Bitcoin treasury firm DataVault AI finds out it can’t withdraw the Bitcoin from its $150M Scilex deal, and its stock halves
DataVault sold a big chunk of its stock here. It’s to be paid $150 million in Bitcoin. But they put it on the balance sheet there like the deal was done. But the Bitcoin never landed in a wallet that DataVault controls. It only showed up as a number on DataVault’s account at Biconomy, an offshore exchange. In June, it tried to pull the coins out and realized they hadn’t ever gotten the coins. Only money is still owed. It became a receivable. Its old financial reports had to be redone and the stock got cut in half. A Bitcoin treasury company here found out its Bitcoin was only an exchange balance. It couldn’t withdraw. Welcome to being one of us where we have custody problems and scams left and right.
#Bitcoin #DataVault
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