First Mover Americas: Cathie Wood’s Ark Buys More COIN; Do Kwon is in Serbia

The latest price moves in crypto markets in context for Dec. 12, 2022.

AccessTimeIconDec 12, 2022 at 2:08 p.m. UTC
Updated Mar 3, 2023 at 7:03 p.m. UTC
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This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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Cathie Wood's Ark Investment Management bought 78,982 shares in cryptocurrency exchange Coinbase (COIN), its first investment in the crypto exchange in a month. At Friday's closing price of $40.24 the purchase would have cost about $3 million. The stock has been in a funk in recent months, and is down almost 60% from $98 in early August. The purchase takes the ARK Innovation ETF's (ARKK) holding to 5.7 million COIN shares.

Crypto media site The Block (a competitor to CoinDesk) was secretly funded over the last two years by Sam Bankman-Fried’s Alameda Research. The Block’s CEO, Michael McCaffrey, immediately resigned after the loans came to light, and will also step down from The Block's board. McCaffrey received three loans for a total of $43 million. The first loan was for $12 million in 2021, the second was for $15 million in January and the third was for $16 million.

Do Kwon, who is wanted internationally in connection with the collapse of the Terra ecosystem, has moved to Serbia through Dubai, CoinDesk Korea reported on Monday. Kwon was the co-founder and CEO of Terraform Labs, which was behind the stablecoin terraUSD (UST) that was deppeged from the U.S. dollar in May. The Terra domino was the first to fall in a crypto winter that most recently saw the collapse of crypto exchange FTX.

Chart of the Day

(CoinGecko)
(CoinGecko)
  • The chart shows the neutrino dollar, or USDN, an algorithmic stablecoin of the Waves ecosystem, has crashed to about 78 U.S. cents, the lowest point on record.
  • Last week, South Korea's Digital Asset Exchange Association, comprising five major crypto exchanges – Upbit, Bithumb, Coinone, Korbit and Gopax – labeled WAVES, an asset backing USDN, as an "Investment Warning" asset.
  • The group said WAVES could become volatile due to USDN de-peg.
  • The stablecoin has lost its peg at least five times this year.

– Omkar Godbole

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The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.


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