Nexo wants its former director to transfer BTC and ETH to the company, as he led it to lose USD 7.9 million. After Elon Musk joked about buying the Manchester United club, Michael Saylor suggested he buy more Bitcoin instead.
Nexo recently sued its former director Georgi Shulev for allegedly violating the agreement, according to a Law 360 report.
They want Shulev to transfer Bitcoin (BTC) and Ether (ETH) to the company, a deal for which he will get USD 1 million. The cryptocurrency lending platform said he had blocked his BitMEX trading account during a hard time, which caused a USD 7.9 million loss.
HDR Global, the parent company of BitMEX, requested the UK Supreme Court to identify the account owner. That happened after Shulev left his position as Director of Nexo in 2019. Shulev and Nexo must notify HDR when the cryptocurrency lending platform has regained control of the account.
Shulev said he could not notify HDR he had solved the dispute with Nexo as the latter had not paid the first of 5 installments.
Amid the liquidity looming over cryptocurrency lenders, Nexo promised to rescue Celsius Network and Vauld. However, Celsius refused to help, while Vauld is still under scrutiny and must wait until September to be sure Nexo will save it.
Michael Saylor Recommends Elon Musk Buy More Bitcoin
Michael Saylor, the CEO of MicroStrategy, suggested Elon Musk buy more Bitcoin after the latter joked about buying the Manchester United club.
The CEO of the electric car company Tesla said he would buy Manchester United, which is 20th in the Premier League table. Following the joke, many people speculated that it would improve its condition, but the billionaire denied the purchase.
In late July, Tesla announced the results of its second quarterly report, indicating it had sold 75% of its reserves in Bitcoin. The company obtained USD 936 million and added it to its balance sheet, which had 42,000 BTC before the sale. Billionaire entrepreneur Elon Musk had bought those coins for around USD 30,000 each.
According to the report, end-of-quarter cash, cash equivalents, and short-term marketable securities increased by USD 902 million to USD 18.9 billion. Free cash flow of USD 621 million drove it, offset by debt payments of USD 402 million.
At the end of the second quarter, Tesla converted about 75% of its Bitcoin holdings into fiat money. With those conversions, they added USD 936 million in cash to their balance sheet.
Meanwhile, Michael Saylor stated that Bitcoin would bring hope for Argentina more than any investment amid the rise in inflation rates. The billionaire has already suggested that the South American nation adopt BTC for the second time.
Saylor said the reference interest rate had reached 69.5% in Argentina over the last week. It has increased by 1,750 bps in two weeks, while the official inflation rate has risen to 71%. Since he believes it might exceed 90% in late 2022, he recommends buying Bitcoin as more than an investment.
The CEO of MicroStrategy questioned Vitalik Buterin, the co-founder of Ethereum, who announced the new ETH upgrade was 40% complete. Saylor asked whether the project was economically, technically, or ethically sound.
By Alexander Salazar
