Refunding $10M By An Accident: Weekly Newsletter #016
Even the best make mistakes…
After ending a rather shaky month for crypto, we look forward to September being even more volatile. The Ethereum’s Merge is in just 10 days, and the market is bound to react within that timeline as well.
In today’s letter, I am going to take you through the most important news from last week, and the AI performance of our trading strategies. If you’ve missed my email about the August 2022 OB Capital Report, here is a link to the piece.
At the time of writing, Bitcoin is trading at $19,860 and is down -2.10% from 7 days ago. Ethereum on the other hand is gaining some ground at above $1,600 and is at a +3.17% profit.
This time, the biggest winner in the top 10 cryptos is Cardano with +9.24%, while BNB is at lost the most at -3.08%. The total market cap is above $1T, with an average ROI of +0.73%.
Crypto.com Mistakenly Sent a Customer $10M Instead of a $100 Refund
Crypto.com is reeling from a costly error after accidentally refunding an Australian woman $10.5 million AUD (~$7.2 million USD) rather than $100 AUD (~$68 USD).
The lady had already put the money into a $1.3 million AUD (~$890,526 USD) luxurious, five-bedroom home for her sister.
The exchange is now suing her for the funds’ return. As noted by The Guardian, Crypto.com successfully put a freeze on Manivel’s account in February.
Bankrupt Crypto Lender Celsius Seeks to Reopen Withdrawals for Specific Customers
According to court documents, Celsius intends to release approximately $50M in funds to selected customers. The debtors’ motion seeks to reopen withdrawals for certain customers with regard to assets held in the custody program, granting withholding relief.
Celsius declared bankruptcy on July 13, a month after halting all withdrawals from accounts.
MicroStrategy’s Michael Saylor Faces a Tax Fraud Lawsuit
High-profile Michael Saylor, a proponent of Bitcoin, is being sued for tax evasion.
The District of Columbia’s attorney general filed a lawsuit against Saylor, alleging that he illegally avoided $25M in taxes by posing as a resident of other states, specifically Florida, which has no personal income tax.
Saylor’s company, MicroStrategy, was also named as a defendant in the lawsuit for allegedly conspiring to assist Saylor.
- Hacker Steals Bill Murray’s Crypto After $185K NFT Charity Auction
- 10,000 Long-Dormant Bitcoins Finally Trade
- BlackRock to Use Kraken Subsidiary for Crypto Offering
- CFTC, SEC Seek Input on Hedge Fund Crypto Reporting Rules
- Thailand Tightens Rules on Crypto Advertising
- Crypto.com Pulls Plug on $495M Champions League Sponsorship Deal
- Indonesia to Establish ‘Crypto Stock’ Exchange by 2022-End
- California Assembly Passes Crypto Regulation Bill That Requires Bank-Issued Stablecoins
Our August 2022 Report is out! Read the PDF here for an in-depth overview of crypto and OB Capital in August.
One Button performance
Aggregated return of OB Capital vs. BTC and ETH
Ethereum is already starting to soar again, and OBC is there to catch the upswing of the markets. In the last week, One Button returned +2.30%, while Bitcoin and Ethereum performed at +0.99% and +9.42%, respectively.
Top trading strategy
At last week’s close, we had three AI trading strategies that stood on top. Horizon returned +3.09% on average, while Explorer and Clipper were shortly behind with +2.31% and +1.93%.
Top-performing market pairs
The three best market pairs for our AI strategies were LDO: USDT at +13.30% for Horizon, LUNC: BUSD at +12.42% for Performer (this time), and ATOM: NUSD with +11.71% for P2 again.
August 31, 2022
- Resolved issue with stablecoins not appearing on the portfolio allocation step
August 29, 2022
- Changing the default state for error emails to enabled
August 22, 2022
- Resolved visual issue with the bots not appearing as archived after stop-loss has triggered
We are closing in on one of the most critical events for crypto. Will the markets respond graciously to the “Merge” or get hit with yet another significant price drop is still debatable.
Our AI’s track record against ETH is one of the best in the OBC portfolio, so we are definitely looking forward to seeing how it will respond this time. Remember that the bots rely solely on price data, so this is a big opportunity for the strategies to shine.
CEO at One Button Capital
This is not financial advice. This newsletter is strictly educational and does not provide investment advice, solicit the purchase or sale of any assets, or encourage readers to make financial decisions. Please use caution and conduct independent research.