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MicroStrategy accused of secretly dumping over 8000 BTC

Michael Saylor, the CEO of MicroStrategy, may very well be promoting Bitcoin regardless of vowing by no means to promote the corporate’s BTC holdings. A latest report has proven that Saylor is dumping hundreds of Bitcoin with out the data of the crypto neighborhood.

Michael Saylor dumping Bitcoin

A report by Bitcoin critic Mr Whale reveals that Saylor may very well be behind promoting his BTC holdings for a number of months, regardless of urging different buyers to even take mortgages to improve their Bitcoin holdings.

Mr Whale uncovered some outdated tweets posted by Saylor criticizing Bitcoin. In these tweets, Saylor mentioned that Bitcoin failed to maintain any intrinsic worth and that investing in it was related to playing.

Saylor has additionally been accused of pumping the worth of Bitcoin to entice buyers into shopping for the coin and investing in MicroStrategy’s inventory. Mr Whale warned that Saylor and his firm’s shareholders may dump MicroStrategy’s inventory at extraordinarily excessive costs.

He added that Saylor was solely hyping Bitcoin by saying his firm wouldn’t promote the asset for the subsequent century. Mr Whale mentioned that in September final 12 months, when Saylor was urging extra individuals to purchase Bitcoin, he needed to improve liquidity for him to dump his holdings.

He mentioned that MicroStrategy had bought $63 million price of Bitcoin whereas saying it was buying extra of the asset. Mr Whale mentioned that MicroStrategy has to date dumped greater than 8000 Bitcoin.

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Saylor has since responded to the accusations on Twitter, saying, “Not sure who needs to know this, but when MSTR makes any material change to its corporate strategy (to acquire & #hodl bitcoin) or to its #bitcoin holdings, we disclose this to our shareholders via [SEC] filings available to all.”

Crypto critic refers to Saylor’s previous investments

Mr Whale addressed the previous investments of Saylor, referring to when he closely invested within the dot-com bubble within the late 90s. Apparently, Saylor misplaced $13.5 billion after the dot-com bubble burst, leaving him with essentially the most losses amongst particular person buyers.

In 2000, the US Securities and Exchange Commission (SEC) accused Saylor of fraud. He was compelled to pay a penalty of $350,000, and one other $8.3 million was paid to shareholders.

“His investment failures came from years of negligent accounting practices, fraud, and overall terrible leadership. It’s clear his company’s valuation is solely based on his ability to attract hype by engaging in popular “trends”, which we noticed with their eagerness to be on the heart of the dot-com bubble, and now with the Bitcoin bubble,” Mr Whale mentioned.

Your capital is in danger.

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