🥛Tether's been stacking Bitcoin? 🤔

PLUS: Meet the YouTuber pranking scammers 🔥                                                                                                                                                                                                                                                                                                                                                                                                                 May 12, 2023 | [Read Online]( GM. This is Milk Road. We’re like sunshine on a cloudy day - ready to brighten up your mood. Here’s what we got for you today: - Tether says $2.44B backs USDT 🔎 - The little crypto kingdom 🏯 - The YouTuber scamming scammers 🕵️ - Funding Friday 💰 - The IRS wants $44B from FTX 🍪 Prices as of 8am EDT Today’s edition is brought to you by [Freeport](, who is making investing in fine art easier and more affordable than ever. Their iconic Warhol collection just went live and features Marilyn Monroe! 🖼️ A PEEK UNDER THE HOOD AT TETHER 🔎 These are two of the world’s greatest mysteries: 1/ What happens to socks in the washing machine? 2/ What’s in Tether’s reserves and what’s backing USDT? Well, we just got the answer to one of them… Tether, the issuer of the USDT stablecoin, just dropped an [overview]( of its Q1 financials this week. Here’s everything you need to know: - It reported an all-time high in reserves: $2.44B. - Tether’s Q1 net profit was $1.5B. For comparison, Blackrock’s for Q1 was $1.16B. - 85% of reserves are held in cash/cash equivalents, like gold. - 1.8% is in BTC ($1.5B.) This is the first time Tether’s made its BTC/gold reserves public. - The majority ($53B) is held in U.S. Treasury Bills. Here’s what the rest of the reserves breakdown looks like: Tether So what? Tether is winning the stablecoin wars. Circle’s USDC depegged from the U.S. dollar, & Paxos stopped issuing Binance’s BUSD. And not to rain on its parade but…this is just an “attestation.” It wasn’t a full audit based on complete access to Tether’s books. It’s a third-party snapshot of its financials at one point in time (i.e. March 31.) So take it with a grain of salt. ¯\_(ツ)_/¯ It’s good to know though that Tether is making BANK from interest on those treasuries. The rate right now for 3-month bills is 5.23%, for example. And since Tether holders aren’t, all that interest goes straight into the company’s pockets. At least someone’s benefitting from these crazy high (and rising) interest rates… [INVEST IN FINE ART AFFORDABLY WITH FREEPORT]( Move over pixelated monkeys, real fine art collecting has arrived on Ethereum. Our partner [Freeport]( is here to bring you a next-gen approach to diving into this previously exclusive asset class. Millions of dollars not required. [Freeport]( gives you access to tokenized blue chip art investments, starting with a collection of iconic Warhols that includes the hot pink Marilyn Monroe. Just select the artwork you like, choose a number of shares (tokens), and invest with as little as $200! Why fine art? - Historical performance: The Artprice100© has outperformed the average return of the S&P 500 by 40% since 2000 - Diversification: Don’t keep all your eggs in one basket - especially in uncertain times - Fun: Invest in pieces of cultural history that you get to view in your [virtual gallery]( - show your friends, trade pieces and be social Note that there are only 1000 editions available for each piece. [Invest in major artworks at fractional prices and start your collection today!]( *The Milk Man is not a financial advisor, and we do not provide financial advice. Visit Freeport to view the [offering circular]( BITCOIN MINING IN BHUTAN 🏯 Everyone and their momma has been trying to get in on the Bitcoin mining action…Countries. State governments. Companies. Average Joe’s. Well, turns out even a kingdom in the Himalayas has secretly been mining Bitcoin. That’s right, a mfing Kingdom. It’s called Bhutan. It’s a little kingdom that is home to 800K people and located in the mountains of South Asia. And check it out: - Bhutan is known for its hydroelectricity - a form of renewable energy that uses water to generate electricity (shoutout Ms. Green for teaching me that in the 3rd grade) - Hydroelectricity accounts for ~30% of the entire kingdom's GDP and is used to power most of the homes - Bhutan has secretly been harnessing some of this electricity to mine BTC. Renewable energy 🤝 crypto mining The craziest part? Bhutan’s been mining for YEARS. It’s unclear when exactly the Kingdom started mining, but government officials confirmed they started mining when BTC was priced at ~$5K. (Btw, the last time that happened was in 2019.) Pretty cool story - a kingdom, bitcoin mining, and views like this every day…Where do I sign up? MEET THE GUY THAT’S SCAMMING SCAMMERS 🕵️ A YouTuber named Kitboga that exposes thieves teamed up with Kraken to get back at scammers on the crypto exchange. Yep, that’s right folks - crypto has its very own Batman. Except instead of throwing villains in jail, he just irritates them. This week, he tricked a scammer who said they were… President Joe Biden. If you’re gonna watch one thing today, it should be this. Trust us. You can check it out: [tw profile: Kitboga] Kitboga @Kitboga [tw] HUGE update on the "Crow Pro Joe" Saga. @krakenfx built a custom environment for me to fight against scammers... so Joe thought I had $455K. We might have made him angry 😅#krakenpartner May 9, 2023 948 Likes 100 Retweets 43 Replies FUNDING FRIDAY 💰 It’s Funding Friday! And this week, over $75M was invested into Web3 companies. Here’s who got the money: [Blockworks]( got $12M to continue to deliver crypto news to readers and build out their research team. Congrats to the team at Blockworks! [Pudgy Penguins]( got $9M to continue to build out an NFT ecosystem. Happy Feet --> NFTs [Aether Games]( got $4.5M to build metaverse games. [Artizen]( got $2.2M to shake up the digital collectibles sector with cultural Artifacts, which are open-ended. [Webb Protocol]( got $7M to build towards the future of privacy and connect dapps that utilize zero-knowledge technology. Check out the full database of companies that have raised money this week, [right here.]( MILK & COOKIES 🍪 [The IRS wants $44B from FTX.]( The claims take legal precedence over creditors’ claims. Womp womp [South Korean authorities froze $176M of Do Kwon’s personal assets.]( Officials prohibited the sale of them, too. Ouch [Coinbase apologized after labeling the Pepe meme, which inspired the Pepe memecoin, a “hate symbol.”]( Some alt-right groups co-opted it ~2016. [MetaMask is rolling out ETH purchases for PayPal users in the U.S.]( We love the M-word around here - mass adoption MILKY MEMES 🤣 Share Milk Road You currently have 0 referrals, only 1 away from receiving The Next 10x Opportunity in Crypto for 2023. [The Next 10x Opportunity in Crypto for 2023]( [Click to Share]( Or copy and paste this link to others: [ HIT THE INBOX OF 250K+ CRYPTO INVESTORS Advertise with the Milk Road to get your brand in front of the Who's Who of crypto. The Roadies are high-income crypto investors who are always looking for their next interesting product or tool. [Get in touch today](. What'd you think of today's edition? - [🥛🥛🥛🥛🥛 F**king great]( - [🥛🥛🥛 Meh, do better]( - [🥛 You didn't bring the heat]( ROADER REVIEW OF THE DAY VITALIK PIC OF THE DAY [tw profile: Milk Road] Milk Road @MilkRoadDaily [tw] GM Roadies. it's Friday! let'sgetit May 12, 2023 7 Likes 2 Retweets 1 Replies DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. [tw]( [ig]( [yt]( [tk]( [in]( Update your email preferences or unsubscribe [here]( © Milk Road 603 Munger Avenue Suite 100 #1006 Dallas, Texas 75202, United States [[beehiiv logo]Powered by beehiiv](