Saylor Sued, FBI Warns of DeFi Exploits, and Crypto.com Drops $495M Sponsorship: Hodler’s Digest, Aug. 28 – Sept. 3
Coming every Saturday, Summary of Hodler will help you follow every important news that happened this week. The best (and worst) quotes, adoption and regulation highlights, major coins, predictions and more – a week on Cointelegraph in one link.
Top stories this week
DC Attorney General sues Michael Saylor and MicroStrategy for tax evasion
MicroStrategy co-founder Michael Saylor is facing US tax evasion charges he allegedly incurred while living in Washington, DC. The office of area attorney general Karl Racine sued Saylor and MicroStrategy over allegations that the company helped Saylor evade more than $25 million in DC income tax. The charges, stemming in part from an amendment to DC’s False Claims Act encouraging whistleblowers to report tax evasion, mean Saylor could see $75 million in penalties.
Crypto.com Cancels $495M UEFA Champions League Sponsorship Deal: Report
Crypto.com decided not to enter into a $495 million sponsorship deal in response to possible regulatory issues. The sponsorship deal with the Union of European Football Associations (UEFA) would have seen Crypto.com announced in the UEFA Champions League for five seasons. The crypto exchange was reportedly in sponsorship talks after the Champions League withdrew Gazprom, a Russian state-owned energy company, as a sponsor. Crypto.com already has several high-profile advertising efforts under its belt, such as an ad featuring American actor Matt Damon.
Indonesia plans to set up its crypto exchange by the end of 2022
Indonesia may have a crypto exchange, also known as a crypto exchange, built by its government before the arrival of 2023. Initially unveiled in late 2021, the completion of the crypto exchange has taken longer than expected, but the government aims to get it right instead of rushing a launch. “We will ensure that all necessary requirements, procedures and measures have been taken,” Jerry Sambuaga, Indonesia’s deputy trade minister, told DealStreetAsia.
Tether asks Roche Freedman to be expelled from the class action
Tether and Bitfinex are still locked in a lawsuit that began in 2019 alleging the USDT stablecoin was used to manipulate the cryptocurrency market. Tether and Bitfinex’s legal team is asking that plaintiff’s legal counsel, law firm Roche Freedman, be released from the case due to the firm’s involvement with Kyle Roche – the subject of a recent CryptoLeaks video claiming that he misused inside information to ‘harm’ competitors of Ava Labs in exchange for AVAX tokens. Kyle Roche recently decided to withdraw from several court cases, including one involving defendant Bitfinex and Tether. However, the defendant still wants Roche Freedman to be completely excluded from the lawsuit, in addition to requesting that their private information be destroyed or returned by Roche Freedman.
Central African Republic Court Rules New $60,000 Crypto-Investment Citizenship Program Unconstitutional
In July, the Central African Republic (CAR) launched its Sango hub – a new crypto-focused initiative aimed at expanding Bitcoin adoption and creating a special economic zone in the metaverse. The initiative also included the creation of a Bitcoin-backed digital asset called Sango which also allowed foreign nationals to purchase citizenship in the country for $60,000 in crypto, with an equivalent amount of Sango tokens held as collateral for five year. CAR’s Constitutional Court, however, ruled these efforts unconstitutional, noting that citizenship is priceless.
Winners and losers
At the weekend, Bitcoin (BTC) is at $20,369Ether (ETH) at $1,636 and XRP at $0.33. The total market capitalization is $1.00 trillion, according at CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoin gainers of the week are Celsius (CEL) at 36.41%, eCash (XEC) at 20.70% and Lido DAO (YES) at 18.05%.
The top three altcoin losers of the week are helium (HNT) at -24.47%, Avalanche (AVAX) at -10.41% and Arweave (RA) at -9.92%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
Most Memorable Quotes
“Building new things is not for the faint-hearted.”
Neil Dundonfounder of CryptoRecruit
“Ethereum is about permissionless innovation, free enterprise, property rights, globalization.”
Ryan Berckmansmember of the Ethereum community
“We’ve finally come to terms with the idea at Coinbase that we’re going to have to be agnostic to every chain and token that comes out. We can’t sit here in our ivory tower just focusing on one asset. . »
Brian ArmstrongCoinbase CEO
“I feel that [crypto] cannot be partisan.
Tom Emmermember of the United States House of Representatives
“Most cryptos are still junk, actually. I mean, with the exception of, I would say, a few dozen tokens, everything mentioned is either noise or frankly, it’s just going to go away.
Oumar Farooqhead of Onyx, the digital assets unit of JPMorgan
“Cryptocurrencies have taken on a life of their own outside of the distributed ledger – and that’s the source of the problems in the crypto world.”
Ravi Menonchief executive of the Monetary Authority of Singapore
Prediction of the week
Bitcoin squeeze at $23,000 still open as crypto market cap holds key support
For most of this week, Bitcoin couldn’t decide whether to stay above or below $20,000, trading multiple times north and south of the level, according to the price index. BTC from Cointelegraph.
In a Friday tweet, a pseudonymous Twitter user “crypto cap” noted that a possible short squeeze could occur if BTC breaks above the $20,700-$20,800 price zone. Waiting for a breakout of this level, Bitcoin could then touch between $22,500 and $23,000. On the other hand, falling below $19,500 would likely take the pressure off the table, especially if the asset continues to fall below $19,000.
FUD of the week
FBI issues alert on cybercriminal exploits targeting DeFi
This week, a public service announcement from the US Federal Bureau of Investigation (FBI) warned the public about a proliferation of decentralized finance (DeFi) exploits, stating that those interested in DeFi should be cautious. The agency also noted that DeFi platforms should perform code audits to check for weaknesses. From the eclipse totals of 2020 and 2021 combined, nefarious actors have stolen more than $1.6 billion via DeFi exploits so far in 2022 according to data from CertiK, a blockchain security firm.
‘Cryptoqueen’ accomplice Ruja Ignatova faces extradition to US: report
British citizen Christopher Hamilton, alleged accomplice of Ruja Ignatova, could see his extradition to the United States thanks to a decision of a judge in the United Kingdom. However, this decision still requires the approval of an executive authority of the British government. Hamilton allegedly took part in the $4 billion OneCoin Ponzi scheme linked to Ruja Ignatova, aka the “Cryptoqueen”. In June, the FBI added Ignatova to its list of ten most wanted fugitives. The charges against Hamilton include laundering $105 million as part of the Ponzi scheme.
Sneaky fake Google Translate app installs crypto-miner on 112,000 PCs
The crypto and tech industries are often riddled with tech traps and scams. A particular effort, underway since 2019, is particularly delicate. A certain type of malware named “Nitrokod” is hidden in counterfeit computer applications and starts mining Monero (XMR), but only after a few days. The malware is found in convincing versions of fake apps, such as a Google Translate app that enjoys many positive reviews online. However, an official Google Translate desktop app doesn’t even exist, but this malware-infused app has become one of the top search results. The Nitrokod malware has affected more than 100,000 devices in almost a dozen countries.
Best Crypto Features
Billions Are Spent Marketing Crypto To Sports Fans – Is It Worth It?
“Without explicit use cases tied to the massive dollars being paid for sports marketing sponsorships, branding only leads to logo exposure.”
Get ready for the feds to start charging NFT traders
Securities and Exchange Commission regulators should act to protect investors from traders who distort the NFT market with manipulative trades — and they likely will soon.
Why interoperability is key to mass adoption of blockchain technology
Interoperability allows blockchain networks and protocols to communicate with each other, making it easier for everyday users to engage with blockchain technology.
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