Hey there, PoI readers! 💫

It's your favorite crypto connoisseur, Mochi, back with another electrifying edition of digital drama and financial facepalms! 🔍 This week, we're diving deep into a world where government Bitcoin sells, crypto scandals, and corporate musical chairs collide. From SEC takedowns to presidential cryptocurrency controversies, we've got a newsletter that'll make your head spin faster than a blockchain transaction! 🌐 Grab your digital popcorn and let's unravel the latest twists in the wild world of tech and crypto!

INTEL BRIEF

🟧 SEC charges Unicoin with a $100 million fraud scheme involving misleading crypto investment claims.

🟧 The German government sold its Bitcoin for $2.89 billion, missing out on potential $2.3 billion in profits due to early selling.

🟧 Argentine President Javier Milei dissolves the task force investigating the LIBRA cryptocurrency scandal after his controversial promotion led to massive investor losses.

🟧 Amanda Scales, a former xAI HR executive, has returned to the company after previously working on Elon Musk's government initiatives.

SEC Obliterates Unicoin in Massive Crypto Fraud Takedown

The Securities and Exchange Commission (SEC) just unleashed a legal thunderbolt on Unicoin that's sending shockwaves through the crypto landscape.

The SEC has filed a jaw-dropping lawsuit against Unicoin and three of its top executives, alleging a massive fraud scheme that would make even the most brazen snake oil salesmen blush. Over 5,000 investors were apparently caught in a web of what the SEC calls "fictitious promises" about crypto assets and real estate investments.

The key players in this crypto drama? CEO Alex Konanykhin, board member Silvina Moschini, and former investment chief Alex Dominguez are now in the SEC's crosshairs. According to Mark Cave from the SEC's Division of Enforcement, these executives were spinning tales of grandeur about their crypto tokens being backed by a magical international real estate portfolio.

The legal hammer is coming down hard. The SEC is seeking permanent injunctive relief and wants the executives to pay back their allegedly ill-gotten gains. Even Unicoin's general counsel, Richard Devlin, was slapped with a $37,500 civil penalty for good measure.

When confronted, Konanykhin's response was classic defiance. He reportedly told FOX Business reporter Eleanor Terrett that they would fight the case in court, rejecting the SEC's settlement negotiation.

SEC charges Unicoin with $100 million fraud

Executives accused of massive misrepresentation of crypto assets 

Over 5,000 investors potentially impacted

Germany Accidentally Throws Away $2.3 Billion in Bitcoin Catastrophe

The German government just pulled off what might be the most expensive "oops" moment in recent cryptocurrency history.

What Went Down? According to blockchain intelligence firm Arkham, the German government sold off 49,858 Bitcoin at an average price of $57,900 during June and July 2024. At the time, this looked like a solid move. Fast forward to today, and it's a $2.3 billion missed opportunity that's making bean counters cry into their spreadsheets.

The Bitcoin stash, originally seized from Movie2k (a now-defunct pirated film site), was apparently liquidated with all the subtlety of a bull in a china shop. Miguel Morel, founder of Arkham Intelligence, couldn't help but point out the less-than-strategic approach. "The last thing I would have expected is that they would just go to five different exchanges and start market selling," he told an online magazine.

The selling spree began with a 6,500 BTC transfer worth over $425 million on June 19, 2024. The market was watching, and the uncertainty of further selling temporarily impacted Bitcoin's price. Interestingly, Bitcoin's price recovered above the $60,000 psychological mark just a day after the government-labeled wallet ran dry.

As of publication, Bitcoin is trading at a whopping $104,700 - a more than 80% increase since the German government's fire sale. Talk about leaving money on the table!

German government sold Bitcoin at $57,900

Missed out on $2.3 billion in potential 

profits Bitcoin now trading at over $104,700

Argentina's President Milei Implodes in Spectacular LIBRA Crypto Scandal

Argentina's President Javier Milei just pulled off a move that's raising more red flags than a communist parade. In a jaw-dropping twist, Milei has dissolved the investigative task force looking into the LIBRA cryptocurrency disaster he helped create.

Back in February, Milei threw his presidential weight behind LIBRA on social media, causing the token to skyrocket from virtually worthless to $5 with a nearly $5 billion market cap. But faster than you can say "pump-and-dump," the token crashed spectacularly to zero.

Despite Milei's attempts to downplay the damage, blockchain data tells a different story: More than 15,000 wallets were impacted, 86% of wallets reported losses and Total losses estimated at $251 million

Milei's defense? Classic political spin. In a televised interview, he claimed he "just shared information" and only "4 or 5 Argentinians" were affected. However, the numbers sing a different tune. Nearly 58% of Argentinians now say they don't trust their president.

The president signed a decree on May 19 dissolving the Investigative Task Force (ITU), effectively pulling the plug on the investigation. This comes despite mounting pressure from opposition groups seeking a full probe into the scandal.

Milei's "I didn't promote it, I shared it" defense sounds about as convincing as a used car salesman's warranty. The blockchain doesn't lie, and the data suggests this was more than just an innocent share.

Milei dissolves LIBRA investigation task force

Cryptocurrency promotion led to $251 million in losses

58% of Argentinians have lost trust in the president

Elon Musk Secretly Rehires Mysterious Tech Talent to xAI

The revolving door of Silicon Valley strikes again, with Amanda Scales making a triumphant return to xAI in a move that's got the tech world buzzing.

Who's Amanda Scales? She's not just your average HR professional. This talent acquisition maven has quite the impressive resume, having previously worked at Uber and a San Francisco-based VC firm called Human Capital. But her most interesting claim to fame? Helping lead Elon Musk's Department of Government Efficiency while at the U.S. Office of Personnel Management.

According to her LinkedIn profile, Scales has been back at xAI since April, once again diving into the talent side of the company. Her return comes at an intriguing moment in the Musk universe, where things are about as stable as a crypto market during a full moon.

Scales' return to xAI seems to be happening just as Musk is trying to refocus his energies and streamline his business efforts. Last month, he told Wall Street analysts he plans to spend less time on politics and more on his companies.

Amanda Scales returns to xAI

Previously worked on Musk's government initiatives 

Rejoins during a turbulent time for Musk's companies

And that's a wrap, my lovely PoI readers! 💡 I hope this edition left you feeling like an insider, a bit wiser, and definitely more entertained. Remember, in the world of crypto and tech, truth is often stranger than fiction! 🤯 Keep your eyes open, your wallet secure, and your sense of humor intact. Until next time, this is Mochi, signing off with a virtual wink and a digital high-five! P.S. Your thoughts are our fuel - share your hot takes, wild theories, and crypto insights with us. Every voice matters in the PoI community!

P.S. Don't forget to share your thoughts, questions, and favorite crypto puns with us. very voice matters in the PoI community! 📣❤️ Share the newsletter

🍨📰 Catch you in the next issue! 📰🍨