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FTX Lawsuit, DeFi Developments, and Bitcoin Predictions
McDonald’s McNuggets Land in Metaverse, Tron's TUSD Controversy, and Indonesia's Crypto Bourse Launch
Welcome to Daily Digest, where we surface trending news in crypto-based on conversations we found on Twitter, news publications, blog posts, and other social media, powered by the Coinfeeds platform.
Here are the trending news items over the last 24 hours. If you’d like to see it’s realtime updated version, head over to our website here
FTX Lawsuit and Mismanagement Allegations
FTX, the popular cryptocurrency exchange, has found itself in the eye of a storm with multiple lawsuits and allegations of mismanagement. The CEO, Caroline Ellison, allegedly awarded herself a $22.5 million bonus during a period of severe financial instability, an act that may have led to the company's downturn. Founder Sam Bankman-Fried, meanwhile, stands accused of illegally using company funds to cover his defense costs. Amid these charges, the U.S. Department of Justice (DOJ) alleges that Bankman-Fried leaked Ellison's personal diary to discredit her in the ongoing trial. As the dust settles, the interim leadership at FTX is pursuing a recovery of over $1 billion in cash and shares, believed to have been fraudulently transferred.
Chainlink's Innovation and Growth
Chainlink, the decentralized oracle network, has been making strides with the launch of the Cross-Chain Interoperability Protocol (CCIP) on numerous blockchains. The initiative aims to enhance security, reliability, and usability in the cross-chain ecosystem. Furthermore, Chainlink is partnering with Swift to bridge the gap between legacy systems and blockchain networks. The protocol is also facilitating high-integrity tokenized gold markets, bringing about much-needed transparency, liquidity, and security for investors.
Unusual Crypto Investments and Crypto Gambling
From real hamster race betting to awakening dormant wallets, the world of crypto continues to surprise. Hamsters.gg, a blockchain-based platform, has caught the attention of the crypto community with its hamster race betting functionality. On another note, a Bitcoin wallet, dormant for 11 years and holding over 1,037 Bitcoins, stirred and transferred its entire contents worth $31 million to a new address, raising intrigue in the crypto space.
Crypto Regulatory Actions and Legal Challenges
Regulatory actions and legal disputes continue to shape the crypto industry. Tron co-founder, Justin Sun, is under scrutiny for allegedly creating TUSD out of nothing using deposits from exchanges. Attorney John Deaton reassures that the SEC's appeal against a ruling in the Ripple lawsuit will not severely impact XRP holders. Congressman Warren Davidson has advocated for a ban on Central Bank Digital Currencies (CBDCs), while the SEC is considering an appeal to the XRP ruling in the Ripple Labs lawsuit.
DeFi Space Developments
The DeFi space is bustling with new advancements and challenges. Optimism has proposed the addition of zk-proofs to its chains, while Wormhole has launched a bridge connecting to any Cosmos appchain. In a downside, Conic Finance, a DeFi protocol, suffered a hack resulting in the loss of 1,700 ether. On a brighter note, Mara, an Africa-focused DeFi platform, released a testnet for its forthcoming Ethereum-compatible network.
Metaverse and NFT Space Developments
McDonald's commemorated the 40th anniversary of Chicken McNuggets by opening McNuggets Land in the metaverse platform The Sandbox, a move that has raised eyebrows. In another development, Americana, a vaulting platform, has made its "phygital" service public, enabling physical assets stored securely in vaults to be digitally showcased, shared, and traded.
Bitcoin Market Developments
Bitcoin is facing potential volatility as it battles to maintain a price above $30,000. Traders are expressing concern over a possible price drop, anticipating a significant market move in the coming week. Bollinger Bands are suggesting a trend shift, further fuelling speculation. Amidst this, the launch of the Federal Reserve's instant payment service, FedNow, has rekindled speculation about the advent of a digital dollar.
Crypto Adoption and Regulation Developments
Business travelers in China can now use the digital yuan, the country's CBDC, to pay for flight tickets. However, concerns are rising over crypto usage by ISIS, with mounting evidence of USDT transactions on the Tron network among its Asian affiliates. On a positive note, Indonesia's eagerly-awaited Nasdaq-style national bourse for cryptocurrencies is now operational, indicating the country's increasing commitment to the crypto industry.
As always, stay tuned for more updates in crypto!