PeckShield Says Lost $15 Million, Tesla Accepts Doge

After a difficult start to the year, the price of bitcoin is around dish in the last seven days. The largest cryptocurrency by market value is currently trading at $41,671, according to Coin Metrics.

Ether, the second largest, is on the rise about 2% in the same period of time. It is now priced at $3,113.

Other top coins had a better week. Cardano, Terra and Dogecoin, for example, have surged in the past seven days, Data Coin Gecko shows.

Besides the price movement, here are six important things that happened in the crypto space in the past week.

1. Kim Kardashian and Floyd Mayweather sued by investors over alleged crypto scam

In June, Kim Kardashian posted an Instagram story promoting a cryptocurrency called EthereumMax.

“Are you guys into crypto???” she wrote. “This is not financial advice but a sharing of what my friends have told me about the Ethereum Max token!” Kardashian included the hashtag “#ad,” which indicates the post was paid for as promotional content.

A class action lawsuit in the U.S. District Court for the Central District of California was then filed on Jan. 7 accusing Kardashian and other celebrities, like Floyd Mayweather, of “making false or misleading statements” about EthereumMax for allegedly increase its price.

New York resident Ryan Huegerich filed a lawsuit on behalf of himself and other investors who purchased EthereumMax between May 14, 2021 and June 17, 2021. The lawsuit claims that Huegerich and others lost money on their investments.

Reps for Kardashian and Mayweather were not immediately available for comment when contacted by CNBC. A spokesperson for EthereumMax told CNBC that the lawsuit was “misinformed” and disputed accusations that it was a scam.

2. Jack Dorsey creates legal defense fund for bitcoin developers

On Wednesday, Twitter and Block founder Jack Dorsey announced plans to create a “Bitcoin Legal Defense Fund.”

“The Bitcoin Legal Defense Fund is a non-profit entity that aims to minimize the legal headaches that discourage software developers from actively developing Bitcoin and related projects,” Dorsey wrote. in an email.

The fund will defend bitcoin developers from lawsuits, “including finding and hiring a defense attorney, developing a litigation strategy, and paying legal fees,” with pro bono attorneys and part-time, he wrote.

3. Block will build a bitcoin mining system

On Thursday, Dorsey confirmed that Block, formerly known as Square, will “officially build an open bitcoin mining system,” he said. tweeted Thursday. The company first announced it was considering the project in October.

Bitcoin operates on a proof of work (PoW) model, where miners must compete to solve complex puzzles in order to validate transactions. The process is not easy: it requires a lot of energy and computing power, which is not cheap. The computers themselves, as well as other equipment, can also be very expensive.

With these types of difficulties in mind, the project’s goal is to make mining bitcoin, the largest cryptocurrency by market value, “more distributed and efficient.” tweeted Thomas Templeton, general manager of the company for the material.

Templeton mentioned that there are a number of “customer pain points” and “technical challenges” in the mining community that Block hopes to address, including mining rig availability, high price, reliability and power consumption. of energy.

4. Cash App integrates with the Lightning Network

Dorsey has continued to focus more on bitcoin since leaving Twitter in November.

On Monday, he announced that Block’s Cash app is integrated with the Lightning Network, enabling faster and cheaper bitcoin transactions. This now allows Cash App users in the United States, except those in New York, to send bitcoins for free to anyone in the world.

5. Tesla accepts dogecoins for goods payments

6. users report ‘suspicious activity’

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