- The Phenom Crypto Letter
- Posts
- WEEKLY UPDATE: Tether gets sued and Bitcoin hits $100k again.
WEEKLY UPDATE: Tether gets sued and Bitcoin hits $100k again.
will stauner
January 17, 2025
THE PHENOM CRYPTO LETTER
GM,
Welcome to this week’s Phenom Weekly Update, where the crypto world has decided to keep us all on our toes (and portfolios). 🚀 Bitcoin is back at $100k, proving once again it’s the king of comebacks. Meanwhile, Tether is getting dragged into court by Swan in what’s shaping up to be the stablecoin drama of the year. And let’s not forget XRP—it’s hit a 5-year high, because apparently, lawsuits are just free marketing now. Let’s break it all down and see what’s next in this wild ride!
Jump to :
Tether vs. Swan: The Spiciest Drama You Didn’t Ask For
Alright, friends, buckle up—this week in What’s Going Wrong in Crypto Land, we’ve got Tether (yes, the stablecoin overlords) suing Swan Bitcoin over, wait for it… bitcoin mining investments. Because apparently, stablecoins weren’t exciting enough.
Here’s the tea:
Tether, through one of its companies, Tether Energy, decided to dip its toes into bitcoin mining. (Because holding a perpetual cloud of “Are you really backed 1:1?” wasn’t risky enough.) They partnered with Swan Bitcoin on what was supposed to be a glorious mining venture in Paraguay. Spoiler: it’s not going well.
The Allegations:
Tether claims Swan didn’t deliver on its promises. According to Tether, Swan was supposed to provide a top-tier mining operation—instead, Tether got what sounds like the bitcoin-mining equivalent of a kid’s lemonade stand. Power issues, broken agreements, and a bunch of finger-pointing later, Tether decided to take it to court.
Oh, and Tether isn’t just asking for damages—they’re seeking a good old trial by jury. Nothing says “we mean business” like wanting to reenact Law & Order: Crypto Edition.
Swan’s Response:
Swan hasn’t publicly clapped back yet, which is either a brilliant legal strategy or a sign they’re frantically Googling “how to deal with lawsuits from stablecoin giants.” Either way, we’re eagerly waiting for the rebuttal.
Why Should You Care?
Because this isn’t just about two companies squabbling over mining rigs. It’s a front-row seat to how the crypto world handles disputes in an industry still figuring out what “due diligence” even means. Plus, if Tether loses, we might get a chance to see if their reserves are actually in coffee cans under someone’s bed.
So, what’s next? Well, aside from lawyers getting a hefty payday, we’ll have to see if this shakes up Tether’s ambitions in bitcoin mining—or if Swan manages to mine a little credibility out of this mess.
Stay tuned. This one’s going to be fun to watch. 🕵️♂️
In Partnership with VaultCraft
VaultCraft launches V2, TVL skyrockets above $100M
VaultCraft launches V2, partners with Safe, and secures $100M+ in Bitcoin
Matrixport, Asia’s leading crypto providers, commits $100M+ in Bitcoin
OKX Web3 to launch Safe Smart Vaults with $250K+ in rewards
READING CORNER
A collection of longer form content we are consuming this week
DEFAI is the new hot term. Check out this article
x.com/i/article/1878…
— 0xJeff (@Defi0xJeff)
12:15 PM • Jan 13, 2025
NEWS
Quick Hitters from the week
Berachain Draws $1.7 Billion Pre-Launch: Investors are pouring into Berachain’s early liquidity opportunities, lured by promising rewards ahead of its debut.
Hindenburg Research Closes Shop: The short seller that targeted Tether and Block shutters operations, marking the end of its controversial campaigns.
Senator Lummis Accuses FDIC of Destroying Operation Chokepoint 2.0 Docs: Calls for an immediate halt to document destruction and retaliatory actions in a fiery statement.
Bitcoin Breaks $100K on Lower Inflation and Trump Optimism: The crypto king surges past $100,000, buoyed by easing inflation and expectations for a Trump administration.
XRP Hits 5-Year Bullish Highs: Record perpetual futures open interest and trading volumes propel XRP’s strongest momentum since January 2018.
Bitcoin Reserves Gain Global Traction: Politicians across five continents advocate for Bitcoin reserves, citing potential economic benefits.
THE TWITTERVERSE
A collection of the most interesting stuff on Crypto Twitter this week
Bittensor $TAO may have lagged behind the AI Agent surge, but it's poised for a comeback. With $dTAO expected to launch somewhere this quarter, it's set to be the game-changing catalyst for the true leading full-stack AI bluechip of crypto: Bittensor @opentensor 👇
— Cryptor ⚡️ (@cryptor1234)
8:13 PM • Jan 11, 2025
Just a sneak peek! 👀
I’m still refining the layout and will be adding more details to the chart.
This will serve as an all-in-one guide for both the short-term and long-term outlooks of the Quantile Bitcoin Model.
Which quantile do you think we’ll reach—and when?
If you like… x.com/i/web/status/1…
— PlanC (@TheRealPlanC)
8:29 AM • Jan 12, 2025
MEMES
For the (crypto) Culture
You made it to the bottom. That’s awesome. If you enjoyed reading the letter please do us a favor and give us some feedback or share it with your friends. It helps us keep bringing you great content every week!
How'd we do this week?Don't be shy! Click an option below or respond to this email if you have any suggestions. |
📣 Share with your friends and get free stuff! 📣
If you like Phenom Crypto maybe someone you know would as well.
As a way to say thank you in case you refer someone, we’ve built a referral program. Check out our current reward milestones below!
Thanks for reading!
If you aren’t subscribe and like what you read, do us a huge favor and hit the button below!
Tired of our content? Unsubscribe w/ one click below
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
Reply