Overstock.com’s CEO denied reports the company suffered any significant losses because of a glitch in cryptocurrency systems, and said that, despite the media coverage, he still believes Bitcoin holds a lot of potential for the company.
“Right now we’re doing a tZero ICO raising $300 million...People are telling me that’s a business they think has a 3 billion or 4 billion value,” Patrick Byrne told Cheddar Friday.
“I literally have people on Wall St. saying, if I pull off the tZero ICO, and then over two years we do what we think we can do, they say that’s a $40 billion enterprise. People have no idea, yet how much of the financial system we intend to augment.”
Reports emerged earlier this week that a bug created a big opportunity for arbitrage, allowing customers to purchase items with Bitcoin Cash, which trades at roughly $2,500, and return them in exchange for Bitcoin, priced at more than $13,000.
Byrne said the issue was caused by the overwhelming trade volume at payment partner Coinbase. He claims the mix-up, which lasted milliseconds, did not result in any material losses.
For full interview [click here](https://cheddar.com/videos/overstock-ceo-responds-to-bitcoin-mix-up).
The labor market continues to defy the Federal Reserve’s attempts at loosening it, with U.S. applications for unemployment benefits down again last week and remaining at historically low levels.
General Motors (GM) announced that it will stop production on the current sixth generation of the iconic Chevrolet Camaro. Production at the Lansing Grand River Assembly Plant in Michigan is expected to end in January 2024.
Web browser Mozilla is investing $30 million into launching a startup, called Mozilla.ai, focused on building a "trustworthy, independent, and open-source AI ecosystem."
The Federal Aviation Administration (FAA) is launching a new plan to avoid flight delays in New York City and Washington, D.C. this summer. The plan will lower requirements for airlines to obtain take off and landing rights to help avoid congestion.
Lawmakers grilled TikTok CEO Shou Zi Chew on Thursday in a high-stakes hearing on the future of the popular, Chinese-owned video sharing platform in the U.S.
Actress Lindsay Lohan appears at the Christian Siriano Fall/Winter 2023 fashion show in New York, Feb. 9, 2023. The Securities and Exchange Commission said Wednesday, March 22, that Lohan, rapper Akon and several other celebrities have agreed to pay tens of thousands of dollars to settle claims that they promoted crypto investments to their millions of social media followers without disclosing they were being paid to do so.
Cheddar News breaks down what to look for on The Day Ahead, as TikTok CEO is scheduled to testify before Congress on Thursday while earnings from General Mills and Darden Restaurants are on tap. Residential sales data for February is also scheduled to be released.
Virgin Orbit is reportedly in talks for a $200 million rescue plan and the company said in a regulatory filing that it plans to resume operations on Thursday.
