COIN BUREAU NEWSFLASH! – (11/05/23) Here are some of today’s m | Coin Bureau Insider
COIN BUREAU NEWSFLASH! – (11/05/23)
Here are some of today’s most important headlines:
Tether Boosts T-Bill Holdings, Cuts Bank Exposure
According to Tether’s latest attestation report, around 85% of its $81.8 billion USDT reserve is stored in cash and cash equivalents. Specifically, more than three-quarters of Tether’s cash equivalents ($53 billion) are stored in short-dated US Treasury bills. This figure marked a slight uptick from its holdings in the previous quarter when such assets made up around 71% of Tether’s cash reserves.
The report also revealed a reduction in exposure to cash in the first quarter, probably due to the recent slate of US bank closures that impacted rivals. In a statement on the attestation, Tether states that it recorded a net profit of $1.5 billion in the first quarter. Notably, this figure is more than double what it reported in the previous period.
https://www.bloomberg.com/news/articles/2023-05-10/tether-posts-1-5-billion-profit-double-late-march-forecast
Elon Musk Sends Milady NFT Price Soaring with Twitter Meme
Yesterday, the floor price of the NFT collection Miladys skyrocketed from 3.8 ETH to as high as 7.3 ETH after Twitter CEO Elon Musk posted a meme containing an image from of one of the NFTs overlaid with the words, “There is no meme, I love you."
According to the market analytics website ‘NFT Price Floor’, the sales of Milady NFTs has risen by over 500% in the last 24 hours. This has also had a positive effect on other projects from Remilia Creative- the group of artists behind the Milady NFT. For example, the sales of Redacted Remilio Babies NFTs were up 660% over the last 24 hours.
https://www.theblock.co/post/230279/elon-musk-milady-price-twitter-meme
U.S. Internal Revenue Service Files Claims Worth $44 Billion Against FTX Bankruptcy
The U.S. Internal Revenue Service (IRS) has reportedly filed 45 claims worth nearly $44 billion against the estate of bankrupt crypto exchange FTX and its affiliated entities. The list of entities against which the claims were issued includes West Realm Shires (the legal entity of FTX.US), Ledger Holdings (the parent company of LedgerX and LedgerPrime) and Blockfolio.
The largest of these claims includes a $20.4 billion and a $7.9 billion claim against Alameda Research LLC and two claims totalling $9.5 billion against Alameda Research Holdings Inc. Notably, the claims were filed under the classification “Admin Priority”, allowing the IRS’ claims to take precedence over the claims of other creditors in the bankruptcy case.
https://www.coindesk.com/business/2023/05/10/us-internal-revenue-service-files-claims-worth-44-billion-against-ftx-bankruptcy
SEC Serves Bitcoin Mining Firm Marathon Digital with Subpoena, Again
Bitcoin mining firm Marathon Digital Holdings has reportedly received an additional subpoena relating to its 100-megawatt data center in Hardin, Montana from the U.S. Securities and Exchange Commission (SEC).
Marathon stated,
“The Company received an additional subpoena from the SEC on April 10, 2023, relating to, among other things, transactions with related parties. We understand that the SEC may be investigating whether or not there may have been any violations of the federal securities law. We are cooperating with the SEC.”
https://decrypt.co/139722/sec-serves-bitcoin-mining-firm-marathon-digital-subpoena-again
Coinbase Calls Pepe A ‘Hate Symbol,’ Prompting Calls to Boycott the Exchange
In an email newsletter sent out yesterday, crypto exchange Coinbase reportedly described the Pepe the Frog meme as a hate symbol co-opted by alt-right groups. This seems to have offended Coinbase customers who are fans of the PEPE meme coin. Some users took to Twitter to demand an apology from the crypto exchange while others started deleting their accounts on the exchange.
Coinbase’s description of the PEPE meme in the newsletter reads,
