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Investors Punish Themselves By Cutting Wages
Last Updated: May 30, 2023
✓ Fact Checked
Paying the toll for your own mistakes concerning FTX.
Here's a story about how ironic crypto-related decisions and their consequences can be. Here's what happened.
In a surprising twist, Temasek International, Singapore's prestigious state investment fund, has decided to take a bold step by reducing the salaries of its employees who were involved in the FTX investments.
Amidst whispers and rumors, independent experts conducted an extensive internal audit of the team's investment activities.
After thorough investigation, they came to the surprising conclusion that the investment department had not violated any rules while venturing into the world of FTX.
However, in an extraordinary display of accountability and solidarity, both the hardworking employees and the top-level management have voluntarily accepted collective responsibility for any missteps that may have occurred.
As a result, they have taken the unprecedented decision to cut their own salaries.
The exact amount of this sacrifice remains shrouded in mystery, leaving everyone curious about the extent of the financial adjustment.
Just a few months ago, they were forced to write off a staggering $275 million, which had been poured into the now-defunct cryptocurrency exchange.
This substantial sum represents the investments made during two funding rounds that took place in October 2021 and January 2022.
Delving deeper, we discover that Temasek allocated a significant portion, a whopping $210 million, to the international platform of FTX, while an additional $65 million was dedicated to its American counterpart, FTX US.
It's important to note that the state investment fund firmly emphasized that their investments were solely focused on acquiring shares of the company, assuring skeptics that no cryptocurrency purchases were involved.
Now, before we leap to conclusions, it's worth noting that Temasek's investment in FTX only constituted a mere 0.09% of the fund's net portfolio value.
Although the write-off of $275 million appears substantial, it is unlikely to cause significant harm to the overall financial well-being of the organization.
TL;DR: Temasek International, Singapore's state investment fund, surprised everyone by taking a bold step. Company's employees have taken the unprecedented decision to cut their own salaries, as a symbolical gesture for the failure that was investing in FTX. An internal audit cleared them of any rule violations, but they took responsibility anyway. They previously wrote off $275 million invested in FTX, with $210 million allocated to the international platform and $65 million to FTX US.
Ordinals continue being extraordinary.
Let the numbers speak: Ordinals hit 10 million inscriptions!
The number of minted Bitcoin Ordinals inscriptions has exceeded 10 million, of which over 80% are related to BRC-20.
In total, 1578.46 Bitcoin in fees have been paid, which is approximately $44 million. Bitcoin miners are pretty happy for sure.
Currently, the daily "inscribe" rate of Ordinals is around 200,000.
Exactly 50 days ago we wrote about hitting 1 million.
It's not only Ordinals that have just hit the 10M mark.
Reddit reached the milestone as well.
Now, a total of 10 million users are proud owners of Reddit collectible avatars, or "Reddit NFTs," almost 11 months after its launch in July 2022.
And, after taking a closer look, the numbers reveal that there's about 7.7 million users who own only one NFT avatar (and don't have multiple wallets).
That is, these are unique owners, not mass buyers.
Currently, the market capitalization of the collection has reached $38.4 million.
The project itself has a total of 13.7 million tokens.
TL;DR: The number of inscriptions for Ordinals has exceeded 10 million. Reddit's unique NFT avatars, aptly named "Reddit NFTs," have garnered 10 million users in just 11 months since their launch, backed by a diverse ownership of 7.7 million distinct owners.
CryptoPunks in China.
yes, there was a notable mainstream exposure of Cryptopunks in China.
The second-largest Chinese TV station, Hunan TV, featured Cryptopunks during the show called 'The Endless Sound·Treasure Island Season'.
Renowned Chinese singer and actress, Karen Mok, took the stage wearing a dress inspired by Cryptopunks during the show.
The dress was designed by Vivienne Tam from the "Metaverse, Past, Present, and Future" collection, featuring CryptoPunks 4372, 3752, 7279, 2950, and 1942.
By the way, the floor for crypto punks is around 50 ETH.
TL;DR: Chinese celebrity rocked a dress inspired by Cryptopunks on Chinese TV.
COOL FACT 4
There she blows!
So, a whale transferred 8000 ETH to another address after 8 years of "hibernation."
A major holder of ETH, who had been dormant for eight years, woke up last Saturday.
This address had participated in the Ethereum ICO and had held 8,000 ETH since 2015 without sending or receiving any coins.
During the ICO, the price of Ether was only $0.31, so all of those 8,000 ETH were acquired for a mere $2,480.
Today, the value has skyrocketed, making the user a millionaire, as those 8,000 ETH are now worth over $15 million.
The user transferred all their assets to a new address through two transactions.
Why would a whale awaken so suddenly?
'Dormant' users can wake up for various reasons, but considering the recent news, the transfer may be related to the recent panic surrounding Ledger wallets.
Of course, at the time of ICO (2015) Ledger wallet was not out yet. Ledger Nano S was introduced only in 2016.
Yet, it still could have made sense to secure the funds even more!
TL;DR: A major holder of ETH, who had been dormant for eight years, woke up last Saturday and transferred 8000 ETH.
SELECTED MEME OF THE DAY
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