TL;DR Breakdown According to a research report, Twitter bots could distort perceptions of a crypto’s popularity, creating artificial highs in social media engagement and misleading potential investors. Cryptos with abnormally high engagement coefficients, which could be inflated by bot activity, have been found to yield low returns, frequently after a brief spike. The implementation of multi-faceted solutions is necessary to address the challenges posed by Twitter bots. Description Twitter bots have attained notoriety within the crypto industry. Now, two Yale researchers believe they know how to trade more profitably by leveraging phony engagement. In recent years, the crypto industry has witnessed exponential growth and widespread adoption. As this digital revolution gains momentum, marketing strategies have become paramount in ensuring success for crypto projects.  … Read more Twitter bots have attained notoriety within the crypto industry. Now, two Yale researchers believe they know how to trade more profitably by leveraging phony engagement. In recent years, the crypto industry has witnessed exponential growth and widespread adoption. As this digital revolution gains momentum, marketing strategies have become paramount in ensuring success for crypto…

TL;DR Breakdown On Friday, a federal judge in Manhattan sided with Hermes and temporarily halted the sale of “MetaBirkin” non-fungible tokens by artist Mason Rothschild after a jury found that the tokens infringed on the French luxury brand’s trademark rights in its signature Birkin bag in the U.S. Rothschild (real name Sonny Estival) defended his art by arguing that it was an absurdist statement on luxury items and hence protected by the 1st Amendment. According to Rothschild in court, Hermes’ request was “far beyond what is appropriate in a case, like this one, that involves artistic expression.”  Description On Friday, a federal judge in Manhattan accepted Hermes’ plea to permanently halt artist Mason Rothschild’s sales of “MetaBirkin” non-fungible tokens after a jury found that they infringed upon the French luxury brand’s trademark rights in its well-known Birkin handbags. Federal judge injuncts MetaBirkin NFT sales According to US District Judge Jed Rakoff, the permanent … Read more On Friday, a federal judge in Manhattan accepted Hermes’ plea to permanently halt artist Mason Rothschild’s sales of “MetaBirkin” non-fungible tokens after a jury…

TL;DR Breakdown Sequoia Capital’s Alfred Lin reaffirms the firm’s investment in the bankrupt FTX crypto exchange, stating they would make the same decision again if given the opportunity. Despite suffering a financial loss, Sequoia maintains its enthusiasm for the crypto sector, emphasizing the importance of taking calculated risks and trusting visionary founders. Description Venture capitalist Alfred Lin, a partner at Sequoia Capital, recently defended the firm’s significant investment in the now-bankrupt cryptocurrency exchange FTX. Despite the exchange’s collapse and subsequent loss of funds, Lin expressed confidence in the decision, stating that if given the opportunity, Sequoia would likely make the same investment again. This reaffirms Sequoia’s commitment to … Read more Venture capitalist Alfred Lin, a partner at Sequoia Capital, recently defended the firm’s significant investment in the now-bankrupt cryptocurrency exchange FTX. Despite the exchange’s collapse and subsequent loss of funds, Lin expressed confidence in the decision, stating that if given the opportunity, Sequoia would likely make the same investment again. This reaffirms Sequoia’s commitment to trusting founders and taking calculated risks, even in the volatile world of cryptocurrencies.  However,…

TL;DR Breakdown Joseph O’Connor, known as the “Twitter hacker,” has been sentenced for his involvement in a Twitter hack and a SIM swapping scheme targeting high-profile cryptocurrency industry executives. O’Connor hijacked prominent Twitter accounts, including CoinDesk, to carry out a bitcoin giveaway scam, amassing over $100,000. Description In a significant development of the cryptocurrency industry, Joseph O’Connor, a British man widely known as the “Twitter hacker,” has been sentenced to 5 years in prison by a federal judge in the U.S. District Court for the Southern District of New York. O’Connor was responsible for orchestrating an elaborate Twitter hack and a separate … Read more In a significant development of the cryptocurrency industry, Joseph O’Connor, a British man widely known as the “Twitter hacker,” has been sentenced to 5 years in prison by a federal judge in the U.S. District Court for the Southern District of New York. O’Connor was responsible for orchestrating an elaborate Twitter hack and a separate crypto-related SIM-swapping scheme, amassing approximately $900,000 from his victims.  The sentencing comes after O’Connor’s guilty plea to engage in SIM-swapping…

TL;DR Breakdown Creditors of bankrupt cryptocurrency lending platform Celsius have amended their lawsuit to include market maker Wintermute, alleging potential involvement in a wash trading scheme. Wintermute is accused of colluding with Network’s executives to manipulate the price of CEL tokens through improper market trading, deceiving investors, and artificially inflating trading volumes. Description Creditors of the bankrupt cryptocurrency lending platform Celsius have recently amended their lawsuit to accuse Wintermute, a prominent crypto market maker, of participating in a wash trading scheme. The allegations suggest that Wintermute colluded with Celsius executives to manipulate the price of CEL tokens through improper market trading, ultimately defrauding investors. These developments add another … Read more Creditors of the bankrupt cryptocurrency lending platform Celsius have recently amended their lawsuit to accuse Wintermute, a prominent crypto market maker, of participating in a wash trading scheme. The allegations suggest that Wintermute colluded with Celsius executives to manipulate the price of CEL tokens through improper market trading, ultimately defrauding investors. These developments add another layer of complexity to the ongoing legal battle surrounding Celsius Network and its troubled…

TL;DR Breakdown Coinbase has partnered with Stellar to embrace the USD Coin stablecoin, enabling seamless deposits and withdrawals on the Stellar network. This collaboration aims to revolutionize transaction speed and affordability within the Stellar ecosystem. The integration of USDC into Stellar creates a substance on/off-ramp for the stablecoin. Description Coinbase, the renowned cryptocurrency exchange platform, has made a game-changing move by embracing Stellar‘s USD Coin (USDC), as announced by the Stellar Development Foundation (SDF) on June 23. This exciting development allows Coinbase users to seamlessly deposit and withdraw Circle’s stablecoin via the robust Stellar network. The SDF believes this collaboration with Coinbase will revolutionize … Read more Coinbase, the renowned cryptocurrency exchange platform, has made a game-changing move by embracing Stellar‘s USD Coin (USDC), as announced by the Stellar Development Foundation (SDF) on June 23. This exciting development allows Coinbase users to seamlessly deposit and withdraw Circle’s stablecoin via the robust Stellar network. The SDF believes this collaboration with Coinbase will revolutionize transaction speed and affordability within the Stellar ecosystem. With USDC integrated into Stellar, users can expect transaction costs…

TL;DR Breakdown The Bank of Tanzania has reaffirmed the ban on pricing commodities and services in foreign currencies. The bank plans to check destabilization Description The Bank of Tanzania (BOT) has issued a stern reminder that demanding or quoting prices in foreign currency is illegal in the country. According to the Bank of Tanzania Act 2006, individuals or businesses refusing to accept payment in Tanzanian shillings violate the law. In a press release issued recently, the central bank also emphasized … Read more The Bank of Tanzania (BOT) has issued a stern reminder that demanding or quoting prices in foreign currency is illegal in the country. According to the Bank of Tanzania Act 2006, individuals or businesses refusing to accept payment in Tanzanian shillings violate the law. In a press release issued recently, the central bank also emphasized that only commercial banks and Bureaux de Change are authorized to determine exchange rates. Tanzania prohibits foreign pricing This recent warning from the financial institution follows a previous directive issued just a month ago, which instructed authorized foreign exchange dealers in the…

TL;DR Breakdown Mercado Bitcoin has been chosen by Brazil’s central bank as another participant in its CBDC project. The premier bank has also invited Caixa to the team. Description In a significant development for Brazil’s digital currency landscape, the country’s central bank has granted authorization to two prominent entities to participate in the pilot of the digital real, Brazil’s central bank digital currency (CBDC). The largest local cryptocurrency exchange, Mercado Bitcoin, and state-owned bank Caixa have been given the green light to engage in … Read more In a significant development for Brazil’s digital currency landscape, the country’s central bank has granted authorization to two prominent entities to participate in the pilot of the digital real, Brazil’s central bank digital currency (CBDC). The largest local cryptocurrency exchange, Mercado Bitcoin, and state-owned bank Caixa have been given the green light to engage in testing the CBDC along with other consortium members. Mercado Bitcoin joins Brazil’s CBDC project Mercado Bitcoin, leading a consortium that includes Mastercard, broker Genial, registrar Cerc, and financial software fintech Sinqia, will now have the opportunity to contribute…

TL;DR Breakdown FTX co-founder denied access to documents from Fenwick & West in federal fraud case defense. FTX files lawsuit to reclaim over $700 million from investment firms. Description Sam Bankman-Fried has been denied his request to obtain documents from Silicon Valley law firm Fenwick & West LLP as part of his defense strategy in his federal fraud case, according to a court order from Friday. Bankman-Fried had sought these documents to support his claim that he relied on legal advice while engaging in … Read more Sam Bankman-Fried has been denied his request to obtain documents from Silicon Valley law firm Fenwick & West LLP as part of his defense strategy in his federal fraud case, according to a court order from Friday. Bankman-Fried had sought these documents to support his claim that he relied on legal advice while engaging in the activities for which he is currently facing prosecution. Bankman-Fried’s legal team approached U.S. District Judge Lewis Kaplan, who oversees the case, urging the prosecution to hand over the documents obtained from Fenwick & West or to allow…

TL;DR Breakdown A scam artist has experienced on-chain karma at a great length after his planned rug pull served against his creation. The rug pull plan fell under $FILTH, but a MEV Bot detected that it could perform the same task quicker. This MEV Bot copied his transaction and added additional code to dump the coins for ETH in the same block. Description A crypto rug pull scammer has come on the receiving end of his own creation. According to a report by Arkham Intelligence, this week, a developer tried to rug pull a token that he had created only an hour before. However, the rug pull did not go according to plan. So what happened? In an … Read more A crypto rug pull scammer has come on the receiving end of his own creation. According to a report by Arkham Intelligence, this week, a developer tried to rug pull a token that he had created only an hour before. However, the rug pull did not go according to plan. So what happened? In an instant, the money was…