Crypto News Roundup: Informed in 3 Minutes

Crypto means one thing: Every day there is new news – and a lot of it! With us you save time and nerves. Because in 3 minutes you will be updated again.

The crypto space is currently overshadowed by bankruptcies, accidents and collapses. Therefore, the news gives hope of some benefit. At this point it should be predicted: Elon Musk also stabbed us in the back!

Since we won’t take away your optimism right away, let’s start with the good news.

First the $6 billion DeFi Protocol Curve and the good news from last week. Curve now wants to take on competitor Aave not only when it comes to Total Value Locked (TVL) but also when it comes to stablecoins. As CEO Michael Egorov inadvertently said in an interview at the Web 3 Summit, Curve is getting its own stablecoin.

DAI stablecoin from competitor MakerDAO, which is already established in the market and has been in circulation since 2019, could serve as a model. After the company Aave announced 2 weeks ago that it would launch a stablecoin, Curve will probably also have been under pressure.

on Coin base on the other hand, events have recently turned upside down: The US Department of Justice (DOJ) is charging former Coinbase Product Manager Ishan Wahi with fraud. Wahi is said to have told his brother and a friend when certain tokens will be listed on the platform. They were able to gain a non-cash advantage in the market by buying tokens in advance.

According to the DOJ, it is up to 1.5 million dollars: stolen from traders with cryptocurrencies such as ENS, POWR or GALA. The fraudsters used over 25 different wallets in total to purchase tokens. Not one of these wallets was in the name of the three suspects.

Coinbase announced in a statement, “As evidenced by our immediate action, we take allegations of internal data leakage very seriously.” The stock exchange does not want to know anything about it.

From Coinbase to Tesla. According to the financial report for the second quarter of 2022, the car manufacturer has sold 75 percent of its Bitcoin holdings. Although Tesla has been the third largest Bitcoin investor for over a year now, Tesla CEO Elon Musk decided to sell $1 billion of his $1.5 billion in BTC.

What is particularly surprising is that Tesla probably had to record a small minus in the selling price. CEO Elon Musk has previously assured the public that he does not want to sell Bitcoin – but the multi-billionaire is known to change his mind.

Musk also made a decision on the matter last week Twitter um: The news service is not attractive enough for him, as the board is said to have presented incorrect data about bots. At least that’s Musk’s accusation – now the court is fighting.

From one misery to another. The bankrupt crypto hedge fund Three Arrows Capital (3AC) owes a total of $3.5 billion to various creditors, according to court documents. Among the names there are also some celebrities, such as 3AC co-founder Zhu Su and his wife.

However, among the 27 creditors, Genesus Asia Pacific Pte Ltd. the largest position of around 2.3 billion Voyager, which has since also gone bankrupt, follows in second place with a loan of US$685 million. The insolvent company may be taken over by crypto giant FTX and its CEO Sam Bankman-Fried.

Finally, we bring good news again! The cryptocurrency polygon announced last week that it would be launching the zk-Rollup blockchain layer 2 solution. Users can use the technology as a scaling solution on the MATIC chain, but switch to the Ethereum blockchain at any time.

Polygon thus enables the first Ethereum Virtual Machine (EVM) compatible solution of a blockchain other than ETH itself. The developers expect a significantly higher transaction speed as a result.

Disclaimer

All information on our website has been investigated to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action the reader takes based on the information on our website is entirely at their own risk.

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