Compound Bug, Saylor Sued, And More

Other than the upcoming Ethereum Merge, the Michael Saylor case has been a hot topic of conversation this week. 

Let’s find out about the charges, Saylor’s reaction to them, and other noteworthy events in crypto this week. 

Ethereum

With the much anticipated Ethereum merge only days away, much is being made of the projected changes to the network. However, arguably the biggest change is the massive decrease in energy consumption.

Layer-2 Ethereum scaling solution Arbitrum has announced the date for one of its most significant upgrades to the protocol. 

DeFi

Decentralized exchange dYdX has been criticized on social media over its identification request, which requires users to verify their identity through their webcam. 

Compound Labs had to suspend its cETH market for a week after a bug was introduced during its latest upgrade. 

MakerDAO co-founder Rune Christensen outlined his vision for the DAI stablecoin, outlining the importance of a free-floating DAI and limited RWA (Real World Asset) exposure. 

Solana-based decentralized exchange OptiFi inadvertently bricked the system by permanently locking up $661,000.

Altcoins

Cardano’s Vasil hard fork could finally see the light of day as Cardano developers announced a definitive date for the launch. 

The Helium Network, an Internet of things (IoT) blockchain, is contemplating a move to the Solana blockchain and ditching its own blockchain. 

CryptoLeaks has alleged that Ava Labs has been attacking its market competitors through class action lawsuits. Ava Labs CEO has dismissed all such allegations. 

Technology

Crypto custody firm Fireblocks has integrated the Web3 Engine tool to provide developer support to the DeFi, NFT, and gaming apps on the Solana blockchain. 

With the Ethereum merge on its way, the price of GPUs and ASIC mining equipment has slowed down from its notorious spikes.

Business

Celsius is asking the court for permission to return crypto to the value of around $50 million belonging to custody accounts.

Seven Seven Six, the venture capital firm run by Reddit co-founder Alexis Ohanian is launching a $177 million crypto fund. 

Crypto.com accidentally paid more than $10 million into an Australian woman’s account and didn’t realize the error until 7 months later. 

Crypto.com is reportedly backing out of a $495 million sponsorship deal with UEFA and its premier football event, the Champions League.

Regulation

Crypto billionaire and MicroStrategy chair Michael Saylor is being sued by the DC attorney general on charges of tax evasion. 

MicroStrategy called the lawsuit against its former CEO “false” and claimed it would fight back aggressively. 

California’s state legislature has passed a bill that requires crypto firms to have a license of operation in the state.

Paraguay’s president Mario Abdo Benitez has vetoed a highly anticipated bill regulating the cryptocurrency mining sector and other commercial activities related to virtual assets. 

NFT

Rappers Eminem and Snoop Dogg personified BAYC-style avatars in a metaverse performance at the MTV Video Music Awards. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.