Saylor Sued, FBI Warns of DeFi Exploits, and Crypto.com Drops $495M Sponsorship: Hodler’s Digest, Aug. 28 – Sept. 3

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