💰 The big bitcoin bust

…and Netflix rakes in the Oscar nominations with Streep and DiCaprio [Disclosures](   Looking up at “Don’t Look Up” [andresr/E+ via Getty Images]   Yesterday’s Market Moves   Dow Jones 35,768 (+0.86%) S&P 500 4,587 (+1.45%) Nasdaq 14,490 (+2.08%) Bitcoin $44,575 (+1.01%) Dow Jones 35,768 (+0.86%) S&P 500 4,587 (+1.45%) Nasdaq 14,490 (+2.08%) Bitcoin $44,575 (+1.01%) Hey Snackers, Timing is everything: [Apple’s]( [coming iOS update]( is finally designed to let you unlock your iPhone with your mask on — just as California, New York, and other states end mask mandates. Stocks [rose]( on Wednesday, and the tech-heavy Nasdaq notched a second straight day of gains. Yesterday, Fed members said there might be [more]( than three interest-rate hikes this year. Today’s inflation data could give investors a clearer picture of when the hikes will come. Versace The DOJ arrests a quirky couple after seizing $3.6B in stolen bitcoin, as regulators crack down on crypto crimes Bring on the [Netflix]( drama... On Tuesday the Justice Department said it had seized $3.6B in [bitcoin]( stolen in the 2016 hack of digital-currency exchange Bitfinex. The department said it had managed to recoup 80% — worth $71M at the time, but now worth $4.5B — in its largest financial seizure ever. That's not even the interesting part: - The incident: The DOJ arrested married couple Heather Morgan and Ilya Lichtenstein in connection with plotting to launder 119,754 bitcoins stolen from Bitfinex. (It’s unclear whether the two were also behind the hack.) - The characters: The NYC-based 30-somethings appear to be the crypto-bro versions of Bonnie and Clyde (cringe warning). Morgan is a rapper, "international economist," and "serial entrepreneur," so her Forbes contributor [page]( says. If you're into finance rap, you might know her by "[Versace Bedouin]( Lichtenstein (nickname: "Dutch") is a self-described startup investor who’s active on Twitter. - The plot: Prosecutors say the couple used “sophisticated laundering techniques” to convert stolen bitcoin into legit-seeming cash (and gold… and [Walmart]( gift cards). But they were able to launder only a fraction of the coins before the DOJ stepped in. - The denouement: The couple could face up to 25 years in prison. The DOJ says it’s working on ways to return the snatched crypto. Digi-thug life… Crypto crimes are on the rise, and regulators are watching. Scammers took home a record [$14B]( in crypto last year, while the DOJ [set up]( a special enforcement team to target crypto crimes. In June, US officials [recovered]( $2.3M in bitcoin paid as ransom. THE TAKEAWAY The crypto crackdown could be good for bitcoin… Crypto has a bad rap for its role in scams and other crimes. But the DOJ is starting to back up its claim that crypto isn’t a criminal “safe haven.” The Bitfinex fail shows how difficult it can be to launder bitcoin undetected. While BTC is often used by criminals because of its hard-to-trace nature, it’s less anonymous than cash because the blockchain logs a permanent public record of all transactions. DiCaprio Netflix leads Oscar noms (again), while OG Hollywood studios embrace streaming to level the playing field And the Oscar goes to… your couch. [Netflix]( stole the show on Tuesday at the Academy Award nominations. The Flix secured 27 noms — nearly [half]( went to its drama “Power of the Dog,” including a coveted best-picture nom. Netflix’s star-studded "Don't Look Up" (feat. Leo DiCaprio and Meryl Streep) got four nods. HBO Max’s “Dune” and “King Richard” earned a combined 16. - Other streamers with gold recognition: [Apple]( received a record six Oscar noms, including best picture for “CODA.” [Amazon]( scored six and Hulu one (womp). - Half of this year's best-picture-nominated films were from streaming companies, but no streamer has ever won the top award. Power of the popcorn… The Oscars are Hollywood's highest honor, but award-show viewership has fallen as people tire of seeing blockbuster faves snubbed (like: “Spider-Man” and “No Time to Die”). Plus, nearly half of pre-pandemic moviegoers have yet to return to the big screen, and almost 10% say they [never]( will. So traditional studios have started testing popcorn-popping from the couch with the “hybrid model.” - Last year WarnerMedia released all its movies on HBO Max at the same time they hit theaters, and [Disney]( did hybrid Disney+ releases for a few of its blockbusters. - This year Warner's "Dune" — which dropped in theaters and on HBO Max — pulled in [$400M]( at the global box office (and got 10 Oscar nods). THE TAKEAWAY Studios are becoming streamers... and streamers are becoming studios. OG streamers face fresh competition from OG studios, which are focusing on streaming now too. Think: Universal's Peacock, Warner's HBO Max, and [Viacom's]( Paramount+. Meanwhile, streamers are splurging on Oscar-worthy content to become studios: last year Netflix spent $17B on original content and bought iconic theaters in LA to premiere its flicks. That’s helped streamers rack up the Hollywood-level recognition that used to be dominated by big studios. What else we're Snackin' - [Oceanic]( [Maersk]( the Danish shipping company that makes giant cargo ships and containers, says the supply-chain crisis is not easing. Wild shipping demand helped Maersk haul in $15.5B in extra profit last year, for a total of nearly $20B. - [Flipped]( [IAC]( — the holding company that used to own Tinder — is killing off print versions of magazines like Entertainment Weekly and InStyle. The mags will become digital-only brands, as readership and advertising continue to move online. - [Prius]( [Toyota]( and [Honda]( were upbeat about their outlook this year, as the car shortage (triggered by a chips shortage) and high demand allowed them to hike prices. Still, scarce parts led to a dent in Toyota’s profits. - [KenTacoHut]( [Yum Brands]( — owner of KFC, Taco Bell, and Pizza Hut — saw quarterly sales grow 8% from a year ago, but it took a hit on profit. Rising costs of ingredients and wages weighed on the bottom line. - [Connect]( [Microsoft’s]( LinkedIn is testing a “no politics” button that lets users block political content from their feeds, which could pressure [Facebook]( and [Twitter]( to consider a similar feature. 🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up [here](. The Snacks Daily Podcast Chipotle rolled up some earnings numbers: The burrito icon’s sales jumped 22% from last year — but a big chunk of that was thanks to menu price hikes. [Tune in]( to hear why Chipotle is cashing in on the “ROLO economy.” Snack Fact Of the Day [A record 31.5M Americans are expected to bet on this year’s Super Bowl — up 35% from last year]( Thursday - Weekly jobless claims - Earnings expected from: Coca-Cola, PepsiCo, Twitter, AstraZeneca, Philip Morris, Expedia, Kellogg, Zillow, Cloudflare, and Duke Energy Authors of this Snacks own: Bitcoin and shares of Netflix, Apple, Amazon, Comcast, Disney, IAC, Microsoft ID: 2033094 Robinhood Snacks newsletters and podcasts reflect the opinions of only the authors who are associated persons of Robinhood Financial LLC (Member [SIPC]( and do not reflect the views of Robinhood Markets, Inc. or any of its subsidiaries or affiliates. They are for informational purposes only, and are not a recommendation of an investment strategy or to buy or sell any security, digital asset (cryptocurrency, etc) in any account. They are also not research reports and are not intended to serve as the basis for any investment decision. Any third-party information provided therein does not reflect the views of Robinhood Markets, Inc., Robinhood Financial LLC, or any of their subsidiaries or affiliates. All investments involve risk including the loss of principal and past performance does not guarantee future results. [Robinhood Terms and Conditions]( • [Disclosure Library]( • [Our Editorial Principles]( • [Contact Us]( • [FAQ]( [Manage Your Subscription Preferences](