Crypto Three Things (8/15)
Aug 15, 2022
“Every bad situation is a blues song waiting to happen.”- Amy Winehouse
1) Steve Cohen to set up crypto asset manager: Steve Cohen, billionaire and founder of hedge fund Point72, is preparing to launch a crypto asset management firm, according to a Blockworks report. The startup will trade spot digital assets and crypto derivatives and back other crypto asset managers with seed capital. Cohen had his crypto foray in 2018 through an investment in a crypto-centric hedge fund Autonomous Partners.
Titan’s Takeaway: After seeing how quickly crypto has gotten back on its feet, it’s no wonder that alpha-seeking money managers are drawn to the space at a time when bargains can be snapped up across the spectrum.
2) CFTC charges Ohio man in $12M Bitcoin Ponzi: The Commodity Futures Trading Commission has filed a civil enforcement action against an Ohio resident for allegedly running a Bitcoin Ponzi scheme that amounted to $12M. Officials said the man pretended to operate a private equity fund focused on crypto and lured over 150 unwitting investors with promises of exceptional returns and no risk of loss.
Titan’s Takeaway: The case depicts a not-so-rare theme in the crypto business where a made-up investment firm can pilfer away client money. While effective enforcement is helpful, client due diligence is a must.
3) Ethereum founder pins the Merge around Sept. 15: The long-awaited network upgrade of Ethereum, called the Merge, now has a possible execution date. In a Twitter post, Vitalik Buterin – the network’s co-founder – noted that the proof-of-work version has a “fixed number of hashes left to mine” and expected the process to reach its grand finale around Sept. 15. The exact date of the launch is still to come, and depends on the hashrate.
Titan’s Takeaway: Shifting to a proof-of-stake will end an era where Ethereum mining accelerated the industry’s growth and attracted waves of new market participants. We expect the new Merge to help reduce energy use and allow networks to scale more efficiently.
Cash Management
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