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SBF said in a recent interview that FTX has never gone bankrupt. This was a liquidity crisis, not an insolvency problem. They had enough assets to repay all customers at the time. The problem is that the liquidity crisis caused market panic and made it impossible to quickly cash…

🚨 @SBF_FTX Speaks Out 🚨In a recent interview, Sam Bankman-Fried (SBF) claimed #FTX never went bankrupt—only faced a liquidity crisis, not insolvency. He says they had enough assets to repay all customers, but market panic made it impossible to cash out quickly. 🤔What do…

The post LIBRA Meme Coin Crashes 42.7%: Argentina’s Milei Faces Backlash appeared first on Coinpedia Fintech News LIBRA, a meme coin supported by Argentinian president Javier Gerardo Milei, has experienced a sharp drop of 42.7% in the last seven days. An on-chain data by Nansen, a leading on-chain analytics platform, shows that a significant number of traders have suffered huge losses. Though Milei has deleted the post published in support of the meme coin, the opposition has demanded the initiation of the impeachment procedure against the president, terming the action of the leader of the country as an international embarrassment. LIBRA Meme coin’s Rapid Rise and Fall At one point, the market cap of LIBRA touched as high as $4.5 billion. Notably, it happened shortly after President Milei published an X post supporting the meme coin. Milei originally projected the project backing the meme coin as the one that would support the growth of the Argentinian economy and business landscape. It was the primary reason why the coin received unusual attention from the crypto community. Reports indicate as many as 40,000 crypto traders jumped into the market during this stage. However, the market cap of the token dropped sharply by over 90%, when insiders offloaded huge numbers of tokens, as per reports. By the time Milei realised his huge mistake and deleted his message from X, traders suffered huge losses. According to the Nansen data, at least 70% of wallets trading the LIBRA meme coin token from February 16 to 18 suffered huge losses. Reports show that on February 18 the number of token holders declined from 50,000 to 35,770. Also Read : Pi Coin Launch Sparks Wild Price Swings – Sell or Hold? , Dark Reality of Political and Celebrity-Backed Meme Coins The LIBRA meme coin scandal serves as a cautionary tale about political and celebrity-backed meme coins. Investors, regulators, and governments must be wary of such hype-driven projects to avoid massive financial losses. LIBRA Market Overview The current market cap of LIBRA stands at $439,032 and its 24-hour trading volume at $154,858. In the last 30 days, the market has seen a drop of 65.1%. The price of LIBRA has declined by nearly 44.2% in the last 24 hours alone. As of now, the LIBRA price stands at $0.0004564. Never Miss a Beat in the Crypto World! Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more. Subscribe to News

Aptos research director Alexander Spiegelman criticized Monad for plagiarizing Aptos' open source code. Monad co-founder James Hunsaker responded that BlockSTM is a simple extension of these things and has never seen any Aptos code. In 2024, Monad completed a $225 million…

Michael Saylor’s Strategy is going all in—again. The company announced on Tuesday that it is raising $2 billion in 0% convertible senior notes to buy more Bitcoin, betting even bigger on the long-term value of its holdings. The debt offering, open only to qualified institutional buyers, includes an option to raise an extra $300 million if demand is high. The notes mature in 2030, won’t pay interest, and won’t increase in value over time, according to Strategy’s announcement. Investors can convert them into cash or shares of Strategy’s stock, depending on what the company decides. The notes are redeemable starting in 2027, but only if Strategy’s stock price surpasses 130% of the conversion price for a set period. If that happens, Strategy can buy back the notes at face value plus any special interest owed, per the announcement. If Strategy faces a fundamental change, such as a major acquisition or restructuring, investors can demand repayment on March 1, 2028. The conversion rate and final terms will be determined at pricing, based on Strategy’s stock performance on the day the deal is finalized. Bitcoin acquisition and debt strategy Strategy has been using debt to buy Bitcoin for years, and this latest one actually follows a pattern: raise cash, buy Bitcoin, and wait for the price to rise. The company plans to use the $2 billion for general corporate expenses, but its real focus is accumulating more Bitcoin. In 2024, Strategy bought 258,320 BTC for $22.07 billion, paying an average of $85,447 per Bitcoin, including fees. The company didn’t sell a single Bitcoin, despite price fluctuations. As of December 31, 2024, Strategy held 447,470 BTC, valued at $23.9 billion. But its outstanding debt hit $7.27 billion, with $35.1 million in annual interest costs. The company posted a net loss for 2024, mostly due to $1.79 billion in Bitcoin impairment losses. If Bitcoin’s market price crashes, Strategy’s ability to meet financial obligations could be at risk. The company warned in a 10-K SEC filing that it “may not be able to regain profitability” if Bitcoin’s fair value continues to drop. Strategy has been dealing with old accounting rules that force companies to write down Bitcoin losses, but never adjust gains unless sold. That changes in January 2025 with new FASB fair-value accounting rules. Gains and losses will now be recorded in net income each quarter, creating massive fluctuations in reported profits. The new rules will immediately apply a $12.75 billion adjustment to Strategy’s retained earnings. But there’s a catch: tax liabilities could surge. The company warned that unrealized Bitcoin gains might trigger the 15% Corporate Alternative Minimum Tax (CAMT) under the Inflation Reduction Act of 2022. “If we become subject to the CAMT, it could result in a material tax obligation that we would need to satisfy in cash,” Strategy said. The tax applies to companies with over $1 billion in annual adjusted financial income, and unless the law is amended, Strategy could owe huge taxes by 2026. The company also faces tax risks across multiple jurisdictions, with uncertainty around deferred tax assets and liabilities, as selling Bitcoin at higher prices than its cost basis will likely trigger some serious capital gains taxes. Strategy’s debt offering is private—only qualified institutional buyers under Rule 144A can participate. The notes won’t be registered with the SEC and can’t be publicly sold without an exemption. Investors interested in the deal must attend a live webinar on February 19, 2025, where the company will go over terms, risks, and expectations. “Access to the Video Webinar and completion of the investor survey does not mean you will receive an allocation in this proposed convertible notes offering,” Strategy clarified today. Cryptopolitan Academy: How to Write a Web3 Resume That Lands Interviews - FREE Cheat Sheet