Crypto This Week – Week 38

The crypto markets received unsettling news this week, including rumors that Tether holds debt-ridden Evergrande’s commercial paper (short term notes) on their balance sheet. Tether, the world's largest stablecoin, staunchly denied holding any commercial paper or securities issued by embattled developers, but because of the lack of transparency, it is hard to be certain. Grande mocha with skim payments, ahem milk.

SEC Chairman, Gary Gensler, likened stablecoins to poker chips and mentioned that he doesn’t see much long-term viability for cryptocurrencies, thereby warranting further scrutiny on thousands of crypto projects. Saving your way to retirement with a mere 0.06% interest rate, on the other hand, seems like a viable solution, Mr. Gensler?

On Thursday, hackers exploited Bitcoin.org to run a crypto-giveaway scam. Visitors to the website were greeted with a pop-up asking them to send crypto to a Bitcoin wallet, via a QR code, and receive double the amount in return. The scam artist received $17,000 or ~0.4BTC and quickly moved the funds into other wallets.

AMC Theatres - the largest theatre chain in the world is looking to accept Dogecoin, as payment for movie tickets, after 4.2 million people viewed a Twitter poll by the company’s chief executive officer, ​​Adam Aron. Pupcorn anyone?

Snoop D-O-Double-G revealed himself as the mysterious $17m Ethereum NFT whale. The American rapper is one of the early celebrity adopters in the NFT space and even launched his own brand of collectibles earlier this year. On Monday, Snoop tweeted that he was Cozomo de’ Medici, a pseudonymous NFT collector, who joined Twitter in August.

Laos is the latest nation to side with crypto. The government has authorised the mining and trading of cryptocurrencies. This appears to be a policy shift by the debt-laden south-east Asian nation that puts it in a position to profit from the crackdown on digital currency mining in China. Laos at first sight?

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The American basketball team, the Philadelphia 76ers, have selected Crypto.com, as the next brand partner whose logo will appear on the team's jerseys and other in-arena promotions at the home stadium this upcoming season. Can eagles fly to the moon?

Cardano introduced Plutus dAppStore - a storefront for certified decentralised applications that make dApps, run on the platform, easier to find. You too, Brutus?

Heard through the grapevine - Grape Network, the project whose token sale broke Solana last week, has raised $1.8m, in total, from venture capital (VC) firms. The protocol provides tools for decentralised autonomous organizations (DAOs) to help them manage their communities more efficiently.

Kentucky Fried Celsius - Kentucky is the fourth state, after Texas, Alabama and New Jersey, to issue an emergency order to cease and desist against Celsius Network over its “Earn Interest Accounts.” The state’s Division of Securities is alleging Celsius’ interest-bearing accounts violate state securities law and fail to disclose what happens to customers’ deposits.

Robinhood is rolling out a new feature that will allow users to use a crypto wallet and make cryptocurrency transfers on its app. This move will likely position them as a key player in the crypto world.

Nothing in this article constitutes professional and/or financial advice. The content is provided exclusively for informational and/or educational purposes. Nothing is to be construed as an offer or a recommendation to buy or sell any type of asset. Seek independent professional advice in regards to financial, tax, legal and other matters.

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