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The essentials of the news of the cryptosphere



A graduate of Montpellier Business School and Paris 1-Sorbonne, with experience in the worlds of banking and insurance, Laurent Pignot maintains such a passion for cryptocurrencies that he aims, one day, to launch a medium dedicated to the popularization of these alternative assets. What attracts this fan of sport and gastronomy? As a good representative of his generation, the decentralized and disintermediated dimension of these currencies. What drives it? Adrenaline is linked to the investment game.

The cryptosphere is full of crisp news daily. To keep you up to date with the main information revolving around this sector, I have condensed for you the essentials of the most important news of recent days.

  • Coinbase, one of the leading cryptocurrency exchanges, continues to make waves in the cryptosphere. Three company employees, including former Coinbase product manager Ishan Wahi, are prosecuted for “use of confidential information in order to commit insider trading on crypto-assets”. The maximum penalty incurred is 20 years in prison for the three protagonists. But that’s not all. The SEC, the US stock market policeman, recently opened investigation concerning the marketing of securities that have not been legally registered beforehand with the regulators. Coinbase is therefore starting a showdown with regulators in a complicated market context for exchange platforms.
  • The whimsical boss of You’re hereElon Musk, announced have sold 75% of bitcoins that the car manufacturer held in its treasury. As a reminder, the company revealed in February 2021 that it had invested the equivalent of $1.5 billion in bitcoins. But Musk recently announced that he had converted three-quarters of his bitcoins into fiat currency, the equivalent of $936 million. Tesla said its digital assets fell to $218 million and a depreciation of bitcoin hurt the automaker’s second-quarter profitability. The billionaire said that in this sale “we should not see any verdict on Bitcoin […] and we haven’t sold any of our dogecoins”. We are therefore not immune, again and again, to many upheavals between Elon Musk and the digital currency in the near future.
  • the south korean giant Samsung announced to launch a nanoprocessor (3 nanometers) new generation that drastically goes improve the performance of mining machines. The size of the chip is reduced by 16% and should, according to the company, theoretically reduce electricity consumption by up to 45% and should be 23% more efficient than the previous chip version offered by Samsung. A technical feat that will appeal to professional and private miners eager for cryptocurrencies.
  • The famous game Minecraft from Microsoft is not a fan of NFTs. The studio shared a press article regarding upcoming changes to the Terms of Service, and NFTs are not part of them. On the contrary, it is specified that Minecraft ban blockchain technology on servers that are independently operated by fans and creators, and will also prohibit the use of Minecraft images to create NFTs.
  • We stay in the NFT sphere with Square-Enixthe famous Japanese video game publisher, which announced that it has entered into a partnership with the blockchain game company Enjin to launch a series of NFT based on the classic franchise Final Fantasy. Fans will be able to collect physical cards and figurines bearing the image of legendary characters from the franchise while obtaining an NFT backed by one of the cards obtained in the packs. The launch of this collection is scheduled for 2023.
  • Vitalik Buterin, the co-founder of Ethereum, announced at the Ethereum Community Conference (EthCC) in Paris that after migrating the mining consensus model from proof-of-work to proof-of-stake , that Ethereum would be only 55% of its end goals. This long-awaited migration is scheduled to take place on September 19, 2022, and will be followed by four upgrades that should ultimately allow Ethereum to process 100,000 transactions per second compared to 15 today. Announcements that are enough to make aficionados salivate about the evolution of the Ethereum blockchain in the coming months.
  • Travel Digital, bankrupt following the default of payment of the fund Three Arrow Capital, rejects the offer of the billionaire Sam Bankman Fried to save the company. FTX and Alameda Ventures have offered to buy back the bankrupt platform’s assets to help unlock users’ frozen funds. Two notorious subtleties were mentioned in the SBF proposal:
  1. Voyager customers will collect the funds by opening an account on FTX
  2. Tender offer does not include disputed loans to Three Arrows Capital

    Voyager’s lawyers rejected the offer, stating that it was a too low offer disguised as white knight rescue. Management felt that their own recovery plan would be more beneficial for customers but remained ready to “analyze every serious proposal”.
  • Let’s finish this Crypto Recap with an unusual news. The founder of the “My Big Coin” scam Randall Crater faces the rest of his life in prison after having lived a few years in luxury. The man was found guilty of eight counts of fraud after he scammed investors for over $6 million by marketing a fraudulent virtual currency between 2014 and 2017. Carter had falsely claimed that these virtual currencies were backed by $300 million in gold, oil and other assets, and had even mentioned a fake partnership with Mastercard to give more credibility to his scam. In all, Carter would have diverted, According to American justice, more than $6 million in investor funds to spend on art, jewelry and antiques. But it’s time for reckoning, Carter will be tried and sentenced on October 27, and My Big Coin will be added to the long list of fraudulent projects in the cryptosphere.

The evolution of the Top 20 cryptocurrencies in terms of capitalization over a week.
(Click on the heat map below to better visualize the variations)

Source: Quantify 2022

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