tl;dr
• Tether announced it will undergo a full audit of its reserves• China-based Bybit sent an internal letter to employees announcing they are considering layoffs• Tron continues its depegging from the US Dollar with no end in sight as Justin Sun keeps failing• Celsius says it will take time to stabili...
• Tether announced it will undergo a full audit of its reserves
• China-based Bybit sent an internal letter to employees announcing they are considering layoffs
• Tron continues its depegging from the US Dollar with no end in sight as Justin Sun keeps failing
• Celsius says it will take time to stabilize liquidity
• Thumbing his nose at the lawsuit, Musk says he will continue supporting DOGE
• South Korea postpones 20% crypto tax until 2025; also blocks Terra devs from leaving
• This just in: Circle fails to quell the nerves of users over their ability to block addresses
It has been an eventful weekend and this week should prove to be even more eventful. I think the cryptosphere is on the precious of a big move. I just don't know if it will be up or down. Here is what is on my mind today.
1. In a major move, Tether announced it will undergo a full audit of its reserves. Because there are no regulatory definitions, none of the Big Four accounting firms will be available. The announcement came during an interview with Paolo Ardoino, CTO of Tether, during an interview with Euromoney. I hope they choose an accounting firm that is not under investigation by the UK Financial Reporting Council, like MHA (who has performed quarterly attestations for Tether). I am sure there is more to come with this evolving story.
2. China-based Bybit sent an internal letter to employees announcing they are considering layoffs this week. The letter should have said they have already considered layoffs and they will START this week. As company, Bybit grew by 3x this couple of years. Unfortunately, their revenue didn't/ This is what happens when you don't manage appropriately. There are rumors the cuts could be as much as 30%. Based on current numbers, that could tally as much as 800+ staffers.
3. Remember when I told you I would not touch Tron or any project associated with Justin Sun? Well, his USDD crash continues to be a thorn in crypto's side and, thus far, nothing he has done to correct it has worked. I see more troubled times ahead. I am not convinced that team will be able to regain it's pegging of the US Dollar. As of now, it is sitting at $0.959294 and had been as low as $0.925. I just don't trust it.
4. Celsius says it will take time to stabilize liquidity. Stating the obvious right there. Of course, it will take time and that is if it happens at all. This is after the company paused its Twitter Spaces and Ask Me Anything sessions on YouTube. That latter was extremely abrupt the other day when they released a 12-second video by CEO, Alex Mashinsky. I am not expecting miracles here. I think this will play out over time and it will not be pretty.
5. Even in the face of a $258M lawsuit, Elon Musk says he will still support DOGE. Some call it a frivolous lawsuit, but I think it has some merit. As if scripted, he says that about DOGE and then it pumps then dumps. Like I said, the case is not without merit.
6. In a huge move, South Korea has blocked Terra employees from leaving the country. This includes travel restrictions on current and former developers. The noose seems to be tightening. In other South Korean news, they are postponing their 20% Bitcoin tax until 2025.
7. This just in: Circle fails to quell the nerves of users over their ability to block addresses. Such a move would render the assets inaccessible. This is a blacklist scandal for sure. With no confirmation either way from Circle CEO, Jeremy Allaire, This tells me I would never put my money there unless I can confirm this level of central control does not exist. It means they would be able to shut someone down for any reason. Nah, not this guy!