😮‍💨 If you're losing money in crypto

Seedphrase Daily 👋 Crypto is a beautifully wild space. We're here to take you on the safari ride.

• 😮‍💨 Crypto.com accidentally sends user $10.5M instead of $100...

• 🐻 Market Analysis & Predictions

• 🌱 NewSeeds

Imagine not noticing for 7 months that you misplaced $10.5 million dollars.

That's exactly what happened at Crypto.com. They were supposed to send Thevamangori Manivel, an Australian woman, a $100 refund when they accidentally sent her $10M. And they had no clue for 7 months.

Obviously, she didn't report it. But who would?

Time to get a new accountant.

How the funds were spent.

• Transferred $10.1M into her account.

• Luxury home for $1.35M

• Shopping spree with her sister

• Transferred ownership of her old house to her sister

• Sent $430K to her daughter

Now she's facing a lawsuit from Crypto.com, and she decided it was better NOT to show up to the court date.

Victoria Supreme court has ordered her to sell her mansion and return all funds.

A girl can dream.

🐻 The bear market continues.

Buckle up like you were going on a car ride with Hellen Keller. 🚗

People really thought we would have a bull run after seeing a pump, ignoring all the macro factors blocking the road. We are still in a recession, the stock market is dropping, and inflation is higher than Snoop Dogg and Wiz Khalifa.

Wake up call: BTC has fallen below $20K, breaking the support line and failing to breakout past $26k.

Price Signals

The good news is that the bleeding has appeared to slow as BTC isn't dropping as fast as it was in April-June.

But that doesn't mean it won't drop below $19K and bring the market down with it.

What to do next? ⏳

The bull market won't come anytime soon. You need to prepare for the worst.

Investors: If you have your money parked in crypto, start reconsidering your risk tolerance. It's not a bad idea to take money out of some alt's. Right now, cash is king.

Traders: Shorting the market seems to make sense. But remember to have a plan and stay disciplined. This is the worst time to make emotional decisions.

Me: I'm playing conservative and only have bags in things I believe have long-term value.

⚜️ Golden Nugget: Look at opportunities to short for quick profits. Dollar cost average in long term plays. Take profits whenever you see your price target and get out at your stop loss.

Hiding profits from my alcoholic uncle is easy.

The IRS? Not so much.

They will hunt you down like Instagram banning Andrew Tate.

That's why I use CoinLedger. 😼

CoinLedger is an official TurboTax partner that allows you to do your crypto taxes in a matter of minutes. So you're not full of anxiety for three months after you file your taxes.

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Do Your Taxes Easily 👈

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🌱 NewSeeds

Reddit Co-Founder Ohanian’s Firm Launches $177M Crypto Fund. Even in horrible times, people are still building. 🔨

Coinbase Gets Hold-equivalent rating from Barclays on Crypto Regulatory Risk. It will get bad before it gets good again. 😔

Iranian Businesses get the green light to use crypto for imports. Mashallah. 🤲

Meme of the Day

Pretty trustworthy source I'd say.

If you let out a little chuckle or learned something, share with your friends and family.

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