Wednesday 28 September 2022
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Bored Ape Yacht Club

Yuga Labs ‘inappropriately induced’ BAYC investors: Class action

A proposed class-action lawsuit alleges that Yuga Labs “inappropriately induced” the community to buy Bored Ape Yacht Club nonfungible tokens (NFTs) and the project’s affiliated ApeCoin (APE) token. The proposed class-action driven by law firm Scott+Scott was published on Thursday, claiming that Yuga Labs used celebrity promoters and endorsements to “inflate the price” of the BAYC NFTs and the APE token. It also alleges that Yuga Labs promoted the growth prospects and chance for huge returns on investment to “unsuspecting investors:” “After selling off millions of dollars of fraudulently promoted NFTs, YUGA LABS launched the Ape Coin to further fleece investors.”“Once it was revealed that the touted growth was entirely dependent on continued promotion (as opposed to actual utility or underlying technology) retail investors were left with tokens that had lost over 87% from the inflated price high on April 28, 2022,” it added. The law firm is currently seeking impacted investors who suf..

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Stablecoin projects need collaboration, not competition: Frax founder

Stablecoin projects need to take a more collaborative approach to grow each other’s liquidity and the ecosystem as a whole, says Sam Kazemian, the founder of Frax Finance. Speaking to Cointelegraph, Kazemian explained that as long as stablecoin “liquidity is growing proportionally with each other” through shared liquidity pools and collateral schemes, there won’t ever be true competition between stablecoins. Kazemian’s FRAX stablecoin is a fractional-algorithmic stablecoin with parts of its supply backed by collateral and other parts backed algorithmically. Kazemian explained that growth in the stablecoin ecosystem is not a "zero-sum game" as each token is increasingly intertwined and reliant on each other's performance. FRAX uses Circle’s USD Coin (USDC) as a portion of its collateral. DAI, a decentralized stablecoin maintained by the Maker Protocol, also uses USDC as collateral for more than half of the tokens in circulation. As FRAX and DAI continue to expand their market ca..

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Voyager rejects Alameda buyout offer as it ‘harms customers’

Centralized crypto lender Voyager Digital Holdings has rejected an offer from FTX and its investment arm Alameda Ventures to buyout its digital assets on the grounds that the actions “are not value-maximizing" and potentially "harms customers." In a rejection letter filed in court on July 24 as part of its ongoing bankruptcy proceedings, Voyager’s lawyers denounced the offer made public by FTX, FTX US, and Alameda on July 22 to buy out all of Voyager’s assets and outstanding loans - except the defaulted loan to 3AC. The letter states that making such offers public could jeopardize any other potential deals by subverting “a coordinated, confidential, competitive bidding process,” adding “AlamedaFTX violated many obligations to the Debtors and the Bankruptcy Court.” Voyager’s representatives suggested that their own proposed plan to reorganize the company is better as they say it would promptly deliver all of their customers’ cash and as much of their crypto as possible. Voyager filed..

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Top 5 cryptocurrencies to watch this week: BTC, ETH, BCH, AXS, EOS

The bulls are attempting to achieve a strong weekly close for Bitcoin (BTC), while the bears are attempting to regain their advantage. Analysts are closely watching the 200-week moving average which is at $22,705 and BTC's current setup suggests that a decisive move is imminent. Many analysts expect a weekly close above the 200-week MA to attract further buying but a break below it could signal that bears are back in the game. Although the short-term picture looks uncertain, analyst Caleb Franzen said that Bitcoin has been in an accumulation zone since May. Crypto market data daily view. Source:Coin360Meanwhile, on-chain analytics firm CryptoQuant highlighted increasing outflows of Ether (ETH) from major exchanges, totaling $1.87 million coins on July 22. Usually, outflows from crypto exchanges suggest that traders are bullish for the long-term hence they may be moving their coins to safety. Could Bitcoin resume its recovery, attracting buying in select altcoins? Let’s study the..

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The Merge is Ethereum’s chance to take over Bitcoin, researcher says

Ethereum researcher, Vivek Raman, is convinced that Ethereum’s (ETH) upcoming transition to a proof-of-stake system will enable it to take over Bitcoin’s (BTC) position as the most prominent cryptocurrency. "Ethereum does have, just from an economic perspective and because of the effect of the supply shock, a chance to flip Bitcoin," said Raman in an exclusive interview with Cointelegraph. The Merge, a long-awaited upgrade that will complete Ethereum's transition from a proof-of-work to a proof-of-stake system, is set to take place in September. In addition, The Merge will transform Ethereum's monetary policy, making the network more environmentally sustainable and reducing ETH's total supply by 90%. "After The Merge, Ethereum will have lower inflation than Bitcoin. Especially with fee burns, Ethereum will be deflationary while Bitcoin will always be inflationary. Although, with every halving, the inflation rate goes down," pointed out Raman. While Bitcoin will retain..

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Axie Infinity is painting a giant bearish pattern — will AXS price crash another 95%?

Axie Infinity (AXS) has been forming a giant bearish reversal pattern since July last year, which could send its prices down by another 95% in 2022. AXS risks one big breakdownDubbed the "inverted cup and handle," the pattern is identified by its large crescent shape followed by a modest upward retracement. It typically resolves after the price breaks out of the rising channel, followed by another break below the cup-and-handle's neckline support. Meanwhile, as a rule of technical analysis, an inverted cup and handle breakout leads the price to the level at length equal to the maximum distance between the structure's top and support. AXS's price rally during the second half of 2021, followed by its complete wipeout in 2022, makes a crescent shape trend, which looks like an inverted cup. Furthermore, the recent 50% price rebound from the June 18's local bottom of $11.82 forms an inverted handle, as shown below. AXS/USD three-day price chart featuring inverted cup and..

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6 Questions for Pat Duffy of The Giving Block

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep them on their toes! This week, our 6 Questions go to Pat Duffy, co-founder of The Giving Block — a crypto donation solution that provides an ecosystem for nonprofits and charities to fundraise Bitcoin and other cryptocurrencies. Pat is co-founder of The Giving Block, and has raised over $100,000,000 in crypto for nonprofits in the last year. From 2020 to 2022, Pat and his co-founder Alex Wilson grew The Giving Block from a four-person team into one of the fastest growing companies in the nonprofit sector, with thousands of nonprofit clients and the world’s largest crypto donor community. 1 — What is the main hurdle to mass adoption of blockchain technology?People say education, and I think that’s wrong. When people say “education,” I think that leads to people getting up on stages and explaining blockchain to people who don’t even understand how ..

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Bitcoin must close above $21.9K to avoid fresh BTC price crash — trader

Bitcoin (BTC) found strength at $22,000 into July 24 with bulls still aiming for a solid green weekly close. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewClassic levels for end-of-week price focusData from Cointelegraph Markets Pro and TradingView showed BTC/USD halting a weekend drop at $21,900 to return towards the $23,000 on the day. The pair held a trading range closely focused on key long-term trendlines, which analysts had previously described as essential to reclaim. These included the 50-day and 200-week moving averages (MAs), the latter particularly important as support during bear markets but which had acted as resistance since May. “Bullish that we perfectly held the 13d ema + horizontal 21.9k,” popular Twitter trading account CryptoMellany argued in part of her latest update on the day. “I think we'll hang around 22.5k for today's weekly close, new week starting with action down to 21-21.6k and then up for the rest of the week, forming a bull flag.”..

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Hacker drains $1.08M from Audius following passing of malicious proposal

Proposals in crypto help communities make consensus-based decisions. However, for decentralized music platform Auduis, the passing of a malicious governance proposal resulted in the transfer of tokens worth $6.1 million, with the hacker making away with $1 million. On Sunday, a malicious proposal, Proposal #85, requesting the transfer of 18 million Audius’ in-house AUDIO tokens was approved by community voting. First pointed out on Crypto Twitter by spreekaway, the attacker created the malicious proposal wherein they were “able to call initialize() and set himself as the sole guardian of the governance contract.” Speaking to Cointelegraph, Audius co-founder and CEO Roneil Rumburg clarified that the community did not pass a malicious proposal: “This was an exploit — not a proposal proposed or passed through any legitimate means — it just happened to use the governance system as the entry point for the attack.”Further investigation from Auduis confirmed the unauthorized transfer of AUD..

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NFTs banned in Minecraft, SEC lists 9 tokens as securities and 3AC founder blames cockiness for company meltdown: Hodler’s Digest, July 17-23

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week3AC founders reveal ties to Terra founder, blame overconfidence for collapseAfter five weeks of being AWOL, the founders of defunct crypto hedge fund Three Arrows Capital (3AC), Su Zhu and Kyle Davies, resurfaced via an interview with Bloomberg. The duo admitted to operating the firm with overconfidence as a result of the multi-year bull market. They also noted that they were very close with Terra founder Do Kwon and, despite running a major hedge fund, were shocked that the project’s extremely risky algorithmic stablecoin went bust. Zhu and Davies said they overlooked several red flags as a result of the kinship. Mojang Studios bans Minecraft NFT integrations Minecraft developers Mojang Studios banned nonf..

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