Is Elon abandoning Dogecoin? Twitter Gets Ready To Release The "Coin" Feature

News • 2023/01/11 • par Remitano

In the midst of a US$900 million Twitter spat with Winklevoss, DCG writes to shareholders to provide financial details

The founder and CEO of the Digital Currency Group (DCG), Barry Silbert, addressed a letter to his shareholders on Tuesday to clarify the financial arrangement with Genesis Global Capital, a division of DCG that specializes in cryptocurrency financing. In Silbert's letter, DCG claimed it is current on all interest payments and existing loans, and that it owes its cryptocurrency lender Genesis Global Capital US$447.5 million and 4,550 BTC (US$78 million) that are due in May. In November, withdrawals from Genesis Global Capital were stopped due to the failure of FTX. Winklevoss Gemini then halted withdrawals from its interest-bearing Earn Program since Genesis Global Capital was the service's trading partner. Winklevoss asserted that Genesis owes his Gemini Earn clients US$900 million and charged Silbert and DCG with fraud in his most recent tweets on Tuesday. He also requested Silbert's dismissal as CEO from the DCG Board.

Is Elon abandoning Dogecoin? Twitter Gets Ready To Release The "Coin" Feature

Wong released screenshots of the feature, which enables users to use Twitter Coin to reward other users for sending particular tweets, yesterday on Twitter. Users can either purchase Twitter Coins with fiat money, with the rumored minimum purchase being $50, or they can accept the coins as gifts from other users. In recent weeks, Dogecoin has seen a number of setbacks. The CEO of Twitter has been rather quiet lately about professing his love for DOGE. Musk hasn't tweeted about Dogecoin in the recent weeks. In contrast, Twitter introduced a new tool for price charts for Bitcoin (BTC) and Ethereum (ETH) in December, however DOGE was not included. Musk claimed a month ago that the introduction of fiat and cryptocurrency payments would be a foregone conclusion due to their simplicity. He had before claimed to be "working hard on the Doge front."

According to the Proof-of-Reserves Report, Binance wallets contain 90% of the user assets of WazirX

WazirX's proof of reserves was published by CoinGabbar, a third-party portal that tracks cryptocurrency assets. WazirX had $285 million in total user assets as of the time of writing, which were represented by the stablecoin USDT, which is linked to the dollar. Around 92%, or $259.07 million, of the total user assets were stored in Binance wallets, with the remaining $26.45 million being held on other exchanges. The information is noteworthy because in August, Nischal Shetty, a co-founder of WazirX, and Changpeng Zhao, CEO of Binance, engaged in a public Twitter argument over who controls WazirX. Users of Binance can rest assured that the exchange has funds covering all users' assets 1:1 because it does not have any control over the operations or assets of its users. As a result, it is impossible to check the percentage of any users' assets on wallets on Binance. Shiba Inu (SHIB) had the biggest percentage of user funds on WazirX at the time of writing—more than 19%—while ether (ETH) and bitcoin (BTC) held the next-highest percentages—9.37% and 8.28%, respectively.