant mascot, chirps in, spreading the news of this cyber mischief across the digital landscape.
Read more here
Fetch.ai Teams Up with peaq & Bosch for a Smart Home Revolution
Peaq is joining forces with Fetch.ai, the artificial intelligence champion, to turbocharge the "economy of things."
Peaq will help Fetch.ai to achieve its dream of bringing AI and decentralization to every gadget and gizmo out there. This is a big deal, building on their past teamwork with Bosch.
Speaking of big deals, Fetch.ai recently pledged a whopping $100 million to their "Fetch Compute" program. This is basically an AI training gym for developers, giving them all the tools and computing power, they need to build the future.
And that's not all! Last month, Fetch.ai high-fived Deutsche Telekom to develop AI tech for the web3 world.
Read more here
Reddit's SEC Scoop: Unveiling Their Sneaky Bitcoin and Ethereum Investments
Looks like Reddit's got a case of the crypto craze! In their recent IPO filing, they revealed they used some leftover cash to buy some Bitcoin and Ethereum. However, they didn’t disclose the exact amounts.
They also spilled the beans that they use Polygon (MATIC) to pay for virtual goodies on their platform. But worry not, hodlers! As of December 31st, 2023, the only cryptos chilling in Reddit's vault are Bitcoin and Ethereum, and apparently, the amounts aren't super huge.
Read more here
Coinbase's Wallet Gets Fatter: Bags First Profit in Two Years Thanks to Busy Trading Days
Coinbase reported its first quarterly profit since 2021. The crypto world rejoiced, and Canary Bird joined the chorus, fluttering with joy and sent shares soaring by a smashing 13%.
The hype train for crypto got a major boost when the SEC finally greenlit the first-ever bitcoin ETFs, igniting a frenzy that saw bitcoin's value skyrocket by a staggering 57% in the final months of 2023. Riding high on this wave, Coinbase raked in a whopping 64% surge in transaction revenue to $529.3 million in the fourth quarter. Now, with expectations soaring, Coinbase is gearing up for a stellar first quarter in its subscription and services unit, where its non-trading ventures are set to shine.
Read more here
Alpha Offerings
Kamino’s Upcoming Airdrop
Kamino Finance Gears Up for Token Airdrop. The protocol is set to perform an on-chain snapshot on March 31st to ascertain eligibility for the airdrop, slated for April. More details here
Shardeum Sphinx testnet with @Towerdefi
Rainbow Points through Rainbow Wallet
Introducing: Rainbow Points. Download Rainbow Wallet and Import your existing wallet here
Keep using the Rainbow wallet instead of MetaMask or Zerion, wherever you find it as an option to connect
Points update every Wednesday
Mind Testnet Integration Week 1: Scroll & Linea & Arbitrum Transfer
Complete Social and Testnet tasks here
Claim Faucet:
Arbitrum Sepolia Faucet
Scroll Sepolia Faucet
Linea Goerli Faucet
Hall of Fame, Hall of Shame
Upcoming Events
Event | Date | Location |
Blockworks DAS | March 18 - 20, 2024 | Washington, US |
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Paris Blockchain Week | April 08 - 12, 2024 | Paris, France |
Trivia: What significant transaction, involving Laszlo Hanyecz and 10,000 bitcoins, took place on May 22, 2010, marking a notable event in Bitcoin's early history?
The first recorded instance of a pizza being bought with Bitcoin occurred on May 22, 2010. Laszlo Hanyecz, a programmer, paid 10,000 bitcoins for two Papa John's pizzas. This transaction is famously known as one of the most expensive pizzas ever purchased, considering the skyrocketing value of Bitcoin over the years.
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