The cryptocurrency market remains volatile, with Bitcoin struggling to break above the $62,000 level. Meanwhile, high-profile figures in the industry have faced legal troubles and scams have continued to plague the space.
Telegram founder Pavel Durov was recently released from custody in France after being charged with criminal offenses related to his role at the messaging app. In Brazil, social media platform X was ordered to be suspended after Elon Musk refused to appoint a legal representative.
In a separate incident, Kylian Mbappé’s Twitter account was hacked, leading to a fraudulent cryptocurrency token scam that cost investors millions of dollars.
So, to keep you informed, we've compile a list of six key crypto stories from the past week to keep you informed. Read more below.
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TOP CRYPTO NEWS RECAP (August 25-31, 2024)
● Former FTX Executive Ryan Salame Ordered to Appear in Court Despite Withdrawing Guilty Plea Request
● Solo Bitcoin Miner Earns Nearly $200,000 After Processing Rare Block
● Elon Musk and Tesla Secure Dismissal of $258 Billion Dogecoin Manipulation Lawsuit
● Nigeria Grants Quidax First Provisional License, Boosting Crypto Innovation
● Trump's 'America First' NFT Collection Rakes in $2.2 Million Amid Controversy
● OpenSea Receives SEC Wells Notice, Vows to Fight Potential Enforcement Action
Former FTX Executive Ryan Salame Ordered to Appear in Court Despite Withdrawing Guilty Plea Request
Former FTX Digital Markets co-CEO Ryan Salame must appear in court on September 12, per Judge Lewis Kaplan's order, despite withdrawing his request to vacate a guilty plea. Salame had sought to retract his plea after prosecutors charged his partner, Michelle Bond, with campaign finance violations. Although Salame withdrew his petition, the judge insisted on his appearance as part of bail conditions. Salame's prison sentence was delayed to October 13 due to medical complications. Prosecutors have yet to respond to his withdrawal request.
Solo Bitcoin Miner Earns Nearly $200,000 After Processing Rare Block
A solo Bitcoin miner from the Solo CK Pool has struck gold, successfully processing block number 858,978 and earning nearly $200,000. The miner, operating with just 0.012% of the average network hashrate, managed to validate a block containing 2,391 transactions, receiving 3.27 BTC worth $199,094. This rare event highlights the challenges solo miners face, as only around 290 solo blocks have been processed out of 859,000 since Bitcoin's inception. The Solo CK Pool combines small miners' hashrates but rewards only the block solver.
Elon Musk and Tesla Secure Dismissal of $258 Billion Dogecoin Manipulation Lawsuit
Elon Musk and Tesla successfully had a $258 billion lawsuit dismissed, which accused them of manipulating Dogecoin's price. On August 29, Judge Alvin Hellerstein of the U.S. District Court for the Southern District of New York ruled that Musk's statements about Dogecoin, including claims of becoming its CEO and plans to send a Dogecoin to the moon, were "aspirational and puffery," not factual, and no reasonable investor could rely on them. The lawsuit, filed by Dogecoin investors, was deemed a "fanciful work of fiction.
Nigeria Grants Quidax First Provisional License, Boosting Crypto Innovation
The Nigerian Securities and Exchange Commission (SEC) has granted Quidax, an Africa-based crypto exchange, its first provisional operating license. This marks a significant step toward formal recognition and regulation of Nigeria's digital asset industry. The license allows Quidax to operate as a registered crypto exchange, encouraging further innovation within the Nigerian crypto community. Quidax's CEO, Buchi Okoro, praised the SEC's leadership for enhancing confidence and investor protection in the industry. This regulatory milestone may pave the way for increased local and international crypto investments.
Trump's 'America First' NFT Collection Rakes in $2.2 Million Amid Controversy
Donald Trump's latest non-fungible token (NFT) collection, "America First," generated over $2.2 million just days after its August 27 release. The collection, which offers a chance to dine with the former U.S. president, saw 22,360 mints and 1,210 holders, each mint priced at $99. Despite the financial success, the collection has faced criticism from community members who view it as a "grift." The timing of the release has also sparked speculation about its connection to the SEC's recent Wells notice to the NFT marketplace OpenSea.
OpenSea Receives SEC Wells Notice, Vows to Fight Potential Enforcement Action
OpenSea CEO Devin Finzer announced that the platform received a Wells notice from the U.S. Securities and Exchange Commission (SEC), indicating a potential enforcement action. The SEC alleges that NFTs traded on OpenSea might qualify as unregistered securities. Finzer vowed to "stand up and fight," warning that targeting NFTs could stifle innovation for countless online artists. OpenSea has pledged $5 million to support NFT creators facing legal challenges. This move marks the SEC's increasing scrutiny of the NFT and broader crypto industry.
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