Hey there, PoI readers! 🌟 

It's your favorite crypto connoisseur, Mochi, back with another serving of tantalizing tech and web3 news. From crypto CEOs playing hot potato with their jobs to Tether's unexpected foray into farming, we've got a smorgasbord of digital delights to dig into. So, grab your favorite snack, settle in, and let's embark on this rollercoaster ride through the wonderland of digital assets! 🚜🌐

INTEL BRIEF

🟧 Revelo Intel's CEO resigns after a gunpoint robbery of company and personal crypto funds, suspecting an inside job.

🟧 Tether invests $100M in agricultural firm Adecoagro, marking its first venture into the agriculture sector amid growing stablecoin competition.

🟧 Celebrity endorsements of crypto projects don't guarantee legitimacy and may sometimes indicate potential scams.

🟧 VanEck is closing its Ethereum futures ETF due to low demand as spot Ethereum ETFs gain popularity.

Crypto CEO Steps Down After Gunpoint Heist

Nick Drakon, the now-former CEO of crypto research and education platform Revelo Intel, has thrown in the towel after a harrowing experience that would make even James Bond break a sweat. Drakon claims he was held at gunpoint and forced to transfer a treasure trove of digital assets.

In a dramatic X post on September 5th, Drakon spilled the beans about his ordeal, stating he was "targeted, surveilled, and robbed by a highly sophisticated group." These tech-savvy ne'er-do-wells weren't after his vintage Pokemon card collection or his secret stash of limited-edition hot sauce. No, they were after the big kahuna of the 21st century - cryptocurrency.

The thieves, who apparently moonlight as crypto enthusiasts, knew exactly which deposit addresses belonged to Drakon's businesses. They forced our unfortunate protagonist to log into various crypto accounts and told him to "transfer the funds." The loot included Drakon's personal piggy bank, Revelo's working capital (aka the company couch cushion money), and funds from Revelo Ventures, the firm's investment arm.

But wait, there's more! In a twist that would make any soap opera writer jealous, Drakon hinted at the possibility of an inside job. Cue the dramatic music! He's keeping mum on the details to avoid hindering the investigation and to protect his family from further risk. Because nothing says "family bonding" like a crypto heist, right?

In the wake of this crypto caper, Vu Benson, the former COO, has been promoted to captain of this ship sailing through stormy waters. Meanwhile, Drakon, in a move that screams "I'm really, really sorry," has forfeited his interest in Revelo to return some of the stolen funds to Revelo Ventures members. He's also pledged 30% of the company's future profits to the affected members.

Revelo Intel's CEO resigns after being robbed of crypto funds at gunpoint

Robbery suspected to be an inside job, investigation ongoing

Company implements recovery plan, including profit-sharing with affected members

Tether Trades Digital Coins for Digital Cows in $100M Farm Gamble

Tether, the big kahuna of stablecoins, has just made a move that's got everyone scratching their heads. The digital currency giant has decided to get its hands dirty - literally - by investing a cool $100 million in Adecoagro, a Latin American agricultural powerhouse. That's right, Tether's gone from mining Bitcoin to milking cows!

This unexpected foray into the world of agriculture marks Tether's first step into the realm of food and farming. With this investment, Tether now owns a 9.8% stake in Adecoagro, or as I like to call it, "9.8% of a whole lot of moo."

It seems Tether is diversifying faster than a farmer rotating crops. They've already dipped their toes into artificial intelligence, Bitcoin mining, and digital education. Now, they're adding "digital farmer" to their LinkedIn profile. Who knows, maybe next we'll see a Tether-branded line of designer overalls!

Now, before you start picturing Tether executives trading in their suits for cowboy hats, let's talk numbers. Tether used its own "working capital" for this investment. They now own over 10 million shares of Adecoagro, which is more shares than there are cows in a typical dairy farm (I assume, I'm a newsletter writer, not a cow counter).

But wait, there's more! While Tether is busy playing FarmVille in real life, PayPal, as you might already know, had launched its own stablecoin, PayPal USD, which has already hit the billion-dollar mark. Not to be outdone, Ripple Labs is testing its own US dollar-pegged stablecoin.

In the midst of all this, Tether isn't putting all its eggs in one basket (or should I say, all its milk in one pail?). They're also planning to launch a stablecoin pegged to the United Arab Emirates dirham. Because why settle for digital cows when you can have digital camels too? 😝

As the stablecoin market reaches new heights, with a record $168 billion market cap, one thing's for sure: Tether is determined to stay ahead of the herd. Whether that means investing in high-tech ventures or good old-fashioned agriculture, they're not afraid to think outside the crypto box.

Tether invests $100M in agricultural firm Adecoagro, acquiring a 9.8% stake

This marks Tether's first venture into the agriculture and food sector

Stablecoin market competition intensifies with new players like PayPal USD entering the scene

Celebrity Crypto Endorsements Shine Spotlight on Star Studded Scams

Lights, camera, crypto action! In the glitzy world where celebrities and digital currencies collide, it turns out that star power doesn't always equal crypto credibility.

According to a study by two former SEC economists, there's a spooky correlation between celeb endorsements and dubious crypto projects. In 2019, about 26% of initial coin offerings (ICOs) were likely scams. Fast forward to 2023, and that number has ballooned to nearly 40%! 

We've seen everyone from slam-dunk legend Shaquille O'Neal to lifestyle guru Gwyneth Paltrow (maybe she thought crypto was the new vagina-scented candle?) lending their star power to crypto projects that ended up going bust faster than a Hollywood marriage. It's enough to make you wonder if these celebs are getting their financial advice from the same place they get their acting tips.

But before you start thinking all celeb-backed crypto is shadier than a palm tree, Amy-Rose Goodey from the Digital Economy Council of Australia (DECA) reminds us that celebrity endorsements aren't a new trick. They've been selling us everything from toothpaste to toupees for years. The key, she says, is to use your noggin and do some good old-fashioned research before you invest. Novel concept, right?

Ken Gamble, a cyber investigator who probably watches way too many crime dramas, drops this bombshell: A lot of these celeb crypto ads are fake! That's right, folks. We're talking deepfakes, AI voices, the whole shebang. It's like "Invasion of the Body Snatchers" but for your wallet.

Gamble claims he's never seen a genuine endorsement of a crypto project by a real A-lister. It's always D-list sports stars or, more likely, digital doppelgangers created by crime syndicates.

And get this: Australia's competition watchdog says over half the crypto ads on Facebook are scams. Meta, of course, disagrees, probably while frantically trying to teach their AI to spot fake Kardashians.

Celebrity endorsements of crypto projects don't guarantee legitimacy

Nearly 40% of ICOs in 2023 were likely scams, up from 26% in 2019

Many celebrity crypto ads are fake, using deepfake technology and AI

VanEck Bids Farewell to Futile Futures as Spot ETFs Steal the Show

Asset manager firm VanEck is pulling the plug on its futures-based Ethereum ETF. The VanEck Ethereum Strategy ETF, affectionately known as EFUT (which, let's be honest, sounds more like a sneeze than an investment), is being sent to the great blockchain in the sky. VanEck cited a laundry list of reasons for this digital demise, including "performance, liquidity, assets under management, and investor interest."

Now, before you shed a tear for poor EFUT, let's put things into perspective. This ETF managed to scrape together a measly $21 million in assets under management. Meanwhile, VanEck's spot Ethereum ETF, ETHV, is sitting pretty with over $55 million. Talk about sibling rivalry!

The entire futures-based Ethereum ETF market is struggling to break $170 million in total assets. In comparison, spot Ethereum ETFs are lounging on a cushy $6.5 billion pile of investor cash. It's like comparing a kiddie pool to the Pacific Ocean – they're both wet, but one's a lot more impressive.

Nate Geraci, president of The ETF Store (and apparently a crypto Nostradamus), saw this coming from a mile away. He predicted that spot crypto ETFs would make futures-based ETFs as obsolete as a flip phone at an Apple convention. Geraci even suggested that VanEck might have viewed EFUT as a "marketing expense." Because nothing says "savvy investing" like losing money on purpose, right?

VanEck is closing its Ethereum futures ETF (EFUT) due to low demand

Spot Ethereum ETFs are dominating the market with $6.5 billion in assets

Futures-based ETFs are becoming obsolete in the face of spot ETF popularity

And that's a wrap, my lovely PoI readers! I hope this edition left you feeling informed, entertained, and maybe even a little hungry for more (crypto knowledge, that is). Remember, in the world of digital assets, celebrity endorsements are like glitter - shiny, but not always gold. Stay curious, stay informed, and keep your digital wallets close! Until next time, this is Mochi, signing off with a virtual high-five and a side of digital ice cream! 🍦✨

P.S. Don't forget to share your thoughts, questions, and favorite crypto puns with us. Every voice matters in the PoI community, even if it's just to say "HODL my beer!" 📣❤️ Share the newsletter and spread the crypto love!

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