Hey there, PoI readers! 💫 

It's your favorite ice-cream-inspired crypto connoisseur, Mochi, serving up today's hottest digital digest! From Tesla's $780M Bitcoin shuffle to WazirX's dramatic $235M security saga, we've got some juicy stories to share. We'll also explore Avalanche's exciting new Visa card and watch the Fed's Kashkari get a crypto reality check (spoiler: it's delicious! 🍿). So grab your favorite beverage, settle in, and let's dive into this week's web3 wonderland! 🌐

INTEL BRIEF

🟧 Tesla's recent Bitcoin shuffle of $780M raised eyebrows, but blockchain analytics suggests it's just a wallet rotation rather than a sell-off.

🟧 Digital custodian Liminal challenges WazirX's security breach claims, revealing the exchange kept $175M in their custody even after blaming them for a $235M hack.

🟧 Avalanche Foundation launches a new Visa card enabling crypto spending from self-custody wallets, initially targeting Latin America and Caribbean regions.

🟧 Fed's Neel Kashkari faces backlash after claiming crypto is mainly used for illegal activities, despite data showing only 0.34% of crypto transactions in 2023 were illicit.

Tesla Plays Hide and Seek With 780M Bitcoin

In what could be dubbed "The Great Bitcoin Shuffle of '23," Tesla moved its entire Bitcoin stash worth a whopping $780 million across seven different wallets on October 15th. According to our friends at Arkham Intelligence, this wasn't Tesla dumping their crypto bags – it was more like rearranging the furniture in their digital living room.

The transfer split Tesla's 11,509 Bitcoin between seven wallets, with the two biggest receiving quite the allowance: wallet "1Fnhp" got a $142.2 million allocation, while "1LERL" scored $128.1 million.

Initially, this massive movement had crypto Twitter clutching their hardware wallets in fear of a potential market dump. But, The funds have been sitting prettier than a Model S in a showroom since the transfer, without a single satoshi leaving these new addresses.

Speaking of sitting pretty, Bitcoin didn't even flinch at this wallet gymnastics – in fact, it strutted up to $69,220 by October 21st (though it's since taken a modest 2.3% catwalk retreat to $67,600). Some blockchain sleuths speculate this might be Tesla's way of prepping for a loan against their Bitcoin, possibly moving to a custodian service. Currently, these digital assets are being babysat by Coinbase Prime Custody.

If Arkham's detective work holds up, Tesla remains the fourth-largest corporate Bitcoin holder, trailing behind MicroStrategy and mining titans Marathon Digital and Riot Platforms. Not too shabby for a company that's primary business is making cars that can fart on command (yes, that's a real Tesla feature for those who didn’t know)!

Tesla moved $780M worth of Bitcoin across seven wallets on October 15th

Arkham Intelligence believes Tesla still owns all their Bitcoin - no selling

The move might be related to potential loan arrangements using Bitcoin as collateral

Liminal Fights Back Against WazirX Breach Claims

Digital custody provider Liminal has come out swinging against WazirX's accusations regarding their massive $235 million security breach. And oh boy, do they have some tea to spill! ☕

Liminal dropped a truth bomb on October 22nd, claiming that WazirX has been running a "disinformation campaign." But wait for the plot twist - despite pointing fingers at Liminal for the security breach, WazirX apparently kept over $175 million in assets with them for 75 days after the hack!

Even more eyebrow-raising is that approximately $50 million of user assets are still chilling in wallets accessed through Liminal's infrastructure today. Liminal made sure to clarify that they're just the bouncers at the club - they can't move the money around, only WazirX has those VIP privileges.

The plot thickens with WazirX's recent court submission of 240,000 wallet addresses as part of their debt restructuring process in Singapore. While WazirX is painting this as their commitment to transparency, Liminal's suggesting it might be more smoke and mirrors than clear glass.

Adding another layer to this crypto lasagna, CoinSwitch co-founder Ashish Singhal dropped another bombshell, WazirX allegedly moved over $70 million in user crypto to Bybit and KuCoin after the July security incident. Specifically, we're talking about $72.12 million to Bybit and $1.5 million to KuCoin.

Despite blaming Liminal for a $235M hack, WazirX kept $175M in their custody for 75 days after

Currently, $50M in user assets still remain in Liminal-accessed wallets

Post-breach, WazirX allegedly transferred $73.6M to Bybit and KuCoin

Avalanche Launches First Self Custody Crypto Visa

The Avalanche Foundation just dropped their new product - a Visa cryptocurrency card that's sleeker than a penguin on ice! Announced on October 21st, this isn't just another plastic rectangle to stuff in your wallet; it's your ticket to spending crypto as easily as ordering a pizza (and yes, you can probably use it to actually order pizza! 🍕).

Here's what's making this card extra spicy: it supports multiple cryptocurrencies including Circle's USD Coin stablecoin, Wrapped AVAX (wAVAX), and BENQI Liquid Staked AVAX (sAVAX). The card comes in both physical and virtual flavors - because sometimes you want to flex that physical card, and other times you're too busy being a digital nomad.

According to their website, This card is linked to a self-custody wallet with unique addresses per asset. Translation? You're the boss of your own crypto! And your activity won't show up on credit bureau reports. The card is being offered through Rain Liquidity.

For our initial launch, the card is making its debut in Latin America and the Caribbean. Sorry to our friends in Cuba, Venezuela, Nicaragua, Russia, North Korea, Syria, Iran, and certain regions - you'll have to sit this one out for now.

The cherry on top? There's no spending fee! Though you might want to peek at those terms and conditions for the full fee breakdown.

Avalanche launches self-custody Visa card supporting multiple cryptocurrencies

Initially available in Latin America and Caribbean regions

No spending fees, but not FDIC insured and some geographical restrictions apply

Federal Reserve President Gets Schooled After Making False Crypto Crime Claims

Minneapolis Federal Reserve President Neel Kashkari is back at it again, folks! At a Wisconsin Town Hall event, he basically suggested that unless you're buying illegal goods, you're not using crypto. I guess someone forgot to tell him about the millions of legitimate transactions happening daily!

His exact words? "They're not paying for goods and services using crypto... It almost never happens unless people are buying drugs or other illegal activities."

The crypto community responded faster than you can say "HODL." Castle Island Ventures partner Nic Carter didn't pull any punches, declaring "Being this wrong should be illegal" - which, let's be honest, is the kind of sass we're here for! He also pointed out that Kashkari is one of the top 10 most important financial regulators globally, making his misconceptions more concerning than finding a hair in your ramen.

But here's where it gets juicy - Chainalysis dropped the receipts! Their January report showed that only 0.34% of all crypto transactions in 2023 were linked to illegal activities.

This isn't Kashkari's first rodeo in the crypto-criticism arena. He's previously compared Bitcoin to Beanie Babies, called crypto a "giant garbage dumpster," and labeled CBDCs as "handwaving word salad."

Fed's Kashkari claims crypto is mainly used for illegal activities

Chainalysis data shows only 0.34% of crypto transactions in 2023 were illicit

Crypto community leaders slam Kashkari's misinformed statements

And that's a wrap on today's crypto chronicles, my beloved PoI readers! 💫 From billion-dollar Bitcoin moves to groundbreaking payment solutions, we've covered quite the digital landscape today. Remember: whether you're shuffling Bitcoin like Tesla, launching credit cards like Avalanche, or just trying to figure out why some Fed officials still think crypto is just for buying illicit snacks 😅, you're part of this amazing technological revolution!

Until next time, this is Mochi, your favorite dessert-named crypto commentator, signing off with a virtual high-five! 🙌✨

P.S. Don't forget to share this newsletter with your crypto-curious friends and drop your thoughts in our community channels. Every voice adds flavor to the PoI family! 📣❤️ Stay sweet, stay informed, and keep spreading the web3 love! 🍦

s🍨📰 Catch you in the next issue! 📰🍨