You Lost $30,000 (Much Less Than Kim K)
This week we cover why Kim Kardashian owes $1.3 million to Gary Gensler and you may have lost $30,000!
Welcome to the WealthUnion Insider newsletter. Crypto news, financial market moves, & company spotlights.
What we're covering this week...
- Why Kim Kardashian owes $1.3 million to Gary Gensler
- How you may have lost $30,000
- Staying safe from SIM Swap Hackers
- Follow-up on last week's market analysis
- A meme about geometry and losing your crypto
WHY KIM KARDASHIAN OWES $1.3 MILLION TO GARY GENSLER AND THE SEC
At the beginning of the week, Gary Gensler at the SEC announced charges against Kim Kardashian. They stem from a June 13, 2021, Instagram post that Kim K made promoting an ICO token offered by EthereumMax. The SEC says she failed to adequately disclose her compensation, which violated Section 17(b)of the Securities Act.
Kim K promoted the EthereumMax offering by saying she had a "BIG ANNOUNCEMENT." The post linked to the crypto's website, providing instructions for potential investors to purchase the tokens. While Kardashian included #AD at the bottom, she didn't disclose the compensation she received for promoting the company.
You may have lost $30k, how you ask? There have been almost $10 trillion worth of losses for the US economic system so far in 2022, equating to about $30,000 per person.
Citing Federal Reserve data and several news reports, along with the steady decline in NYSE stock prices since the beginning of the year, the US has been wiped out of nearly $9 trillion in investor wealth!
The truth is, we may be close to hitting $10 trillion in total stock market losses in 2022. Read more about your losses and what's going on with crypto right now...
🤔 THIS WEEK'S CHAIN CHALLENGE
What is the largest amount of Bitcoins ever created?
(Hint: It's not what you think!)
- 23 Million
- 100 Million
- 184 Billion
You'll find the answer later on in the newsletter!
Criminals are taking over phones by convincing carriers to connect a phone number to a SIM card they can access. These scammers can essentially take over any mobile phone’s number, unfortunately.
And with SIM swap fraud on the rise, scammers are exploiting a weakness in two-factor authentication and verification. So when it comes to safeguarding your crypto, it's time to follow our steps for SIM safety over here.
"Empty pockets never held anyone back. Only empty heads and empty hearts can do that."
- Norman Vincent Peale
📈 THE TRADING CORNER
We gave a detailed technical deep dive in last week's newsletter (please review it here if you haven't already). As expected, the Dow Jones Index closed the month at monthly support and reacted significantly to the upside, giving us insight that buyers are confidently stepping in to defend that level.
This has coincided with our thoughts that crypto is most likely bottomed and ready for a relief rally as it just broke upwards through the trendline since the all-time high. So we expect further buy pressure now through this market signal.
Overall we remain cautiously optimistic here and still believe it's a great time to invest in or add to your positions on your favorite projects as everything is on extreme sale.
How did you like the Insider content this week?
Chain Challenge Answer: 184 Billion - How?
In August 2010, in an event known as the “value overflow incident,” a code vulnerability allowed someone to send a transaction that created 184 billion Bitcoins! The mistake was fixed quickly, and the network returned to its fixed limit of 21 million coins.
🤪 JOKE OF THE WEEK
How do you make $1 million trading Bitcoin?
Start off with $2 million!
😂 MEME OF THE WEEK
That’s a wrap for this week. If you want more, follow us on Twitter (@Wealth_Union)
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