Comes every Saturday Summary of Hodler will help you follow every important news that happened this week. The best (and worst) odds, adoption and regulatory highlights, major coins, forecasts 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 accused of US tax evasion allegedly incurred while living in Washington, DC. The office of area attorney general Karl Racine has sued Saylor and MicroStrategy over allegations that the company helped Saylor evade more than $25 million in DC income taxes. The charges, which stem in part from an amendment to DC’s False Claims Act that encourages whistleblowers to report tax evasion, mean Saylor could face $75 million in fines.
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Crypto.com Cancels $495 Million UEFA Champions League Sponsorship Deal: Report
Crypto.com decided not to enter into a $495 million sponsorship deal in response to potential regulatory issues. Through the sponsorship deal with the Union of European Football Associations (UEFA), Crypto.com would have been announced for five seasons in the UEFA Champions League. The crypto exchange was reportedly in sponsorship talks after the Champions League pulled Gazprom, a Russian state energy company, as a sponsor. Crypto.com already has several high-profile advertising efforts to its credit, 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 the government before the arrival of 2023. Initially unveiled in late 2021, the crypto exchange has taken longer than expected to complete, but the government wants it right rather than rush 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 kicked out of class action
Tether and Bitfinex are still embroiled in a lawsuit that began in 2019 alleging that the USDT stablecoin was used to manipulate the cryptocurrency market. Tether and Bitfinex’s legal team are asking that plaintiff’s legal counsel, law firm Roche Freedman, be released from the case over the company’s involvement with Kyle Roche – the subject of a recent CryptoLeaks video alleging he misused insider information to “harm” Ava Labs competitors in exchange for AVAX tokens. Kyle Roche recently decided to withdraw from several lawsuits, including one involving defendant Bitfinex and Tether. However, the defendant still wants Roche Freedman to be completely barred from the lawsuit, in addition to being asked to destroy or return their private data by Roche Freedman.
Central African Republic Court Rules New $60,000 Citizenship Program for Crypto Investments 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 would also allow foreigners to purchase citizenship in the country for $60,000 in crypto, with an equivalent number of Sango tokens held as collateral for five years. However, the CAR Constitutional Court ruled that these efforts were unconstitutional and noted that citizenship is priceless.
Winners and losers
Weekends, Bitcoin (BTC) is with $20,369Ether (ETH) Bee $1,636 and XRP Bee $0.33. The total market capitalization is $1.00 trillion, according to at CoinMarketCap.
Of the 100 largest cryptocurrencies, Celsius is the top three altcoin gainers of the week (CELL) 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%.
To learn more about crypto prices, read Cointelegraph’s market analysis.
Most Memorable Quotes
“Building new things is not for the faint of heart.”
Neil Dundonfounder of CryptoRecruit
“Ethereum is about permissionless innovation, free enterprise, property rights, globalization.”
Ryan Berckmansmember of the Ethereum community
“We have finally come to terms with the idea at Coinbase that we need to be agnostic to every chain and token that comes out. We can’t sit here in our ivory tower and focus 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 junk. I mean except for, I’d say a few dozen tokens, everything mentioned is either noise or frankly, it just goes away.
Oumar Farooqhead of Onyx, JPMorgan’s digital asset unit
“Cryptocurrencies have taken on a life of their own outside the distributed ledger – and this is 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 provides key support
According to the price index, Bitcoin was unable to decide whether to stay above or below $20,000 for most of this week, trading north and south of the level several times.
In a Friday tweet, a pseudonymous Twitter user “crypto limit” noted that a potential short squeeze could occur if BTC breaks above the $20,700-$20,800 price zone. Pending a break from this level, Bitcoin could hit between $22,500 and $23,000. On the downside, a drop 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 warns of cybercriminal exploits targeting DeFi
This week, a public service announcement from the US Federal Bureau of Investigation (FBI) warned the public of a proliferation of decentralized financial (DeFi) exploits, saying those interested in DeFi should exercise caution. The agency also noted that DeFi platforms must conduct code audits to check for vulnerabilities. Of the 2020 and 2021 eclipse totals combined, malicious actors have so far stolen more than $1.6 billion through DeFi exploits in 2022 according to data from CertiK, a blockchain security firm.
‘Cryptoqueen’ Accomplice Ruja Ignatova Extradited to US: Report
British citizen Christopher Hamilton, alleged accomplice of Ruja Ignatova, was able to see his extradition to the United States thanks to a ruling by a judge in the United Kingdom. However, this decision still requires the approval of an executive authority of the UK government. Hamilton is said to have participated in the $4 billion OneCoin Ponzi scheme linked to Ruja Ignatova, aka the “Cryptoqueen”. In June, the FBI has added Ignatova on the list of ten most wanted fugitives. The charges against Hamilton include money laundering of $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 technical traps and scams. A special effort, underway since 2019, is particularly delicate. A certain type of malware called “Nitrokod” is hidden in fake computer applications and starts mining Monero (XMR), but only after a few days. The malware can be found in convincing versions of fake apps, such as a Google Translate app that gets a lot of positive reviews online. However, there isn’t even an official Google Translate desktop app, but this malware-infested app has become one of the top search results. The Nitrokod malware has affected more than 100,000 devices in nearly a dozen countries.
Best crypto features
Billions are spent on marketing crypto to sports fans – is it worth it?
“Without explicit use cases associated with the huge dollars paid for sports marketing sponsorship, branding only leads to logo exposure.”
Get ready for the FBI to charge NFT traders
Securities and Exchange Commission regulators need to act to protect investors from traders who disrupt the NFT market with manipulative trades — and they probably 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 ordinary users to interact with blockchain technology.