Tesla's Bitcoin losses revealed

A court-appointed examiner rips into bankrupt Celsius Network. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Market Activity Total Market Cap $1.05T (+0,64%) 24 Hour Volume $46.12B (-8.47%) Notable Movers[(FTM) $0.5245]( (+8.73%) Notable Movers (DeFi)[(DYDX) $3.03]( (+27.99%) Bitcoin Dominance 42,50%[(+0,11%)]( Bitcoin Price[(BTC) $23,079.57 (+0.83%)]( Ethereum Price[(ETH) $1,580.15 (+0.60%)]( Cardano Price[(ADA) $0,3825 (+2.65%)]( [Today’s Top Stories ]( Today’s Top Stories [Wednesday's CoinMarketRecap podcast!]( 🔥 Listen to all the day's top crypto stories while you're on the move with the CoinMarketRecap podcast. You can find us on [Apple Podcasts]( [Spotify]( and [Google Podcasts]( too! [Damning report rips into Celsius Network]( 🚨 A court-appointed examiner has accused Celsius Network of lying to its customers, manipulating the price of CEL tokens to enrich executives, and using "Ponzi-like" methods. Shoba Pillay said the bankrupt crypto lender "conducted its business in a starkly different manner than how it marketed itself to its customers in every key respect." It's also alleged that Celsius used customer funds to fill holes in its balance sheet and prop up its native token. In other developments, customers with Custody accounts will soon be able to withdraw 94% of their balance — up to a value of $7,575. But this will be little comfort to 600,000 Earn customers, who continue to face uncertainty over when (and if) they'll get their crypto back. [My Big Coin scammer jailed for eight years]( 👀 A crypto entrepreneur who duped investors by claiming he had invented a digital asset backed by gold has been jailed for eight years. Randall Crater raised over $7.5 million for My Big Coin — and falsely claimed his project had struck a partnership with Mastercard. U.S. Attorney Rachael Rollins said: “His lies and deception inflicted real trauma, pain and hardship on the lives of 55 individual victims and their families who funneled their money into bank accounts Mr. Crater controlled and used to finance his extravagant lifestyle.” Just some of these purchases included a house, cars and over $1 million in jewelry, art and antiques. In court, Crater said: "I did not set out to steal money from anyone. That does not mean I am not remorseful." [Revealed: Tesla's Bitcoin losses in 2022]( 📉 Tesla suffered a $140 million loss on its Bitcoin investment in 2022, an SEC filing has revealed. The bad news came in a largely positive earnings report in which the company reported record earnings and revenue up 37%, beating forecasts, even though its margins fell. You'll remember that Tesla hit headlines when it snapped up $1.5 billion worth of BTC in early 2021 — a move that's been widely credited with sparking a dramatic bull run. But the company actually sold 75% of its BTC last July for just $936 million — a substantial loss — in a move that Musk attributed to a need to strengthen its cash position due to uncertainties over the impact of COVID on its manufacturing in China. [U.K. vows to protect public from crypto risks]( 🇬🇧 The British government is unveiling ambitious plans to protect consumers from the risks of crypto. Ministers want to ensure that this sector is regulated like traditional financial institutions. It's hoped this approach will tackle some of the most significant risks associated with crypto – while allowing the U.K. to take advantage of the technology. Last year, Britain unveiled plans to become a global cryptoasset hub and make stablecoins a valid payment method. The governing Conservatives have been criticized once again by rivals in the Labour Party. They've described crypto as "the Wild West" and say consumers need urgent protection because their savings have been put at risk… and scams have hit record levels. [Dungeons & Dragons performs NFT U-turn]( ↩️ After a revolt from fans, the publishers of Dungeons & Dragons have backtracked on plans to ban NFTs. The game has a decades-old open game license that allows fans and other companies alike to make games, books and digital content using the D&D's core rules. However, Wizards of the Coast had planned to impose restrictions on crypto collectibles and Web3. On the other hand, NFTs are being embraced by The Jim Henson Company. The company is launching Fraggle Rock NFT trading cards based on the hit 80s TV series about dancing, singing, cave-dwelling Muppet creatures. A Fraggle Rock reboot has just been picked up for a second season by Apple TV+. Thanks for reading! Have a great day — more news tomorrow! [Facebook]( [Twitter]( [Instagram]( [Telegram]( Written by Connor Sephton Was this email forwarded to you? [Sign up here](. WANT MORE CRYPTO BITES? [Sign up here]( for Daily Newsletters, Promotions and Events and Prices [ADVERTISE]( | [CAREERS]( | [FAQ]( © 2023 CoinMarketCap [Unsubscribe]( [coinmarketcap.com]( CoinMarketCap OpCo LLC, 8 The Green, STE 6703, Dover, Delaware 19901, United States