Youtuber Turned Boxer Allegedly Bankrupt After Losing Millions in Crypto Crash
The effects of the bear market and more.....
Good Morning Inspired Analyst family, Wishing you all a great start to the week!
Starting with the routine market watch we can still see somewhat volatility in the past few days.
Summed up below are the important developments in crypto so buckle up and get ready to be enlightened!
Jake Paul is bankrupt after 'investing all of his money in cryptocurrency.' - According to brother Logan Paul.
Jake Paul's net worth was estimated to be at $50 million just a few months ago by Celebrity Net Worth. Boxing alone brought in $40 million.
However, it appears that he has lost a significant portion of his fortune as a result of the cryptocurrency crash.
Logan claims that Jake's decision to invest in various cryptocurrencies is not paying off.
Paul recently tweeted about the status of the US economy, blaming President Joe Biden for doing nothing about gas, inflation, and crypto prices.
Similarly, KSI was caught in the middle of a cryptocurrency crash earlier this year after investing "2.8 million" in the cryptocurrency LUNA, which then lost 97 percent of its value in just 24 hours.
Kevin O'Leary Of Shark Tank Explains Why The Decline Of Large Digital Asset Firms Is Beneficial For Crypto.
The collapse of massive and overleveraged crypto enterprises could be helpful for the brave new world. According to venture capitalist and Shark Tank star Kevin O'Leary.
“Let me explain how bottoms are made in any market. You always need a big player to go to zero. That always helps whether it’s a long-term capital or whether it’s one of these crypto infrastructure companies.
It always gives you a good bottom when you get a large player, overlevered, that goes to zero. That always tends to be the beginning of the rebuilding process, so if you have to sacrifice someone who used too much leverage, and it’s always leverage, somebody’s overlevered. Positions are complicated. They’re not transparent. They’re not liquid, and they go to zero.”
The collapse of significant crypto businesses, according to O'Leary, will be a blessing to those who manage to stay alive.
Let’s hope Kevin is right!
Elon Musk wants to integrate cryptocurrency payments into Twitter, according to a new report.
A new report says billionaire Tesla CEO Elon Musk wants crypto to play a bigger role in Twitter’s future.
Musk argues that “money is fundamentally digital at this point” and that Twitter should incorporate digital payments.
“My goal would be to maximize the usefulness of the service – the more useful it is, the better. And if one can use it to make convenient payments, that’s an increase in usefulness. News, entertainment, and payments, I think, are like three critical areas.”
Last September, Twitter launched a tipping function that allows users to send money, including cash and Bitcoin (BTC), to any other Twitter user in the world for free using the Strike payment protocol.
In February, the tipping feature added support for Ethereum (ETH).
Consumers face a "significant threat" from cryptocurrency investment scams on LinkedIn, according to an FBI agent.
According to Sean Ragan, a special agent in charge of the FBI's Sacramento, San Francisco, and California field operations, crypto scams using LinkedIn have recently grown increasingly common.
Over several months, fraudsters earn the trust of victims by assisting in making money through the use of legal crypto investing sites.
They eventually persuade victims to transfer crypto assets to a fake website owned by the bad actor, which is then wiped of all funds.
Mei Mei Soe, a Florida-based benefits manager who lost her whole life savings of $288,000 to a LinkedIn crypto scam, was one of the victims.
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Disclaimer: This is not financial advice or recommendation for any investment. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.