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Saylor gets sued, FBI warns about DeFi exploits and Crypto.com drops $495M sponsorship: Hodler’s Digest, Aug. 28-Sept. 3

Saylor gets sued, FBI warns about DeFi exploits and Crypto.com drops $495M sponsorship: Hodler’s Digest, Aug. 28-Sept. 3

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Comes every Saturday, Hodler’s Digest to help you follow every important news that happened this week. The best (and worst) quotes, adoption and regulatory highlights, leading coins, predictions and more – a week on Cointelegraph in one link.

This week’s top stories

DC Attorney General Sues Michael Saylor and MicroStrategy for Tax Evasion

MicroStrategy founder Michael Saylor is accused of evading US income taxes, which he allegedly paid while living in Washington, DC. District Attorney Karl Racine’s office has sued Saylor and MicroStrategy, alleging the company helped Saylor evade more than $25 million in income taxes. The charges, stemming in part from a change in D.C.’s false claims law that encourages whistleblowers to report tax evasion, mean Saylor could face $75 million in fines.

Crypto.com pulls out of $495m sponsorship deal with UEFA Champions League: Report

Crypto.com has opted out of a $495 million sponsorship deal in response to potential regulatory concerns. A sponsorship deal with the Union of European Football Associations (UEFA) would have seen Crypto.com advertise in the UEFA Champions League for five seasons. The cryptocurrency exchange is said to have been in sponsorship negotiations after the Champions League removed its sponsor, Russian state-owned energy company Gazprom. Crypto.com already has several high-profile advertising efforts, including an ad starring American actor Matt Damon.

Indonesia plans to establish a crypto exchange by the end of 2022

Indonesia could have a cryptocurrency exchange, also known as a crypto exchange, that its government will build before 2023 arrives. Originally announced at the end of 2021, the completion of the crypto exchange has taken longer than expected, but the government’s goal is to get things right instead of rushing the launch. “We are making sure that all the requirements, procedures and necessary measures have been implemented,” Indonesia’s Deputy Trade Minister Jerry Sambuaga told DealStreetAsia.

Tether asks Roche Freedman to launch a class action lawsuit

Tether and Bitfinex are still locked in a lawsuit that began in 2019 alleging that the USDT stablecoin was used to manipulate the cryptocurrency market. The legal team for Tether and Bitfinex is demanding that the plaintiff’s legal counsel, law firm Roche Freedman, be disbarred from the case due to the firm’s involvement with Kyle Roche – the subject of a recent CryptoLeaks video in which he allegedly misused authorized information. harm” to Ava Labs’ competitors in exchange for AVAX tokens. Kyle Roche recently moved to dismiss several lawsuits, including those accusing Bitfinex and Tether. However, the defendant still wants Roche Freedman out of the lawsuit entirely, in addition to asking Roche Freedman to destroy or return their private information.

Central African Republic court says new $60,000 citizenship crypto investment program unconstitutional

In July, the Central African Republic (CAR) launched its Sango hub – a new crypto-focused initiative that aims to expand Bitcoin adoption and create a special economic zone in Metaverse. The initiative also included the creation of a Bitcoin-backed digital asset called Sango, which also allowed foreigners to purchase citizenship of the country for $60,000 in crypto, with a corresponding amount of Sango tokens held as collateral for five years. CAR’s Constitutional Court found the efforts unconstitutional, but noted that citizenship does not come with a price tag.

Winners and losers

At the end of the week Bitcoin (BTC) I sat $20,369Ether (ETH) at $1,636 and XRP at $0.33. The total market value is $1.00 trillion, by For CoinMarketCap.

Among the top 100 cryptocurrencies, the top three altcoin risers of the week are Celsius (CEL) 36.41%, eCash (CHECK) 20.70% and Lido DAO (I WILL) with 18.05 percent.

The top three altcoin losers of the week are Helium (HNT) -24.47%, Avalanche (AVAX) -10.41% and Arweave (AR) in -9.92%.

For more information on crypto prices, be sure to read Cointelegraph’s market analysis.

The most memorable quotes

“Building a new one is not for the faint of heart.”

Neil DundonFounder of CryptoRecruit

“Ethereum is about permissionless innovation, free enterprise, property rights and globalization.”

Ryan BerckmansA member of the Ethereum community

“Finally, at Coinbase, we came to the idea that we have to be agnostic to every chain and token that comes out. We can’t sit here in our ivory tower focusing on just one asset.”

Brian ArmstrongCEO of Coinbase

“I feel that [crypto] cannot be biased.”

Tom EmmerMember of the United States House of Representatives

“Most cryptos are actually still garbage. I mean, aside from a few dozen brands, everything else that’s been mentioned is either noise or, frankly, it’s just going away.

Umar FarooqHead of Onyx, JPMorgan’s digital assets unit

“Cryptocurrencies have taken on a life of their own outside of distributed ledgers – and this is the source of the crypto world’s problems.”

Ravi MenonCEO of the Monetary Authority of Singapore

Prediction of the week

Bitcoin’s squeeze to $23,000 remains open as the crypto market cap holds key support

For most of this week, Bitcoin couldn’t decide whether it wanted to stay above or below $20,000, trading north and south of the level multiple times, according to Cointelegraph’s BTC Price Index.

In Friday’s tweet, a pseudonymous Twitter user master of crypto noted that a potential short squeeze could occur if BTC rose above the $20,700-$20,800 price zone. Waiting for a break of this level, Bitcoin can then reach $22,500-$23,000. On the flip side, a break below $19,500 would likely take some pressure off the table, especially if the asset continues to fall below $19,000.

FUD of the week

The FBI has reported cybercriminal exploits targeting DeFi

This week, a public announcement by the US Federal Bureau of Investigation (FBI) warned the public about the rise of decentralized finance (DeFi) exploitation and stated that those interested in DeFi should exercise caution. The agency also stated that DeFi platforms should conduct code audits to check for weaknesses. With 2020 and 2021 dwarfing the total, malicious actors have stolen more than $1.6 billion in DeFi assets so far in 2022, according to data from blockchain security firm CertiK.

Cryptoqueen’s accomplice Ruja Ignatova faces extradition to US: Report

British citizen Christopher Hamilton, Ruja Ignatova’s suspected accomplice, could see extradition to the US thanks to a UK judge’s decision. However, the move still requires the approval of the UK government’s executive branch. Hamilton is alleged to have been part of the $4 billion OneCoin Ponzi scheme linked to Ruja Ignatova, aka “Cryptoque.” In June, The FBI added Ignatova to his list of ten most wanted refugees. The charges against Hamilton include money laundering of $105 million in connection with a Ponzi scheme.

Deceptive Fake Google Translate App Installs Cryptominer on 112,000 Computers

The crypto and technology industries are often full of technical traps and scams. One particular attempt, which has been going on since 2019, is particularly tricky. A specific type of malware called “Nitrokod” is hidden inside fake computer applications and starts mining Monero (XMR), but only after a few days. Malware can be found in convincing versions of fake apps, such as Google Translate, which offers numerous positive reviews online. However, there is no official Google Translate desktop app, but this malware-spreading app has become a top search result. Nitrokod malware has affected more than 100,000 devices in nearly ten countries.

Best features of cointelegraph

Billions Are Spent Marketing Crypto To Sports Fans – Is It Worth It?

“Without specific use cases tied to the massive dollars paid for sports marketing sponsorships, branding just results in logo exposure.”

Get ready for the feds to start charging NFT traders

Regulators at the Securities and Exchange Commission should step in to protect investors from traders who distort the NFT market with manipulative trades — and they likely will soon.

Why interoperability is the key to mass adoption of blockchain technology

Interoperability enables blockchain networks and protocols to communicate with each other, making it easier for everyday users to participate in blockchain technology.

Source: Cointelegraph.com



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