Coming every Saturday Hodler’s Digest It will help you keep track of every important news that happened this week. Best (and worst) quotes, top adoption and regulation, leading currencies, forecasts and much more – a week on Cointelegraph in one link.
This week’s top news
D.C. Attorney General Sues Michael Saylor and MicroStrategy for Tax Evasion
MicroStrategy co-founder Michael Saylor is facing charges of evading US income taxes that he allegedly incurred while living in Washington, DC. The District Attorney’s Office, Carl Racine, has sued Saylor and MicroStrategy over allegations that the company helped Saylor evade more than $25 million in income tax in the capital. The charges, which stem in part from an amendment to Washington’s False Claims Act that encourages whistleblowers to report tax evasion, means Saylor could see $75 million in fines.
Crypto.com Supports $495 Million UEFA Champions League Sponsorship Deal: Report
Crypto.com has decided not to proceed with a $495 million sponsorship agreement in response to potential regulatory issues. The sponsorship deal with UEFA would have seen Crypto.com advertised in the UEFA Champions League for five seasons. The cryptocurrency exchange was reportedly in sponsorship talks after the European Champions League removed Gazprom, a Russian state-owned energy company, from the role of sponsor. Crypto.com already has several notable advertising efforts under its belt, such as a commercial starring for American actor Matt Damon.
Indonesia plans to set up its own cryptocurrency exchange by the end of 2022
Indonesia could have a cryptocurrency exchange, also known as a cryptocurrency exchange, set up by its government before the arrival of 2023. The crypto exchange was initially unveiled in late 2021 and took longer than expected, but the government is aiming to get things right rather than rushing in its launch. “We will make sure that all the necessary requirements, actions and steps are taken,” Jerry Samboaga, Indonesia’s deputy trade minister, told DealStreetAsia.
Tether demands that Rosh Friedman be fired from teamwork
Tether and Bitfinex are still locked in a lawsuit that began in 2019 alleging the use of the USDT stablecoin to manipulate the crypto market. The legal team at Tether and Bitfinex are seeking the release of the plaintiff’s legal counsel, the law firm Roche Freedman, over the company’s involvement with Kyle Roche – the subject of a recent CryptoLeaks video claiming he misused tokenized information to “harm” competitors Ava Labs in exchange for AVAX tokens. Kyle Roche recently moved to separate himself from several legal cases, including the one related to defendant Bitfinex and Tether. However, the defendant still wanted Roche Freedman completely out of the lawsuit, as well as requiring Roche Freedman to destroy or return their private information.
Central African Republic court says new $60,000 crypto investment citizenship program is unconstitutional
In July, the Central African Republic (CAR) launched the Sango Center – 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 digital asset backed by Bitcoin called Sango that also allowed foreign nationals to purchase citizenship in the country for $60,000 worth of cryptocurrency, with an equivalent amount of Sango tokens held as security for five years. The CAR Constitutional Court has deemed these efforts unconstitutional, however, stating that citizenship has no price.
Winners and losers
At the end of the week, Bitcoin (BTC) in $20,369ether (ETH) in $1,636 And the XRP in $0.33. Total market value at $1.00 trillion according to To CoinMarketCap.
Among the top 100 cryptocurrencies, Celsius were the top three gainers of the week (CEL) With a share of 36.41%, eCash (XEC) by 20.70% and Lido DAO (I am doing) by 18.05%.
The 3 biggest losers in altcoin for the week are helium (HNT) By -24.47%, avalanche (fax) By -10.41% and Arweve (EN) by -9.92%.
For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.
Most unforgettable quotes
“Building new things is not for the faint of heart.”
Neil DondonFounder of CryptoRecruit
“Ethereum is about unlicensed innovation, free enterprise, property rights, and globalization.”
Ryan Berkmansa member of the Ethereum community
“We eventually came up with an idea at Coinbase that we had to be neutral to every string and token that came up. We can’t just sit here in our ivory tower focusing on just one asset.”
Brian ArmstrongCEO of Coinbase
“I feel so [crypto] It can’t be my party.”
Tom EmerMember of the US House of Representatives
“Most cryptocurrencies still don’t matter, actually. I mean, except for a few dozen tokens, all that has been said is either noise or, frankly, it will go away.”
Omar Faroukhead of Onyx, JPMorgan’s digital assets unit
“Cryptocurrencies have taken their own lives outside of the distributed ledger — and that is the source of the problems in the crypto world.”
Ravi MenonManaging Director of the Monetary Authority of Singapore
Predicting the week
Bitcoin Squeeze to $23,000 Still Open As Cryptocurrency Market Cap Bears Major Support
For most of this week, Bitcoin has been unable to decide whether it wants to stay above or below $20,000, trading north and south of the level multiple times, according to Cointelegraph’s BTC Price Index.
In a tweet on Friday, an anonymous Twitter user “Capo of Crypto“ Note that a potential short squeeze could occur if BTC rises above the $20,700-$20,800 price area. Pending a breakout of this level, bitcoin could reach between $22,500 and $23,000. On the flip side, a dip below $19,500 is likely to take the pressure off the table, especially if the asset continues to dip below $19,000.
FUD of the week
FBI issues alert about cybercriminal exploits targeting DeFi
This week, a public service announcement from the US Federal Bureau of Investigation (FBI) warned the public about the spread of the exploitation of decentralized finance (DeFi), suggesting that those interested in DeFi should be wary. The agency also indicated that DeFi platforms should conduct cryptographic audits to check for vulnerabilities. Dwarfs from 2020 and 2021 combined, nefarious actors have stolen more than $1.6 billion via DeFi exploits so far in 2022 per data from CertiK, a blockchain security company.
Roja Ignatova’s ‘Cryptocoin’ Partner Faces Extradition to the US: Report
British citizen Christopher Hamilton, alleged partner of Roja Ignatova, can witness extradition to the United States thanks to a ruling by a UK judge. However, this move still requires approval from the UK government’s executive branch. Hamilton allegedly had a hand in a $4 billion OneCoin Ponzi scheme linked to Ruja Ignatova, also known as “Cryptoqueen”. in June, FBI added Ignatova to the list of the ten most wanted fugitives. The charges against Hamilton include laundering $105 million in connection with a Ponzi scheme.
Fake Google Translate app installs crypto miner on 112,000 computers
The crypto and technology sectors are often full of tech traps and scams. A particular effort, which has been going on since 2019, is particularly challenging. There is a certain type of malware called “Nitrokod” that is hidden inside fake PC applications and starts mining Monero (XMR), but only after a few days. The malware lies in disguised versions of fake apps, such as the Google Translate app that has many positive reviews online. However, there is no official Google Translate desktop app, but this malware-ridden app has become a top search hit. Nitrokod malware has affected more than 100,000 devices covering nearly a dozen countries.
Cointelegraph’s Best Features
Billions Spent Marketing Cryptocurrency to Sports Fans – Is It Worth It?
“Without explicit use cases associated with the huge dollars paid to sponsor sports marketing, the branding only serves to display the logo.”
Get ready for the feds to start accusing NFT traders
Securities and Exchange Commission regulators should act to protect investors from traders distorting the NFT market with manipulative deals — and they likely will soon.
Why interoperability is key to mass adoption of blockchain technology
The interoperability of blockchain networks and protocols allows them to communicate with each other, making it easier for ordinary users to deal with blockchain technology.