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Michael Saylor Steps Down as MicroStrategy Takes $917 Million Hit on Its Bitcoin Position

Daily Market Wrap

  • Crypto market cap: 1.08 trillion, up 2.01%

  • BTC price stands at USD 23,178, up 1.72%

  • ETH price stands at USD 1,655, up 3.03%

  • Top gainer: Optimism (OP), up 31.80%

  • Top loser: Cronos (CRO), down 5.71%

News of the Day

Why it matters:

  • Bitcoin advocate Michael Saylor is stepping down as the CEO of MicroStrategy and will instead take on the role of executive chairman

  • At the end of Q2, the carrying value of MicroStrategy’s digital assets, which comprised approximately 129,699 bitcoins, was $1.988 billion, reflecting an impairment charge of $917.8 million on its bitcoin (BTC) holdings

  • “As Executive Chairman I will be able to focus more on our bitcoin acquisition strategy and related bitcoin advocacy initiatives,” said Mr. Saylor in the release

Crypto Daily Spotlight

Brief introduction: Solana is a web-scale blockchain that provides fast, secure, scalable, decentralised apps and marketplaces. The system currently supports 50,000 transactions per second and 400ms Block Times. The overarching goal of the Solana software is to demonstrate that there is a possible set of software algorithms using the combination to create a blockchain.

Why it matters:

  • With users reporting that their funds have disappeared, an ongoing and widespread hack on Solana-based wallets has seen as much as $8 million in funds drained so far

  • Blockchain security company PeckShield tweeted that the hack is likely due to a “supply chain issue” which has been exploited to steal user private keys behind affected wallets.

  • Solana-based wallet providers including Phantom and Slope, and non-fungible token (NFT) marketplace Magic Eden have commented on the issue

  • “We are working closely with other teams to get to the bottom of a reported vulnerability in the Solana ecosystem. At this time, the team does not believe this is a Phantom-specific issue,” Phantom tweeted

  • Slope also says that it is currently working with Solana Labs and other Solana-based protocols to pinpoint the issue and rectify it, though there are “no major breakthroughs yet”

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