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Dan Bilzerian Loses $50 Million This Year, Bitcoin Highest in 13 Months

Written by:
Aaron Goldstein
Published on:
Aug/18/2020

The King of Instagram, who just happens to be a professional poker player, Dan Bilzerian, reportedly lost $50 million in recent months on a failed business venture.

Dan Bilzerian Loses $50 Million on Failing Business Venture - Ignite was set up to use Bilzerian’s image to sell anything and everything party related including cannabis and alcohol.

On paper it looked like a dream investment, but what they didn’t consider enough was Bilzerian’s lack of business acumen and clear propensity to use company funds as his personal piggy bank.

The annual report on the Canadian Stock Exchange revealed the massive losses with Forbes deciding to dig a little deeper. 

How the company made money was through issuing and selling shares of its stock and by raising money via debt.

As per its annual filing, Ignite recorded $25 million from “proceeds of issuance of shares,” $19.9 million from “convertible debt,” and $23.7 million from a “short-term promissory note" while the whole time Bilzerian spent other people's money like a drunken sailor, writes Mark Patrickson of PokerTube.

The marketing costs were more than double what was recouped in sales, he adds.

Bitcoin Hits Highest in 13 Months as 2020 Rally Gathers Steam - LONDON (Reuters) - Bitcoin jumped to its highest in over a year on Monday, adding to a 2020 rally that has seen it more than treble in price since March.

The biggest cryptocurrency gained 4.4% to $12,424, its highest since July 2019. Bitcoin has soared over 70% this year, making it one of the strongest performing assets.

Plummeting interest rates and huge bond-buying programmes by central banks across the world have boosted demand for the cryptocurrency, seen by some investors as a hedge against inflation due to its capped supply.

Capital One Files Patent for Cryptocurrency Market AI Prediction System - The United States Patent and Trademark Office (USPTO) published a patent application on Aug. 13 for a cryptocurrency system filed by financial services company Capital One Services. It is a continuation of Capital One’s system patented in June. Capital One Services is affiliated with Capital One Bank, a subsidiary of Capital One Financial Corp. The corporation had $304.2 billion in deposits and $421.3 billion in total assets as of June 30. A Fortune 500 company, Capital One trades on the New York Stock Exchange (NYSE) under the symbol COF.

Capital One explained that cryptocurrencies trade 24/7 so traders need to monitor information from many sources all day. Numerous factors could affect trade decisions, including regulatory and exchange news, stock market news, rumors, and opinions on social media such as on Twitter, Reddit, Youtube, and Telegram. There are also events that could affect the market, such as initial coin offerings (ICOs), forks, airdrops, hacks, rebranding, and company future plans. Capital One asserted that “it would be impossible for human traders to track all of the above-mentioned cryptocurrency-related data and respond to that data in real time.” It would also be impossible to verify the credibility of the information in real time, the company added, noting:

Accordingly, there is a need for a centralized platform that analyzes speculation, news, and other cryptocurrency-related information as well as provides a recommendation and/or implements the provided recommendation.

Ethereum Classic 51% Attack: Okex Crypto Exchange Suffers $5.6 Million Loss, Contemplates Delisting ETC - Cryptocurrency exchange Okex reveals it suffered the $5.6 million loss as a result of the double-spend carried out by the attacker(s) in Ethereum Classic 51% attack. Okex says it fully absorbed the loss as per its user-protection policy while insisting that the attack did not cause any loss to the platform’s users.

Also as part of its immediate responses to the attack, the OKEx team said the “exchange had suspended deposits and withdrawals of ETC to prevent further losses.”

A total of five accounts on the exchange had been used in the attack and now the Okex team says it has “suspended the five accounts to prevent further incidents.”

- Aaron Goldstein, Gambling911.com

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