Crypto Three Things (7/22)
Jul 22, 2022
“The most effective way to do it, is to do it.” Amelia Earhart
1) Ex-Coinbase manager charged with insider trading: A former Coinbase product manager was arrested by U.S. prosecutors for giving his brother and friend tips on tokens just before they were listed on the exchange. “Today’s charges are a further reminder that Web 3 is not a law-free zone,” said Manhattan U.S. Attorney Damian Williams. Federal authorities alleged that the group of three generated more than $1.5M in a year-long insider trading that involved at least 25 crypto assets.
Titan’s Takeaway: The charges highlight a practice that is unfortunately too common in the centralized bits of cryptofinance. In our view, a stricter approach by regulators is justified and deserved so that front-running issues can be brought to a minimum.
2) Blockchain.com cuts 25% of workforce: Citing harsh market conditions, the crypto exchange reduced its headcount by 150 people. The drastic measure was prompted by the company’s need to absorb a $270M loss from exposure to bankrupt hedge fund Three Arrows Capital. The crypto firm said it would shutter its Argentinian office while halting plans for a global expansion. Earlier this year, Blockchain.com was valued at $14B.
Titan’s Takeaway: Blockchain.com, founded in 2012, is the latest exchange to announce layoffs to stay afloat. If this could happen to a crypto veteran, those who will make it out unscathed from the deep selloff are fortunate.
3) Finland liquidates seized Bitcoin: Finnish customs authorities have sold 1,889.1 BTC worth $47.5M. The proceeds will be donated to Ukraine as humanitarian aid and rebuilding efforts. Finland’s parliament approved the decision in May when it estimated the sale would lead to revenue of €55M. The coins were confiscated in drug busts and moved into state control before 2018.
Titan’s Takeaway: The Finnish government missed out on a chance to sell their BTC stake at almost $130 million during the height of the crypto boom last year. However, we applaud the humanitarian effort to Ukraine’s rebuilding efforts.
© Copyright 2023 Titan Global Capital Management USA LLC. All Rights Reserved.
Titan Global Capital Management USA LLC ("Titan") is an investment adviser registered with the Securities and Exchange Commission (“SEC”). By using this website, you accept and agree to Titan’s Terms of Use and Privacy Policy. Titan’s investment advisory services are available only to residents of the United States in jurisdictions where Titan is registered. Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities or investment products. Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections are hypothetical in nature and may not reflect actual future performance. Account holdings and other information provided are for illustrative purposes only and are not to be considered investment recommendations. The content on this website is for informational purposes only and does not constitute a comprehensive description of Titan’s investment advisory services.
Please refer to Titan's Program Brochure for important additional information. Certain investments are not suitable for all investors. Before investing, you should consider your investment objectives and any fees charged by Titan. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested, including principal. Brokerage services are provided to Titan Clients by Titan Global Technologies LLC and Apex Clearing Corporation, both registered broker-dealers and members of FINRA/SIPC. For more information, visit our disclosures page. You may check the background of these firms by visiting FINRA's BrokerCheck.
Various Registered Investment Company products (“Third Party Funds”) offered by third party fund families and investment companies are made available on the platform. Some of these Third Party Funds are offered through Titan Global Technologies LLC. Other Third Party Funds are offered to advisory clients by Titan. Before investing in such Third Party Funds you should consult the specific supplemental information available for each product. Please refer to Titan's Program Brochure for important additional information. Certain Third Party Funds that are available on Titan’s platform are interval funds. Investments in interval funds are highly speculative and subject to a lack of liquidity that is generally available in other types of investments. Actual investment return and principal value is likely to fluctuate and may depreciate in value when redeemed. Liquidity and distributions are not guaranteed, and are subject to availability at the discretion of the Third Party Fund.
The cash sweep program is made available in coordination with Apex Clearing Corporation through Titan Global Technologies LLC. Please visit www.titan.com/legal for applicable terms and conditions and important disclosures.
Cryptocurrency advisory services are provided by Titan. Cryptocurrency trading is provided by Bakkt Crypto Solutions LLC ("Bakkt Crypto"). Bakkt Crypto is not a registered broker-dealer or a member of SIPC or FINRA. Cryptocurrencies are not securities and are not FDIC or SIPC insured. Bakkt Crypto is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Cryptocurrency execution services are provided by Bakkt Crypto (NMLS ID 1828849) through a software licensing agreement between Bakkt Crypto and Titan. Please ensure that you fully understand the risks involved before trading: bakkt.com/disclosures.
Information provided by Titan Support is for informational and general educational purposes only and is not investment or financial advice.
Contact Titan at support@titan.com. 508 LaGuardia Place NY, NY 10012.