Alpaca Finance Institutional Newsletter #96
Highlights
- Celsius Sues Tether for $3.5 Billion Over Bitcoin Collateral Liquidation
- “Crypto for Harris” Group Rallies Support as 2024 Election Heats Up
- Michael Saylor Personally Accumulates $1 Billion in Bitcoin, Continues to Invest
Defunct crypto exchange Celsius has filed a lawsuit against Tether, seeking $3.5 billion in Bitcoin returns, damages, and legal fees. Celsius alleges that during its bankruptcy proceedings, Tether improperly liquidated 39,542.42 BTC — valued at $2.4 billion — used as collateral for a loan, without allowing Celsius to provide additional collateral to avoid liquidation. Tether, however, claims that Celsius itself requested the selloff after deciding not to post more collateral. The lawsuit also demands the return of an additional 17,886.22 BTC, bringing the total claim to 57,428.64 BTC, valued at approximately $3.48 billion. Tether has dismissed the lawsuit as baseless and assured its stakeholders that the case will not impact USDT holders.
As the 2024 election race intensifies, a new advocacy group called “Crypto for Harris” is working to counter former President Donald Trump’s growing influence in the crypto community. The group, which includes billionaire entrepreneur Mark Cuban and Trump critic Anthony Scaramucci, plans to host a virtual town hall to discuss support for Vice President Kamala Harris’s campaign. While Trump has gained significant backing from crypto leaders by pledging to end Biden-era regulations and embracing digital assets, Harris’s campaign has added former crypto advisers David Plouffe and Gene Sperling, signaling a strategic push to engage the industry. Despite criticisms of the Biden administration’s regulatory approach, the Democratic Party is determined to retain the support of the 40 million Americans who own digital assets, with lawmakers like Rep. Wiley Nickel emphasizing the importance of encouraging innovation while protecting consumers.
MicroStrategy Inc. co-founder and executive chairman Michael Saylor has revealed that he has personally accumulated around $1 billion worth of Bitcoin since he began acquiring the cryptocurrency in 2020. Despite declines in Bitcoin’s value and MicroStrategy’s recent quarterly losses, Saylor remains bullish on Bitcoin as a prime investment asset, stating that he continues to buy more. MicroStrategy, the largest public corporate holder of Bitcoin, held 226,500 BTC as of July, using the cryptocurrency as a hedge against inflation. The company’s shares have surged nearly 1,000% since it began its Bitcoin strategy, reflecting the digital currency’s more than 500% increase over the same period.
News
Celsius sues Tether, seeking $3.5B over Bitcoin collateral sell-off
Democrats launch ‘Crypto for Harris’ campaign to counter Trump’s industry appeal
MicroStrategy’s Saylor Says He Personally Owns About $1 Billion in Bitcoin
FTX, Alameda Ordered to Pay $12.7B to Creditors by U.S. Judge
Products
BlackRock, Nasdaq seek rule change to list options on spot ethereum ETFs
Aave DAO and Trident launch $100M on-chain fixed-yield loan
Solana’s first gaming SVM surpasses 1M monthly active users
Vitalik Buterin backs proposed ERC-7683 for cross-chain trade standards
Regulation
Hong Kong to enhance digital asset regulation in 18 months
All You Need To Know About India’s Crypto Bill
Turkey sees surge in crypto license applications amid new regulations
Thailand embraces crypto: a new paradigm on economic regulation
Funding
Crypto startup funding grows to $2.7B in Q2 despite fall in total deals
OKX CVC and Aptos launch a $10m web3 and crypto fund
The Funding: Crypto liquid funds bet big on Solana
Crypto PACs invest $4M in candidates ahead of Aug. 6 primaries
