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Tesla Reveals Bitcoin Holdings Worth $222 Million in Latest SEC Filing

Tesla Reveals Bitcoin Holdings Worth 2 Million in Latest SEC FilingTesla has revealed that it is still holding bitcoin worth $222 million in market value after selling 75% of its crypto holdings. The company recorded realized gains of $64 million on its recent bitcoin conversion into fiat currency. Tesla Realizes Gains of $64 Million From Bitcoin Sale Tesla Inc. filed its second-quarter report with the […]

Tesla Reveals Bitcoin Holdings Worth 2 Million in Latest SEC Filing

Tesla has revealed that it is still holding bitcoin worth $222 million in market value after selling 75% of its crypto holdings. The company recorded realized gains of $64 million on its recent bitcoin conversion into fiat currency.

Tesla Realizes Gains of $64 Million From Bitcoin Sale

Tesla Inc. filed its second-quarter report with the U.S. Securities and Exchange Commission (SEC) Monday.

The company explained that it converted about 75% of its bitcoin holdings into fiat currency, as Bitcoin.com News reported last week. The BTC conversion added $936 million of cash to the electric car company’s balance sheet.

Tesla informed the SEC that in the second quarter:

We recorded $170 million of impairment losses resulting from changes to the carrying value of our bitcoin and gains of $64 million on certain conversions of bitcoin into fiat currency by us.

Tesla originally purchased $1.5 billion of bitcoin in Q1 2021. In the same quarter, the company sold BTC worth $272 million. The price of bitcoin fluctuated between the $32K level and the $59K level in Q1 2021.

The electric car company stated in the SEC filing that it realized gains of $128 million from converting its BTC into fiat currency in Q1 2021. In addition, the company had $23 million and $50 million of impairment losses on bitcoin in Q2 2021 and 1H 2021, respectively.

Tesla’s Digital Assets Mostly Consist of Bitcoin

In its Monday filing with the SEC, Tesla clarified that it purchased bitcoin worth $1.5 billion in Q1 2021. In addition, it received “an immaterial amount” of digital assets during the first half of this year.

While Tesla did not name other crypto assets it is holding, the company has been accepting the meme cryptocurrency dogecoin (DOGE) for some merchandise since January.

The carrying value of Tesla’s digital assets held was $218 million as of the end of the second quarter, its balance sheet shows. The electric car company elaborated:

The fair market value of such digital assets held as of June 30, 2022 was $222 million.

On June 30, the price of BTC was hovering around $20K, after falling briefly to $18,784. At the time of writing, BTC is trading at $21,869, based on data from Bitcoin.com Markets.

Tesla CEO Elon Musk said during the company’s Q2 earnings call last week that the company sold most of its BTC due to concerns “about overall liquidity for the company, given Covid shutdowns in China.” Noting that Tesla has not sold any dogecoin, Musk stressed: “We are certainly open to increasing our bitcoin holdings in the future, so this should not be taken as some verdict on bitcoin.”

What do you think about Tesla still holding bitcoin worth $222 million? Let us know in the comments section below.

Source: Featured Archives – Bitcoin News

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South Korea Seeks to Freeze 3,313 Bitcoin Allegedly Linked to Luna Founder Do Kwon

South Korea Seeks to Freeze 3,313 Bitcoin Allegedly Linked to Luna Founder Do KwonSouth Korean prosecutors are seeking to freeze 3,313 bitcoins at two cryptocurrency exchanges allegedly tied to luna founder Do Kwon. The coins were moved soon after a South Korean court issued an arrest warrant for the Terraform Labs co-founder. Luna Foundation Guard has denied transferring the coins. Korean Authorities Ask Crypto Exchanges to Freeze Bitcoin […]

South Korea Seeks to Freeze 3,313 Bitcoin Allegedly Linked to Luna Founder Do Kwon

South Korean prosecutors are seeking to freeze 3,313 bitcoins at two cryptocurrency exchanges allegedly tied to luna founder Do Kwon. The coins were moved soon after a South Korean court issued an arrest warrant for the Terraform Labs co-founder. Luna Foundation Guard has denied transferring the coins.

Korean Authorities Ask Crypto Exchanges to Freeze Bitcoin

South Korean authorities have reportedly asked cryptocurrency exchanges Kucoin and Okx to freeze 3,313 bitcoins allegedly tied to Terraform Labs co-founder Kwon Do-hyung, also known as Do Kwon. The coins were transferred to the trading platforms soon after a warrant was issued for Kwon’s arrest in South Korea.

On Tuesday, an official at the Seoul Southern District Prosecutors’ Office confirmed to Bloomberg that requests have been sent to the two cryptocurrency exchanges to freeze the 3,313 BTC.

The coins were transferred to the trading platforms from a wallet allegedly linked to Luna Foundation Guard (LFG) that was created on Sept. 15, according to crypto researcher Cryptoquant. The researcher told the publication:

Cryptoquant specified new bitcoin addresses owned by LFG based on transaction patterns, adjacent flows and material non-public information.

However, Luna Foundation Guard denied the allegation Tuesday evening. The group tweeted its treasury’s bitcoin address, adding: “LFG hasn’t created any new wallets or moved BTC or other tokens held by LFG since May 2022.”

Do Kwon Says: ‘I’m Making Zero Effort to Hide’

The luna founder’s whereabouts are currently unknown. He was believed to be in Singapore but the Singapore police force said earlier this month that he is currently not in the city-state. Kwon has maintained that he is not “on the run,” tweeting Monday:

I’m making zero effort to hide. I go on walks and malls.

A South Korean court issued an arrest warrant for Kwon on Sept. 14. He is accused of fraud after the collapse of the cryptocurrency luna (now called luna classic (LUNC)) and stablecoin terrausd (UST). In addition, the country’s ministry of foreign affairs is reportedly planning to revoke his passport.

Moreover, Interpol has issued a Red Notice for the Terraform Labs co-founder. “A Red Notice is a request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action,” Interpol’s website details, adding that “Red Notices are issued for fugitives wanted either for prosecution or to serve a sentence.”

Do you think Do Kwon transferred 3,313 bitcoins after his arrest warrant was issued? And, do you think Korean authorities should be able to freeze crypto at exchanges? Let us know in the comments section below.

Source: Featured Archives – Bitcoin News

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