Happy Thursday and happy National Notebook day Wow very exciting national holiday I'm Your host Andrew and this is crypto Espresso your teeny tiny daily shot of Caffeinated crypto headlines and Hopefully Today's Show is more Interesting than National notebook day Who comes up with these first up in a New investment strategy tether the Stablecoin issuer announced on Wednesday That it will begin regularly purchasing Bitcoin using a portion of its profits Starting this month the company plans to Allocate up to approximately 15 percent Of its realized investment profits to Acquire Bitcoin which will then be added To its Reserve Surplus tether then Intends to store the purchased Bitcoin On its own without the involvement of Any third-party custodians last week Tether revealed that it holds 1.5 Billion dollars worth of bitcoin and 3.4 Billion dollars in gold alongside its 82 Billion usdt stablecoin the company's Reserves consist of 85 cash and Cash-like assets including U.S treasury Bonds Paulo Arduino tethers Chief Technology officer emphasized the Long-term value and growth potential of Bitcoin stating that the investment Would enhance their portfolio and align The company with transformative Technology grayscale Investments
Received news from the U.S Securities And Exchange Commission on Wednesday That file coin or feel is considered a Security by the regulator grayscale Launched its grayscale file coin trust Earlier this year allowing investors to Gain indirect exposure to fuel as part Of the trust's product life cycle Grayscale voluntarily filed form 10 with The sec4 SEC reporting status however The SEC informed grayscale in a letter That feel meets the definition of a Security under Federal Securities laws Requiring the withdrawal of the Application grayscale responded to the Sec's filing stating that it does not Believe that feel is a security and Plans to promptly provide an explanation Of its legal position to the SEC Protocol Labs the company behind Filecoin has not yet commented on the Matter following the news feel currently Ranked 33rd by market cap experienced a Dip in value trading at 4.54 cents Crypto lender Voyager digital announced On Wednesday that it will be winding Down operations and returning Approximately 35 percent of customers Cryptocurrency deposits the approval of Voyager's liquidation plan by U.S Bankruptcy judge Michael Wheels allows The company to distribute about 1.33 Billion dollars in crypto assets to its Customers customers may expect to make
Withdrawals starting from June the First With any additional distributions Contingent upon further litigation Outcomes despite two unsuccessful sales Attempts during the bankruptcy Proceedings Voyager remains entangled in Litigation with FTX seeking to recover 445.8 million dollars in loan repayments If that Reclamation were to happen the 35 percent of recovered funds would Increase to 63.74 to facilitate Repayments Voyager plans to refund Customers with the same cryptocurrency They held in their accounts unless those Included unsupported cryptocurrencies And a voyager's proprietary vgx token And in that case customers will be Getting usdc Financial technology firm Ripple has been Making Waves by Acquiring swiss-based crypto custody Firm Medico the acquisition aims to Provide Ripple with expanded exposure to Regulatory environments outside of the US and enable the company to offer a Broader range of crypto products and Services Ripple tapped into its own cash Reserves utilizing 250 million dollars To fund the deal making it the largest Transaction of the past year for the Company the acquisition is expected to Enhance Ripple's Suite of offerings and Grant access to medico's major clients Including City and BBVA while increasing Its International presence in the face
Of regulatory uncertainties and Enforcement actions in the U.S Ripple's Decision to acquire medical aligns with A trend among crypto businesses seeking To expand globally amid regulatory Challenges though recently the EU has Taken steps toward crypto regulation With the adoption of the markets in Crypto assets or Mica framework Receiving positive feedback from crypto Firms seeking Clarity in the region and Finally bangkor a prominent Decentralized Finance player is facing a Class-action lawsuit in the U.S District Court for the Western District of Texas The lawsuit targets bangkor its operator B protocol foundation and its Founders Alleging that the company deceived Investors about its impermanent loss Protection mechanism and operated as an Unregistered security the lawsuit Includes charges such as violations of The Securities Act of 1933 and the Exchange Act of 1934 breach of contract And unjust enrichment the plaintiffs Argue that they suffered losses of Nearly 50 percent of their investments In the lp program and are seeking Restitution damages and interest bancor Through its B protocol Foundation played A pioneering role in defy however the Lawsuit alleges that bancor's v21 Product which promised protection Against impermanent losses operated at a
Deficit in the ILP mechanism was a false Promise the defendants are accused of Attempting to mask the deficit by Introducing a new product V3 while Maintaining control over the platform's Operations and violating decentralized Principles bancorps suspended its ILP in June of 2022 resulting in substantial Losses for investors and there will be Substantial losses to my feelings if you Don't like this video subscribe to our YouTube channel and click on that little Bell icon to get buzzed whenever a new Crypto espresso video goes live Do You Really Want To Hurt Me thoughts on Today's episode drop me a line in that Comment section below because I read Those comments and I sometimes they're The only things that cheer me up Questions about our headlines are crypto In general why not take the plunge and Ask Alex in that description below Alex Is always a great resource for all Things web 3 and the metaverse and that About does it for today as always I've Been your host Andrew these have been Your headlines and we'll see all of your Beautiful shining faces tomorrow
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