Weekly Top Crypto News (July 31 – August 6)

The first week of August 2023 has witnessed events affecting the crypto market. Here, let’s review this week’s top crypto news with Coincu!

MicroStrategy Sells $750 Million In Stock To Increase Investments In Bitcoin

Bitcoin whale Michael Saylor says MicroStrategy is planning to accumulate more Bitcoin from the sale of $750 million in stock. In its Q2/2023 financial report, MicroStrategy revealed it purchased an additional 467 Bitcoin (BTC) in July at a cost of $14.4 million. The company owns 152,800 bitcoins as of July 31, currently worth around $4.5 billion.

Binance May Be Accused Of Fraud, But DOJ Is Worried About The Market Crisis

The U.S. Department of Justice (DOJ) is reportedly considering the possibility of charging cryptocurrency exchange Binance with fraud, according to sources familiar with the matter. However, federal prosecutors are hesitant about taking this step due to concerns over the potential consequences it could have on the broader market.

Curve Finance Stops CRV Rewards For Liquidity Pools Affected By Attacks

Curve Finance has terminated CRV rewards for liquidity pools affected by Curve and Multichain mining. This decision affects pools for alETH+ETH, msETH-ETH, pETH-ETH, crvCRVETH, Arbitrum Tricrypto, and multibtc3CRV. Rewards are paused to avoid encouraging further participation in these compromised groups.

Litecoin Completes The 3rd Halving, LTC Price Drops Over 5%

The Litecoin blockchain completes its third halving, reducing miner rewards from 12.5 LTC to 6.25 LTC. LTC prices show volatility as stakeholders anticipate the halving’s impact. Founder Charlie Lee emphasizes halves’ role in mass adoption and network security.

Elon Musk Clarifies That X Will Never Launch A Crypto Token

Elon Musk denies X crypto token plans. X explores an in-app trading hub with financial partners. Musk’s clarity amidst X’s financial integration buzz.

Bitwise Joins The Race With 2 Ether Futures ETFs, SEC Now Has Totaling 12 Applications

Bitwise files for two Ethereum futures ETFs, joining twelve total applications. ETFs offer Bitcoin and Ether exposure through market cap and equal-weight strategies. Six other companies also apply for Ethereum futures ETFs, reflecting rising demand.

Tether And Bitfinex Triumph As Judge Dismisses Class Action Lawsuit

Judge dismisses class action lawsuit against Tether and Bitfinex, finding lack of credible injury claims. The lawsuit questioned USDT’s value claims but lacked evidence of diminished actual value. Tether sees the dismissal as an affirmation of their transparency and vows to uphold promises.

Google Cloud Joins Forces With Celo To Strengthen Blockchain Security

Google Cloud becomes a validator on the Celo network, boosting blockchain security and scalability. Celo community votes in favor of transitioning to an Ethereum layer-2 solution for improved real-world use cases. Collaboration between Celo Foundation and Google Cloud aims to promote sustainable Web3 solutions and empower global communities.

Matter Labs Rejects Polygon’s Open Source Plagiarism Report

Matter Labs responded to Polygon’s allegation of plagiarism of open-source code as “an untrue statement”. Polygon alleges against a new product called Boojum because it contains some code copied from the Plonky2 library that is not clearly annotated with the original author. Matter Labs denied it and said its code only uses 5% of Plonky2.

LeetSwap, No.1 DEX On Base Suspected Attack

LeetSwap, the largest DEX on the Base chain, tweeted that several liquidity pools on the platform may have been hacked. The team has now suspended transactions on the platform to conduct an investigation. The LEET price immediately dropped 5.4% following the platform’s announcement.

FTX Creditors Frustrated With Exchange’s Exit Plan To Get Out Of Bankruptcy

The FTX Creditors Committee said it was highly disappointed with the company’s restructuring plan because it would become the most expensive bankruptcy in history and increase delays. Despite repeated promises to discuss Chapter 11 bankruptcy, FTX failed to deliver. FTX’s restructuring plan places confidence in the recovery of overseas branches.

New York Man Reveals $4.5 Billion Bitcoin Hack Confession On Bitfinex

Ilya “Dutch” Lichtenstein, a New York resident, has confessed to being the original hacker behind the infamous 2016 cyberattack on Bitfinex, which resulted in the theft of $4.5 billion worth of Bitcoin.

SEC Cracks Down On Crypto Fraud: 18 Defendants Charged In DEBT Box Scandal

SEC freezes assets of crypto mining firm over alleged fraud. DEBT Box was accused of selling unregistered securities with false promises of cryptocurrency mining profits. 18 defendants were charged and accused of misappropriating funds for personal use.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.