Pepecoin Scandal Shakes Trust as Robinhood Rises as a Bitcoin Behemoth
Balancing Binance's Compliance Efforts, Ronaldinho's Legal Quagmire, and US Regulatory Challenges
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Pepecoin Team Members Accused of $16M Theft and Insider Trading
Headlines: "Rogue Pepecoin team members blamed for $16M PEPE multsig withdrawal", "Pepecoin Says 'Bad Actors' on Team Stole $15M PEPE", "Pepecoin: Insider trading claims surface amid token theft"
The Pepecoin (PEPE) project has been hit by a $16 million theft, with three ex-team members being blamed for stealing the funds and abandoning the project. The remaining member claims to have control of the remaining funds and plans to transfer them to a new wallet. However, former Pepecoin promoter Jeremy "Pauly" Cahen has accused the Pepecoin team of insider trading following the theft, exposing team members' identities and divulging their wallet activities.
Major Crypto Investments and Holdings Revealed
Headlines: "Robinhood Revealed to be Third-Largest Bitcoin Holder With $3B in BTC", "1inch wallet buys $10M in ETH following a $3.7M profit streak in July", "OnlyFans’ parent company bought $20M of Ethereum as revenue surged"
Robinhood, the investing platform, holds over $3 billion in bitcoin, making it the third-largest bitcoin holder behind Binance and Bitfinex. Meanwhile, a crypto wallet belonging to the 1inch Investment Fund has purchased a significant amount of Ether (ETH) after making a profit from previous trades. On the other hand, OnlyFans' parent company, Fenix International, has revealed that it invested nearly $20 million in Ethereum (ETH) in 2022.
Legal Challenges Mount for Sam Bankman-Fried
Headlines: "U.S. government hits Bankman-Fried and attorneys with 4 million pages of discovery documents", "Sam Bankman-Fried's Defense Renews Push for 'Temporary Release' Ahead of October Trial"
Former FTX CEO Sam Bankman-Fried is facing legal challenges as U.S. prosecutors unload a massive amount of discovery documents. His lawyers have objected to the government's intention of opening access to these materials while Bankman-Fried is held at the detention center. They argue that his right to work on his defense is being hindered by his incarceration, as the documents he needs to review are only accessible online. The defense team has requested his "temporary release" or more access to his defense team ahead of his October trial.
Crypto Industry Faces Regulatory Hurdles in the U.S.
Headlines: "Crypto community reacts to Biden's proposed crypto tax reporting rules", "dYdX Founder Says Crypto Industry Should Give Up on US Customers As Market Not 'Worth the Hassle'", "Crypto builders should 'give up' serving US customers for 5 to 10 years — dYdX founder"
The crypto industry is facing regulatory challenges in the U.S., with President Joe Biden's proposed crypto tax reporting rules drawing criticism. The rules aim to catch crypto users avoiding taxes by requiring brokers to follow new regulations for selling and trading digital assets. However, many in the crypto industry believe that these stringent rules will push innovation and the industry further away from the U.S. Antonio Juliano, founder of dYdX, suggests that crypto builders should focus on markets outside the U.S. for the next five to 10 years before returning.
Crypto Market Trends and Predictions
Headlines: "JPMorgan forecasts limited downside for crypto markets: Report", "Bitcoin Slumps Under $26K as Bearish Outlook Engulfs Crypto Market", "Bitcoin Traders Remain Fearful of 'Tail Risk' Amid Renewed Price Lull: Observers"
JPMorgan's latest research suggests that the recent downtrend in the cryptocurrency market may be coming to an end. The bank's analysts predict that most long-position liquidations have already occurred, based on the open interest in Bitcoin futures contracts on the Chicago Mercantile Exchange. However, Bitcoin slumped below $26,000 as the crypto market faced a bearish outlook and lacked new catalysts to rally. Traders remain fearful of 'tail risk' in the market, as indicated by the relative richness of out-of-the-money call and put options tied to bitcoin.
Crypto Regulations and Legal Developments
Headlines: "SEC vs. Ripple: Pro-XRP lawyer urges Clayton, Hinman testimony", "Hashdex joins race for spot Bitcoin ETF with unique strategy", "Indian PM Modi calls for global cryptocurrency framework at G20 Summit"
In the ongoing SEC vs. Ripple case, pro-XRP lawyer John E. Deaton argues that the SEC made a mistake by filing aiding and abetting allegations against Ripple's CEO Brad Garlinghouse. Meanwhile, crypto asset management company Hashdex has submitted an application to the U.S. Securities and Exchange Commission (SEC) for a Bitcoin futures ETF that will hold spot Bitcoin. On the global front, Indian Prime Minister Narendra Modi called for a global collaboration on formulating crypto regulations during the G20 Summit.
"Crypto and Blockchain Adoption Across Various Sectors"
Headlines: "Ethereum's Daily Transaction Fees Hits 8-Month Low of $2.8M", "The War for Control of Bitcoin’s Hash Rate Is On, and Oman Is Getting In on the Act to the Tune of $1.1B.", "How can the synergy of AI and blockchain disrupt the music industry?"
Ethereum's daily total transaction fees have reached an eight-month low of $2.8 million, indicating the rising popularity of scaling solutions like Friend.tech. Meanwhile, Oman has decided to support a project to set up privately owned Bitcoin mining facilities, following the example of El Salvador. On the other hand, the synergy of AI and blockchain has the potential to revolutionize the music industry by enhancing artists' creative capabilities and ensuring fair revenue distribution.
Binance Tightens Compliance Amid Regulatory Scrutiny
Headlines: "Binance adds fiat currency restrictions for Russian users", "Binance P2P removes sanctioned Russian banks from payments list", "Binance’s Belgian Customers to Use Polish Entity In Bid to Escape Regulators’ Ban"
Binance, the world's largest cryptocurrency exchange, is tightening its compliance measures amid increasing regulatory scrutiny. The exchange has added fiat currency restrictions for Russian users and removed sanctioned Russian banks from its payment options. Binance's Belgian customers will now be able to continue using the crypto exchange by routing their transactions through a Polish entity, following Belgium's local regulator's order to cease operations in the country.
Football Star Ronaldinho Faces Legal Trouble Over Crypto Scam
Headlines: "Football star Ronaldinho could go to jail over crypto scam", "Soccer Legend Ronaldinho Investigated Over Participating in a Crypto Scam (Report)"
Football star Ronaldinho is facing potential legal trouble over his alleged involvement in a crypto scam in Brazil. Ronaldinho, along with his brother and business partner, owned a company called 18kRonaldinho, which is accused of running a crypto scam in the form of a pyramid scheme. The company promised clients a daily return on investment of nearly 2%. Prosecutors believe that Ronaldinho may have used his fame and popularity to defraud investors.
Crypto Wallet Security and Access Issues
Headlines: "'The Wallet Event': Crypto Startup Bankrupt After Losing Password to $38.9 Million Physical Crypto Wallet", "Tether CTO stays silent on Bitcoin mining locations"
A crypto startup offering financial infrastructure has gone bankrupt after losing access to a physical crypto wallet containing $38.9 million. The company, Prime Trust, failed to write down recovery phrases, locking themselves out of the wallet permanently. On the other hand, Tether's Chief Technology Officer, Paolo Ardoino, has refused to disclose the locations of Tether's Bitcoin mining operations, citing security concerns.
Crypto Market Predictions and Investor Behavior
Headlines: "Cardano (ADA) Likely Entering ‘The Depression Phase’, According to Analyst Benjamin Cowen - The Daily Hodl", "Bitcoin's most faithful are staying put despite the crypto market's recent weakness"
Crypto analyst Benjamin Cowen predicts that Cardano (ADA) is likely entering a "depression" phase, which could see its price dip significantly. Despite this prediction and the recent weakness in the crypto market, Bitcoin's most faithful investors are holding onto their coins. Investors who have held onto their bitcoin for a year or longer now make up nearly 70% of bitcoin holders, indicating a strong belief in the long-term potential of the cryptocurrency.
As always, stay tuned for more updates in crypto!