Last week emerged the problem from Ava Labs and Roche Freedman, with tricks to sue industry rivals and troubles from DeFi that are not over with platforms like Compound, OptiFi,… Let’s review the main news of the market with CoinCu this week.
Market figures for the week
The crypto market’s capitalization: The indicator fell below the $1 trillion mark for the first time since July 27, 2022, according to CoinMarketCap.
Trading activity dropped significantly: Over the past week, it amounted to $491 billion, down 2.3% from the previous week. The average daily trading volume was $70 billion.
The Cryptocurrency Fear & Greed Index: The index remained in the “Extreme Fear” zone. On September 1, it dropped to 20 points, the lowest since July 18, 2022.
Interesting news of the week
Avalanche Plays Bad On Industry Competitors
On August 29, the Twitter community was extremely excited to spread information about an article by Crypto Leaks that revealed the truth about the underground operation of the Avalanche platform. For more specific information, you can read the article below:
Coinbase Is Under Legal Siege When Investors File A Lead Plaintiff Motion
During cryptocurrency exchange, Coinbase’s continuous legal difficulties, investors who purchased the company’s stock have been reminded of the deadline to submit a lead plaintiff motion in a securities class action lawsuit against the company. For more specific information, you can read the article below:
Binance Freezes $1 Million Corporate Accounts Due To Law Enforcement Requests
Major exchange Binance has confirmed that it has restricted access to the account of $1 million worth of crypto by Tezos staking rewards audit firm, Baking Bad, “due to a law enforcement request.” For more specific information, you can read the article below:
Mt. Gox Delays Repayment To Mid-September
The Mt. Gox reimbursement dates, originally slated for late August and involving the delivery of approximately 137,000 Bitcoins (BTC) to consumers of the hacked trading platform, appear to have been pushed back again. For more specific information, you can read the article below:
Mysten Labs The Company Behind The Sui Blockchain Is Hacked On Discord
According to a statement from Mysten Labs on Saturday, the firm’s Discord server has been compromised. Mysten Labs is the startup behind the Sui blockchain. For more specific information, you can read the article below:
Grayscale Claims That XLM, ZEC, And ZEN May Be Securities Following An SEC Investigation
In June 2022 and again in the middle of August 2022, digital asset management Grayscale submitted applications for the Stellar (XLM), Zcash (ZEC), and Horizen (ZEN) trusts. For more specific information, you can read the article below:
Sam BankMan-Fried Denies Plan To Acquire Huobi
FTX CEO Sam BankMan-Fried has officially confirmed the possibility of acquiring the Huobi cryptocurrency exchange, denying rumors that have been strongly spread by the community in the past. For more specific information, you can read the article below:
Limit Break’s DigiDaigaku NFT Skyrocketed 100% As The Firm Raised $200 Million
Limit Break, a Web3 Massively Multiplayer Online Game (MMO) startup, has raised $200 million in two funding rounds. For more specific information, you can read the article below:
Ethereum Scaling Network Arbitrum Will Receive A Significant Upgrade On August 31
Arbitrum will receive one of its most significant updates on Wednesday, which will speed up transaction processing, lower transaction costs, and simplify cross-chain communication between Arbitrum and Ethereum. For more specific information, you can read the article below:
Compound Crashes Leads To Users Getting ETH Locked For 7 Days
Market-leading lending protocol DeFi, Compound Finance, has just launched a proposal to upgrade its Chainlink price index. However, this code has an error and leads to some unnecessary problems. For more specific information, you can read the article below:
OptiFi Accidentally Closed The Mainnet Program, Locking 660,000 USDC Inside
OptiFi, a decentralized cryptocurrency options exchange, cut its life short after unwittingly executing a command that closed its mainnet program and made it irrecoverable. For more specific information, you can read the article below:
Tellor Oracle Protocol Was FUD, TRB Token Price Plummeted
Tellor (TRB) is under siege by FUD when the project is said to be pulling investors, and the CEO of the project is being arrested, but is that true? For more specific information, you can read the article below:
MicroStrategy, Michael Saylor Sued For Tax Fraud
DC Attorney General Karl A. Racine announced on August 31 that he is filing civil charges against cloud software company MicroStrategy and its president Michael Saylor for years of tax fraud. For more specific information, you can read the article below:
Luxury Brand Hermès Has Filed A Trademark Application For Crypto, NFT, And Metaverse
Recently, luxury fashion house Hermès trademarked its name and planned to expand into the crypto, NFT, and Metaverse sectors. More and more fashion brands are participating in the NFT and metaverse race because it brings a significant source of revenue for these popular brands. For more specific information, you can read the article below:
Celsius Seeks To Return Funds To Customers
Bankruptcy crypto lender Celsius is seeking to return customer funds held in its Custody Program and Withhold Accounts, arguing that they do not technically belong to the company. Some customers may be getting their money back soon. For more specific information, you can read the article below:
Bitcoin seems to be fighting fiercely with the bears to hold the $20,000 mark. Rumors of Mt. Gox in the community along with the strengthening of the US dollar is putting pressure on the entire crypto market. Let’s continue to follow CoinCu for notable news next week.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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