קריפּטאָ ווינטער בלאָוז אויס ביטקאָין ספּעקולאַטאָרס

זיין [אין] קריפּטאָ has trawled through the news stories over the last week to bring you up to speed on the most important happenings in the ecosystem. The stories range from עטהערעום’s sinking volumes, a massive Chinese data breach, Central African Republic’s new crypto hub, Shiba Inu’s incoming סטאַבילקאָין, and the Celsius quagmire.

דו זאלסט נישט פאַרגעסן צו אַבאָנירן צו אונדזער נוזלעטער און באַקומען אונדזער וויקלי ראַונדאַפּס רעכט אין דיין ינבאָקס!

No end in sight for cold crypto winter 

The plunging of asset prices shows no signs of a reversal as the markets wallow under the weight of the bearish sentiments. A מעלדונג by Glassnode indicates that low prices have seen bitcoin “tourists” and “speculative entities” exit their positions, while only long-term HODLers בלייבן. 

BTC was not the only crypto asset to suffer setbacks, as on-chain data shows Ethereum had its own woes. ETH transaction volumes for the second quarter of 2022 stood at $1.68 trillion, a 49% פאַרקלענערן from 2021.

Assets are not the only areas affected by the winter, as crypto exchanges have had their own piece of the humble pie. Last week, Vauld became the latest exchange to ופהענגען withdrawals, trading, and deposits, citing “volatile market conditions.” The exchange’s statement hinted that there remains the possibility of total restructuring, and has applied to the courts for a moratorium against lawsuits.

As the markets quake, Sam Bankman-Fried reiterated his desire to save struggling companies by extending lines of credit. The FTX CEO revealed that he still has a “few billions” after helping BlockFi and Voyager through his quantitative trading firm, Alameda Research.

Hackers continue their spree

The crypto industry recorded reports of hacker activity over the last week. The Twitter and YouTube accounts of the British Army were כאַקט, with the perpetrators using the accounts to promote שווינדל NFT projects. The accounts were recovered within 24 hours, with a full-scale investigation underway to arrest the culprits.

טשאַנגפּענג דזשאַו, Binance CEO, raised alarm over the massive דאַטן רינען of one billion Chinese residents with the information going on sale on the dark web. The hacker has put the price for the information at 10 BTC, and it could have implications for Binance as bad actors can get their hands on sensitive, private information.

A wave of romance סקאַמז is sweeping across the U.S. with nearly $ קסנומקס מיליאָן lost to fraudsters in the first six months of the year. The report noted that the average victim lost $10,000 to scams involving fake crypto investments, with millennials being the most targeted demographic.

In a positive light, Brazilian police באַסטיד a criminal organization using crypto to launder the proceeds from illicit gold mining operations, while researchers at the University of Chicago have created an algorithm to predict crypto fraud up to one week in advance.

The state of crypto legislation around the globe

Last week was iconic for crypto regulations, as legislative houses globally passed a series of groundbreaking bills. The European Union had a provisional agreement that required full details of all crypto transactions to be collected, which sparked diverse opinions. For Brian Armstrong, the new bill is seen as a באַגריסן אַנטוויקלונג that could “serve as a model for other countries to follow.”

In the U.S., the government has פּראָוכיבאַטאַד employees involved in regulations related to the crypto industry from holding cryptocurrencies. The new rule was the brainchild of the Office of Government Ethics (OGE) with the only exception being that employees can hold $50,000 in mutual funds in companies working in the crypto space.

The government of the Central African Republic (CAR) launched a crypto hub over the last week. The hub, סאַנגאָ Project, comes packed with an e-residency program, and a citizenship program as the country’s president argues that “digital gold” will serve as the engine of the nation’s civilization.

Stablecoins and lawsuits

Shiba Inu disclosed that the ecosystem is nearing the קאַטער of its native stablecoin named SHI. Shytoshi Kusama, the head developer, stated that the stablecoin forms part of the attempts to give the stablecoin real-world utility aside from the tag of meme coin.

Aave, a leading crypto project, followed in Shiba Inu’s footsteps to announce the launch of GHO, a U.S. dollar-pegged stablecoin to make access to דעפי features easier. To prevent a repeat of TerraUSD’s (UST) de-pegging, GHO will be overcollateralized and backed by multiple crypto assets.

While rival blockchains unveiled a series of developments, סאָלאַנאַ was hit by a class-action פּראָצעס with the allegation that major players in the Solana ecosystem were illegally profiting from SOL. The claims filed by aggrieved persons argue that SOL was sold without any registration statements, which amounts to a violation of existing securities law.

Celsius saga far from over

Troubled crypto platform Celsius has צוריקגעצאלט $142 million worth of loans to MakerDAO and an additional $67 million to Aave and Compound as it tries to find its footing after suspending withdrawals for customers. FTX and Nexo have been rumored to offer a lending hand to the struggling firm, but it seems the company is swimming alone to shore.

Despite the brave attempts of the company, it has been plagued with reports of fraud and illegalities. Last week, an ex-employee of the company initiated a lawsuit against the firm, accusing it of מאַרק מאַניפּיאַליישאַן, accounting failures, and branding it “a classic Ponzi scheme.”

אָפּלייקענונג

אַלע די אינפֿאָרמאַציע קאַנטיינד אויף אונדזער וועבזייטל איז ארויס אין גוטן אמונה און בלויז פֿאַר אַלגעמיינע אינפֿאָרמאַציע צוועקן. קיין אַקציע וואָס די לייענער נעמט אויף די אינפֿאָרמאַציע געפֿונען אויף אונדזער וועבזייטל איז שטרענג אויף זייער אייגן ריזיקירן.