HomeBusinessThis Week on Crypto Twitter: Another Elon Musk Company to Accept Dogecoin...

This Week on Crypto Twitter: Another Elon Musk Company to Accept Dogecoin and 3AC Founders Could Be AWOL

Illustration by Mitchell Preffer for Decrypt

The week was truly a mixed bag.

Major cryptocurrencies have regained lost ground after weeks of general decline, but on the commercial side, Vauld and Voyager have become the last crypto lenders fight against insolvency after Celsius and BlockFi.

In that sense, former leading crypto hedge fund Three Arrows Capital (3AC) recently filed for Chapter 15 bankruptcy, and now the company’s attorneys, according to that filing, cannot locate the founders, Su Zhu and Kyle Davis.

So, crypto bailouts have begun, with billionaire Sam Bankman-Fried at the forefront. Its exchange, FTX, extended a $250 million line of credit to the beaten crypto lender BlockFi last month. The next day, Alameda Research, another SBF company, granted Voyager Digital a $500 million line of credit. Two weeks later, FTX reached an agreement to acquire BlockFi outright. Now Alameda already had to travel $377 million, so it was a borrower bailing out its lender.

Binance CEO Changpeng “CZ” Zhao criticized the deal in an interview for Decrypt Decrypt gm podcast. CZ also said he was considering doing some bailouts himself: “Some of them are actually good deals. So I think you’ll see that we’re going to invest, bail out, save multiple projects.”

Justin Sun of TRON also made it clear that he was ready.

Worse. Breach. Already.

News broke earlier this week that the personal data of more than a billion people had been acquired from a Shanghai Police database and offered for 10 Bitcoin (at the time worth $202,000).

According to Bloomberg, the data included everything from names and national ID numbers to cell phone numbers and food orders. And there were timestamps for when the details were recorded.

CZ offered a technical explanation.

rich guys

Billionaire CEOs and crypto HODLers Michael Saylor and Elon Musk both shilled their favorite coins this week. Saylor has tweeted about the value Bitcoin has gained since his company, MicroStrategy, first announced its plan to buy and HODL. (He forgot to mention that he is still down on his investment.)

And CNN Business reported that another Elon Musk company, The Boring Company, will accept Dogecoin for rides on a new underground transportation system in Las Vegas that allows passengers to move around town at Teslas at around 35 mph.

and finally

A major failure mobile networks and the Internet across Canada prompted Jeff Kirdeikis, CEO of TrustSwap and Bitcoin advocate, to ponder his favorite cryptocurrency.

Want to be a crypto expert? Get the best of Decrypt straight to your inbox.

Get the biggest crypto news + weekly digests and more!

Must Read