HSBC Hong Kong Allows Bitcoin and Ethereum ETFs 🇭🇰

GM. This is Degen Scoop with your Tuesday edition of the newsletter. Here’s the scoop:

• HSBC Hong Kong Allows Bitcoin and Ethereum ETFs 🇭🇰

• Do Kwon - $26M of Assets Frozen 🥶

• Bitcoin Whales On The Move ₿

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

HSBC Hong Kong Allows Customers to Trade Bitcoin and Ethereum ETFs

In 2017, much of that bull market was a result of Chinese traders allocating towards the crypto market. HSBC Hong Kong is the largest bank in its region, so it’s reminiscent of a time when the market was raging now. We’ll see if it produces a similar result now that these customers can trade these ETFs on their stock market. HSBC Hong Kong is the first bank in this region that will be allowing trading of these ETFs.

Hong Kong recently introduced favorable crypto legislation that sought to attract more crypto firms to do business there as well. With crackdowns across the world, Hong Kong seeks to accept these businesses with open arms. One would expect rival banks in Hong Kong to also offer their customers the ability to trade these crypto ETFs, but that will be dependent on the success of this first experiment in the region.

Do Kwon and Terraform Labs See $26M Assets Frozen by Swiss Authorities

Do Kwon is the infamous man behind Luna and Terraform Labs. Swiss authorities have chosen to freeze his assets during his ongoing litigation. The assets were being held in Sygnum, a Swiss-based bank that focused upon custody of digital assets. The request to freeze these assets came from the SEC and New York federal prosecutors which speaks to the severity of his crimes.

In the fallout of Luna, Do Kwon is facing charges of securities law violations amongst others in the fall of Terra. It’s been a bad few days for Do Kwon, who was finally sent to jail last week despite Luna crashing May 2022. While the law works slowly, it is comforting to see one of the main villains in crypto see real consequences for his actions in the space.

After 13 Years of Silence, Two Wallets Move $3M of Bitcoin

One aspect about Bitcoin that many people forget about is the sheer amount of Bitcoin that has been lost to the world. There isn’t a definite amount that is known to be lost, but we’ll consider it ‘burned’ from the max supply of 21M bitcoins. When a wallet has been inactive for 10 years, it’s expected that the seed or access had been lost, but that isn’t the case today.

These wallets are the very definition of HODL, who saw 13 years of inactivity. This may as well be eternity in crypto time. Back in 2010, wallets weren’t as refined and were usually software wallets that weren’t terribly complex. It’s shocking to see wallets so old become active again. You can see the transaction on-chain if you would like to investigate yourself.

Notable NFT Sales in the Last 24 Hours / Over the Weekend:

Notable Threads You May Have Missed:

Meme of the Day

If you think your memes are better, submit them to the newsletter and get featured for your work!

Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

Thank you for reading, if you enjoyed this please subscribe if you haven’t already! If you’ve already subscribed, please consider sharing this!

DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.