The Shib Crypto Recap: Wednesday

The midweek crypto headlines are coming in hot, featuring a host of developments specifically surrounding global regulatory dynamics in the tech industry, significant investments in Bitcoin, cryptocurrency adoption on a large scale, and allegations that raise questions about integrity and accountability in the digital asset sector.

Google’s YouTube Restrictions Lead to Astronomical Fine from Russia

Google faces a huge fine from Russia of approximately 2 undecillion rubles, or $2.5 decillion after years of penalties for blocking pro-Kremlin media on YouTube. Russian state-affiliated outlets Tsargrad and RIA FAN initiated legal action after their channels were blocked. The fine started in 2020 with daily penalties of 100,000 rubles and has compounded each week. Seventeen media outlets, including Channel One and the Zvezda broadcaster, were affected. The restrictions are believed to relate to their backing of Russia’s actions in Ukraine.

MicroStrategy’s $8.4 Billion Bitcoin Success: Will It Become a Bitcoin Investment Bank?

Under Michael Saylor’s leadership, MicroStrategy’s Bitcoin investment has generated $8.4 billion in unrealized profits. This is not surprising, as the company plans to evolve into a Bitcoin investment bank and acquire $150 billion in Bitcoin. Saylor believes Bitcoin is “the most valuable asset in the world.” So far, MicroStrategy has acquired over 252,000 Bitcoin, valued at around $15.7 billion. Despite potential risks of a “margin call” if prices decline, Saylor is fully committed to this strategy.

Bhutan Sells $66.55 Million in Bitcoin to Binance

The Royal Government of Bhutan sold $66.55 million in Bitcoin to Binance, its first sale in four months. According to Arkham Intelligence, Bhutan now holds $889.36 million in Bitcoin, ranking fourth among government BTC holders. In 2023, Bhutan mined about 780 BTC a month, averaging 26 BTC a day. However, production fell to around 260 BTC monthly, or 8.6 BTC daily, over the last three months. This decline is attributed to the Bitcoin halving event and increased competition from a rising global hashrate. Nevertheless, Bhutan’s mining facilities remain active.

DWF Labs’ Ambitious Plans Jeopardized Due to Serious Allegations Against One of Its Partners

Crypto asset maker DWF Labs is in a potential crisis after serious allegations emerged against partner Eugene Ng. An employee in Tokyo known as Hana accused Ng of spiking her drink at a bar in a social media post. She detailed her experience on X, claiming Ng tampered with her drink multiple times while she was away. Thankfully, a waiter intervened and alerted her.

In response, DWF Labs announced Ng’s immediate removal from all roles. The implications of this incident could be significant, especially since DWF recently aimed to launch a synthetic collateralized stablecoin and invested in over 700 companies. Ng’s actions may overshadow the company’s recent progress and lead to unwanted repercussions for the company.

Malaya has positions in SHIB, ETH, USDT, MATIC, etc. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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