This week on Crypto Twitter: Another Elon Musk company accepting Dogecoin and the founders of 3AC could be AWOL – Decrypt

Illustration by Mitchell Preffer for Decrypt

The week was really a mixed bag.

Leading cryptocurrencies have regained lost ground after weeks of across-the-board declines, but on the business side, Vauld and Voyager became the latest crypto lenders to battle bankruptcy after Celsius and BlockFi.

Along those same lines, former leading crypto hedge fund Three Arrows Capital (3AC) recently filed for Chapter 15 bankruptcy, and now the company’s lawyers are unable to locate founders Su Zhu and Kyle Davies, according to that filing.

3AC’s attorney and liquidation representatives do not know where co-founders Su Zhu and Kyle Davies are. From Friday’s bankruptcy filing: pic.twitter.com/oy8jHMYHFg

— Lucinda Shen (@ShenLucinda) July 5, 2022

So, the crypto bailouts have begun, with billionaire Sam Bankman-Fried leading the vanguard. Its exchange FTX extended a $250 million line of credit to struggling crypto lender BlockFi last month. The following day, Alameda Research, another SBF company, extended a $500 million line of credit to Voyager Digital. Two weeks later, FTX reached an agreement to fully acquire BlockFi. Well, Alameda already owed Voyager $377 million, so this was a borrower that had to bail out its lenders.

Binance CEO Changpeng “CZ” Zhao criticized the deal in an interview for Decrypt’s gm podcast. CZ also said he wants to do a few rescues himself: “Some of these are actually good deals. So you will see that we will invest, exit and save several projects.”

We’re happy to return the Voyager loan and get our collateral back if we work for Voyager

— Alameda Research (@AlamedaResearch) July 8, 2022

Justin Sun from TRON also made it clear that he is available.

Worst. Fracture. je.

Earlier this week, it was revealed that the personal information of more than a billion people had been acquired from a Shanghai police database and offered for 10 bitcoin (worth $202,000 at the time).

#Shanghai has suffered the largest breach of user privacy to date:

1B+ residents with Chinese citizenship. The data includes:
✅ Names
✅ Address
✅ Birthplace
✅ National ID number
✅ Mobile #
✅ All crime/case details
💰 Everything for 10 BTC

Web3 must (and can) be better.https://t.co/c3xo1NE9GE

— 🤓Kenny 🦇🔊 (ETHcc Paris | Direct message me to meet me!) (@superanonymousk) July 3, 2022

According to Bloomberg, the data included everything from names and national ID numbers to cellphone numbers and food orders. And there were timestamps of when the details were recorded.

CZ offered a technical explanation.

rich boys

Billionaire CEOs and crypto HODLers Michael Saylor and Elon Musk both tossed their favorite coins this week. Saylor tweeted about how much value Bitcoin has gained since his company, MicroStrategy, first announced his plan to buy HODL. (He failed to mention that he still hasn’t paid off his investment.)

On August 11, 2020, @MicroStrategy went to his #Bitcoin Strategy, acquisition of 21,454 bitcoins for a total purchase price of $250 million.

BTC’s performance since then is +83%, $MSTR is +79%, S&P +16%, Nasdaq +6%, Gold -14%, Bonds -16% and Silver -33%.

— Michael Saylor⚡️ (@saylor) July 8, 2022

And CNN Business reported that another of Elon Musk’s companies, The Boring Company, will accept Dogecoin for rides on a new Las Vegas subway system that will allow passengers to travel around the city in Teslas at about 35 miles per hour to drive.

Support Doge wherever possible

— Elon Musk (@elonmusk) July 6, 2022

And finally

A major outage of mobile and internet networks across Canada prompted TrustSwap CEO and bitcoin proponent Jeff Kirdeikis to reconsider his favorite cryptocurrency.

The banking system, including all debit cards, is currently paralyzed in Canada. Nobody can make payments for anything.

Maybe this bitcoin thing has a use after all.

— Jeff Kirdeikis 🔁 (@JeffKirdeikis) July 8, 2022