Techiexpert.com
No Result
View All Result
  • Tech
  • Startup
  • Artificial Intelligence
  • IOT
  • Big Data
  • Cloud
  • Data Analytics
  • Machine Learning
  • Blockchain
  • Tech
  • Startup
  • Artificial Intelligence
  • IOT
  • Big Data
  • Cloud
  • Data Analytics
  • Machine Learning
  • Blockchain
No Result
View All Result
Techiexpert.com
No Result
View All Result

Bhutan secretly invested millions in Bitcoin and other crypto

Srikanth by Srikanth
May 7, 2023
in Tech news
0
Bhutan secretly invested millions in Bitcoin and other crypto 1
12
SHARES
169
VIEWS
Share on FacebookShare on Twitter

There was a time when the cryptocurrency industry was running fast in its nascent stage. The entire globe is aware of the market of cryptocurrency, and people have even started embracing these digital assets. Bhutan has been covertly investing millions of dollars in Bitcoin [BTC] and other cryptocurrencies.

For cryptocurrency investments, Bhutan has been employing now-defunct firms BlockFi and Celsius. From the general public this interests have been hidden. This is all because of the insolvency of the firms.

As per the filing of the court, BlockFi and Celsius were considered as the clients of Bhutan. These two have invested about $2.9 billion in arm, Druk Holding & Investments [DHI].

Druk Holding & Investments have been the in charge of overseeing a portfolio of domestic assets. Druk has also been discreetly building a portfolio of crypto assets.

How many Bitcoins were purchased

Celsius made the announcement regarding the fact that DHI took out over $65 million and deposited the amount of about $18 million in digital assets. Along with this, the transaction logs have made the introduction of Druk Holding & Investments altogether with an account titled with “Druk Project Fund.” This funding amount carried out hundreds of transactions between the month of April and June 2022. This is all inclusive of deposits, withdrawals, and borrowing of Bitcoin, Ethereum, Tether, and many more.

Attorneys for BlockFi claimed that DHI had defaulted on its $30 million loan in the month of March and slapped a case against the organization for the recovery of unclaimed assets.

Along with this, BlockFi has revealed that DHI refused to return the amount of the loan after selling 1,888 Bitcoin which was serving as a security. The valuation was done at $76.5 million. This information is revealed by the CEO of DHI, “matter with BlockFi has been settled.”

Tags: BitcoinCryptoCurrency
Share5Tweet3Share1Pin1

Popular Sections On Techiexpert

Artificial Intelligence Big Data Blockchain Blogging Cloud Computing Data Analytics How to Internet Of Things Machine Learning Marketing Trends Social Media Startup news Tech news

Latest Stories on Techiexpert

Navigating online environment in surveillance-tight countries with VPN

Navigating online environment in surveillance-tight countries with VPN
Share4Tweet3Share1Pin1

Writing an Academic Paper on AI? Here Are 10 Topics to Kickstart Your Research

Writing an Academic Paper on AI? Here Are 10 Topics to Kickstart Your Research
Share4Tweet2Share1Pin1

The Power of Digital Detox: Why Is It Important?

The Power of Digital Detox: Why Is It Important?
Share4Tweet3Share1Pin1
  • Privacy Policy
  • About Us
  • Contact us
  • Cookie Policy
  • Write For Us

© 2016-2022 All Rights Reserved

No Result
View All Result
  • Tech
  • Startup
  • Artificial Intelligence
  • IOT
  • Big Data
  • Cloud
  • Data Analytics
  • Machine Learning
  • Blockchain

© 2016-2022 All Rights Reserved

Cookie Law Notice
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
SAVE & ACCEPT
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.