Monat: Februar 2023

• The U.S. court recently ruled that using certain emojis relating to rocket ships, stock charts, and money bags in promotional materials could be classified as investment advice.
• Former SEC branch chief Lisa Braganca warned the public against using such emojis following this ruling.
• This ruling was made in a lawsuit filed against Dapper Labs and its CEO Roham Gharegozlou for allegedly violating securities laws by offering NBA Top Shot Moments.

Court Ruling Classifies Emojis as Investment Advice

The U.S. court recently ruled that using certain emojis relating to rocket ships, stock charts, and money bags in promotional materials could be classified as investment advice. This ruling was made in a lawsuit filed against Dapper Labs and its CEO Roham Gharegozlou for allegedly violating securities laws by offering NBA Top Shot Moments, which are non-fungible tokens (NFTs) that capture key highlights and video clips from NBA games.

Former SEC Branch Chief Warns Against Using Emojis

Following this ruling, former SEC branch chief Lisa Braganca issued a warning via Twitter against using such emojis in promotional materials. She referenced a tweet by DapperLabs which used the rocket ship, stock market, and money bags emoji to show market performance and argued that it constituted investment advice due to its objective meaning of financial return on investment despite the lack of literal use of the word “profit” in any of the tweets.

Crypto Community Reacts to Ruling

Several members of the crypto community argued that a rule on emoji usage could impede freedom of speech since emojis can mean different things to different people. The court filing also noted that Dapper Labs used carefully selected emojis with an intention to promote sales rather than provide accuracy on market data as they had claimed previously.

NBA Top Shot Moments

NBA Top Shot Moments are non-fungible tokens (NFTs) that capture key highlights and video clips from NBA games offered by Dapper Labs through their marketing materials with carefully selected emojis which were accused of being promoted as investments opportunities leading up to this lawsuit against them for alleged violation of securities laws.

Conclusion

In conclusion, using certain emojis relating to rocket ships, stock charts or money bags can now be classified under investment advice according to recent court rulings prompting former SEC branch chief Lisa Braganca’s warning against their use in promotional materials while referencing a tweet by DapperLabs which was perceived as promoting sales rather than providing accuracy on market data when looking at its objective meaning of financial return on investment despite no literal use of the word “profit” being included in any tweets referencing these NFTs – NBA Top Shot Moments – offered by them previously before this lawsuit was brought upon them alleging violation of securities laws

• Data from Glassnode shows that Bitcoin miners are in better financial health compared to the previous year despite a 12.1% drop in BTC holdings.
• Miner’s shares have significantly increased on the year-to-date metric, and they appear to be selling their BTC at extremely low levels.
• The Bitcoin hash rate has hit a new all-time high of 300 TH/s, indicating the network’s strength and consistency while mining BTC is currently cheaper.

Public Bitcoin Miners in Better Financial Health

Glassnode data analyzed by CryptoSlate shows that Bitcoin miners are beginning to enjoy some respite in the current year after struggling in 2022.

Miners‘ BTC Holdings Decline 12.1% YoY

As of Jan. 2022, Bitcoin miners held 36,003 BTC, with major mining firms like Core Scientific, Riot, Hut8, Marathon and Bitfarms holding over 30,000 coins.

However, the landscape appears to have changed in the current year as Hut 8, Marathon and Riot are now the dominant miners holding 87%, or 27,760 BTC of miner’s holdings.

Bitfarms and Core Scientific fell off as they struggled financially during 2022 — with Core Scientific filing for bankruptcy while Bitfarms dealing with debt obligations.

Miners Selling Their BTC at Extremely Low Levels

CryptoSlate’s analysis showed that miners appear to be in a healthier position compared to the previous year.

According to Glassnode’s data as analyzed by CryptoSlate, miners are selling their BTC to exchanges at extremely low levels compared to previous years due to higher profitability as a result of an increase in price.

Bitcoin Hash Rate Hits New All-Time High

The Bitcoin hash rate rose 34% on the year-on-year metric and hit a new all-time high of 300 TH/s — indicating its current strength and consistency.

Mining BTC Cheaper Than Before

The Difficulty Regression Model shows that it is currently more profitable for miners than before — making mining Bitcoin cheaper overall.

Bitfarms Settles $21M Debt with BlockFi

• Crypto miner Bitfarms has settled a $21 million debt owed to bankrupt crypto lender BlockFi with a one-time cash payment of $7.75 million
• The loan repayment freed up over 6000 Bitcoin mining machines Bitfarm had used as collateral
• The original loan was for $32 million offered by BlockFi on Feb. 18, 2022

Bitfarms Reduces Debt Obligations

Crypto miner Bitfarms recently settled a debt owed to defunct crypto lender BlockFi in the amount of $21 million with a one-time cash payment of $7.75 million. This move has enabled the company to reduce their debt obligations from $165 million in June 2022 down to just $25 million, representing an 85% decrease in less than nine months. Furthermore, the loan repayment also freed up 6,100 miners which had been used as collateral for the loan.

Background On Loan Repayment

The original loan was a $32 million equipment finance facility offered by BlockFi on February 18th, 2022. Following this agreement between Bitfarms and BlockFi, it was decided that the outstanding principal and interest would be paid off in one transaction as part of restructuring the debt. In addition to reducing their financial obligations substantially, this move also enabled them to free up significant resources for other operations and investments.

Implications Of Loan Repayment

The successful negotiation and settlement of this loan repayment is indicative of Bitfarm’s commitment towards reducing their indebtedness and increasing financial flexibility in line with today’s market conditions. It is also important to note that this settlement is not only beneficial for Bitfarms but other crypto miners as well since it sets an example for how such debts can be managedeffectivelyand efficiently through negotiations and restructuring agreements.

Conclusion

In conclusion, this successful negotiation between Bitfarms and BlockFi serves as evidence that crypto miners can manage their debts effectively even when faced with difficult conditions like bankruptcy or defaulted loans. Moreover, it highlights just how important it is for companies operating within the cryptocurrency industry to maintain good relations with lenders so they can access financing when needed while still being able to pay back any loans taken out on favorable terms.

• Shredded Apes announced on Feb. 1, 2023 that its main wallet containing royalties and the native token (WHEY) was breached by an unknown party.
• Approximately 78 million WHEY tokens were transferred to the Shredded Apes royalties wallet the week of Jan. 23 during token migration to Mintinglab V2.
• All of the 78 million tokens were liquidated, according to the official Shredded Apes Twitter thread.

Shredded Apes LP Drained

On February 1st, 2023, Shredded Apes announced that their main wallet containing royalties and the native token (WHEY) had been breached by an unknown party.

78 Million Tokens Liquidated

Approximately 78 million WHEY tokens were transferred to the Shredded Apes royalties wallet during a token migration to Mintinglab V2 in the week of January 23rd. All of these tokens were then liquidated due to the breach according to their official Twitter thread.

Investigation into Breach

Shredded Apes is currently working with multiple people in order to track down what caused this breach as no one on their team had access aside from two members: @chube_sagc and @Pengucci_. Furthermore, they warned holders of WHEY tokens and recent buyers not to buy or sell right now as a snapshot will be taken soon for all wallets containing $WHEY before any action plan is released.

Snapshot Taken

As part of their investigation into the breach and subsequent liquidation, Shredded Apes has taken a snapshot of all wallets containing $WHEY which will help them come up with an action plan for holders and recent buyers of WHEYS tokens.

Action Plan Forthcoming

Once all relevant data has been gathered from their investigation into this breach, Shredded Ape will come up with an action plan which they will release soon afterwards for both holders and recent buyers of WHEYS tokens.