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According to the official website, Craft Ventures has investments in Bitwise Asset Management, crypto custodian BitGo and social media giants Meta, Reddit and X. Sacks also invested in Solana-focused venture firm Multicoin Capital in 2018.
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The San Francisco-based venture capital firm was founded by Sacks in 2017 and has launched four funds since then. Its last one was closed in November after raising $712 million.
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“Both he [Sacks] and the firm sold their direct cryptocurrency holdings soon after Trump’s inauguration, according to a person with knowledge of the matter,” reported the FT.
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His comments came in response to a Financial Times article shared by George Hammond on March 2, reporting that Sacks’ investment firm, Craft Ventures, retains stakes in a “small number of crypto startups.”
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“I sold all my cryptocurrency (including BTC, ETH, and SOL) prior to the start of the administration,” Sacks said on X on March 2.
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“The thing people don’t really know about is that the government, in many cases, went to founders of DeFi protocols [...] and basically told the founders you effectively have to do a settlement with us,” Krug said on stage at the ETHDenver conference on Feb. 27.
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Meanwhile, Tether’s USDt remains the largest stablecoin with more than $140 billion in circulation. The USDt issuer clocked more than $13 billion in profits last year as its US Treasury holdings reached an all-time high.
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Both funds track indexes that hold crypto in proportion to each token’s market capitalization and hence consist overwhelmingly of BTC, which has a market capitalization of approximately $1.9 trillion as of Feb. 21, according to data from Google Finance.
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In a written statement, Consensys attorney Bill Hughes characterized the incoming Trump administration as a “sea change.” The attorney told Cointelegraph:
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President-elect Trump has launched a memecoin, aptly named Official Trump (TRUMP), on Jan. 17 — drawing both praise and criticism from attorneys, with some arguing that the token signals a positive regulatory shift in the United States and others warning of a Constitutional violation.
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The money laundering charge was part of a superseding indictment not initially filed as part of the eight-count indictment against Kwon in March 2023. Prosecutors filed the indictment under seal in May 2024, and a judge ordered it unsealed amid Kwon’s court appearance on Jan. 2.
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The settlement is the latest chapter in the legal saga of Genesis, which filed for Chapter 11 bankruptcy protection in January 2023 due to a 2022 default by Three Arrows Capital — a former borrower of Genesis.
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The collapse of 3AC sent shockwaves through the crypto industry, affecting all crypto firms exposed to the now-defunct crypto hedge fund.
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The $570 million investment plummeted by well over 99% and was worth only $670 in June 2024 — a major hit to any company’s balance sheet and ability to pay back its loans.
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https://warpcast.com/jolinejones90/0x5a16e87a
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https://warpcast.com/b85599842/0x9562d6d8
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https://warpcast.com/b85599842/0x87026783
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Strategy is the world’s largest corporate holder of Bitcoin, with 478,740 BTC currently worth around $46 billion, and its shares are seen as a way of gaining exposure to the cryptocurrency by proxy.
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Kevin Hassett, the director of the National Economic Council — a White House advisory board to President Trump — said he is now meeting regularly with Federal Reserve chairman Jerome Powell to discuss interest rates.
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Kevin Hassett, the director of the National Economic Council — a White House advisory board to President Trump — said he is now meeting regularly with Federal Reserve chairman Jerome Powell to discuss interest rates.
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