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Samourai Wallet Founders’ Charges
The U.S. Department of Justice (DOJ) has charged Samourai Wallet founders, Keonne Rodriguez and William Lonergan Hill, for allegedly running an unlicensed money-transmitting business and laundering over $100 million.
Joe G & Money Talks
April 25, 2024 • Estimated Reading Time: 7 minutes
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Get Smarter About Crypto
₿itcoin reached $63,813. -2.43%
♢Ethereum reached $3,103. -3.30%
What we will talk about today...
🛑 Bitcoin’s Market Movements
🌐 Tesla’s Bitcoin Holdings
⛩️ Samourai Wallet Founders’ Charges
Bitcoin’s Market Movements
Bitcoin’s price fell below $64,000 on April 25, with a risk of more short liquidations due to geopolitical tensions, causing a quick drop of up to 5%.
Geopolitical Impact:
Bitcoin’s price reacted to Middle East tensions. It tried to find support around $64,000 after falling to $63,575.
Liquidity Changes:
Data from CoinGlass shows increased liquidity on both sides of the spot price on crypto exchanges.
Bitcoin liquidation heatmap (screenshot).
Futures Gaps:
Bitcoin filled one of two recent CME Group futures gaps. Traders see this as a sign of healthy funding rates, possibly leading to a price recovery.
Market Sentiment and ETF Flows:
Market sentiment suggests limited upside and short-term consolidation. U.S. Bitcoin ETFs saw net outflows on April 24, mainly from the Grayscale Bitcoin Trust.
Hong Kong Spot ETFs:
Bitcoin’s institutional adoption continues to grow, with spot ETFs starting trading in Hong Kong on April 30.
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These developments highlight the complex factors influencing Bitcoin’s price.
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Despite market ups and downs, Tesla, under Elon Musk, has held onto its bitcoin assets. The company’s Q1 balance sheet shows a steady digital assets value of $184 million, mainly in bitcoin.
Tesla’s Bitcoin Commitment:
Tesla has shown commitment to bitcoin, despite market fluctuations. After an initial $1.5 billion investment in BTC in Q1 2021 and selling 75% of it in Q2 2022, Tesla has kept its remaining bitcoins.
Tesla’s Q1 2024 balance sheet.
Bitcoin Holdings Value:
Crypto analytics firm Arkham reports that Tesla holds 11,509 bitcoins across 68 addresses. With bitcoin’s current price around $64,735, Tesla’s holdings are worth over $745 million.
Elon Musk’s Crypto Assets:
Besides Tesla’s holdings, Musk has personal investments in bitcoin, ether, and dogecoin. He has stated that he doesn’t spend much time on crypto and has no plans for his companies to create their own tokens.
Tesla’s firm stance on bitcoin, along with Musk’s personal crypto assets, shows a continued belief in digital assets’ future. As the crypto market evolves, Tesla continues to be a key player in integrating cryptocurrencies into mainstream finance.
The U.S. Department of Justice (DOJ) has charged Samourai Wallet founders, Keonne Rodriguez and William Lonergan Hill, for allegedly running an unlicensed money-transmitting business and laundering over $100 million.
DOJ Indictment:
The founders are accused of facilitating over $2 billion in transactions without regulatory oversight, leading to large-scale money laundering.
Enforcement Actions:
In response, Samourai Wallet’s web servers were seized, access to its mobile apps was restricted, and it was removed from the Google Play Store.
Cryptocurrency Holdings:
Samourai Wallet holds 10,899.72 BTC (around $700 million) in unspent capacity. As the software is non-custodial, funds will stay with users, and pre-mixes have been canceled.
These charges highlight the increased focus on enforcing financial regulations in the digital currency space.
Facts on Samourai Wallet Charges:
Samourai Wallet founders are charged with running an unlicensed business and laundering over $100 million.
The DOJ seized Samourai Wallet’s servers and restricted its apps.
Samourai Wallet holds 10,899.72 BTC (around $700 million) in unspent capacity.
Have you heard of Prompts Daily newsletter? I recently came across it and absolutely love it.
AI news, insights, tools and workflows. If you want to keep up with the business of AI, you need to be subscribed to the newsletter (it’s free).
Read by executives from industry-leading companies like Google, Hubspot, Meta, and more.
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These charges underscore the importance of financial regulations in crypto.
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