Electric car maker Tesla (TSLA) hasn’t bought or sold any Bitcoin in the last quarter of 2022, making it the second straight quarter in which the company’s BTC holdings remain unchanged. The value of Tesla’s Bitcoin holdings has dropped from $218 million to $184 million.

Bankrupt cryptocurrency lender Celsius Network is considering issuing a token to repay creditors as part of a proposal to reorganize and exit bankruptcy as a regulated cryptocurrency firm.

South Korean prosecutors are reportedly seeking the arrest of the chairman and owner of popular cryptocurrency exchange Bithumb, Kang Jong Hyun, according to local news outlets.

 Top stories in the Crypto Roundup today:

• Tesla’s Bitcoin Holdings Remain Unchanged
• Celsius Weighs Issuing Bankruptcy Token
• South Korean Prosecutors Request Arrest of Bithumb Owners
• Total Stablecoin Market Cap Declined for 10th Consecutive Month

Tesla’s Bitcoin Holdings Remain Unchanged

Electric car maker Tesla (TSLA) hasn’t bought or sold any Bitcoin in the last quarter of 2022, making it the second straight quarter in which the company’s BTC holdings remain unchanged. The value of Tesla’s Bitcoin holdings has dropped from $218 million to $184 million.

The decline was a result of impairment charges from a decline in Bitcoin’s price. At the end of the third quarter, the price of BTC was slightly below $20,000, while at the end of the fourth quarter, the cryptocurrency was trading at around $16,500.

While Tesla didn’t change its cryptocurrency holdings in Q3 2022, in the second quarter it surprised some by selling $936 million worth of BTC, or roughly 75% of its holdings, to raise cash due to uncertainty surrounding COVID-19 lockdowns in China.

At the time, Tesla CEO Elon Musk said that the firm was open to increasing its bitcoin exposure in the future, and that the sale “should not be taken as some verdict on Bitcoin.”

In Q4 2022, Tesla reported earnings per share of $1.19, beating analyst estimates of $1.13. Its revenue was $24.3 billion, below analyst estimates of $24.7 billion.

Celsius Weighs Issuing Bankruptcy Token

Bankrupt cryptocurrency lender Celsius Network is considering issuing a token to repay creditors as part of a proposal to reorganize and exit bankruptcy as a regulated cryptocurrency firm.

During a video-court hearing, company attorney Ross Kwasteniet said that restructuring Celsius into a publicly-traded licensed company would generate more revenue for creditors, compared to selling its assets at current prices.

Celsius has been in negotiations with various creditor groups over how to set up the new company and issue its bankruptcy token as part of a payout plan. While other troubled crypto firms have issued tokens to repay creditors in the past, Celsius may be the first one to issue a token that has to be approved by a federal judge.

Kwasteniet stated that the company will present court documents outlining its plans later in the week. He also mentioned that the new company would be centered around assets such as a collection of loans and investments, in addition to tens of thousands of cryptocurrency mining machines.

South Korean Prosecutors Request Arrest of Bithumb Owners

South Korean prosecutors are reportedly seeking the arrest of the chairman and owner of popular cryptocurrency exchange Bithumb, Kang Jong-Hyun, according to local news outlets.

Kang and two other executives were charged with embezzlement, breach of trust, and fraudulent illegal transactions by the Seoul Southern District Prosecutor's Office, according to local reports.

Earlier this month, South Korea’s National Tax Service reportedly started investigating potential tax evasion at Bithumb and its affiliates. The investigation into Kang and the other executives’ behaviour is separate from the tax evasion probe and centers on allegations that Kang and others stole company money and conspired to manipulate stock prices.

Earlier this month, it’s worth noting, former Bithumb Chairman Lee Jung-Hoon was acquitted on charges that he committed a $100 million fraud connected to the exchange.

Bithumb is one of five remaining South Korean exchanges following a crackdown on the industry in 2021 that saw approximately 70 domestic exchanges shut down after failing to meet regulatory requirements.

Total Stablecoin Market Cap Declined for 10th Consecutive Month

In January, the market value of stablecoins dropped by 0.62% to $137 billion, the lowest level since September 2021. This marks the tenth consecutive month of decline in stablecoin market capitalization.

Stablecoin trading volume for January 22^nd, however, has already exceeded the December volume, increasing by 9.46% to $397 billion, driven by increased market volatility.

Check out CryptoCompare’s debut Stablecoins & CBDCs Report for further insight into the latest developments in the stablecoin and CBDC sector, focusing on analysis that relates to market capitalization, trading volume, peg deviations and more.

State of the Crypto by Top Tier Exchange Volume

Build your project with the CryptoCompare API

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.