🚶‍♂️ Multi Billionaire Steps Down as CEO to go Full Time Bitcoin

GM 👨‍👩‍👧‍👦

Seedphrase Daily 👋 Your reliable crypto friends that help you when you’re down.

Today’s Agenda 📓:

• 🚶‍♂️ Michael Saylor Steps Down as Microstrategy CEO to pursue…

• 📁 Reports: Microstrategy May Be in Trouble

• 📣 Suspicious: 4.8 M Drained from a Crypto Exchange After Halting Withdrawals

• 📈 Your Money Making Opportunity: Ethereum Name Service Reaches New Highs

• 🌱 NewSeeds

🚶‍♂️ Micheal Saylor Steps Down as Microstrategy CEO to pursue…

Microstrategy is the largest corporate holder of Bitcoin, with around 130K BTC worth around $3B. Micheal Saylor, their CEO, is stepping down but will remain on the team. "I will remain an executive officer of the company and chairman of the Board of Directors, as well as assuming the chair of investments committee and leading our Bitcoin acquisition strategy."

Why would Micheal Saylor step down as CEO of Microstrategy? What can be bigger than that? 🤔

He did it to go full-time into Bitcoin.

Saylor said on the company's 2022 Q2 earnings call Tuesday. "My focus is Bitcoin advocacy and education, like with the Bitcoin Mining Council, and being spokesperson and envoy to the global Bitcoin community."

I guess managing billions of dollars could impact that.

Check out our post last month if you want to read why someone would give it all up for Bitcoin!

More about the company 👇

📁 Microstrategy May Be in Trouble.

Microstrategy reported that they have a $917M impairment charge. A significant increase form $170.1 million charge in the first quarter of 2022.

But don't worry. Since adopting Bitcoin in their strategy, they've seen +730% in returns.

What is that? 👇

An impairment charge is a significant reduction or loss in the recoverable value of an asset, for example, Bitcoin falling from 69K to 20K.

Their Strategy 🗺

The secret sauce that made them billions. This is the top secret strategy only the 0.0001% can do, and we're sharing it with you guys for free.

According to their new CEO Phong Le. "Our strategy is buy and hold for the long term, and that's it."

Okay, maybe wasn't as complicated as I made it to be.

📣 Crypto Exchange ZB.com loses $4.8M after Halting Withdrawals. Very Suspicious.

Formerly known as CHBTC.com, one of the oldest crypto exchanges in the market, now known as ZB.com, got $4.8 million drained from its hot wallet. As for what we know about the funds, on-chain data shows the funds were moved to two separate wallets. One holds $3.6M and the second has the last $1M.

The transaction

When did it happen? ⏱

This is where things get a little fishy. 🐟

The hacking occurred after ZB.com had already halted client withdrawals on Tuesday for "temporary maintenance."

In my opinion, it sounds awfully suspicious. "Temporarily halting withdrawals"? C'mon now. My first instinct is they are stealing people's assets under the guise of a hack because of a lack of liquidity.

And if you have funds there, be careful, don't say we didn't warn you.

📈 Your Money Making Opportunity: Ethereum Name Service Reaches New Highs!

As the ETH merge approaches, more and more people want that .eth after their names. 1.8M domains have already been registered, with 378K made in July!

ENS Domains saw 5.400Ξ($8.8 million) in revenue and 48,000 new Ethereum accounts using at least one ENS name.

Even Actor Anthony Hopkins added .eth to his name on his official Twitter.

As blockchain gets bigger, it's inevitable that people and companies compete in a rat race to acquire their name. Have you bought any since we last discussed it?

For more info on ENS, domains, check out our last post!

🌱 NewSeeds

Bitcoin Miners now hold 1.865M BTC in 2-year high-new data. Should you start mining?⛏

Riot mined 28% less bitcoin in July and earned $9.5 million in power credits. 🥲

GitHub faces widespread malware attacks affecting projects, including crypto. Get a Ledger! 💽

Canadian taco Franchise uses NFTs for a customer loyalty program. Innovative and efficient. 🌎

If you enjoyed this email show a friend so you can both stop losing brain cells.

Meme of the Day The oldest trick in the book.

See you tomorrow! ✌️

Disclaimer: None of this is financial advice. This newsletter is strictly educational and is not investment advice or solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research!