The biggest crypto news and ideas of the day |
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Former President Donald Trump did not mention bitcoin (BTC) or crypto during an interview with X CEO Elon Musk on Monday evening. Over two hours, the wide-ranging interview covered a variety of topics including illegal immigration, the economy, AI and global warming. The interview attracted over 1 million listeners and was delayed for over 45 mins, due to what Musk called a "massive [distributed denial of service] attack on X". “As this massive attack illustrates, there’s a lot of opposition to people just hearing what President Trump has to say,” Musk said of the alleged attack. A report from The Verge called this into question, however, with a source telling the publication that this wasn't the case, saying there was a "99 percent chance Musk was lying" about the attack. An alert from cybersecurity watchdog organization Netblocks said X Spaces was experiencing international outages but did not confirm if it was a DDOS attack. |
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Bitcoin (BTC) has quickly recovered to nearly $60,000 after a debacle last week that saw prices drop below $50,000 at one point. The recovery may have legs, as the "exchange stablecoins ratio," which measures the number of BTC held in wallets tied to centralized exchanges relative to stablecoins, suggests reduced selling pressure. The ratio has dropped to its lowest since February 2023, extending a prolonged downtrend that began in June last year, according to data tracked by blockchain analytics firm CryptoQuant. "This could indicate reduced selling pressure on bitcoin as fewer traders are converting their BTC into stablecoins," CryptoQuant told CoinDesk in a Telegram chat. "Additionally, this could suggest a bullish market sentiment, where traders seem to be holding BTC in anticipation of future price increases," CryptoQuant added. |
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Hamster Kombat Resists VCs |
Viral play-to-earn crypto game Hamster Combat criticized crypto venture capital funding as an “exit liquidity” activity in a Tuesday broadcast to community members – stating it has turned down every offer. “Since our explosive growth began, we’ve received numerous investment offers from some of the biggest venture capital firms in the Web3 space,” the game’s admins said in its official Telegram group. “We’ve turned down every single one.” “Too many Web3 projects have built audiences only to use them as exit liquidity for their venture capital backers. This has, unfortunately, become the norm in the industry,” they said. “We stand against this practice. We want the web3 space to return to its fundamentals.” “Instead of creating innovative projects that generate real value and revenue, companies often focus on making a convincing pitch to secure funding, spend it on marketing, conduct an airdrop or even a public ICO, and then walk away—leaving users holding the bag.” |
The U.S. Securities and Exchange Commission (SEC) filed suit against an alleged crypto pyramid scheme, NovaTech, and eight of its promoters on Monday, charging them with fraud and multiple violations of federal securities laws. NovaTech allegedly scammed investors out of around $650 million over a four-year period, the SEC said in its filing. The lawsuit comes two months after New York Attorney General Letitia James filed suit against NovaTech, its founders, and another alleged pyramid scheme with ties to NovaTech. According to the SEC’s complaint, NovaTech and its promoters preyed on certain affinity groups – largely, Haitian Creole-speaking churchgoers in the U.S. and abroad – via WhatsApp groups and promotional events, convincing over 200,000 investors around the world to fork over a collective $650 million between June 2019 and May 2023, when the scheme collapsed. |
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