MicroStrategy sells bitcoins for the first time — and then buys more: top crypto and Web3 news for December 28

Published by

Tanja Nechet

1 year ago

Contents

1 Crypto winter killed another one
2 MicroStrategy surprises
3 Weather hits Binance
4 Backpedaling
5 Going to jail for Mango

The ongoing snowfall in the U.S. has affected not only mining companies but others as well. Not to mention the crypto winter, which another company did not survive. And that’s just one day’s news. What else happened today?

Crypto winter killed another one

Decentralized finance (DeFi) income-focused investment firm Midas Investments is shutting down its platform. The company suffered serious losses in 2022. This sad news comes from CEO and Founder Iakov “Trevor” Levin.

In the spring, Midas DeFi’s portfolio lost $50 million of its $250 million, or 20% of its assets under management (AUM). After the collapse of Celsius and FTX, the platform lost more than 60% of its AUM.

MicroStrategy surprises

An American company that provides business intelligence, mobile software, and cloud service, MicroStrategy, sold bitcoins for the first time. It sold 704 BTC worth $11.8 million from its corporate balance sheet for tax credits. Two days later, the company bought 810 bitcoins.

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The company had a total of 132,500 bitcoins as of Dec. 27.

Weather hits Binance

Due to extreme weather conditions in North America (there are abnormal snowfalls), Binance cloud mining products experienced a power outage. Therefore, the largest crypto exchange decided to extend subscriptions for cloud mining products for three days as compensation.

Backpedaling

Kraken will leave the Japanese market at the end of January 2023. The exchange operated there through its subsidiary Payward Asia from 2014 to 2018. It then left Japan and didn’t return until 2020. Now Kraken is exiting again.

Going to jail for Mango

In October, 11 hackers stole $100M of crypto from Solana-based DeFi finance platform Mango. The attacker was Avraham Eisenberg. He was arrested on December 26 in Puerto Rico. This was reported by Reuters.

Eisenberg obtained a large amount of credit by manipulating Mango’s collateral and then paid back $67 million through offers, keeping $47 million for himself.

Tanja Nechet