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  • 🌙 Moonpay CEO Betrays Investors in Shocking Rug Pull! Debt Ceiling Deal Shatters Digital Asset Mining Energy Excise Tax Threat, and more!

🌙 Moonpay CEO Betrays Investors in Shocking Rug Pull! Debt Ceiling Deal Shatters Digital Asset Mining Energy Excise Tax Threat, and more!

June 01, 2023

The Faucet Newsletter

06/01/23

Bringing you the latest in Bitcoin updates, stories, and culture

Hey there,

Here are the highlights for this edition of The Faucet:

  • Moonpay CEO Faces Controversy as Executives Pocket Series A Funding: Moonpay, a multi-wallet management solution launched within the past few months, has found itself embroiled in controversy. CEO Ivan Soto-Wright reportedly pocketed $150 million from their $555 million Series A funding round completed in November 2021. Just weeks after the funding round, Soto-Wright purchased a $38 million mansion in Miami, raising concerns about personal enrichment from funds intended to enhance the company's operations. To read more about Soto-Wright’s cash grab, click here.

  • US Debt Ceiling Deal Removes Bitcoin Mining Tax: During discussions between President Joe Biden and House Speaker Kevin McCarthy regarding lifting the debt ceiling, a proposed bill aimed at cutting government spending and suspending the U.S. debt limit until January 1, 2025, includes the removal of the Digital Asset Mining Energy (DAME) excise tax. This development is a significant victory for the Bitcoin mining industry, as the tax had been criticized as unfairly targeting the sector, even affecting operations utilizing green energy sources. Read more about the deal to raise the debt ceiling here.

  • Majority of Bitcoin Inscriptions Attributed to Inscription Service: According to a recent report published by 'Block21M' on Substack, a single entity accounted for 64% of all Bitcoin inscriptions made between March 7, 2023, and May 25, 2023. Speculation arose on platforms like stacker.news, with some questioning whether these inscriptions were a malicious form of network spamming by a wealthy individual. However, clarification came from @mononautical on Twitter, who revealed that the significant number of inscriptions was most likely the result of a service. It was explained that the entity responsible for the inscriptions is an inscription service called Unisat. The full report available on Substack can be found here.

That's it for this edition of The Faucet. Stay tuned for more exciting updates in the world of Bitcoin!