The weekly pen is back this week which just happens to be the 6th of this year. Bringing you, the reader, news on the most trending headliners of all things, crypto, finance, global affairs, and the economy. This year, again in February another disaster struck. Last year, the invasion of Ukraine which has caused the lives of innocent citizens and fallen soldiers, and in February 2023 the lives of +20,000 innocent souls were lost from the horrific disaster in Turkey & Syria. Before you read on, move on, remember, and don't forget. If you wish to help here's a guide to how crypto and tech are a force of change and good. Please do your own research or contact someone who has the expert knowledge* to carefully assist you.
TWITTER FROM BANKRUPTCY TO BREAKEVEN
Elon Musk has claimed that Twitter is on a path to profitability after a recent overhaul of its operations and business model. The changes have helped to increase revenue and reduce costs, leading the social media platform toward becoming financially stable.
FBI OWNS A BORED APE
The FBI has acquired an NFT called "Bored Ape" as part of an investigation into illegal NFT sales. The NFT was seized as evidence of illegal activity in the growing NFT market. This highlights the need for regulation in the NFT space to prevent illegal transactions.
THE RISE OF CRYPTO REHAB CENTRES
Luxury rehabilitation centers are offering treatment for cryptocurrency addiction, targeting individuals who have become addicted to trading or investing in cryptocurrencies. The treatment includes therapy and support to help individuals overcome their addiction and regain control of their finances. The rise of cryptocurrencies has created a new form of addiction and professional help may be necessary to overcome it.
RUSSIA TO LAUNCH A DEFI PLATFORM BY MAY
Russia's largest bank, Sberbank, plans to launch a DeFi platform on the Ethereum blockchain. The platform will offer financial services, such as lending and borrowing, without intermediaries. The launch is part of Sberbank's strategy to embrace new technology and expand its presence in the digital finance space. The move towards DeFi by Sberbank is a significant development and could lead to increased adoption of DeFi in Russia and beyond.
SAMSUNG TEAM UP TO LAUNCH NFT ITO
Samsung, Qualcomm, and Google are developing a Metaverse platform, a virtual world for interactions and activities. The three companies bring different skills to the project, including hardware, mobile technology, and user-friendly platforms. The development could have major implications for technology and society.
MEME YOURSELF OUT OF DEBT
Bed Bath & Beyond has secured a $1 billion deal to avoid bankruptcy and restructure its debt. The company has been struggling due to increased competition and declining sales, and the deal is crucial for its future success. The $1 billion is a significant show of support for the company, and it will help it regain its footing and remain competitive. Did they pull an Elon?
SUPREME LEADER IS NOT HAPPY
North Korean hackers had a record year in 2022, stealing large amounts of cryptocurrency from exchanges and individuals. The stolen funds are used to evade sanctions and fund the country's weapons program. Despite efforts to stop them, North Korean hackers remain a major threat in the crypto space, and their activities are expected to increase. Effective measures are needed to counter the threat and prevent stolen cryptocurrency from supporting illegal activities.
SOFTBANK GETS A HARD LANDING
The fund invests in technology startups and has seen its portfolio companies struggle, leading to losses and write-downs. The tech market is under pressure from regulation, valuation concerns, and the slowdown in the global economy. The losses may impact SoftBank Group's ability to raise additional funds.
RUSSIA ALMOST OUT OF ENERGY
Russia's January budget deficit has widened due to a slump in energy revenues. Lower oil prices and weaker demand have caused a significant drop in energy revenue and put pressure on the country's finances. The government may need to implement austerity measures or seek additional financing if the situation does not improve.
ROTHSCHILD INVITING FOR STAKES
The Rothschild family plans to take its investment bank, Rothschild & Co, private by acquiring the remaining shares. This move is aimed at protecting the bank's independence and avoiding public market scrutiny, as well as focusing on its long-term strategy. The trend of family-owned investment banks going private is on the rise. The bank is also in talks with some of the wealthiest families in France to take up stakes in the investment bank.
WHAT GOES AROUND COMES AROUND
Robinhood suffered a $57 million loss from accidentally selling short on a meme stock. This was due to the company's automated risk management systems triggering a forced sale of shares in the stock. The incident highlights the risks involved in stock trading, especially in the world of meme stocks and other highly speculative investments. The loss represents a small fraction of the company's overall operations and it remains profitable.
ROBINHOOD'S DIRTY LAUNDRY
Robinhood's board approved a share buyback plan for 550 million shares worth about $1 billion. The buyback is a response to a recent accident in which the company lost $57 million due to a forced sale of shares in a meme stock. The buyback is intended to support the company's stock price, which may have been affected by the loss. The move is also seen as a vote of confidence by the company's leadership in its long-term prospects. Sam Bankman-Fried and Gary Wong, two of the company's biggest investors, will be participating in the buyback.
STAKES & SHAKES
The US Securities and Exchange Commission (SEC) is reportedly paying close attention to the rapidly growing $92 billion cryptocurrency staking industry. Staking is the process of holding onto cryptocurrency tokens in order to support the security and operations of a blockchain network and to earn rewards in return. With the increasing popularity of cryptocurrencies and blockchain technology, the staking industry has seen significant growth in recent years, attracting the attention of regulators. The SEC is said to be concerned about issues such as investor protection and market integrity in the industry and is reportedly monitoring the market closely to ensure that it is operating in a fair and transparent manner.
TRADFI DEFIED
BNY Mellon, one of the largest financial institutions in the world, has announced that they have seen increased interest from investors in digital assets. The bank's CEO, Jeanmarie McFadden, stated that the institution has received inquiries from both institutional and retail clients about digital assets and cryptocurrencies. BNY Mellon also announced plans to expand their digital asset services, including the safekeeping of these assets for clients, as the demand for such services continues to grow. This shows a significant shift in the traditional finance industry towards digital assets, as large financial institutions like BNY Mellon recognize the potential and importance of digital assets in the financial landscape.
A TOKEN OF HOPE
Over 3 million dollars worth of cryptocurrency has been donated to help with relief efforts for the victims of the recent earthquake in Turkey. However, experts are warning that it is important to be cautious about where the donations are going and to make sure that they reach the intended recipients. They suggest only donating to reputable organizations and checking for information about how the funds will be used. The horrific disaster cost the lives of over 20,000 people. Vitalik Buterin, the founder of Ethereum, has reportedly sent 99 ETH to the victims of Turkey & Syria.
STAKES OVER PIZZA
The state with the most expensive pizza in the US is Hawaii, where a plain cheese pizza can cost almost $27. The high cost of living in Hawaii is a major factor, as the state must import most of its food and other goods. Other factors, such as tourism and shipping costs, also play a role in the high cost of pizza in Hawaii.
BINANCE VS US DOLLAR
Binance announced plans to suspend US dollar transfers in the near future. The exact timing of the suspension is not yet known. The company stated the change is due to regulatory requirements, and the suspension will affect both deposits and withdrawals of US dollars on the platform. Customers will still be able to trade cryptocurrencies on the exchange.
Till we yield again
*Penning is not an endorser, partner, or marketing channel for NGOs and relief funds