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  • Tether's $775M Rumble Splash, El Salvador's IMF Dash, Google's UK Crypto Clash, and Terra's $123M Cash Crash!

Tether's $775M Rumble Splash, El Salvador's IMF Dash, Google's UK Crypto Clash, and Terra's $123M Cash Crash!

FOMO Alert: Watch El Salvador flip off the IMF, Google crush UK crypto ads, and Terra's $123M nightmare! Mochi's got the spiciest tech tea that'll make your portfolio sweat!

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Hey there, PoI readers! 🌟

It's your favorite dessert-inspired crypto connoisseur, Mochi, back with another serving of the juiciest web3 news! From Tether's massive Rumble investment to El Salvador's cheeky IMF defiance, we've got some spicy stories on the menu today. Google's getting strict with UK crypto ads, and there's a hefty SEC settlement that'll make your digital wallet clutch its pearls! So grab your favorite beverage and let's dive into this wild world of digital drama! 🌐

INTEL BRIEF

🟧 Tether makes a massive $775M strategic investment in video-sharing platform Rumble, following Rumble's recent announcement to add Bitcoin to its balance sheet.

🟧 El Salvador flexes its crypto muscles by purchasing 11 BTC worth $1M, just a day after agreeing to an IMF deal that supposedly aimed to limit their Bitcoin activities.

🟧 Google announces new policy requiring UK crypto advertisers to register with the Financial Conduct Authority (FCA) before running ads, effective January 2025.

🟧 Jump Crypto's subsidiary Tai Mo Shan agrees to pay a $123M settlement to SEC over misleading investors about TerraUSD's stability before its catastrophic collapse.

Rumble Scores A 775M Dollar Jackpot From Tether While Plotting YouTube Takedown

In what could be dubbed the "power move of the month," stablecoin giant Tether has just poured a whopping $775 million into Rumble, the video-sharing platform that's been positioning itself as YouTube's spunky rival.

The timing couldn't be more interesting, coming hot on the heels of Rumble's decision to add Bitcoin to its balance sheet (up to $20 million worth – not too shabby!).

Tether's CEO Paolo Ardonio, who's apparently as passionate about free speech as I am about perfectly crafted mochi, emphasized their commitment to "freedom of speech and financial freedom."

Meanwhile, Rumble's CEO Chris Pavlovski isn't just sitting quietly counting the investment money. In what might be the tech world's most direct challenge, Pavlovski boldly proclaimed to YouTube: "lookout. I'm coming for your monopolistic market share globally."

The market seems to love this bold move too! Rumble's share price shot up by 51.60% in after-hours trading, hitting $10.90. That's the kind of growth that makes crypto traders' hearts flutter!

The cherry on top? This whole partnership isn't just about the money – it's reportedly going to involve collaboration on advertising, cloud services, and crypto payment solutions.

Tether makes a massive $775M strategic investment in Rumble, aiming to support free speech and financial freedom
Rumble plans to add up to $20M in Bitcoin to its balance sheet, showing increased crypto adoption
The platform's stock surged over 51% after the announcement, while planning collaborative ventures in advertising, cloud, and crypto payments

El Salvador Trolls IMF With 11 Bitcoin Purchase One Day After 1.4B Deal

Central American country, El Salvador just dropped a cool million dollars on 11 Bitcoin, literally ONE DAY after inking a $1.4 billion deal with the IMF. It's like telling your parents you'll eat less candy while hiding a chocolate bar behind your back – except we're talking about national finance here!

The purchase brings El Salvador's total Bitcoin stash to a whopping 5,980.77 BTC (worth about $580 million). That's more Bitcoin than most of us have Instagram followers! And get this – the National Bitcoin Office's Director, Stacy Herbert, is out here casually mentioning they might even accelerate their purchasing pace.

Now, here's where it gets extra spicy : The IMF deal supposedly called for "confining" government-led Bitcoin activity and making some changes like unwinding the Chivo wallet and making private sector Bitcoin acceptance voluntary. But El Salvador's response? "Hold my pupusas!"

Let's not forget that El Salvador made history as the first country to make Bitcoin legal tender back in September 2021. And according to Herbert, that status isn't changing anytime soon, even if the government-issued Chivo wallet gets sold off faster than hot tamales.

The IMF's Executive Board still needs to approve this deal, ending four years of negotiations that were about as smooth as a porcupine's back. But meanwhile, El Salvador's out here playing 4D chess with their crypto strategy.

El Salvador boldly purchases 11 BTC worth $1M just one day after agreeing to IMF's $1.4B deal
Country now holds 5,980.77 BTC and plans to potentially accelerate purchases despite IMF's limitations
While agreeing to unwind Chivo wallet and make some concessions, El Salvador confirms Bitcoin will remain legal tender

UK Crypto Ads Face Google Lockdown As FCA Registration Becomes Mandatory

Google is rolling out new rules for crypto advertising in the UK that are stricter than my grandma's cookie recipe! Starting January 15, 2025, if you want to advertise your crypto exchange or software wallet to our British friends, you better have that shiny FCA registration in your pocket!

But wait, there's more! In what I'm calling the "hardware wallet exception," Google's being a bit more lenient with hardware wallet advertisers. You can still promote your fancy digital asset storage devices as long as you're not trying to sneak in any trading features. It's like being allowed to advertise a safe but not the jewelry store – make sense, right?

Google will update crypto ad requirements in the UK. Google Ads

Here's where it gets interesting: Google's basically saying "different strokes for different folks" when it comes to global advertising. They're expecting advertisers to play nice with local regulations wherever their ads appear. It's like having to learn different dance moves for different clubs – you've got to know the local style!

The timing is pretty spot-on, considering the FCA's recent crack down on unauthorized crypto promotions. They just called out a Solana-based memecoin project called "Retardio" (yes, that's the real name).

Google implements new policy requiring FCA registration for UK crypto exchange and wallet advertisers by January 2025
Hardware wallet ads get a special exemption but can't promote trading features
The move aligns with global regulatory trends as authorities crack down on unauthorized crypto promotions

Terra Collapse Haunts Jump Crypto With 123M Dollar SEC Settlement Bill

Tai Mo Shan (Jump Crypto's subsidiary) just agreed to fork over a whopping $123 million to the SEC. Why? Well, apparently, they weren't exactly forthcoming about just how "stable" TerraUSD (UST) really was before it did its spectacular impression of a falling star!

Let's rewind to 2021, when Tai Mo Shan reportedly made a sweet deal with Terraform to buy LUNA at a major discount (like finding designer crypto in the bargain bin). They then dropped about $20 million into UST to keep that precious 1:1 peg with the dollar. Spoiler alert: It didn't end well!

Approval of the settlement offer between Tai Mo Shan and the SEC. Source: SEC

Fast forward to May 2022, and things got messier than a toddler's first spaghetti dinner. It all started when some whale (probably not the marine kind) decided to dump $285 million in UST. What followed was the crypto equivalent of watching dominoes fall in slow motion – UST's price wobbled, dropped to $0.98, then crashed to $0.67, triggering a cascade of panic that would make Black Friday shoppers look calm.

SEC Chairman Gary Gensler, dropping truth bombs like they're hot, pointed out how this mess "cost countless investors their savings." Ouch! This whole debacle was so epic it even influenced the Lummis-Gillibrand Stablecoin Act of 2024, which basically said "no more algorithmic stablecoins, thank you very much.

The cherry on top? This settlement is just one piece of the puzzle – remember, Terraform Labs and our old friend Do Kwon already had to cough up a cool $4.4 billion in their own settlement.

Tai Mo Shan agrees to pay a $123M settlement to SEC over misleading TerraUSD stability claims
The May 2022 collapse began with a $285M UST dump, leading to a catastrophic de-pegging
This fiasco directly influenced new stablecoin regulations banning algorithmic stablecoins

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And that's all the tea for today, my wonderful PoI fam! 🍵 From $775M investments to $123M settlements, we've covered quite the financial rollercoaster! Whether you're fascinated by El Salvador's bold moves, intrigued by Google's new rules, or just here for the drama – I hope this newsletter added some sparkle to your day!

Remember to stay curious, stay smart, and most importantly, stay informed! This is your favorite mochi-loving crypto writer, signing off until next time! 🍡

P.S. Share this newsletter faster than El Salvador buys Bitcoin! Your friends might thank you later! 📣❤️ And don't forget to drop your thoughts in our community – we love hearing your takes on these wild crypto times! 🎯

🍨📰 Catch you in the next issue! 📰🍨

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Intel Drop #154

Disclaimer: The insights we share here at Proof of Intel (PoI) are all about stoking your tech curiosity, not steering your wallet. So, please don't take anything we say as financial advice. For all money matters, consult with a certified professional. -