Weekly Yields

Refunding $10M By An Accident: Weekly Newsletter #016

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Even the best make mistakes…

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Weekly Yields
Danail Velchovski
September 5, 2022
Sep 5


After ending a rather shaky month for crypto, we look forward to September being even more volatile. The Ethereum’s Merge is in just 10 days, and the market is bound to react within that timeline as well.

In today’s letter, I am going to take you through the most important news from last week, and the AI performance of our trading strategies. If you’ve missed my email about the August 2022 OB Capital Report, here is a link to the piece.

Market update

At the time of writing, Bitcoin is trading at $19,860 and is down -2.10% from 7 days ago. Ethereum on the other hand is gaining some ground at above $1,600 and is at a +3.17% profit.

This time, the biggest winner in the top 10 cryptos is Cardano with +9.24%, while BNB is at lost the most at -3.08%. The total market cap is above $1T, with an average ROI of +0.73%.

Data from Sep 05, 2022, at 16:30 UTC via Messari.io.

Latest news:

Crypto.com Mistakenly Sent a Customer $10M Instead of a $100 Refund

Crypto.com is reeling from a costly error after accidentally refunding an Australian woman $10.5 million AUD (~$7.2 million USD) rather than $100 AUD (~$68 USD).

The lady had already put the money into a $1.3 million AUD (~$890,526 USD) luxurious, five-bedroom home for her sister.

The exchange is now suing her for the funds’ return. As noted by The Guardian, Crypto.com successfully put a freeze on Manivel’s account in February.

Bankrupt Crypto Lender Celsius Seeks to Reopen Withdrawals for Specific Customers

According to court documents, Celsius intends to release approximately $50M in funds to selected customers. The debtors’ motion seeks to reopen withdrawals for certain customers with regard to assets held in the custody program, granting withholding relief.

Celsius declared bankruptcy on July 13, a month after halting all withdrawals from accounts.

MicroStrategy’s Michael Saylor Faces a Tax Fraud Lawsuit

High-profile Michael Saylor, a proponent of Bitcoin, is being sued for tax evasion.

The District of Columbia’s attorney general filed a lawsuit against Saylor, alleging that he illegally avoided $25M in taxes by posing as a resident of other states, specifically Florida, which has no personal income tax.

Saylor’s company, MicroStrategy, was also named as a defendant in the lawsuit for allegedly conspiring to assist Saylor.

Other news

Our research

Our August 2022 Report is out! Read the PDF here for an in-depth overview of crypto and OB Capital in August.

Making +189.07% ROI in 20 months. The brilliance of AI and how OB Capital performed against 14 other funds.

Other articles

How AI Took Over The Financial World
One Button Capital Investment Thesis
World’s Richest Gamblers (Investors)
DeFi Vs. Regulations. The Good And The Bad.

One Button performance

Aggregated return of OB Capital vs. BTC and ETH

Ethereum is already starting to soar again, and OBC is there to catch the upswing of the markets. In the last week, One Button returned +2.30%, while Bitcoin and Ethereum performed at +0.99% and +9.42%, respectively.

Aggregated return for 7 and 30 days, measured on Sep 04 23:59 UTC. Source: OB Capital Stats

Top trading strategy

At last week’s close, we had three AI trading strategies that stood on top. Horizon returned +3.09% on average, while Explorer and Clipper were shortly behind with +2.31% and +1.93%.

Top-performing AI strategies between Aug 29 00:00 UTC and Sep 04 23:59 UTC. Source: OB Capital Stats

Top-performing market pairs

The three best market pairs for our AI strategies were LDO: USDT at +13.30% for Horizon, LUNC: BUSD at +12.42% for Performer (this time), and ATOM: NUSD with +11.71% for P2 again.

Best market pairs and used strategy between Aug 29 00:00 UTC and Sep 04 23:59 UTC. Source: OBC Stats

Product updates

August 31, 2022
- Resolved issue with stablecoins not appearing on the portfolio allocation step

August 29, 2022
- Changing the default state for error emails to enabled

August 22, 2022
- Resolved visual issue with the bots not appearing as archived after stop-loss has triggered

Final word

We are closing in on one of the most critical events for crypto. Will the markets respond graciously to the “Merge” or get hit with yet another significant price drop is still debatable.

Our AI’s track record against ETH is one of the best in the OBC portfolio, so we are definitely looking forward to seeing how it will respond this time. Remember that the bots rely solely on price data, so this is a big opportunity for the strategies to shine.

Max Yampolsky,
CEO at One Button Capital

This is not financial advice. This newsletter is strictly educational and does not provide investment advice, solicit the purchase or sale of any assets, or encourage readers to make financial decisions. Please use caution and conduct independent research.

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Danail Velchovski

Danail masterfully combines his deep knowledge of blockchain technology and his strong writing skills to deliver crisp, comprehensive content. With his early immersion in the web3 domain, he navigates the complexities of this revolutionary technology with ease, turning intricate concepts into engaging, digestible pieces. His research acumen and keen insight into the rapidly evolving world of decentralized networks make him an invaluable asset in educating audiences about web3's potential and its ever-evolving landscape.

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